RAFAR
ActiveSummary
RAFAR has been active since 2004 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.2m and a net result of -€47,395. Equity remains stable across the filed fiscal years (±2.1% per year). Its solvency ranks better than 94% of 18606 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability15▼-5
Solvency100=
Growth52=
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €75,000 at 30 days acceptable
Liquidity ample (current ratio 20.82 against 18.54 in 2024; short-term debt: 2.4% and cash: 16.3% of total assets), and 10.6% 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
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 47
Relative position
BE, all sectors
reference
Retail trade (NACE 47)
about 45% 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
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
89.4%
Return on assets
-3.4%
Age of the figures
9 mo
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 15-07-2026, 16 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
16 d early
2024
55 d late
2023
37 d early
2022
34 d early
2021
40 d early
2020
10 d early
2019
20 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 15 days before the deadline; the sector median for financial year 2024 is on the deadline day, and 46% 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. Usually files around 27 June (4 of the last 5 filed years within 30 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, micro schema
Equity
€1.2m▼ 3.7%
2024 · €1.3m
Total assets
€1.4m▼ 5.4%
2024 · €1.5m
Net result
-€47,395
2024 · €17,171
Working capital
€662,347▼ 12.0%
2024 · €753,079
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 47, Retail trade, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€88,075▼ 3.0%€38,348▼ 56.5%€47,320▲ 23.4%-€28,770-€63,204▼ 120%
Net result€52,752above the sector's middle half▼ 2.4%€19,311within the sector's middle half▼ 63.4%€25,713above the sector's middle half▲ 33.2%€17,171within the sector's middle half▼ 33.2%-€47,395below the sector's middle half
Equity€1.2mabove the sector's middle half▲ 2.7%€1.3mabove the sector's middle half▲ 1.6%€1.3mabove the sector's middle half▲ 2.1%€1.3mabove the sector's middle half▲ 1.3%€1.2mabove the sector's middle half▼ 3.7%
Total assets€1.5mabove the sector's middle half▲ 0.4%€1.5mabove the sector's middle half▼ 2.4%€1.5mabove the sector's middle half▼ 0.3%€1.5mabove the sector's middle half▼ 1.3%€1.4mabove the sector's middle half▼ 5.4%
Debt€302,763▼ 7.9%€247,122▼ 18.4%€216,914▼ 12.2%€180,661▼ 16.7%€148,131▼ 18.0%
Working capital-€17,071below the sector's middle half▲ 56.7%-€9,205within the sector's middle half▲ 46.1%€610,728above the sector's middle half€753,079above the sector's middle half▲ 23.3%€662,347above the sector's middle half▼ 12.0%
Solvency80.3%above the sector's middle half▲ 1.8pp83.5%above the sector's middle half▲ 3.2pp85.5%above the sector's middle half▲ 2.0pp87.8%above the sector's middle half▲ 2.3pp89.4%above the sector's middle half▲ 1.6pp
Current ratio0.78below the sector's middle half▲ 0.320.84below the sector's middle half▲ 0.0511.69above the sector's middle half▲ 10.8518.54above the sector's middle half▲ 6.8620.82above the sector's middle half▲ 2.28
Return on assets (ROA)3.4%within the sector's middle half▼ 0.1pp1.3%within the sector's middle half▼ 2.1pp1.7%within the sector's middle half▲ 0.4pp1.2%within the sector's middle half▼ 0.6pp-3.4%within the sector's middle half▼ 4.6pp
above
within
below
the middle half (P25 to P75) of NACE 47, Retail trade, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €63,204 in 2025 against €28,770 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 €1.4m
Fixed assets
€699,518 ▲ 3.0%
Current assets
€695,764 ▼ 12.6%
Equity and liabilities €1.4m
Equity
€1.2m ▼ 3.7%
Debt
€148,131 ▼ 18.0%
Debt's share of the balance-sheet total falls from 12.2% to 10.6%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€42,422▼
2024 · -€10,386
Cash flow
-€26,613▼
2024 · €35,554
Debt to equity
0.12▼
2024 · 0.14
ROE
-3.8%▼
2024 · 1.3%
Interest coverage
-5.89▼
2024 · -1.29
Debt ≤ 1 year
€33,416▼
2024 · €42,928
Debt > 1 year
€114,715▼
2024 · €137,733
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 8,616 companies that looked in July 2024 the way this one looks now, 0.4% went bankrupt within 24 months and 94% are still going.
