RAC 2
ActiveSummary
RAC 2 has been active since 2009 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €717k and a net result of €297k. Equity is shrinking by ~33.7% per year across the filed fiscal years. Its solvency ranks better than 16% of 4556 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability39=
Solvency28=
Growth58=
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €40k at 30 days acceptable
Liquidity ample (current ratio 9.04 against 7.9 in 2024; short-term debt: 1% and cash: 4.2% of total assets), but 97.2% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
2.8%
Return on assets
1.1%
Age of the figures
9 mo
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 16% of 4556 sector peers (2025).
NBB · sector comparisonPosition among 4556 sector peers
Solvency
better than 16%
← weakest
strongest →
neutral · A punctual record breaks
This company filed 6 consecutive financial years on time. The year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 05-08-2026, 5 days late. Weigh it accordingly: a break into the 1-to-90-day band measures 1.41% abnormal legal state, below the 1.66% market average. It is a change in behaviour, not evidence of elevated risk.
NBB · 10 filingsDeviation from the deadline
2025
5 d late
2024
31 d early
2023
9 d early
2022
28 d early
2021
54 d early
2020
60 d early
2019
81 d early
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€297k▲ 10.1%
2024 · €270k
2019: €-735klowest in 7 years
2020: €-92k▲ +87.5% vs 2019
2021: €-18k▲ +80.3% vs 2020
2022: €-10k▲ +47.1% vs 2021
2023: €335k▲ +3595% vs 2022highest in 7 years
2024: €270k▼ -19.5% vs 2023
2025: €297k▲ +10.1% vs 2024
2019 → 2025
Working capital
€2.02M▲ 82.7%
2024 · €1.11M
2019: €2.35M
2020: €2.41M▲ +2.3% vs 2019highest in 7 years
2021: €1.10M▼ -54.5% vs 2020lowest in 7 years
2022: €1.96M▲ +79.1% vs 2021
2023: €1.21M▼ -38.4% vs 2022
2024: €1.11M▼ -8.5% vs 2023
2025: €2.02M▲ +82.7% vs 2024
2019 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€3.40M-€3.39M▼ 0.3%€1.73M▼ 49.1%€690k▼ 60.0%€717k▲ 3.9%
2021: €3.40Mhighest in 5 years
2022: €3.39M▼ -0.3% vs 2021
2023: €1.73M▼ -49.1% vs 2022
2024: €690k▼ -60.0% vs 2023lowest in 5 years
2025: €717k▲ +3.9% vs 2024
Operating result€948k-€944k▼ 0.4%€1.30M▲ 37.7%€1.24M▼ 4.8%€1.26M▲ 2.0%
2021: €948k
2022: €944k▼ -0.4% vs 2021lowest in 5 years
2023: €1.30M▲ +37.7% vs 2022highest in 5 years
2024: €1.24M▼ -4.8% vs 2023
2025: €1.26M▲ +2.0% vs 2024
Net result€-18k-€-10k▲ 47.1%€335k€270k▼ 19.5%€297k▲ 10.1%
2021: €-18klowest in 5 years
2022: €-10k▲ +47.1% vs 2021
2023: €335k▲ +3595% vs 2022highest in 5 years
2024: €270k▼ -19.5% vs 2023
2025: €297k▲ +10.1% vs 2024
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 2% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €26.00M
Fixed assets
€23.72M ▼ 3.5%
Current assets
€2.27M ▲ 79.4%
Equity and liabilities €26.00M
Equity
€717k ▲ 3.9%
Debt
€25.28M ▲ 0.4%
Debt's share of the balance-sheet total falls from 97.3% to 97.2%. Equity and debt are higher.
