R & S PROJECTS

Active

Private limited companyfounded 199135 yrs activeGuchtveld 21, 1790 Affligem, BelgiumKBO/BCE: BE 0444.172.896

R & S PROJECTS has been active since 1991 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €614k and a net result of €238k. Equity is growing by ~58% per year across the filed fiscal years. Its solvency ranks better than 36% of 7426 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.6% (low).

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Checked score

Score 2024

89 / 100

Excellent▲ +21 vs 2023

The score combines four axes. Every signal that weighs is under Signals.

Axes · tick = 2023

Profitability100▲+11

Solvency58▲+32

Growth78=

Stability100

Bankruptcy probability, 12 months

0.6% Low

0%0.5%1.5%4%10%≥ 25%

Credit up to €55k at 30 days acceptable

Liquidity tight (current ratio 1.26 against 1.08 in 2023), and 66.6% of the assets are financed with debt.

How do we compute the score and the probability?

Credit advice for your own amount and term

Signals

Four signals. The signal on the left, the evidence on the right.

−lowers risk+raises risk○neutral

Higher-failure-rate sector

In this sector companies fail more often than the Belgian average.

Gazette · bankruptcies per sector, NACE 43

Relative position

BE, all sectors

reference

Sector 43

higher

← fewer bankruptcies more bankruptcies →

Long track record

A company with a long track record statistically fails less often than a young one.

KBO · incorporation date

Age against the risk zone

Filed after the deadline

The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 07-10-2025, 68 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.

NBB · 10 filings

Deviation from the deadline

2025

not confirmed

2024

68 d late

2023

86 d late

2022

67 d late

2021

65 d late

2020

33 d late

2019

74 d late

← before the deadline after the deadline →

No strike-offs in the KBO publications

We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

KBO publications · our coverage

Financials · fiscal year 2024, abbreviated schema

Equity

€614k▲ 63.5%

2023 · €375k

2018: €25k 2019: €102k 2020: €98k 2021: €324k 2022: €308k 2023: €375k

2018 → 2024

Total assets

€1.84M▼ 3.8%

2023 · €1.91M

2018: €994k 2019: €1.19M 2020: €1.66M 2021: €1.74M 2022: €2.01M 2023: €1.91M

2018 → 2024

Net result

€238k▲ 255%

2023 · €67k

2018: €-5k 2019: €239k 2020: €255k 2021: €226k 2022: €210k 2023: €67k

2018 → 2024

Working capital

€251k▲ 180%

2023 · €90k

2018: €72k 2019: €78k 2020: €-100k 2021: €43k 2022: €-15k 2023: €90k

2018 → 2024

Multi-year overview

Every figure with its change against the year before

▲ rise ▼ fall

Line20202021202220232024Trend

Equity€98k-€324k▲ 229%€308k▼ 5.0%€375k▲ 21.8%€614k▲ 63.5%

Operating result€298k-€284k▼ 4.8%€281k▼ 0.8%€125k▼ 55.5%€373k▲ 199%

Net result€255k-€226k▼ 11.6%€210k▼ 7.2%€67k▼ 68.0%€238k▲ 255%

Turnover and EBIT margin not published: the abbreviated schema does not require them.

Result per fiscal year

Operating resultNet result

The operating result recovers in 2024; 2024 is 199% above 2023 and is the highest year so far.

Balance-sheet composition

2024 in colour, 2023 as the grey bar beneath

Assets €1.84M

34.0%

66.0%

Fixed assets €625k▼ 7.8%

Current assets €1.21M▼ 1.7%

Equity and liabilities €1.84M

33.4%

66.6%

Equity €614k▲ 63.5%

Debt €1.22M▼ 20.3%

The debt ratio falls from 80.4% to 66.6%: equity grows while debt is paid down.

Key figures and ratios

2024 value · change against 2023

EBITDA

€613k▲

2023 · €329k

Cash flow

€478k▲

2023 · €271k

Solvency

33.4%▲

2023 · 19.6%

Current ratio

1.26▲

2023 · 1.08

Quick ratio

1.24▲

2023 · 1.07

Debt / equity

1.99▼

2023 · 4.09

ROE

38.8%▲

2023 · 17.9%

ROA

13.0%▲

2023 · 3.5%

Interest coverage

17.04▲

2023 · 8.29

Debt

€1.22M▼

2023 · €1.54M

Debt ≤ 1 year

€961k▼

2023 · €1.14M

Debt > 1 year

€241k▼

2023 · €387k

Income taxes

€105k▲

2023 · €20k

Staff costs

€436k▼

2023 · €493k

Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.

