RADE
ActiveSummary
RADE has been active since 2007 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€22,952) and a net result of €32,963. Equity is growing by ~7.2% per year across the filed fiscal years. Its solvency ranks better than 5% of 28051 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.1% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability100=
Solvency0=
Growth78=
Track record100
Bankruptcy probability, 12 months
1.1%
Low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.3 against 0.14 in 2024; short-term debt: 144.1% and cash: 26.9% of total assets), and equity is negative.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · 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
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← fewer bankruptcies
more bankruptcies →
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 · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
-44.1%
Return on assets
63.3%
Age of the figures
12 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 5% of 28051 sector peers (2025).
NBB · sector comparisonPosition among 28051 sector peers
Solvency
better than 5%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 28-04-2026, 2 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
2 d early
2024
3 d early
2023
7 d late
2022
10 d early
2021
54 d early
2020
9 d early
2019
66 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 20 days before the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-09-2026 and is due by 30-04-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
27-09-2026 today30-09-2026 close30-04-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
-€22,952▲ 59.0%
2024 · -€55,914
Total assets
€52,075▲ 142%
2024 · €21,544
Net result
€32,963▲ 478%
2024 · €5,699
Working capital
-€52,503▲ 21.6%
2024 · -€66,958
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€6,811€15,162▲ 123%-€7,040€6,007€33,030▲ 450%
Net result€6,774€15,127▲ 123%-€7,101€5,699€32,963▲ 478%
Equity-€69,640▲ 8.9%-€54,513▲ 21.7%-€61,613▼ 13.0%-€55,914▲ 9.3%-€22,952▲ 59.0%
Total assets€14,510▲ 114%€26,889▲ 85.3%€19,184▼ 28.7%€21,544▲ 12.3%€52,075▲ 142%
Debt€84,149▲ 1.2%€81,401▼ 3.3%€80,797▼ 0.7%€77,459▼ 4.1%€75,027▼ 3.1%
Working capital-€72,118▲ 6.1%-€56,152▲ 22.1%-€65,871▼ 17.3%-€66,958▼ 1.7%-€52,503▲ 21.6%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 450% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €52,075
Fixed assets
€29,552 ▲ 168%
Current assets
€22,523 ▲ 114%
Key figures and ratios
EBITDA
€40,445▲
2024 · €7,485
Cash flow
€40,378▲
2024 · €7,177
Solvency
-44.1%▲
2024 · -259.5%
Current ratio
0.30▲
2024 · 0.14
Debt to equity
-3.27▼
2024 · -1.39
ROA
63.3%▲
2024 · 26.5%
Interest coverage
603.30▲
2024 · 133.75
Debt ≤ 1 year
€75,027▼
2024 · €77,459
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 3,639 companies that looked in July 2024 the way this one looks now, 2.7% went bankrupt within 24 months and 92% are still going.
- Micro
- 10 to 20 years old
- negative equity
- a profit of 5% of the balance sheet or more
2.7%
went bankrupt
4.9%
stopped otherwise
92%
still going
A further 0.7% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.1% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 3,639 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €253 | - | - | €4,526 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,623 | €1,439 | €2,499 | €1,478 | €7,416 | ▲ 402% |
| Other operating charges640/8 | - | €348 | €384 | €387 | €400 | ▲ 3.2% |
| Gross operating margin9900 | €8,782 | €16,949 | -€4,156 | €7,872 | €40,845 | ▲ 419% |
| Operating profit (loss)9901 | €6,811 | €15,162 | -€7,040 | €6,007 | €33,030 | ▲ 450% |
| Financial income75/76B | - | - | - | €1 | - | - |
| Recurring financial income75 | - | - | - | €1 | - | - |
| Financial charges65/66B | - | €35 | €61 | €309 | €67 | ▼ 78.3% |
| Recurring financial charges65 | €38 | €35 | €61 | €56 | €67 | ▲ 19.8% |
| Non-recurring financial charges66B | - | - | - | €253 | - | - |
| Profit (loss) for the period before taxes9903 | €6,774 | €15,127 | -€7,101 | €5,699 | €32,963 | ▲ 478% |
| Profit (loss) for the period9904 | €6,774 | €15,127 | -€7,101 | €5,699 | €32,963 | ▲ 478% |
| Profit (loss) for the period to be appropriated9905 | €6,774 | €15,127 | -€7,101 | €5,699 | €32,963 | ▲ 478% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €14,510 | €26,889 | €19,184 | €21,544 | €52,075 | ▲ 142% |
| Fixed assets21/28 | €2,478 | €1,639 | €4,257 | €11,044 | €29,552 | ▲ 168% |
| Tangible fixed assets22/27 | €2,478 | €1,639 | €4,257 | €11,044 | €29,552 | ▲ 168% |
| Furniture and vehicles24 | - | €1,639 | €4,257 | €11,044 | €29,552 | ▲ 168% |
