RAFIMMO
ActiveSummary
RAFIMMO has been active since 2005 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €529,850 and a net result of €269,862. Equity is growing by ~12.7% per year across the filed fiscal years. The computed 12-month bankruptcy probability is 0.8% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability100▲+15
Solvency98▲+35
Growth66=
Track record100
Bankruptcy probability, 12 months
0.8%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €40,000 at 30 days acceptable
Liquidity ample (current ratio 3.28 against 0.08 in 2024; short-term debt: 15.3% and cash: 2.8% of total assets), and 27.3% 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
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
72.7%
Return on assets
37%
Age of the figures
9 mo
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
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 01-06-2026, 60 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
60 d early
2024
9 d early
2023
23 d late
2022
28 d late
2021
22 d late
2020
on the day
2019
24 d late
← before the deadline
after the deadline →
tick = median of all Belgian filings
This company filed its last 7 accounts on average 4 days after the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were 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 22 August (4 of the last 5 filed years within 31 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, full schema
Turnover
€161,763▲ 3.3%
2023 · €156,631
EBIT margin
43.7%▲ 1.9pp
2023 · 41.8%
Net result
€269,862▲ 484%
2024 · €46,193
Working capital
€254,156
2024 · -€204,939
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
Turnover€92,739▲ 9.4%€144,965▲ 56.3%€156,631▲ 8.0%€161,763▲ 3.3%
Operating result€11,019▲ 1,412%€59,373▲ 439%€65,463▲ 10.3%€70,625▲ 7.9%€372,671▲ 428%
Net result-€10,629▲ 50.1%€30,020€40,641▲ 35.4%€46,193▲ 13.7%€269,862▲ 484%
EBIT margin11.9%▲ 11.0pp41.0%▲ 29.1pp41.8%▲ 0.8pp43.7%▲ 1.9pp
Equity€151,733▼ 3.3%€180,553▲ 19.0%€217,394▲ 20.4%€260,587▲ 19.9%€529,850▲ 103%
Total assets€802,503▼ 9.2%€766,460▼ 4.5%€726,905▼ 5.2%€680,811▼ 6.3%€728,634▲ 7.0%
Debt€650,769▼ 10.5%€585,907▼ 10.0%€509,512▼ 13.0%€420,224▼ 17.5%€198,784▼ 52.7%
Working capital-€193,088▼ 34.5%-€225,369▼ 16.7%-€217,586▲ 3.5%-€204,939▲ 5.8%€254,156
Result per fiscal year
Operating resultNet result
The operating result has risen four years in a row; 2025 is 428% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €728,634
Fixed assets
€363,218 ▼ 45.2%
Current assets
€365,416 ▲ 1,897%
Equity and liabilities €728,634
Equity
€529,850 ▲ 103%
Debt
€198,784 ▼ 52.7%
Debt's share of the balance-sheet total falls from 61.7% to 27.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€407,147▲
2024 · €121,884
Cash flow
€304,339▲
2024 · €97,453
Current ratio
3.28▲
2024 · 0.08
Debt to equity
0.38▼
2024 · 1.61
ROE
50.9%▲
2024 · 17.7%
ROA
37.0%▲
2024 · 6.8%
Interest coverage
64.81▲
2024 · 15.92
Debt ≤ 1 year
€111,260▼
2024 · €223,235
Debt > 1 year
€87,010▼
2024 · €196,989
Income taxes
€97,126▲
2024 · €16,827
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 20,129 companies that looked in July 2024 the way this one looks now, 0.2% went bankrupt within 24 months and 95% are still going.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.2%
went bankrupt
4.7%
stopped otherwise
95%
still going
For this company itself Checked computes a higher bankruptcy probability: 0.8% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
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 20,129 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 |
|---|---|---|---|---|---|---|
| Turnover70 | €92,739 | €144,965 | €156,631 | €161,763 | - | - |
| Non-recurring operating income76A | - | - | - | - | €314,837 | - |
| Goods, raw materials, services and sundry goods60/61 | €8,165 | €7,768 | €9,876 | €8,781 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €47,220 | €51,420 | €51,421 | €51,260 | €34,477 | ▼ 32.7% |
