RAFALE
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 18 days after the deadline Filed on 18 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00405090.
Annual accounts 2025 filed on 18-08-2026 at the NBB all 11 filings
Turnover
≈ €200,000
Estimated: probably between €130,000 and €520,000
Total assets
€448,830▼ 3.9%
2024 · €467,120
Net result
€1,998▲ 110%
2024 · €952
Working capital
€468
2024 · -€5,913
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€19,483
▲ 14.1%
2025
20182025
Net result
€1,998
▲ 110%
2025
middle half of the sector
20182025
Equity
€167,727
▲ 0.5%
2025
middle half of the sector
20182025
Total assets
€448,830
▼ 3.9%
2025
highest quarter of the sector
20182025
Debt
€281,103
▼ 6.4%
2025
20182025
Working capital
€468
2025
middle half of the sector
20182025
Solvency
37.4%
▲ 1.6pp
2025
middle half of the sector
20182025
Current ratio
1.02
▲ 0.22
2025
middle half of the sector
20182025
Return on assets (ROA)
0.4%
▲ 0.2pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€37,850-€12,302▼ 67.5%€20,275▲ 64.8%€7,355▼ 63.7%€8,174▲ 11.1%€33,878▲ 314%€17,071▼ 49.6%€19,483▲ 14.1%
Net result€27,843-€2,491▼ 91.1%€13,832within the sector's middle half▲ 455%€345within the sector's middle half▼ 97.5%€1,669within the sector's middle half▲ 384%€15,258within the sector's middle half▲ 814%€952within the sector's middle half▼ 93.8%€1,998within the sector's middle half▲ 110%
Equity€139,318-€140,647▲ 1.0%€153,317above the sector's middle half▲ 9.0%€152,500within the sector's middle half▼ 0.5%€153,006within the sector's middle half▲ 0.3%€167,102above the sector's middle half▲ 9.2%€166,892within the sector's middle half▼ 0.1%€167,727within the sector's middle half▲ 0.5%
Total assets€669,470-€608,168▼ 9.2%€612,411above the sector's middle half▲ 0.7%€572,868above the sector's middle half▼ 6.5%€543,984above the sector's middle half▼ 5.0%€525,152above the sector's middle half▼ 3.5%€467,120above the sector's middle half▼ 11.1%€448,830above the sector's middle half▼ 3.9%
Debt€530,151-€467,521▼ 11.8%€459,095▼ 1.8%€420,368▼ 8.4%€390,977▼ 7.0%€358,050▼ 8.4%€300,228▼ 16.1%€281,103▼ 6.4%
Working capital€39,438-€16,383▼ 58.5%€26,819within the sector's middle half▲ 63.7%€22,093within the sector's middle half▼ 17.6%€19,479within the sector's middle half▼ 11.8%€21,294within the sector's middle half▲ 9.3%-€5,913within the sector's middle half€468within the sector's middle half
Solvency20.8%-23.1%▲ 2.3pp25.0%within the sector's middle half▲ 1.9pp26.6%within the sector's middle half▲ 1.6pp28.1%within the sector's middle half▲ 1.5pp31.8%within the sector's middle half▲ 3.7pp35.7%within the sector's middle half▲ 3.9pp37.4%within the sector's middle half▲ 1.6pp
Current ratio2.53-1.67▼ 0.861.70within the sector's middle half▲ 0.031.78within the sector's middle half▲ 0.081.69within the sector's middle half▼ 0.091.63within the sector's middle half▼ 0.060.80below the sector's middle half▼ 0.831.02within the sector's middle half▲ 0.22
Return on assets (ROA)4.2%-0.4%▼ 3.7pp2.3%within the sector's middle half▲ 1.8pp0.1%within the sector's middle half▼ 2.2pp0.3%within the sector's middle half▲ 0.2pp2.9%within the sector's middle half▲ 2.6pp0.2%within the sector's middle half▼ 2.7pp0.4%within the sector's middle half▲ 0.2pp
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 14% higher than in 2024. It is a recovery after the fall in 2024.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €448,830
Fixed assets
€421,335 ▼ 5.0%
Current assets
€27,495 ▲ 16.6%
Equity and liabilities €448,830
Equity
€167,727 ▲ 0.5%
Debt
€281,103 ▼ 6.4%
