R-Tech4
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 14-07-2026 at the NBB all 18 filings
Turnover
≈ €390,000
Estimated: probably between €260,000 and €600,000
Total assets
€890,479▲ 12.8%
2024 · €789,203
Net result
€80,722▼ 2.3%
2024 · €82,630
Working capital
€187,242▲ 42.5%
2024 · €131,403
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€121,455
▼ 2.2%
2025
20182025
Net result
€80,722
▼ 2.3%
2025
20182025
Equity
€554,076
▲ 17.1%
2025
20182025
Total assets
€890,479
▲ 12.8%
2025
20182025
Debt
€336,403
▲ 6.5%
2025
20182025
Working capital
€187,242
▲ 42.5%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€39,695-€31,692▼ 20.2%€66,407▲ 110%€32,752▼ 50.7%€39,910▲ 21.9%€121,347▲ 204%€124,139▲ 2.3%€121,455▼ 2.2%
Net result€29,825-€23,075▼ 22.6%€37,208▲ 61.2%€14,412▼ 61.3%€17,667▲ 22.6%€73,828▲ 318%€82,630▲ 11.9%€80,722▼ 2.3%
Equity€224,534-€247,609▲ 10.3%€284,817▲ 15.0%€299,229▲ 5.1%€316,896▲ 5.9%€390,724▲ 23.3%€473,354▲ 21.1%€554,076▲ 17.1%
Total assets€391,782-€549,301▲ 40.2%€593,211▲ 8.0%€638,378▲ 7.6%€655,912▲ 2.7%€735,765▲ 12.2%€789,203▲ 7.3%€890,479▲ 12.8%
Debt€167,248-€301,692▲ 80.4%€308,394▲ 2.2%€339,149▲ 10.0%€339,016=€345,041▲ 1.8%€315,849▼ 8.5%€336,403▲ 6.5%
Working capital€23,964--€2,887€11,218€12,055▲ 7.5%-€3,942€55,115€131,403▲ 138%€187,242▲ 42.5%
The operating result for 2025 is 2% lower than in 2024.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €890,479
Fixed assets
€582,749 ▲ 1.2%
Current assets
€307,730 ▲ 44.1%
Equity and liabilities €890,479
Equity
€554,076 ▲ 17.1%
Debt
€336,403 ▲ 6.5%
Debt's share of the balance-sheet total falls from 40.0% to 37.8%. Equity and debt are higher.
Key figures and ratios
EBITDA
€153,455▼
2024 · €154,241
Cash flow
€112,722=
2024 · €112,731
Current ratio
2.55▼
2024 · 2.60
Debt to equity
0.61▼
2024 · 0.67
ROE
14.6%▼
2024 · 17.5%
ROA
9.1%▼
2024 · 10.5%
Interest coverage
34.19▲
2024 · 30.16
Debt ≤ 1 year
€120,488▲
2024 · €82,126
Debt > 1 year
€215,916▼
2024 · €233,381
Income taxes
€42,909▲
2024 · €41,124
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €64,945 | €37,655 | €8,302 | €3,375 | €1,575 |
| Intangible fixed assets | - | - | - | €16,270 | - |
| Financial fixed assets | - | €18,000 | €16,500 | - | €37,500 |
| Depreciation and write-downs of the year | €23,824 | €27,717 | €30,074 | €30,101 | €32,000 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €10,640 | €18,811 | €21,883 | €23,824 | €27,717 | €30,074 | €30,101 | €32,000 | ▲ 6.3% |
| Other operating charges640/8 | - | - | - | €2,102 | €2,158 | €2,622 | €2,441 | €2,514 | ▲ 3.0% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €7 | - | - |
| Gross operating margin9900 | €53,029 | €52,304 | €89,077 | €58,678 | €69,785 | €154,044 | €156,688 | €155,969 | ▼ 0.5% |
| Operating profit (loss)9901 | €39,695 | €31,692 | €66,407 | €32,752 | €39,910 | €121,347 | €124,139 | €121,455 | ▼ 2.2% |
| Financial income75/76B | - | - | - | €22 | €137 | €634 | €4,728 | €6,665 | ▲ 41.0% |
| Recurring financial income75 | €189 | €206 | €2 | €22 | €137 | €634 | €4,728 | €6,665 | ▲ 41.0% |
| Financial charges65/66B | - | - | - | €5,999 | €6,115 | €8,398 | €5,113 | €4,489 | ▼ 12.2% |