Key figures and ratios
EBITDA
€2.17M▲
2024 · €2.15M
Cash flow
€1.21M▲
2024 · €1.18M
Current ratio
9.04▲
2024 · 7.90
Debt to equity
35.25▼
2024 · 36.48
ROE
41.4%▲
2024 · 39.1%
ROA
1.1%▲
2024 · 1.0%
Interest coverage
2.25▲
2024 · 2.22
Debt ≤ 1 year
€251k▲
2024 · €160k
Debt > 1 year
€24.33M=
2024 · €24.33M
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 45 lines
Balance sheet
Code20242025
Assets
Total assets20/58€25.86M€26.00M▲
Fixed assets21/28€24.60M€23.72M▼
Tangible fixed assets22/27€24.60M€23.72M▼
Other tangible fixed assets26€24.60M€23.72M▼
Current assets29/58€1.27M€2.27M▲
Amounts receivable within one year40/41€801k€1.17M▲
Trade receivables40€781k€1.17M▲
Other amounts receivable41€20k€3k▼
Cash at bank and in hand54/58€466k€1.10M▲
Equity and liabilities
Total equity and liabilities10/49€25.86M€26.00M▲
Equity10/15€690k€717k▲
Contributions10/11€392k€392k=
Capital10€278k€278k=
Issued capital100€278k€278k=
Outside capital11€114k€114k=
Share premium1100/10€114k€114k=
Reserves13€28k€28k=
Non-distributable reserves130/1€28k€28k=
Legal reserve130€28k€28k=
Profit (loss) carried forward14€270k€297k▲
Amounts payable17/49€25.17M€25.28M▲
Amounts payable after more than one year17€24.33M€24.33M=
Financial debts170/4€24.33M€24.33M=
Amounts payable within one year42/48€160k€251k▲
Trade debts44€160k€251k▲
Suppliers440/4€160k€251k▲
Taxes, remuneration and social security45€269€356▲
Taxes450/3€269€356▲
Accrued charges and deferred income492/3€683k€700k▲
Income statement
Code20242025
Non-recurring operating income76A€388-
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€910k€912k▲
Other operating charges640/8€768k€864k▲
Gross operating margin9900€2.92M€3.04M▲
Operating profit (loss)9901€1.24M€1.26M▲
Financial charges65/66B€968k€965k▼
Recurring financial charges65€968k€965k▼
Profit (loss) for the period before taxes9903€270k€297k▲
Profit (loss) for the period9904€270k€297k▲
Profit (loss) for the period to be appropriated9905€270k€297k▲
Appropriation of the result
Profit (loss) to be appropriated9906€588k€567k▼
Profit (loss) brought forward from the previous period14P€318k€270k▼
Transfer to equity691/2€11k-
To the legal reserve6920€11k-
Profit to be distributed694/7€307k€270k▼
Return on contributions (dividend)694€307k€270k▼
The notes to these accounts (6 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €2k | €5k | - | €388 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €885k | €908k | €910k | €910k | €912k | ▲ 0.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | €98k | €-98k | - | - | - |
| Other operating charges640/8 | €585k | €595k | €831k | €768k | €864k | ▲ 12.6% |
| Gross operating margin9900 | €2.42M | €2.55M | €2.94M | €2.92M | €3.04M | ▲ 4.2% |
| Operating profit (loss)9901 | €948k | €944k | €1.30M | €1.24M | €1.26M | ▲ 2.0% |
| Financial income75/76B | €1 | - | - | - | - | - |
| Recurring financial income75 | €1 | - | - | - | - | - |
| Financial charges65/66B | €967k | €954k | €965k | €968k | €965k | ▼ 0.3% |
| Recurring financial charges65 | €967k | €954k | €965k | €968k | €965k | ▼ 0.3% |
| Profit (loss) for the period before taxes9903 | €-18k | €-10k | €335k | €270k | €297k | ▲ 10.1% |
| Profit (loss) for the period9904 | €-18k | €-10k | €335k | €270k | €297k | ▲ 10.1% |
| Profit (loss) for the period to be appropriated9905 | €-18k | €-10k | €335k | €270k | €297k | ▲ 10.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €28.57M | €28.65M | €26.83M | €25.86M | €26.00M | ▲ 0.5% |
| Fixed assets21/28 | €27.22M | €26.41M | €25.51M | €24.60M | €23.72M | ▼ 3.5% |
| Tangible fixed assets22/27 | €27.22M | €26.41M | €25.51M | €24.60M | €23.72M | ▼ 3.5% |
| Other tangible fixed assets26 | €27.22M | €26.41M | €25.51M | €24.60M | €23.72M | ▼ 3.5% |
| Current assets29/58 | €1.34M | €2.24M | €1.33M | €1.27M | €2.27M | ▲ 79.4% |
| Amounts receivable within one year40/41 | €889k | €903k | €699k | €801k | €1.17M | ▲ 46.0% |
| Trade receivables40 | €889k | €883k | €679k | €781k | €1.17M | ▲ 49.3% |
| Other amounts receivable41 | - | €20k | €20k | €20k | €3k | ▼ 85.2% |
| Cash at bank and in hand54/58 | €451k | €1.34M | €611k | €466k | €1.10M | ▲ 137% |
| Deferred charges and accrued income490/1 | - | - | €16k | - | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €28.57M | €28.65M | €26.83M | €25.86M | €26.00M | ▲ 0.5% |
| Equity10/15 | €3.40M | €3.39M | €1.73M | €690k | €717k | ▲ 3.9% |