| Current assets29/58 | €12,032 | €25,249 | €14,926 | €10,500 | €22,523 | ▲ 114% |
| Stocks and contracts in progress3 | - | - | €2,057 | - | - | - |
| Stocks30/36 | - | - | €2,057 | - | - | - |
| Amounts receivable within one year40/41 | €900 | €1,120 | €2,067 | €3,212 | €7,320 | ▲ 128% |
| Trade receivables40 | - | - | €1,961 | €850 | €7,320 | ▲ 761% |
| Other amounts receivable41 | - | €1,120 | €106 | €2,362 | - | - |
| Cash at bank and in hand54/58 | €10,084 | €23,083 | €9,694 | €6,203 | €14,029 | ▲ 126% |
| Deferred charges and accrued income490/1 | - | €1,046 | €1,108 | €1,086 | €1,174 | ▲ 8.1% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €14,510 | €26,889 | €19,184 | €21,544 | €52,075 | ▲ 142% |
| Equity10/15 | -€69,640 | -€54,513 | -€61,613 | -€55,914 | -€22,952 | ▲ 59.0% |
| Contributions10/11 | €25,400 | €25,400 | €25,400 | €25,400 | €25,400 | = |
| Reserves13 | €1,800 | €1,800 | €1,800 | - | - | - |
| Non-distributable reserves130/1 | - | €1,800 | €1,800 | - | - | - |
| Reserves not available under the articles1311 | - | €1,800 | €1,800 | - | - | - |
| Profit (loss) carried forward14 | -€96,840 | -€81,713 | -€88,813 | -€81,314 | -€48,352 | ▲ 40.5% |
| Amounts payable17/49 | €84,149 | €81,401 | €80,797 | €77,459 | €75,027 | ▼ 3.1% |
| Amounts payable within one year42/48 | €84,149 | €81,401 | €80,797 | €77,459 | €75,027 | ▼ 3.1% |
| Trade debts44 | €782 | €635 | €722 | €477 | €892 | ▲ 86.9% |
| Suppliers440/4 | - | €635 | €722 | €477 | €892 | ▲ 86.9% |
| Taxes, remuneration and social security45 | - | - | - | - | €157 | - |
| Taxes450/3 | - | - | - | - | €157 | - |
| Other amounts payable47/48 | - | €80,766 | €80,075 | €76,981 | €73,978 | ▼ 3.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €6,774 | €15,127 | -€7,101 | €5,699 | €32,963 | ▲ 478% |
| + Depreciation and write-downs630 | €1,623 | €1,439 | €2,499 | €1,478 | €7,416 | ▲ 402% |
| Operating cash flow (approximation) | €8,397 | €16,566 | -€4,602 | €7,177 | €40,378 | ▲ 463% |
| Investment in fixed assets (approximation) | - | -€600 | -€5,117 | -€8,264 | -€25,924 | ▼ 214% |
| Change in cash | - | €12,999 | -€13,389 | -€3,492 | €7,826 | ▲ 324% |
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
28-04
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
30-09
Financial
Highest result since 2018net €32,963 ▲478%
Operating result €33,030, net result €32,963, both a record.
27-04
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
30-09
Financial
Back to profitnet €5,699
Net result €5,699 after one loss-making year.
07-05
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 7 days late
2023
20-04
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
07-03
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
30-09
Financial
Back to profitnet €6,774
Net result €6,774 after 3 loss-making years.
21-04
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
30-09
Financial
Weakest financial yearnet -€7,397
Net result drops to -€7,397, the lowest in the series; recovery starts the following year.
24-02
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
31-03
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
28-03
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
28-02
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
4 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, Waterloo · 1 establishment unit since 2007
Ground area
432 m²
Building footprint
195 m²
Volume, LiDAR
829 m³
Parcel 25764N0857/00A000, Wallonia · tallest building 5.9 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
DE LANDSHEERE
since 20072.166.372.759
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 25764N0857/00A000 | Wallonia | 432 m² | 1 · 195 m² | 5.9 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Similar companies · same sector and region
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GUSAR CREATION
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This company's figures show no positive equity and no headcount, so a size comparison is not possible. These companies share only the sector and the region. Of 4,269 companies in sector 43230 we hold annual accounts for 1,239. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded21-09-2007
Fiscal year end30-09
Activities, NACEBEL 2025
43230Insulation installation
43211General electrical installation work
43240Other construction installation
43350Other building finishing work
43990Other specialised construction activities
E-invoicing
Reachable via Peppol
Peppol ID
0208:0892231239
Also
9925:BE0892231239
Registered
05-01-2026
Register as of 26 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.