RAES
ActiveSummary
RAES has been active since 1986 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €930,017 and a net result of -€1.1m. Equity is shrinking by ~12.5% per year and would, assuming unchanged policy, indicatively turn negative around fiscal year 2026. The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability5▲+5
Solvency34▲+34
Growth52▲+20
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €35,000 at 30 days only on tighter terms
Liquidity short (current ratio 0.02 against 0.01 in 2024; short-term debt: 37.2% and cash: 0.2% of total assets), and 91.2% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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
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
8.8%
Return on assets
-10.6%
Age of the figures
9 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 29-08-2026, 29 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 filingsDeviation from the deadline
2025
29 d late
2024
15 d early
2023
29 d late
2022
28 d late
2021
6 d early
2020
17 d late
2019
54 d late
← before the deadline
after the deadline →
tick = median of all Belgian filings
This company filed its last 7 accounts on average 19 days after the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were late.
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. Usually files around 28 August (4 of the last 5 filed years within 34 days of that day).
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€930,017
2024 · -€335,966
Total assets
€10.5m▲ 3,041%
2024 · €335,205
Net result
-€1.1m▼ 800%
2024 · -€124,561
Working capital
-€3.8m▼ 477%
2024 · -€661,563
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-€10,532▼ 61.4%-€41,694▼ 296%-€40,934▲ 1.8%-€106,837▼ 161%-€1.1m▼ 891%
Net result-€11,414▼ 66.2%-€42,540▼ 273%-€41,757▲ 1.8%-€124,561▼ 198%-€1.1m▼ 800%
Equity-€127,108▼ 9.9%-€169,648▼ 33.5%-€211,406▼ 24.6%-€335,966▼ 58.9%€930,017
Total assets€534,852▼ 2.0%€501,644▼ 6.2%€477,627▼ 4.8%€335,205▼ 29.8%€10.5m▲ 3,041%
Debt€661,960▲ 0.1%€671,292▲ 1.4%€689,033▲ 2.6%€671,171▼ 2.6%€9.6m▲ 1,330%
Working capital-€620,452▲ 1.4%-€625,536▼ 0.8%-€598,381▲ 4.3%-€661,563▼ 10.6%-€3.8m▼ 477%
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Why a figure moved sharply
- 2025 Net result -800% on 2024. The accounts now follow the abbreviated schema, last year the micro schema.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €1.1m in 2025 against €106,837 in 2024; the loss grows and 2025 has the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €10.5m
Fixed assets
€10.4m ▲ 3,105%
Current assets
€96,543 ▲ 905%
Equity and liabilities €10.5m
Equity
€930,017
Debt
€9.6m
Debt finances 91.2% of the balance-sheet total.
Key figures and ratios
EBITDA
-€939,536▼
2024 · -€41,192
Cash flow
-€1.0m▼
2024 · -€58,916
Current ratio
0.02▲
2024 · 0.01
Debt to equity
10.32▲
2024 · -2.00
ROE
-120.5%
ROA
-10.6%▲
2024 · -37.2%
Interest coverage
-11.93▼
2024 · -2.32
Debt ≤ 1 year
€3.9m▲
2024 · €671,171
Debt > 1 year
€5.7m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 744 companies that looked in July 2024 the way this one looks now, 4.2% went bankrupt within 24 months and 86% are still going.
- 20 years or older
- solvency under 10%
- a loss of 10% of the balance sheet or more
- without size
4.2%
went bankrupt
8.1%
stopped otherwise
86%
still going
A further 1.7% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.6% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 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% | 1.7% |
| 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 75% 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 744 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 |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €61,356 | €69,722 | €70,187 | €65,645 | €119,318 | ▲ 81.8% |
| Other operating charges640/8 | €4,473 | €3,345 | €3,866 | €4,269 | €958,574 | ▲ 22,355% |
| Gross operating margin9900 | €55,298 | €31,373 | €33,119 | -€36,923 | €19,037 | ▲ 152% |
| Operating profit (loss)9901 | -€10,532 | -€41,694 | -€40,934 | -€106,837 | -€1.1m | ▼ 891% |
| Financial income75/76B | €1 | - | €34 | €161 | €17,133 | ▲ 10,516% |
| Recurring financial income75 | €1 | - | €34 | €161 | €17,133 | ▲ 10,516% |
| Financial charges65/66B | €726 | €727 | €726 | €17,746 | €78,774 | ▲ 344% |
| Recurring financial charges65 | €726 | €727 | €726 | €17,746 | €78,774 | ▲ 344% |
| Profit (loss) for the period before taxes9903 | -€11,257 | -€42,421 | -€41,626 | -€124,421 | -€1.1m | ▼ 801% |
| Income taxes67/77 | €157 | €120 | €132 | €140 | - | - |
| Profit (loss) for the period9904 | -€11,414 | -€42,540 | -€41,757 | -€124,561 | -€1.1m | ▼ 800% |
| Profit (loss) for the period to be appropriated9905 | -€11,414 | -€42,540 | -€41,757 | -€124,561 | -€1.1m | ▼ 800% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €534,852 | €501,644 | €477,627 | €335,205 | €10.5m | ▲ 3,041% |
