Active BE 0768.624.040Private limited company

RAF EXPRESS

Rue du Gazomètre(FL) 30 ·6220 Fleurus, Belgium· 5 yrs active

Sector: Freight transport by road (49410)

Conclusion Checked

The computed 12-month bankruptcy probability of RAF EXPRESS is 3.4% (moderate). The 2025 annual accounts show equity of €1k 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 4269 sector peers (fiscal year 2025). The company has been active since 2021 and the Belgian State Gazette contains no insolvency or warning signals.

Based on the State Gazette, CBE and 5 annual accounts.

Key figures

Equity	€1k
Net result	€665
Better than sector	17%
Active	5 yrs

Financial profile 5 of 5 axes measured · computed by Checked

60 / 100

Strong profile, led by profitability.

All 5 axes are computed from data Checked has read.

Health 43

Profitability 100

Solvency 6

Growth 58

Stability 94

Bankruptcy probability (12 mo) Checked model v1 · free

3.4% Moderate

0%0,5%1,5%4%10%≥25%

How do we compute this?

Risk Assessment rule-based

0 / 100

Low risk

Trust signals 2 signals

More than 3 years active

Founded in 2021, past the statistically most fragile first 3 years.

No legal incidents

No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.

Administrative Flags0 events

No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

Checked score FY 2025 · computed

43 / 100 Weak

050100

Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.

Indicative credit limit

No credit

negative equity or figures too weak

Score history

43 2021

13 2022

3 2023

56 2024

43 2025

purely financial, excl. current insolvency signals

Score components

Liquidity Current ratio 0.67 (< 1.0) -10

Leverage Debt/equity 31.96 (> 3.0) -10

Profitability ROE 65% (≥ 10%) +10

Interest coverage Interest coverage 2.1× +3

Profit trend Net profit down YoY -3

Equity growth Equity growing YoY +3

Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.

Financial overview5 NBB filings

Annual accounts filed on 17-07-2026 with the NBB · fiscal year 2025 · micro schema

Operating resultNet result

Sector comparison

Fiscal year 2025 · NACE 49, Land transport and transport via pipelines · compared within the same schema type (micro schema)

Metric	This company	Sector median	Position in the sector
Solvency	3.0%	39.2%	better than 17% of 4269 sector peers
Net result	€665	€6k	better than 34% of 4249 sector peers
Equity	€1k	€37k	better than 16% of 4276 sector peers
Gross operating margin	€31k	€40k	better than 44% of 4247 sector peers
Staff costs	€25k	€51k	higher than 36% of 1908 sector peers

EBITDA

€5k

-80.8% 21-25

Net profit

€665

-96.4% 21-25

Cash flow

€1k

-94.6% 21-25

Total assets

€34k

+11.6% 21-25

Equity

€1k

+185.6% 21-25

Working capital

€-11k

+8.8% 21-25

Staff costs

€25k

- 21-25

Income taxes

€2k

-65.0% 21-25

Dividends

€14k

- 21-25

Debt

€33k

+9.5% 21-25

Debt ≤ 1y

€33k

+9.5% 21-25

Current ratio

0.67

+10.9% 21-25

Quick ratio

0.67

+10.9% 21-25

Solvency

3.0%

+156.0% 21-25

Debt / equity

31.96

-61.7% 21-25

ROE

65.0%

-98.8% 21-25

ROA

2.0%

-96.8% 21-25

Interest coverage

2.06

-90.0% 21-25

Figures by fiscal year and ratios

Highlight YoY changes (±10%)

Fiscal year	2025	2024	2023	2022	2021
Deposit	micro schema	micro schema	micro schema	full schema	micro schema
Revenue	-	-	-	-	-
EBITDA	€5k	€26k	€2k	€4k	€-7k
Net profit	€665	€19k	€26	€3k	€-7k
Cash flow	€1k	€19k	€498	€3k	€-7k
Staff costs	€25k	-	-	-	-
Income taxes	€2k	€6k	€509	-	-
Dividends	-	€14k	-	-	-
Total assets	€34k	€30k	€14k	€14k	€25k
Equity	€1k	€358	€-4k	€-4k	€13k
Debt	€33k	€30k	€18k	€18k	€13k
of which ≤ 1y	€33k	€30k	€18k	€18k	€13k
of which > 1y	-	-	-	-	-
Working capital	€-11k	€-12k	€-16k	€-16k	€996
Employees (FTE)	-	-	-	-	-

Note: these years are not on the same basis. The filed schemas differ (micro schema, full schema), so the columns are not directly comparable.

Ratios (computed)

	2025	2024	2023	2022	2021
Current ratio	0.67	0.60	0.10	0.16	1.08
Quick ratio	0.67	0.60	0.10	0.16	1.08
Working capital ratio	-32.0%	-39.1%	-118.1%	-110.1%	3.9%
Solvency	3.0%	1.2%	-31.3%	-30.8%	50.0%
Debt / equity	31.96	83.37	-4.20	-4.25	1.00
Long-term debt ratio	-	-	-	-	-
Interest coverage	2.06	20.63	2.14	36.55	-108.67
Gross margin	-	-	-	-	-
Net margin	-	-	-	-	-
ROA	2.0%	61.8%	0.2%	21.0%	-28.8%
ROE	65.0%	5216.4%	-0.6%	-68.1%	-57.6%
EBITDA margin	-	-	-	-	-
Days sales outstanding	-	-	-	-	-
Days payable outstanding	-	-	61d	-	-
Inventory turnover	-	-	-	-	-
Days inventory (DSI)	-	-	-	-	-

Balance-sheet composition 2025

Assets

Fixed assets €12k · 35.0% Current assets €22k · 65.0%

Equity & liabilities

Equity €1k · 3.0% Debt €33k · 97.0%

Full annual accounts (24 line items)

Filed balance sheet and income statement, exactly as deposited with the NBB.

