RAFIJOHN
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 15-06-2026 at the NBB all 9 filings
Turnover
≈ €28,000
Estimated: probably between €16,000 and €59,000
EBIT margin
Not included in this filing
Net result
-€2,823▲ 26.4%
2024 · -€3,834
Working capital
€2,577▼ 19.7%
2024 · €3,208
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€2,670
▲ 23.5%
2025
20182025
Net result
-€2,823
▲ 26.4%
2025
lowest quarter of the sector
20182025
Equity
€8,844
▼ 24.2%
2025
lowest quarter of the sector
20182025
Total assets
€12,182
▼ 11.3%
2025
lowest quarter of the sector
20182025
Debt
€3,338
▲ 61.7%
2025
20182025
Working capital
€2,577
▼ 19.7%
2025
lowest quarter of the sector
20182025
Solvency
72.6%
▼ 12.4pp
2025
highest quarter of the sector
20182025
Current ratio
1.77
▼ 0.78
2025
middle half of the sector
20182025
Return on assets (ROA)
-23.2%
▲ 4.8pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€8,311-€10,137€8,465▼ 16.5%€5,025▼ 40.6%€2,722▼ 45.8%-€972-€3,491▼ 259%-€2,670▲ 23.5%
Net result-€8,716-€9,358€7,050within the sector's middle half▼ 24.7%€4,060within the sector's middle half▼ 42.4%€2,029within the sector's middle half▼ 50.0%-€1,223below the sector's middle half-€3,834below the sector's middle half▼ 214%-€2,823below the sector's middle half▲ 26.4%
Equity-€5,772-€3,585€10,635below the sector's middle half▲ 197%€14,695below the sector's middle half▲ 38.2%€16,724below the sector's middle half▲ 13.8%€15,501below the sector's middle half▼ 7.3%€11,667below the sector's middle half▼ 24.7%€8,844below the sector's middle half▼ 24.2%
Total assets€15,465-€19,465▲ 25.9%€22,386below the sector's middle half▲ 15.0%€19,953below the sector's middle half▼ 10.9%€18,411below the sector's middle half▼ 7.7%€16,103below the sector's middle half▼ 12.5%€13,731below the sector's middle half▼ 14.7%€12,182below the sector's middle half▼ 11.3%
Debt€21,237-€15,879▼ 25.2%€11,751▼ 26.0%€5,258▼ 55.3%€1,687▼ 67.9%€602▼ 64.3%€2,064▲ 243%€3,338▲ 61.7%
Working capital-€7,506-€1,558€1,732below the sector's middle half▲ 11.1%€1,924below the sector's middle half▲ 11.1%€2,905below the sector's middle half▲ 51.0%€5,274within the sector's middle half▲ 81.5%€3,208below the sector's middle half▼ 39.2%€2,577below the sector's middle half▼ 19.7%
Solvency-37.3%-18.4%▲ 55.7pp47.5%within the sector's middle half▲ 29.1pp73.6%above the sector's middle half▲ 26.1pp90.8%above the sector's middle half▲ 17.2pp96.3%above the sector's middle half▲ 5.4pp85.0%above the sector's middle half▼ 11.3pp72.6%above the sector's middle half▼ 12.4pp
Current ratio0.22-1.18▲ 0.961.19within the sector's middle half▲ 0.011.39within the sector's middle half▲ 0.202.72within the sector's middle half▲ 1.339.76above the sector's middle half▲ 7.042.55within the sector's middle half▼ 7.201.77within the sector's middle half▼ 0.78
Return on assets (ROA)-56.4%-48.1%▲ 104.4pp31.5%above the sector's middle half▼ 16.6pp20.3%above the sector's middle half▼ 11.1pp11.0%within the sector's middle half▼ 9.3pp-7.6%below the sector's middle half▼ 18.6pp-27.9%below the sector's middle half▼ 20.3pp-23.2%below the sector's middle half▲ 4.8pp