| Recurring financial charges65 | €3,337 | €923 | €9,509 | €5,999 | €6,115 | €8,398 | €5,113 | €4,489 | ▼ 12.2% |
| Profit (loss) for the period before taxes9903 | €36,547 | €30,975 | €56,900 | €26,775 | €33,932 | €113,582 | €123,753 | €123,631 | ▼ 0.1% |
| Income taxes67/77 | €6,722 | €7,900 | €19,692 | €12,363 | €16,265 | €39,754 | €41,124 | €42,909 | ▲ 4.3% |
| Profit (loss) for the period9904 | €29,825 | €23,075 | €37,208 | €14,412 | €17,667 | €73,828 | €82,630 | €80,722 | ▼ 2.3% |
| Profit (loss) for the period to be appropriated9905 | €29,825 | €23,075 | €37,208 | €14,412 | €17,667 | €73,828 | €82,630 | €80,722 | ▼ 2.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €391,782 | €549,301 | €593,211 | €638,378 | €655,912 | €735,765 | €789,203 | €890,479 | ▲ 12.8% |
| Fixed assets21/28 | €330,179 | €466,602 | €522,350 | €563,471 | €591,409 | €586,137 | €575,674 | €582,749 | ▲ 1.2% |
| Intangible fixed assets21 | - | - | - | - | - | - | €15,113 | €11,859 | ▼ 21.5% |
| Tangible fixed assets22/27 | €149,546 | €285,969 | €341,717 | €382,838 | €392,776 | €371,004 | €345,429 | €318,258 | ▼ 7.9% |
| Land and buildings22 | - | - | - | €271,565 | €277,797 | €266,840 | €251,791 | €234,603 | ▼ 6.8% |
| Furniture and vehicles24 | - | - | - | €1,816 | €14,955 | €13,573 | €10,594 | €7,532 | ▼ 28.9% |
| Other tangible fixed assets26 | - | - | - | €109,457 | €100,024 | €90,591 | €83,043 | €76,123 | ▼ 8.3% |
| Financial fixed assets28 | €180,633 | €180,633 | €180,633 | €180,633 | €198,633 | €215,133 | €215,133 | €252,633 | ▲ 17.4% |
| Current assets29/58 | €61,603 | €82,699 | €70,861 | €74,907 | €64,503 | €149,628 | €213,530 | €307,730 | ▲ 44.1% |
| Amounts receivable after more than one year29 | - | - | - | - | - | €45,000 | €86,359 | €134,326 | ▲ 55.5% |
| Other amounts receivable291 | - | - | - | - | - | €45,000 | €86,359 | €134,326 | ▲ 55.5% |
| Amounts receivable within one year40/41 | €4,721 | €44,586 | €29,444 | €19,689 | €57,756 | €32,050 | €94,262 | €114,714 | ▲ 21.7% |
| Trade receivables40 | - | - | - | €19,689 | €53,926 | €32,050 | €94,262 | €64,714 | ▼ 31.3% |
| Other amounts receivable41 | - | - | - | - | €3,830 | - | - | €50,000 | - |
| Current investments50/53 | - | - | - | - | - | €9,654 | €9,654 | €9,654 | = |
| Cash at bank and in hand54/58 | €52,006 | €37,498 | €39,691 | €54,644 | €5,654 | €61,174 | €18,034 | €38,756 | ▲ 115% |
| Deferred charges and accrued income490/1 | - | - | - | €574 | €1,093 | €1,750 | €5,220 | €10,280 | ▲ 96.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €391,782 | €549,301 | €593,211 | €638,378 | €655,912 | €735,765 | €789,203 | €890,479 | ▲ 12.8% |
| Equity10/15 | €224,534 | €247,609 | €284,817 | €299,229 | €316,896 | €390,724 | €473,354 | €554,076 | ▲ 17.1% |
| Contributions10/11 | €35,000 | €35,000 | - | €35,000 | €35,000 | €35,000 | €35,000 | €35,000 | = |
| Reserves13 | €3,500 | €3,500 | €3,500 | €3,500 | €21,167 | €94,995 | €177,625 | €258,347 | ▲ 45.4% |
| Non-distributable reserves130/1 | - | - | - | €3,500 | €3,500 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €3,500 | €3,500 | - | - | - | - |
| Distributable reserves133 | - | - | - | - | €17,667 | €94,995 | €177,625 | €258,347 | ▲ 45.4% |
