Equity
€1.5m from €8.6m in 2011
Equity fell by 82% in 14 years.
R.W.M.
Lifetime
19 annual accounts with figures on one time axis, 23 filings since 2003Turnoverpeak €170.5m (2025)
€170.5m▲ 33×
Resultlowest -€3.1m (2025)
-€3.1m▼ €3.2m
Equitypeak €8.6m (2011)
€1.5m▼ 76.4%
Debts
€56.3m▲ 561%
Staffpeak 35.1 FTE (2024)
-not published
Board2 names since 2012
1 directorHoragro
Documentsfilings and deeds
24-08-202624 days late
2025financial year
Turnover from €5.2m to €170.5mLoss of €3.1mReappointment: Figurad bedrijfsrevisoren (statutory auditor) 12-02Equity from €6.5m to €1.5mDebts from €8.5m to €56.3mCash from €214,696 to €5.1m
Key points
from the 2025 annual accountsTurnover
€170.5m ▲ 33×
Turnover rose in 2025 from €5.2m to €170.5m.
Debts
€56.3m 97% of the balance sheet
Financial debts 40%Suppliers 38%Taxes and wages 12%Other 10%
€25.3m of the debts are secured on the company's own assets. In 2021 that was €12.1m.
Payment terms
55 days to suppliers
R.W.M. pays its suppliers 407 days earlier than in 2024. Customers pay 160 days earlier.
Subsidiaries
-€6.4m
Subsidiary with negative equity. HORECA TOTAAL ANTWERPEN · loss of €2.0m in 2025 · 1 other subsidiary too.
Group
11 companies controlled
Heads a group.
2025 accounts filed 13 days after the deadlineStandalone figures, without subsidiaries
Group, consolidated 2024: turnover €152.6m, result €165,022
Checked score
91
Excellent
Financially stronger than 25% of large companies in head offices and management consultancy (NACE 70)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
0.1% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.1% across 204 companies (NACE 70, large).
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
09-2026: 0.1%highest value
10-2026: 0.1%● unchanged vs 09-2026highest value
11-2026: 0.1%● unchanged vs 10-2026highest value
Financial strengthWeak
Score breakdown
raises risk
Loss of €3.1m (financial year 2025)
Equity €1.5m (2.6% of total assets)
lowers risk
Size: turnover €170.5m, total assets €57.8m, files consolidated accounts
Sector: Activities of head offices; management consultancy activities (NACE 70)
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 70, large). It does better than 5% of them on solvency, 10% on liquidity, 36% on profitability and 50% on growth.
The bankruptcy probability was computed on 04-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Comparable companies, two years later
In July 2024, 102 companies had the same profile as R.W.M. has now. Each dot is one company, two years later.
97.1%
were still trading
1.0%
stopped another way
2.0%
went bankrupt
The bankruptcy probability of R.W.M. itself is lower: 0.1% within 12 months. It rests on far more data about R.W.M. than the profile alone.
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 102 companies, not a prediction for R.W.M.. 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.
Credit verdict
Credit of up to €130,000 on 30-day terms is acceptable
Liquidity is insufficient, with a current ratio of 0.81 (0.91 in 2024), below 1. Short-term debt is 76.8% and cash 8.9% of total assets. 97.4% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Five signals.
lowers riskraises riskneutral
neutral · A punctual record breaks
This company filed 3 consecutive financial years on time. The year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 13-08-2026, 13 days late. Weigh it accordingly: of the companies that move to filing 1 to 90 days late, 1.41% are now bankrupt, dissolved or in another special legal status, below the 1.66% of all filers. It is a change in behaviour, not evidence of elevated risk.