Line item	Code	2025	2024	2023	2022	2021
Balance sheet, Assets
TOTAL ASSETS	20/58	€34k	€30k	€14k	€14k	€25k
Fixed assets	21/28	€12k	€12k	€12k	€11k	€12k
Intangible fixed assets	21	€593	€847	€1k	-	€305
Tangible fixed assets	22/27	-	€121	€303	€606	€788
Financial fixed assets	28	€11k	€11k	€11k	€11k	€11k
Current assets	29/58	€22k	€18k	€2k	€3k	€14k
Amounts receivable within one year	40/41	€21k	€18k	€2k	-	€8k
Investments	50/53	€194	-	-	-	-
Cash & bank	54/58	€300	€6	€11	€3k	€2k
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES	10/49	€34k	€30k	€14k	€14k	€25k
Equity	10/15	€1k	€358	€-4k	€-4k	€13k
Contributions / capital	10/11	-	-	-	-	€20k
Accumulated profits (losses)	14	€1k	€358	€-4k	€-4k	€-7k
Amounts payable	17/49	€33k	€30k	€18k	€18k	€13k
Amounts payable within one year	42/48	€33k	€30k	€18k	€18k	€13k
Trade debts payable within one year	44	€5k	€3k	€10k	€8k	€6k
Income statement
Gross operating margin	9900	€31k	€27k	€4k	€5k	€-6k
Operating result	9901	€5k	€25k	€1k	€3k	€-7k
Financial income	75	€504	€315	€1	-	-
Financial charges	65	€2k	€1k	€882	€97	€60
Result before taxes	9903	€3k	€24k	€535	€3k	€-7k
Income taxes	67/77	€2k	€6k	€509	-	-
Net result for the period	9904	€665	€19k	€26	€3k	€-7k
Result to be appropriated	9905	€665	€19k	€26	€3k	€-7k

Legal Structure

NACE primary	Freight transport by road(49410)
Legal form	Private limited company(610)
Incorporation	21-05-2021
Status	Active
Postal code	6220

Establishment units 1 location

RAF EXPRESS

Rue du Gazomètre(FL) 30, 6220 FleurusFreight transport by road

since 20212.317.865.775

Real-estate footprint Source: CBE × cadastre

Wallonia 1 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
52021C0281/00S002	Wallonia	261 m²	1 · 35 m²	10.3 m · 3 fl.

Methodology

via registered seat: 1

1 of 1 parcel with an exact address match; the rest are indicative.

Linked through address data, this is not proof of ownership.

Updates 6 events

All 8Financial 2Gazette 1Filings 5

Next filing, fiscal year 2026, expected by 31-07-2027

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 €19k ▲72454%

Operating result €25k, net result €19k, 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

28-04

State Gazette act Minor change

Other address change · CAROLINE COUNET

2022

31-12

Financial Back to profitnet €3k

Net result €3k after one loss-making year.

15-06

NBB filing Annual accounts filed

fiscal year 2021 · micro schema

Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

Belgian State Gazette reading coverage 0 of 3 acts read

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.

Belgisch Staatsblad, acts 1 acts

All acts · 1 updated 3 years ago

2023

28-04-2023 Publication in the Belgian Official Gazette, Minor change Minor change·CAROLINE COUNET

Summary: Other address changeNotary: CAROLINE COUNET · Fleurus

Original publication ↗

Technical details

{
  "notary": {
    "name": "CAROLINE COUNET",
    "firm_city": null,
    "firm_name": null,
    "office_city": "Fleurus",
    "is_associated": false
  },
  "act_meta": {
    "language": "mixed",
    "pub_date": "2023-04-28",
    "filing_date": "2023-04-13",
    "act_kind_objet": "MODIFICATION DE L\u0027OBJET SOCIAL"
  },
  "decision": {
    "body": "buitengewone_algemene_vergadering",
    "date": "2023-04-13",
    "unanimous": true
  },
  "agm_change": null,
  "detected_kind": "other_address_change",
  "other_address": null,
  "mandate_renewal": null,
  "subject_company": {
    "kbo": "0768.624.040",
    "name_full": "RAF EXPRESS",
    "legal_form": "SRL"
  },
  "accounts_deposit": null,
  "publication_proxy": {
    "kind": "none",
    "org_kbo": null,
    "org_name": null,
    "person_name": null,
    "org_rep_person_name": null
  },
  "co_filed_documents": [],
  "fiscal_year_change": null,
  "liquidation_closure": null,
  "officer_designation": null,
  "special_procuration": null,
  "is_volet_a_only_stub": false,
  "vakbekwaamheid_change": null,
  "should_reroute_to_category": null,
  "single_shareholder_declaration": null
}

Credit advice verdict per customer and amount

Company registry (CBE) Crossroads Bank

Activities

Freight transport by road49410Logistics services52250Warehousing and support activities for transportation52290Other postal and courier activities53200

Names & trade names

Legal nameFR

RAF EXPRESS

Similar companies Comparable size · 7,955 of 12,431 companies in this sector with filed accounts

K&K BE 0635.851.232 · Gent

KOBA EXPRESS BE 0598.941.346 · Seneffe

TAIBITRANS BE 0739.962.718 · Antwerpen

TA-TRANS BE 0778.550.308 · Ravels

L-H Trading BE 0771.878.983 · Sint-Jans-Molenbeek