- Small
- 20 years or older
- solvency 30% or more
- a small loss
0.4%
went bankrupt
5.2%
stopped otherwise
94%
still going
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.6% 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 497,662 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 8,616 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 | €21,050 | €21,050 | €21,050 | €18,383 | €20,782 | ▲ 13.0% |
| Other operating charges640/8 | €4,021 | €4,379 | €4,594 | €4,593 | €22,260 | ▲ 385% |
| Non-recurring operating charges66A | - | - | €2,044 | - | - | - |
| Gross operating margin9900 | €113,146 | €63,777 | €75,008 | -€5,793 | -€20,162 | ▼ 248% |
| Operating profit (loss)9901 | €88,075 | €38,348 | €47,320 | -€28,770 | -€63,204 | ▼ 120% |
| Financial income75/76B | - | - | - | €53,677 | €23,016 | ▼ 57.1% |
| Recurring financial income75 | - | - | - | €53,677 | €14,416 | ▼ 73.1% |
| Non-recurring financial income76B | - | - | - | €53,677 | €8,600 | ▼ 84.0% |
| Financial charges65/66B | €11,073 | €10,066 | €9,021 | €8,054 | €7,207 | ▼ 10.5% |
| Recurring financial charges65 | €11,073 | €10,066 | €9,021 | €8,054 | €7,207 | ▼ 10.5% |
| Profit (loss) for the period before taxes9903 | €77,002 | €28,282 | €38,299 | €16,853 | -€47,395 | ▼ 381% |
| Income taxes67/77 | €24,250 | €8,971 | €12,586 | -€317 | - | - |
| Profit (loss) for the period9904 | €52,752 | €19,311 | €25,713 | €17,171 | -€47,395 | ▼ 376% |
| Profit (loss) for the period to be appropriated9905 | €52,752 | €19,311 | €25,713 | €17,171 | -€47,395 | ▼ 376% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.5m | €1.5m | €1.5m | €1.5m | €1.4m | ▼ 5.4% |
| Fixed assets21/28 | €1.5m | €1.5m | €826,406 | €679,200 | €699,518 | ▲ 3.0% |
| Tangible fixed assets22/27 | €244,033 | €222,983 | €201,933 | €183,550 | €327,768 | ▲ 78.6% |
| Land and buildings22 | €244,033 | €222,983 | €201,933 | €183,550 | €327,768 | ▲ 78.6% |
| Financial fixed assets28 | €1.2m | €1.2m | €624,473 | €495,650 | €371,750 | ▼ 25.0% |
| Current assets29/58 | €61,943 | €46,663 | €667,883 | €796,007 | €695,764 | ▼ 12.6% |
| Amounts receivable after more than one year29 | - | - | - | €335,000 | €368,237 | ▲ 9.9% |
| Other amounts receivable291 | - | - | - | €335,000 | €368,237 | ▲ 9.9% |
| Amounts receivable within one year40/41 | €750 | - | - | €216,759 | €99,818 | ▼ 53.9% |
| Trade receivables40 | - | - | - | - | €7,146 | - |
| Other amounts receivable41 | €750 | - | - | €216,759 | €92,672 | ▼ 57.2% |
| Current investments50/53 | - | €2,930 | €1,249 | - | - | - |
| Cash at bank and in hand54/58 | €59,080 | €41,585 | €662,917 | €243,774 | €227,709 | ▼ 6.6% |
| Deferred charges and accrued income490/1 | €2,113 | €2,148 | €3,717 | €474 | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.5m | €1.5m | €1.5m | €1.5m | €1.4m | ▼ 5.4% |
| Equity10/15 | €1.2m | €1.3m | €1.3m | €1.3m | €1.2m | ▼ 3.7% |
| Contributions10/11 | €12,500 | €12,500 | €12,500 | €12,500 | €12,500 | = |
| Reserves13 | €101,860 | €120,860 | €145,860 | €162,860 | €162,860 | = |
| Non-distributable reserves130/1 | €1,860 | €1,860 | - | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | €1,860 | €1,860 | - | €1,860 | €1,860 | = |
| Distributable reserves133 | €100,000 | €119,000 | €145,860 | €161,000 | €161,000 | = |
| Profit (loss) carried forward14 | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | ▼ 4.2% |
| Amounts payable17/49 | €302,763 | €247,122 | €216,914 | €180,661 | €148,131 | ▼ 18.0% |
| Amounts payable after more than one year17 | €223,749 | €191,254 | €159,759 | €137,733 | €114,715 | ▼ 16.7% |