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 a loss of €2,670, smaller than the loss of €3,491 in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €12,182
Fixed assets
€6,267 ▼ 25.9%
Current assets
€5,915 ▲ 12.2%
Equity and liabilities €12,182
Equity
€8,844 ▼ 24.2%
Debt
€3,338 ▲ 61.7%
Debt's share of the balance-sheet total rises from 15.0% to 27.4%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€2,237▲
2024 · €2,103
Cash flow
€2,084▲
2024 · €1,759
Debt to equity
0.38▲
2024 · 0.18
ROE
-31.9%▲
2024 · -32.9%
Interest coverage
14.59▲
2024 · 6.12
Debt ≤ 1 year
€3,338▲
2024 · €2,064
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €9,665 | €6,348 | €2,751 | €3,825 | €2,715 |
| Depreciation and write-downs of the year | €8,085 | €5,682 | €6,342 | €5,594 | €4,907 |
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 | €4,448 | €4,472 | €5,098 | €8,085 | €5,682 | €6,342 | €5,594 | €4,907 | ▼ 12.3% |
| Other operating charges640/8 | - | - | - | €605 | €600 | €512 | €515 | €527 | ▲ 2.4% |
| Gross operating margin9900 | -€3,414 | €15,087 | €14,159 | €13,715 | €9,004 | €5,881 | €2,618 | €2,764 | ▲ 5.6% |
| Operating profit (loss)9901 | -€8,311 | €10,137 | €8,465 | €5,025 | €2,722 | -€972 | -€3,491 | -€2,670 | ▲ 23.5% |
| Financial income75/76B | - | - | - | €75 | €89 | €79 | €0 | €0 | ▲ 18× |
| Recurring financial income75 | €271 | €1 | - | €75 | €89 | €79 | €0 | €0 | ▲ 18× |
| Financial charges65/66B | - | - | - | €487 | €156 | €329 | €344 | €153 | ▼ 55.4% |
| Recurring financial charges65 | €676 | €781 | €180 | €487 | €156 | €329 | €344 | €153 | ▼ 55.4% |
| Profit (loss) for the period before taxes9903 | -€8,716 | €9,358 | €8,285 | €4,613 | €2,655 | -€1,223 | -€3,834 | -€2,823 | ▲ 26.4% |
| Income taxes67/77 | - | - | €1,235 | €553 | €626 | - | - | - | - |
| Profit (loss) for the period9904 | -€8,716 | €9,358 | €7,050 | €4,060 | €2,029 | -€1,223 | -€3,834 | -€2,823 | ▲ 26.4% |
| Profit (loss) for the period to be appropriated9905 | -€8,716 | €9,358 | €7,050 | €4,060 | €2,029 | -€1,223 | -€3,834 | -€2,823 | ▲ 26.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €15,465 | €19,465 | €22,386 | €19,953 | €18,411 | €16,103 | €13,731 | €12,182 | ▼ 11.3% |
| Fixed assets21/28 | €13,344 | €9,206 | €11,572 | €13,153 | €13,819 | €10,228 | €8,458 | €6,267 | ▼ 25.9% |
| Tangible fixed assets22/27 | €13,344 | €9,206 | €11,572 | €13,153 | €13,819 | €10,228 | €8,458 | €6,267 | ▼ 25.9% |
| Plant, machinery and equipment23 | - | - | - | €2,249 | €3,566 | €2,939 | €2,417 | - | - |
| Furniture and vehicles24 | - | - | - | €10,904 | €10,253 | €7,289 | €6,042 | €6,267 | ▲ 3.7% |
| Current assets29/58 | €2,121 | €10,259 | €10,814 | €6,801 | €4,593 | €5,876 | €5,273 | €5,915 | ▲ 12.2% |
| Amounts receivable within one year40/41 | - | €3,213 | €1,673 | €1,403 | €901 | €2,647 | €555 | - | - |
| Trade receivables40 | - | - | - | €720 | - | €1,071 | - | - | - |
| Other amounts receivable41 | - | - | - | €683 | €901 | €1,576 | €555 | - | - |
| Cash at bank and in hand54/58 | €2,057 | €6,979 | €9,075 | €5,333 | €2,868 | €3,031 | €4,037 | €5,135 | ▲ 27.2% |