Debt's share of the balance-sheet total falls from 64.3% to 62.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€41,688▼
2024 · €43,402
Cash flow
€24,202▼
2024 · €27,283
Debt to equity
1.68▼
2024 · 1.80
ROE
1.2%▲
2024 · 0.6%
Interest coverage
2.31▼
2024 · 2.51
Debt ≤ 1 year
€27,027▼
2024 · €29,494
Debt > 1 year
€254,076▼
2024 · €270,734
Income taxes
€564
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Pledge on other assets, amount secured | €100,000 | €100,000 | €100,000 | €100,000 | - |
| Carrying value of the other pledged assets | €379,068 | €366,792 | €354,516 | €342,240 | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €1,440 | - | - | - | - |
| Depreciation and write-downs of the year | €26,331 | €26,331 | €26,331 | €26,331 | €22,205 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €36,768 | €36,768 | €26,241 | €26,331 | €26,331 | €26,331 | €26,331 | €22,205 | ▼ 15.7% |
| Other operating charges640/8 | - | - | - | €2,065 | €2,107 | €2,313 | €2,394 | €5,073 | ▲ 112% |
| Non-recurring operating charges66A | - | - | - | - | €280 | - | - | - | - |
| Gross operating margin9900 | €77,133 | €51,099 | €48,569 | €35,752 | €36,892 | €62,522 | €45,796 | €46,761 | ▲ 2.1% |
| Operating profit (loss)9901 | €37,850 | €12,302 | €20,275 | €7,355 | €8,174 | €33,878 | €17,071 | €19,483 | ▲ 14.1% |
| Financial income75/76B | - | - | - | €1,163 | €1,163 | €1,163 | €1,163 | €1,163 | = |
| Recurring financial income75 | €1,163 | €1,163 | €1,163 | €1,163 | €1,163 | €1,163 | €1,163 | €1,163 | = |
| Financial charges65/66B | - | - | - | €8,173 | €7,667 | €14,649 | €17,282 | €18,084 | ▲ 4.6% |
| Recurring financial charges65 | €10,877 | €10,341 | €9,011 | €8,173 | €7,667 | €14,649 | €17,282 | €18,084 | ▲ 4.6% |
| Profit (loss) for the period before taxes9903 | €28,135 | €3,124 | €16,426 | €345 | €1,669 | €20,391 | €952 | €2,561 | ▲ 169% |
| Income taxes67/77 | €292 | €632 | €2,594 | - | - | €5,133 | - | €564 | - |
| Profit (loss) for the period9904 | €27,843 | €2,491 | €13,832 | €345 | €1,669 | €15,258 | €952 | €1,998 | ▲ 110% |
| Profit (loss) for the period to be appropriated9905 | €27,843 | €2,491 | €13,832 | €345 | €1,669 | €15,258 | €952 | €1,998 | ▲ 110% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €669,470 | €608,168 | €612,411 | €572,868 | €543,984 | €525,152 | €467,120 | €448,830 | ▼ 3.9% |
| Fixed assets21/28 | €604,266 | €567,498 | €547,425 | €522,533 | €496,202 | €469,871 | €443,539 | €421,335 | ▼ 5.0% |
| Intangible fixed assets21 | €1,144 | - | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €603,122 | €567,498 | €547,425 | €522,533 | €496,202 | €469,871 | €443,539 | €421,335 | ▼ 5.0% |
| Land and buildings22 | - | - | - | €379,068 | €366,792 | €354,516 | €342,240 | €329,964 | ▼ 3.6% |
| Plant, machinery and equipment23 | - | - | - | €122,503 | €111,261 | €100,020 | €88,778 | €80,231 | ▼ 9.6% |
| Furniture and vehicles24 | - | - | - | €20,962 | €18,149 | €15,335 | €12,521 | €11,139 | ▼ 11.0% |
| Current assets29/58 | €65,203 | €40,670 | €64,986 | €50,334 | €47,782 | €55,282 | €23,581 | €27,495 | ▲ 16.6% |
| Amounts receivable within one year40/41 | €55,383 | €34,341 | €51,067 | €22,542 | €29,053 | €40,382 | €19,092 | €14,845 | ▼ 22.2% |
| Trade receivables40 | - | - | - | €20,093 | €25,123 | €35,952 | €13,538 | €10,882 | ▼ 19.6% |
| Other amounts receivable41 | - | - | - | €2,448 | €3,930 | €4,430 | €5,555 | €3,963 | ▼ 28.7% |
| Cash at bank and in hand54/58 | €9,820 | €6,329 | €9,021 | €27,793 | €18,728 | €14,900 | €4,488 | €12,651 | ▲ 182% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €669,470 | €608,168 | €612,411 | €572,868 | €543,984 | €525,152 | €467,120 | €448,830 | ▼ 3.9% |