Filed annual accounts

As filed with the NBB · 2024 against 2023

Balance sheet Code20232024

Assets

Total assets20/58€1.91M€1.84M▼

Fixed assets21/28€678k€625k▼

Intangible fixed assets21€4k€3k▼

Tangible fixed assets22/27€673k€621k▼

Plant, machinery and equipment23€119k€158k▲

Furniture and vehicles24€263k€264k▲

Leasing and similar rights25€254k€145k▼

Other tangible fixed assets26€36k€54k▲

Financial fixed assets28€824€824=

Current assets29/58€1.23M€1.21M▼

Amounts receivable after more than one year29€129k€127k▼

Other amounts receivable291€129k€127k▼

Stocks and contracts in progress3€11k€20k▲

Stocks30/36€11k€20k▲

Amounts receivable within one year40/41€405k€405k▼

Trade receivables40€171k€218k▲

Other amounts receivable41€234k€186k▼

Current investments50/53€36k€60k▲

Cash at bank and in hand54/58€620k€558k▼

Deferred charges and accrued income490/1€32k€42k▲

Equity and liabilities

Total equity and liabilities10/49€1.91M€1.84M▼

Equity10/15€375k€614k▲

Contributions10/11€19k€19k=

Reserves13€357k€595k▲

Tax-exempt reserves132€78k€78k=

Distributable reserves133€279k€517k▲

Amounts payable17/49€1.54M€1.22M▼

Amounts payable after more than one year17€387k€241k▼

Financial debts170/4€387k€241k▼

Amounts payable within one year42/48€1.14M€961k▼

Current portion of amounts payable after more than one year42€133k€221k▲

Financial debts43€255k€176k▼

Credit institutions430/8€255k€176k▼

Trade debts44€641k€465k▼

Suppliers440/4€641k€465k▼

Taxes, remuneration and social security45€41k€35k▼

Taxes450/3€6k-

Remuneration and social security454/9€35k€35k▼

Other amounts payable47/48€72k€64k▼

Accrued charges and deferred income492/3€6k€22k▲

Income statement Code20232024

Non-recurring operating income76A€4k€7k▲

Remuneration, social security and pensions62€493k€436k▼

Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€204k€239k▲

Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€15k€-20k▼

Other operating charges640/8€5k€24k▲

Gross operating margin9900€842k€1.05M▲

Operating profit (loss)9901€125k€373k▲

Financial income75/76B€2k€5k▲

Recurring financial income75€2k€5k▲

Financial charges65/66B€40k€36k▼

Recurring financial charges65€40k€36k▼

Profit (loss) for the period before taxes9903€87k€343k▲

Income taxes67/77€20k€105k▲

Profit (loss) for the period9904€67k€238k▲

Profit (loss) for the period to be appropriated9905€67k€238k▲

Appropriation of the result

Profit (loss) to be appropriated9906€67k€238k▲

Transfer to equity691/2€67k€238k▲

To other reserves6921€67k€238k▲

Social balance

Average headcount (FTE)90877.76.8▼

The notes to these accounts (14 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.

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Timeline · acts, filings and financial milestones

All 15Financial 5Filings 10

2025

07-10

NBB filing Annual accounts filed

fiscal year 2024 · abbreviated schema · 68 days late

2024

31-12

Financial Equity above €500kEq €614k ▲63.5%

6 profitable years in a row build equity to €614k.

25-10

NBB filing Annual accounts filed

fiscal year 2023 · abbreviated schema · 86 days late

2023

06-10

NBB filing Annual accounts filed

fiscal year 2022 · abbreviated schema · 67 days late

2022

04-10

NBB filing Annual accounts filed

fiscal year 2021 · abbreviated schema · 65 days late

2021

31-12

Financial Equity above €200kEq €324k ▲229%

3 profitable years in a row build equity to €324k.

02-09

NBB filing Annual accounts filed

fiscal year 2020 · abbreviated schema · 33 days late

2020

31-12

Financial Highest result since 2018net €255k ▲6.8%

Net result €255k, the highest in the series.

13-10

NBB filing Annual accounts filed

fiscal year 2019 · abbreviated schema · 74 days late

2019

31-12

Financial Back to profitnet €239k

Net result €239k after one loss-making year.

31-12

Financial Equity above €100kEq €102k ▲304%

Equity rises from €25k to €102k.

30-08

NBB filing Annual accounts filed

fiscal year 2018 · abbreviated schema · 30 days late

2018

28-09

NBB filing Annual accounts filed

fiscal year 2017 · abbreviated schema · 59 days late

2017

09-06

NBB filing Annual accounts filed

fiscal year 2016 · abbreviated schema

2016

28-07

NBB filing Annual accounts filed

fiscal year 2015 · abbreviated schema

Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

Directors · office · real estate

Directors

no sitting director, no change since 2024

We have established no sitting directors for this company. We derive directors from published Gazette acts; while there are none, or none read, nothing appears here. That does not mean the company has none: the CBE keeps its own list of function holders, which we do not read.

26-01-2024 SULS Filip: Resigned as Manager

26-01-2024 VAN SCHANDEVIJL Kristien: Resigned as Manager

Location & real-estate footprint

Registered office, Affligem · 1 establishment unit since 1991

establishment The establishment unit on the map

Cannot be placed on the map

This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.

Guchtveld 211790 Affligem

Ground area

767 m²

Building footprint

178 m²