| Contributions10/11 | €3.42M | €3.42M | €1.39M | €392k | €392k | = |
| Capital10 | €3.31M | €3.31M | €1.28M | €278k | €278k | = |
| Issued capital100 | €3.31M | €3.31M | €1.28M | €278k | €278k | = |
| Outside capital11 | €114k | €114k | €114k | €114k | €114k | = |
| Share premium1100/10 | €114k | €114k | €114k | €114k | €114k | = |
| Reserves13 | - | - | €17k | €28k | €28k | = |
| Non-distributable reserves130/1 | - | - | €17k | €28k | €28k | = |
| Legal reserve130 | - | - | €17k | €28k | €28k | = |
| Profit (loss) carried forward14 | €-18k | €-28k | €318k | €270k | €297k | ▲ 10.1% |
| Amounts payable17/49 | €25.16M | €25.26M | €25.11M | €25.17M | €25.28M | ▲ 0.4% |
| Amounts payable after more than one year17 | €24.33M | €24.33M | €24.33M | €24.33M | €24.33M | = |
| Financial debts170/4 | €24.33M | €24.33M | €24.33M | €24.33M | €24.33M | = |
| Amounts payable within one year42/48 | €244k | €277k | €117k | €160k | €251k | ▲ 56.7% |
| Trade debts44 | €121k | €263k | €113k | €160k | €251k | ▲ 56.8% |
| Suppliers440/4 | €121k | €263k | €113k | €160k | €251k | ▲ 56.8% |
| Taxes, remuneration and social security45 | €122k | €14k | €3k | €269 | €356 | ▲ 32.6% |
| Taxes450/3 | €122k | €14k | €3k | €269 | €356 | ▲ 32.6% |
| Accrued charges and deferred income492/3 | €590k | €653k | €659k | €683k | €700k | ▲ 2.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €-18k | €-10k | €335k | €270k | €297k | ▲ 10.1% |
| + Depreciation and write-downs630 | €885k | €908k | €910k | €910k | €912k | ▲ 0.1% |
| Operating cash flow (approximation) | €866k | €899k | €1.25M | €1.18M | €1.21M | ▲ 2.4% |
| Investment in fixed assets (approximation) | - | €-94k | €-6k | €0 | €-41k | - |
| Change in cash | - | €887k | €-728k | €-145k | €638k | ▲ 541% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
05-08
NBB filing
Annual accounts filed
fiscal year 2025 · full schema · 5 days late
2025
30-06
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
22-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-12
Financial
Back to profitnet €335k
Net result €335k after 4 loss-making years.
03-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
07-06
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
01-06
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
11-05
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
30-09
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 61 days late
2018
17-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
27-02
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 211 days late
2016
25-11
State Gazette act
General meeting · Demerger
Accounting effect · Net-asset statement · Louis-Philippe Marcelis
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 48 acts read
About the unread acts
We know of 48 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
Have them read with priority
Sign in to place this company at the front of the reading queue.
Directors · office · real estate
Directors
48 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Sint-Pieters-Woluwe · 1 establishment unit since 2009
Ground area
3.3 ha
Building footprint
7,652 m²
Volume, LiDAR
133,613 m³
2 parcels, Brussels · tallest building 29.4 m, ±9 floors. Linked by address, not a title deed.
23
companies at this address
See who is registered here
1 establishment unit
RAC 2
since 20092.182.778.033
2 parcels
Brussels
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21652E0030/00D002 | Brussels | 3.2 ha | 1 · 7,322 m² | 21.0 m · 6 fl. |
| 21019A0199/02B002 | Brussels | 984 m² | 1 · 330 m² | 29.4 m · 9 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
1 of these parcels carry protected heritage: expect extra rules on renovation or sale.
Recognitions · licences · registrations
Legal Entity Identifier
549300KP40UDK3SQ2V81
Similar companies · same sector, comparable size
Deschodt Consultancy
BE 0810.282.867
Hasselt · Eq €717,115
OPTILAND HASSELT
BE 0831.385.416
Brussel · Eq €717,952
SPODEN IMMO
BE 1008.388.739
Amel · Eq €718,396
VECQUIM
BE 0459.183.449
Namur · Eq €718,789
Norbert KELLER
BE 0438.686.161
Knokke-Heist · Eq €715,489
Of 12,020 companies in sector 68203 we hold annual accounts for 5,986. 4,298 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded13-10-2009
Fiscal year end31-12
Activities, NACEBEL 2025
68203Renting and operating of own or leased non-residential real estate, excluding land
Scores and ratios are computed by Checked and are not a credit decision.