NBB · 5 filingsDeviation from the deadline
2025
13 days late
2024
7 days early
2023
12 days early
2022
3 days early
2021
11 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 5 accounts on average on the deadline day. In the sector (NACE 70), the median for financial year 2024 was 9 days before the deadline, and 32% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 28 July (5 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
05-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
Shares in 7 companies, including AMBITIOUS LOGISTICS and Brugse Horeca Vleescentrale
Board & ownershipRecent changes
Permanent representative: Anthony Lezy
General meeting of 31-03-2026 · Gazette deed
Reappointment: Figurad bedrijfsrevisoren (statutory auditor)
General meeting of 10-07-2024 · Gazette deed
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0476867341
New director
HORAGRO appointed, HORAGRO resigned · Permanent representative: D'HOORE, Roderik Walter Martha · Director discharge: HORAGRO · General meeting of 29-12-2021 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | Turnover | EBIT margin | Solvency | Staff |
|---|---|---|---|---|
| R.W.M. Bruges | €5.4m | 1.3% | 42.7% | 34.6 |
| EL CAZADOR Nazareth-De Pinte | €5.2m | 13.7% | 71.7% | 35.9 |
| FLOWSPARKS Ghent | €6.9m | 16.9% | 55.5% | 41.3 |
| Pulso Europe Leuven | €9.7m | 13.4% | 83.6% | 35.9 |
| HR Talents Kortrijk | €14.4m | 2.2% | 8.6% | 35.2 |
| LOGFLOW Oostkamp | €6.6m | 0.3% | 7.5% | 25.9 |
| CO2LOGIC Brussels | €10.0m | 6.5% | 48.6% | 29.5 |
Grey: the largest companies of the sector (head offices and management consultancy (NACE 70)), without their names. Blue: the sector peers from the table.
These companies have the same main activity as R.W.M.: business and other management consultancy (NACE 70200). They are comparable in size and age: total assets between €9.2m and €17m, founded between 1997 and 2009.
Official details
Source: KBO- Status
- Active since 07-02-2002Normal situation
- Registered office
- 11 active companies are registered at this addressSource: KBO register, as of 5 November 2026.
- Activity
- Business and other management consultancyNACE 70200and 2 others
- Joint committee
- 200Auxiliary committee for white-collar workers · annual accounts 2025
- Establishment unit
- 2.095.911.4648000 Bruges, since 25-04-2002
- Financial year end
- 31 December
- Peppol
- Reachable since 10-11-2023
Annual accounts 2025
- Total assets
- €57.8m▲ 286%
- Employeeson 31-12-2025
- 35=
- Filing
- Filed on 24-08-2026
Companies linked to R.W.M.
Subsidiaries and holdings
- HORECA TOTAAL ANTWERPEN100%
- R.W.M. INVEST99.99%
- HORECA TOTAAL BRUGGE99.95%
- Z.B. CENTRALE BRUGGE99.92%
- HORECA TOTAAL OOSTENDE68.26%
Insights on R.W.M.
R.W.M. has existed since 2002. In 2021 turnover rose from €2.2m to €75.3m.
Turnover has grown every year since 2022. Solvency fell in 2025 from 43.2% to 2.6% because of the loss and higher debts to suppliers.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about R.W.M.
- What is the company number of R.W.M.?
- The company number of R.W.M. is 0476.867.341. The VAT number is the same number with BE in front: BE 0476.867.341.
- Where is R.W.M. based?
- The registered office is at Sint-Pietersgroenestraat 8-10, 8000 Bruges.Company details
- What does R.W.M. do?
- According to the KBO register, the main activity is business and other management consultancy (NACE 70200).
- What is the legal form of R.W.M.?
- R.W.M. is a private limited company (BV).
- When was R.W.M. founded?
- R.W.M. was founded on 07-02-2002.
- Is R.W.M. still active?
- Yes, R.W.M. is an active enterprise in the KBO register.
- How many employees does R.W.M. have?
- R.W.M. had an average of 35.1 full-time equivalents in financial year 2024, according to the filed annual accounts.Financials
- Which joint committee does R.W.M. fall under?
- In its 2025 annual accounts, R.W.M. states joint committee 200 (Auxiliary committee for white-collar workers).
- What is the turnover of R.W.M.?
- The turnover of R.W.M. was €170.5m in financial year 2025, according to the filed annual accounts.
- Is R.W.M. profitable?
- In financial year 2025, R.W.M. made a loss of €3.1m.
- Where can I find the annual accounts of R.W.M.?
- R.W.M. filed 39 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of R.W.M. due?
- R.W.M. must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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