RAF EXPRESS
ActiveSummary
The computed 12-month bankruptcy probability of RAF EXPRESS is 3.4% (moderate). The 2025 annual accounts show equity of €1,023 and a net result of €665. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 17% of 4664 sector peers (fiscal year 2025). The company has been active since 2021 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
Axes · tick = 2024
Profitability38▼-62
Solvency28▲+2
Growth58=
Track record94
Bankruptcy probability, 12 months
3.4%
Moderate
0%0.5%1.5%4%10%≥ 25%
No publishable credit limit; credit only on tighter terms
Liquidity short (current ratio 0.67 against 0.6 in 2024; short-term debt: 97% and cash: 0.9% of total assets), and 97% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
+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 49
Relative position
BE, all sectors
reference
Land transport and transport via pipelines (NACE 49)
about 141% more bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
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 17% of 4664 sector peers (2025).
NBB · sector comparisonPosition among 4664 sector peers
Solvency
better than 17%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 17-07-2026, 14 days ahead of the deadline.
NBB · 5 filingsDeviation from the deadline
2025
14 d early
2024
45 d early
2023
8 d early
2022
17 d early
2021
46 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 5 accounts on average 26 days before the deadline; the sector median for financial year 2024 is on the deadline day, and 49% of the sector filed 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.
Companies Code · seven monthsPosition in the running window
26-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€665▼ 96.4%
2024 · €18,683
Working capital
-€10,770▲ 8.8%
2024 · -€11,810
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-€7,251-€3,058€1,416▼ 53.7%€25,395▲ 1,693%€4,588▼ 81.9%
Net result-€7,311-€2,961€26▼ 99.1%€18,683▲ 72,454%€665▼ 96.4%
Equity€12,689--€4,350-€4,325▲ 0.6%€358€1,023▲ 186%
Total assets€25,403-€14,133▼ 44.4%€13,831▼ 2.1%€30,217▲ 118%€33,708▲ 11.6%
Debt€12,714-€18,483▲ 45.4%€18,156▼ 1.8%€29,859▲ 64.5%€32,685▲ 9.5%
Working capital€996--€15,556-€16,328▼ 5.0%-€11,810▲ 27.7%-€10,770▲ 8.8%
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 82% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €33,708
Fixed assets
€11,793 ▼ 3.1%
Current assets
€21,915 ▲ 21.4%
Equity and liabilities €33,708
Equity
€1,023 ▲ 186%
Debt
€32,685 ▲ 9.5%
Debt's share of the balance-sheet total falls from 98.8% to 97.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
€4,963▼
2024 · €25,831
Cash flow
€1,040▼
2024 · €19,118
Current ratio
0.67▲
2024 · 0.60
Debt to equity
31.96
ROE
65.0%
ROA
2.0%▼
2024 · 61.8%
Interest coverage
2.06▼
2024 · 20.63
Debt ≤ 1 year
€32,685▲
2024 · €29,859
Income taxes
€2,020▼
2024 · €5,775
Staff costs
€24,653
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Goods, raw materials, services and sundry goods60/61 | - | - | €60,206 | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | - | €24,653 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €731 | €487 | €472 | €436 | €375 | ▼ 13.9% |
| Other operating charges640/8 | €317 | €1,136 | €1,901 | €1,499 | €1,137 | ▼ 24.2% |
| Gross operating margin9900 | -€6,203 | €4,681 | €3,789 | €27,330 | €30,753 | ▲ 12.5% |
| Operating profit (loss)9901 | -€7,251 | €3,058 | €1,416 | €25,395 | €4,588 | ▼ 81.9% |
| Financial income75/76B | - | - | €1 | €315 | €504 | ▲ 59.8% |
| Recurring financial income75 | - | - | €1 | €315 | €504 | ▲ 59.8% |
| Financial charges65/66B | €60 | €97 | €882 | €1,252 | €2,407 | ▲ 92.3% |
| Recurring financial charges65 | €60 | €97 | €882 | €1,252 | €2,407 | ▲ 92.3% |
| Profit (loss) for the period before taxes9903 | -€7,311 | €2,961 | €535 | €24,458 | €2,684 | ▼ 89.0% |
| Income taxes67/77 | - | - | €509 | €5,775 | €2,020 | ▼ 65.0% |
| Profit (loss) for the period9904 | -€7,311 | €2,961 | €26 | €18,683 | €665 | ▼ 96.4% |
| Profit (loss) for the period to be appropriated9905 | -€7,311 | €2,961 | €26 | €18,683 | €665 | ▼ 96.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €25,403 | €14,133 | €13,831 | €30,217 | €33,708 | ▲ 11.6% |