| Fixed assets21/28 | €493,344 | €455,888 | €386,975 | €325,597 | €10.4m | ▲ 3,105% |
| Tangible fixed assets22/27 | €490,744 | €453,288 | €384,375 | €322,997 | €10.4m | ▲ 3,129% |
| Land and buildings22 | €469,066 | €426,842 | €367,530 | €313,243 | €10.4m | ▲ 3,227% |
| Plant, machinery and equipment23 | €561 | - | - | €2,508 | €5,978 | ▲ 138% |
| Furniture and vehicles24 | €21,118 | €26,445 | €16,846 | €7,246 | €2,318 | ▼ 68.0% |
| Financial fixed assets28 | €2,600 | €2,600 | €2,600 | €2,600 | €2,600 | = |
| Current assets29/58 | €41,508 | €45,756 | €90,652 | €9,608 | €96,543 | ▲ 905% |
| Amounts receivable within one year40/41 | - | - | - | - | €75,000 | - |
| Other amounts receivable41 | - | - | - | - | €75,000 | - |
| Cash at bank and in hand54/58 | €38,827 | €42,843 | €87,695 | €6,545 | €21,543 | ▲ 229% |
| Deferred charges and accrued income490/1 | €2,681 | €2,913 | €2,957 | €3,063 | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €534,852 | €501,644 | €477,627 | €335,205 | €10.5m | ▲ 3,041% |
| Equity10/15 | -€127,108 | -€169,648 | -€211,406 | -€335,966 | €930,017 | ▲ 377% |
| Contributions10/11 | €62,000 | €62,000 | €62,000 | €62,000 | €2.4m | ▲ 3,849% |
| Capital10 | €62,000 | €62,000 | €62,000 | €62,000 | €2.4m | ▲ 3,849% |
| Issued capital100 | €62,000 | €62,000 | €62,000 | €62,000 | €2.4m | ▲ 3,849% |
| Reserves13 | €8,644 | €8,644 | €8,644 | €8,644 | €6,200 | ▼ 28.3% |
| Non-distributable reserves130/1 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Legal reserve130 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Distributable reserves133 | €2,444 | €2,444 | €2,444 | €2,444 | - | - |
| Profit (loss) carried forward14 | -€197,752 | -€240,292 | -€282,049 | -€406,610 | -€1.5m | ▼ 275% |
| Amounts payable17/49 | €661,960 | €671,292 | €689,033 | €671,171 | €9.6m | ▲ 1,330% |
| Amounts payable after more than one year17 | - | - | - | - | €5.7m | - |
| Financial debts170/4 | - | - | - | - | €5.7m | - |
| Amounts payable within one year42/48 | €661,960 | €671,292 | €689,033 | €671,171 | €3.9m | ▲ 483% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €224,749 | - |
| Trade debts44 | €4,610 | €6,803 | €11,613 | €62,243 | €5,357 | ▼ 91.4% |
| Suppliers440/4 | €4,610 | €6,803 | €11,613 | €62,243 | €5,357 | ▼ 91.4% |
| Taxes, remuneration and social security45 | €157 | €120 | €132 | €140 | - | - |
| Taxes450/3 | €157 | €120 | €132 | €140 | - | - |
| Other amounts payable47/48 | €657,193 | €664,369 | €677,289 | €608,789 | €3.7m | ▲ 505% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€11,414 | -€42,540 | -€41,757 | -€124,561 | -€1.1m | ▼ 800% |
| + Depreciation and write-downs630 | €61,356 | €69,722 | €70,187 | €65,645 | €119,318 | ▲ 81.8% |
| Operating cash flow (approximation) | €49,942 | €27,182 | €28,429 | -€58,916 | -€1.0m | ▼ 1,599% |
| Investment in fixed assets (approximation) | - | -€32,266 | -€1,274 | -€4,267 | -€10.2m | ▼ 239,613% |
| Change in cash | - | €4,016 | €44,852 | -€81,150 | €14,998 | ▲ 118% |
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
29-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 29 days late
2025
31-12
Financial
Weakest financial yearnet -€1.1m
Net result drops to -€1.1m, the lowest in the series.
31-12
Financial
Equity above €500,000Eq €930,017
Equity rises from -€335,966 to €930,017.
16-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
29-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 29 days late
2023
28-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 28 days late
2022
25-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
17-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 17 days late
2020
23-09
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 54 days late
2019
23-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 23 days late
2018
09-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 9 days late
2017
27-07
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 5 acts read
About the unread acts
We know of 5 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
5 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, Haaltert · 1 establishment unit since 1996
Ground area
478 m²
Building footprint
266 m²
Volume, LiDAR
1,361 m³
Parcel 41033B0289/00C000, Flanders · tallest building 9.0 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Bergstraat(KE) 7, 9451 Haaltert
since 19962.033.410.703
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 41033B0289/00C000 | Flanders | 478 m² | 1 · 266 m² | 9.0 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.
Identification & contact
Identification
Legal formPublic limited company
Founded22-11-1986
Fiscal year end31-12
E-invoicing
Reachable via Peppol
Peppol ID
0208:0429931516
Also
9925:BE0429931516
Registered
20-11-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.