| Deferred charges and accrued income490/1 | - | - | - | €64 | €824 | €198 | €681 | €779 | ▲ 14.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €15,465 | €19,465 | €22,386 | €19,953 | €18,411 | €16,103 | €13,731 | €12,182 | ▼ 11.3% |
| Equity10/15 | -€5,772 | €3,585 | €10,635 | €14,695 | €16,724 | €15,501 | €11,667 | €8,844 | ▼ 24.2% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Profit (loss) carried forward14 | -€11,972 | -€2,615 | €4,435 | €8,495 | €10,524 | €9,301 | €5,467 | €2,644 | ▼ 51.6% |
| Amounts payable17/49 | €21,237 | €15,879 | €11,751 | €5,258 | €1,687 | €602 | €2,064 | €3,338 | ▲ 61.7% |
| Amounts payable after more than one year17 | €11,610 | €7,179 | €2,668 | €382 | - | - | - | - | - |
| Financial debts170/4 | - | - | - | €382 | - | - | - | - | - |
| Amounts payable within one year42/48 | €9,627 | €8,700 | €9,082 | €4,876 | €1,687 | €602 | €2,064 | €3,338 | ▲ 61.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €2,287 | - | - | - | - | - |
| Trade debts44 | €1,996 | €580 | €755 | €759 | €515 | €602 | €1,283 | €1,263 | ▼ 1.6% |
| Suppliers440/4 | - | - | - | €759 | €515 | €602 | €1,283 | €1,263 | ▼ 1.6% |
| Taxes, remuneration and social security45 | - | - | - | €553 | €626 | - | - | €957 | - |
| Taxes450/3 | - | - | - | €553 | €626 | - | - | €957 | - |
| Other amounts payable47/48 | - | - | - | €1,277 | €547 | - | €782 | €1,118 | ▲ 43.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€8,716 | €9,358 | €7,050 | €4,060 | €2,029 | -€1,223 | -€3,834 | -€2,823 | ▲ 26.4% |
| + Depreciation and write-downs630 | €4,448 | €4,472 | €5,098 | €8,085 | €5,682 | €6,342 | €5,594 | €4,907 | ▼ 12.3% |
| Operating cash flow (approximation) | -€4,268 | €13,829 | €12,148 | €12,145 | €7,711 | €5,119 | €1,759 | €2,084 | ▲ 18.4% |
| Investment in fixed assets (approximation) | - | -€334 | -€7,464 | -€9,665 | -€6,348 | -€2,751 | -€3,825 | -€2,715 | ▲ 29.0% |
| Change in cash | - | €4,922 | €2,096 | -€3,742 | -€2,466 | €163 | €1,006 | €1,099 | ▲ 9.3% |
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, 3,591 companies had the same profile as RAFIJOHN has now. Two years later, 87.4% were still going and 3.0% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
87.4%
was still going
9.4%
stopped otherwise
3.0%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of RAFIJOHN itself is lower: 0.5% within 12 months. It rests on far more data about RAFIJOHN than the profile alone.
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 3,591 companies, not a prediction for RAFIJOHN. 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.
Filings with the National Bank (9)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 15-06-2026 | 2026-00164551 | |
| 31-12-2024 | micro format | 20-06-2025 | 2025-00164385 | |
| 31-12-2023 | micro format | 18-06-2024 | 2024-00141151 | |
| 31-12-2022 | micro format | 21-06-2023 | 2023-00147597 | |
| 31-12-2021 | micro format | 30-06-2022 | 2022-20118993 | |
| 31-12-2020 | micro format | 25-06-2021 | 2021-26100348 | |
| 31-12-2019 | micro format | 19-08-2020 | 2020-42500582 | |
| 31-12-2018 | full format | 13-08-2019 | 2019-45900389 | |
| 31-12-2017 | full format | 28-03-2019 | 2019-08400182 |