| Equity10/15 | €139,318 | €140,647 | €153,317 | €152,500 | €153,006 | €167,102 | €166,892 | €167,727 | ▲ 0.5% |
| Contributions10/11 | €100,000 | €100,000 | - | €100,000 | €100,000 | €100,000 | €100,000 | €100,000 | = |
| Reserves13 | €9,093 | €10,000 | €10,000 | €10,000 | €10,000 | €10,000 | €10,000 | €10,000 | = |
| Non-distributable reserves130/1 | - | - | - | €10,000 | €10,000 | €10,000 | €10,000 | - | - |
| Reserves not available under the articles1311 | - | - | - | €10,000 | €10,000 | €10,000 | €10,000 | - | - |
| Distributable reserves133 | - | - | - | - | - | - | - | €10,000 | - |
| Profit (loss) carried forward14 | - | €1,585 | €15,417 | €15,762 | €17,431 | €32,690 | €33,642 | €35,639 | ▲ 5.9% |
| Investment grants15 | - | - | - | €26,738 | €25,575 | €24,413 | €23,250 | €22,088 | ▼ 5.0% |
| Amounts payable17/49 | €530,151 | €467,521 | €459,095 | €420,368 | €390,977 | €358,050 | €300,228 | €281,103 | ▼ 6.4% |
| Amounts payable after more than one year17 | €504,386 | €443,234 | €420,928 | €392,127 | €362,675 | €324,062 | €270,734 | €254,076 | ▼ 6.2% |
| Financial debts170/4 | - | - | - | €324,577 | €299,125 | €280,512 | €257,184 | €250,526 | ▼ 2.6% |
| Other amounts payable178/9 | - | - | - | €67,550 | €63,550 | €43,550 | €13,550 | €3,550 | ▼ 73.8% |
| Amounts payable within one year42/48 | €25,766 | €24,287 | €38,167 | €28,241 | €28,302 | €33,988 | €29,494 | €27,027 | ▼ 8.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €24,194 | €24,970 | €21,450 | €23,080 | €23,601 | ▲ 2.3% |
| Trade debts44 | €1,738 | €503 | €3,982 | €2,521 | €227 | €2,263 | €1,281 | €2,566 | ▲ 100% |
| Suppliers440/4 | - | - | - | €2,521 | €227 | €2,263 | €1,281 | €2,566 | ▲ 100% |
| Taxes, remuneration and social security45 | - | - | - | €1,526 | €3,105 | €10,275 | €5,133 | €860 | ▼ 83.3% |
| Taxes450/3 | - | - | - | €1,526 | €3,105 | €10,275 | €5,133 | €860 | ▼ 83.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €27,843 | €2,491 | €13,832 | €345 | €1,669 | €15,258 | €952 | €1,998 | ▲ 110% |
| + Depreciation and write-downs630 | €36,768 | €36,768 | €26,241 | €26,331 | €26,331 | €26,331 | €26,331 | €22,205 | ▼ 15.7% |
| Operating cash flow (approximation) | €64,611 | €39,260 | €40,073 | €26,677 | €28,001 | €41,590 | €27,283 | €24,202 | ▼ 11.3% |
| Investment in fixed assets (approximation) | - | €0 | -€6,169 | -€1,440 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | -€3,491 | €2,691 | €18,772 | -€9,064 | -€3,828 | -€10,411 | €8,162 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 10,904 companies had the same profile as RAFALE has now. Two years later, 95.1% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.1%
was still going
4.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of RAFALE itself: 0.6% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 10,904 companies, not a prediction for RAFALE. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 11 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 18-08-2026 | 2026-00405090 | |
| 31-12-2024 | micro format | 18-08-2025 | 2025-00380784 | |
| 31-12-2023 | micro format | 26-07-2024 | 2024-00304250 | |
| 31-12-2022 | micro format | 29-08-2023 | 2023-00435331 | |
| 31-12-2021 | micro format | 23-09-2022 | 2022-20435869 | |
| 31-12-2020 | micro format | 17-08-2021 | 2021-49600108 | |
| 31-12-2019 | micro format | 07-08-2020 | 2020-40400455 | |
| 31-12-2018 | micro format | 19-07-2019 | 2019-35400268 | |
| 31-12-2017 | micro format | 23-08-2018 | 2018-49200532 | |
| 31-12-2016 | micro format | 21-08-2017 | 2017-45400539 |