| Fixed assets21/28 | €11,693 | €11,206 | €12,004 | €12,168 | €11,793 | ▼ 3.1% |
| Intangible fixed assets21 | €305 | - | €1,101 | €847 | €593 | ▼ 30.0% |
| Tangible fixed assets22/27 | €788 | €606 | €303 | €121 | - | - |
| Plant, machinery and equipment23 | €788 | €606 | €303 | €121 | - | - |
| Financial fixed assets28 | €10,600 | €10,600 | €10,600 | €11,200 | €11,200 | = |
| Current assets29/58 | €13,710 | €2,927 | €1,827 | €18,049 | €21,915 | ▲ 21.4% |
| Amounts receivable within one year40/41 | €8,094 | - | €1,816 | €18,043 | €21,049 | ▲ 16.7% |
| Trade receivables40 | €8,094 | - | €1,085 | €2,727 | €17,157 | ▲ 529% |
| Other amounts receivable41 | - | - | €731 | €15,317 | €3,892 | ▼ 74.6% |
| Current investments50/53 | - | - | - | - | €194 | - |
| Cash at bank and in hand54/58 | €1,628 | €2,795 | €11 | €6 | €300 | ▲ 5,055% |
| Deferred charges and accrued income490/1 | €3,988 | €132 | - | - | €372 | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €25,403 | €14,133 | €13,831 | €30,217 | €33,708 | ▲ 11.6% |
| Equity10/15 | €12,689 | -€4,350 | -€4,325 | €358 | €1,023 | ▲ 186% |
| Contributions10/11 | €20,000 | - | - | - | - | - |
| Profit (loss) carried forward14 | -€7,311 | -€4,350 | -€4,325 | €358 | €1,023 | ▲ 186% |
| Amounts payable17/49 | €12,714 | €18,483 | €18,156 | €29,859 | €32,685 | ▲ 9.5% |
| Amounts payable within one year42/48 | €12,714 | €18,483 | €18,156 | €29,859 | €32,685 | ▲ 9.5% |
| Financial debts43 | - | - | - | - | €9,473 | - |
| Credit institutions430/8 | - | - | - | - | €9,473 | - |
| Trade debts44 | €6,102 | €8,280 | €10,034 | €3,201 | €5,062 | ▲ 58.1% |
| Suppliers440/4 | €6,102 | €8,280 | €10,034 | €3,201 | €5,062 | ▲ 58.1% |
| Taxes, remuneration and social security45 | €1,448 | €1,419 | €3,609 | €12,571 | €18,063 | ▲ 43.7% |
| Taxes450/3 | €1,448 | €1,419 | €3,609 | €12,571 | €11,500 | ▼ 8.5% |
| Remuneration and social security454/9 | - | - | - | - | €6,563 | - |
| Other amounts payable47/48 | €5,164 | €8,784 | €4,513 | €14,087 | €87 | ▼ 99.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€7,311 | €2,961 | €26 | €18,683 | €665 | ▼ 96.4% |
| + Depreciation and write-downs630 | €731 | €487 | €472 | €436 | €375 | ▼ 13.9% |
| Operating cash flow (approximation) | -€6,580 | €3,448 | €498 | €19,118 | €1,040 | ▼ 94.6% |
| Investment in fixed assets (approximation) | - | €0 | -€1,270 | -€600 | €0 | ▲ 100% |
| Change in cash | - | €1,167 | -€2,784 | -€6 | €294 | ▲ 5,429% |
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
17-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
16-06
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Highest result since 2021net €18,683 ▲72,454%
Operating result €25,395, net result €18,683, both a record.
23-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
14-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
31-12
Financial
Back to profitnet €2,961
Net result €2,961 after one loss-making year.
15-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 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
3 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, Fleurus · 1 establishment unit since 2021
Ground area
261 m²
Building footprint
35 m²
Volume, LiDAR
317 m³
Parcel 52021C0281/00S002, Wallonia · tallest building 10.4 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
RAF EXPRESS
since 20212.317.865.775
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 52021C0281/00S002 | Wallonia | 261 m² | 1 · 35 m² | 10.3 m · 3 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.
Recognitions · licences · registrations
Legal Entity Identifier
254900A8NVG4KRFNMO15
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Of 12,584 companies in sector 49410 we hold annual accounts for 8,197. 815 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded21-05-2021
Fiscal year end31-12
Activities, NACEBEL 2025
49410Freight transport by road
52250Logistics services
53200Other postal and courier activities
Scores and ratios are computed by Checked and are not a credit decision.