| Financial debts170/4 | €223,749 | €191,254 | €159,759 | €137,733 | €114,715 | ▼ 16.7% |
| Amounts payable within one year42/48 | €79,014 | €55,868 | €57,155 | €42,928 | €33,416 | ▼ 22.2% |
| Current portion of amounts payable after more than one year42 | €31,438 | €32,495 | €33,881 | €22,026 | €23,018 | ▲ 4.5% |
| Trade debts44 | €3,535 | €225 | €1,349 | €11,946 | €7,511 | ▼ 37.1% |
| Suppliers440/4 | €3,535 | €225 | €1,349 | €11,946 | €7,511 | ▼ 37.1% |
| Taxes, remuneration and social security45 | €18,641 | €22,148 | €11,046 | €8,545 | €1,921 | ▼ 77.5% |
| Taxes450/3 | €18,227 | €19,217 | €8,063 | €8,131 | €1,921 | ▼ 76.4% |
| Remuneration and social security454/9 | €414 | €2,931 | €2,983 | €414 | - | - |
| Other amounts payable47/48 | €25,400 | €1,000 | €10,879 | €411 | €965 | ▲ 135% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €52,752 | €19,311 | €25,713 | €17,171 | -€47,395 | ▼ 376% |
| + Depreciation and write-downs630 | €21,050 | €21,050 | €21,050 | €18,383 | €20,782 | ▲ 13.0% |
| Operating cash flow (approximation) | €73,802 | €40,361 | €46,763 | €35,554 | -€26,613 | ▼ 175% |
| Investment in fixed assets (approximation) | - | €0 | €604,665 | €128,823 | -€41,100 | ▼ 132% |
| Change in cash | - | -€17,495 | €621,332 | -€419,143 | -€16,065 | ▲ 96.2% |
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
15-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Weakest financial yearnet -€47,395
Net result drops to -€47,395, the lowest in the series.
24-09
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 55 days late
2024
24-06
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Liquidity times 14current ratio 11.69
Current ratio from 0.84 to 11.69.
27-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
21-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
21-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
11-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
31-12
Financial
Highest result since 2018net €95,059 ▲19.8%
Operating result €95,051, net result €95,059, both a record.
22-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
17-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 17 days late
2017
25-07
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 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 act for this company is 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, Chimay · 1 establishment unit since 2004
Ground area
410 m²
Building footprint
155 m²
Volume, LiDAR
1,450 m³
Parcel 56016C0328/00D000, Wallonia · tallest building 12.9 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
RAFAR
since 20042.149.952.045
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 56016C0328/00D000 | Wallonia | 410 m² | 1 · 155 m² | 12.9 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.
Structure & network
Owners and holdings
1 holdingOwners 0
The accounts to 31-12-2025 list no shareholders, and no other source names one.
Holdings 1
-
30%
According to the 2025 annual accounts of RAFAR and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
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Of 5,220 companies in sector 47730 we hold annual accounts for 3,862. 2,844 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
Founded19-08-2004
Fiscal year end31-12
Activities, NACEBEL 2025
47730Retail sale of pharmaceutical products
E-invoicing
Reachable via Peppol
Peppol ID
0208:0866855049
Registered
12-01-2026
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.