| Profit (loss) carried forward14 | €186,034 | €209,109 | €246,317 | €260,729 | €260,729 | €260,729 | €260,729 | €260,729 | = |
| Amounts payable17/49 | €167,248 | €301,692 | €308,394 | €339,149 | €339,016 | €345,041 | €315,849 | €336,403 | ▲ 6.5% |
| Amounts payable after more than one year17 | €129,609 | €216,106 | €248,751 | €276,297 | €270,571 | €250,527 | €233,381 | €215,916 | ▼ 7.5% |
| Financial debts170/4 | - | - | - | €276,297 | €270,571 | €250,527 | €233,381 | €215,916 | ▼ 7.5% |
| Amounts payable within one year42/48 | €37,639 | €85,586 | €59,643 | €62,852 | €68,445 | €94,513 | €82,126 | €120,488 | ▲ 46.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €15,613 | €22,227 | €22,097 | €18,319 | €18,661 | ▲ 1.9% |
| Financial debts43 | - | - | - | €18 | €968 | €186 | - | €163 | - |
| Credit institutions430/8 | - | - | - | €18 | €968 | €186 | - | €163 | - |
| Trade debts44 | €4,122 | €23,956 | €5,603 | €2,165 | €2,686 | €3,995 | €344 | €2,035 | ▲ 492% |
| Suppliers440/4 | - | - | - | €2,165 | €2,686 | €3,995 | €344 | €2,035 | ▲ 492% |
| Advances received on contracts in progress46 | - | - | - | €837 | - | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €32,978 | €31,323 | €65,439 | €60,214 | €93,503 | ▲ 55.3% |
| Taxes450/3 | - | - | - | €32,978 | €31,323 | €65,439 | €60,214 | €93,503 | ▲ 55.3% |
| Other amounts payable47/48 | - | - | - | €11,241 | €11,241 | €2,797 | €3,249 | €6,125 | ▲ 88.5% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €342 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €29,825 | €23,075 | €37,208 | €14,412 | €17,667 | €73,828 | €82,630 | €80,722 | ▼ 2.3% |
| + Depreciation and write-downs630 | €10,640 | €18,811 | €21,883 | €23,824 | €27,717 | €30,074 | €30,101 | €32,000 | ▲ 6.3% |
| Operating cash flow (approximation) | €40,465 | €41,886 | €59,091 | €38,236 | €45,384 | €103,903 | €112,731 | €112,722 | = |
| Investment in fixed assets (approximation) | - | -€155,234 | -€77,631 | -€64,945 | -€55,655 | -€24,802 | -€19,639 | -€39,075 | ▼ 99.0% |
| Change in cash | - | -€14,508 | €2,193 | €14,953 | -€48,990 | €55,520 | -€43,140 | €20,722 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 17,811 companies had the same profile as R-Tech4 has now. Two years later, 96.5% were still going and 0.3% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.5%
was still going
3.1%
stopped otherwise
0.3%
went bankrupt
That fits the bankruptcy probability of R-Tech4 itself: 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 17,811 companies, not a prediction for R-Tech4. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 18 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 14-07-2026 | 2026-00298683 | |
| 31-12-2024 | micro format | 18-06-2025 | 2025-00162358 | |
| 31-12-2023 | micro format | 05-09-2024 | 2024-00458892 | |
| 31-12-2022 | micro format | 28-08-2023 | 2023-00372553 | |
| 31-12-2021 | micro format | 25-08-2022 | 2022-20315152 | |
| 31-12-2020 | micro format | 11-10-2021 | 2021-71700083 | |
| 31-12-2019 | micro format | 07-09-2020 | 2020-52300405 | |
| 31-12-2018 | micro format | 20-08-2019 | 2019-48500553 | |
| 31-12-2017 | micro format | 01-10-2018 | 2018-68700399 | |
| 31-12-2016 | micro format | 31-08-2017 | 2017-59700379 |