| Other operating charges640/8 | €27,386 | €27,603 | €30,471 | €31,697 | €32,355 | ▲ 2.1% |
| Gross operating margin9900 | €85,625 | €138,397 | €147,354 | €153,582 | €439,502 | ▲ 186% |
| Operating profit (loss)9901 | €11,019 | €59,373 | €65,463 | €70,625 | €372,671 | ▲ 428% |
| Financial income75/76B | - | - | - | €53 | €600 | ▲ 1,024% |
| Recurring financial income75 | - | - | - | €53 | €600 | ▲ 1,024% |
| Financial charges65/66B | €21,647 | €29,354 | €10,705 | €7,658 | €6,283 | ▼ 18.0% |
| Recurring financial charges65 | €21,647 | €29,354 | €10,705 | €7,658 | €6,283 | ▼ 18.0% |
| Profit (loss) for the period before taxes9903 | -€10,629 | €30,020 | €54,758 | €63,020 | €366,988 | ▲ 482% |
| Income taxes67/77 | - | - | €14,117 | €16,827 | €97,126 | ▲ 477% |
| Profit (loss) for the period9904 | -€10,629 | €30,020 | €40,641 | €46,193 | €269,862 | ▲ 484% |
| Profit (loss) for the period to be appropriated9905 | -€10,629 | €30,020 | €40,641 | €46,193 | €269,862 | ▲ 484% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €802,503 | €766,460 | €726,905 | €680,811 | €728,634 | ▲ 7.0% |
| Fixed assets21/28 | €795,616 | €765,195 | €713,775 | €662,515 | €363,218 | ▼ 45.2% |
| Tangible fixed assets22/27 | €795,616 | €765,195 | €713,775 | €662,515 | €363,218 | ▼ 45.2% |
| Land and buildings22 | €795,616 | €765,195 | €713,775 | €662,515 | €363,218 | ▼ 45.2% |
| Plant, machinery and equipment23 | - | - | - | - | €0 | - |
| Current assets29/58 | €6,887 | €1,265 | €13,131 | €18,296 | €365,416 | ▲ 1,897% |
| Amounts receivable within one year40/41 | - | - | €9,281 | - | €345,370 | - |
| Trade receivables40 | - | - | €9,281 | - | - | - |
| Other amounts receivable41 | - | - | - | - | €345,370 | - |
| Cash at bank and in hand54/58 | €6,887 | €1,265 | €3,850 | €18,296 | €20,046 | ▲ 9.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €802,503 | €766,460 | €726,905 | €680,811 | €728,634 | ▲ 7.0% |
| Equity10/15 | €151,733 | €180,553 | €217,394 | €260,587 | €529,850 | ▲ 103% |
| Contributions10/11 | €120,000 | €120,000 | €120,000 | €120,000 | €120,000 | = |
| Capital10 | €120,000 | €120,000 | - | - | - | - |
| Issued capital100 | €120,000 | €120,000 | - | - | - | - |
| Outside capital11 | - | - | €120,000 | - | - | - |
| Share premium1100/10 | - | - | €120,000 | - | - | - |
| Reserves13 | €12,000 | €12,000 | €12,000 | €12,000 | €12,000 | = |
| Non-distributable reserves130/1 | €12,000 | €12,000 | €12,000 | - | - | - |
| Legal reserve130 | €12,000 | €12,000 | €12,000 | - | - | - |
| Distributable reserves133 | - | - | - | €12,000 | €12,000 | = |
| Profit (loss) carried forward14 | €14,333 | €44,353 | €81,794 | €125,587 | €395,450 | ▲ 215% |
| Investment grants15 | €5,400 | €4,200 | €3,600 | €3,000 | €2,400 | ▼ 20.0% |
| Amounts payable17/49 | €650,769 | €585,907 | €509,512 | €420,224 | €198,784 | ▼ 52.7% |
| Amounts payable after more than one year17 | €441,033 | €356,757 | €276,151 | €196,989 | €87,010 | ▼ 55.8% |
| Financial debts170/4 | €441,033 | €356,757 | €276,151 | €196,989 | €87,010 | ▼ 55.8% |
| Amounts payable within one year42/48 | €199,975 | €226,633 | €230,717 | €223,235 | €111,260 | ▼ 50.2% |
| Current portion of amounts payable after more than one year42 | €82,907 | €83,934 | €81,439 | €79,163 | €12,990 | ▼ 83.6% |
| Trade debts44 | €429 | €100 | €1,526 | €107 | €490 | ▲ 356% |
| Suppliers440/4 | €429 | €100 | €1,526 | €107 | €490 | ▲ 356% |
| Taxes, remuneration and social security45 | €1,465 | €2,052 | €15,077 | €21,664 | €97,780 | ▲ 351% |
| Taxes450/3 | €1,465 | €2,052 | €15,077 | €21,664 | €97,780 | ▲ 351% |
| Other amounts payable47/48 | €115,173 | €140,547 | €132,675 | €122,301 | - | - |
| Accrued charges and deferred income492/3 | €9,762 | €2,517 | €2,643 | - | €514 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€10,629 | €30,020 | €40,641 | €46,193 | €269,862 | ▲ 484% |
| + Depreciation and write-downs630 | €47,220 | €51,420 | €51,421 | €51,260 | €34,477 | ▼ 32.7% |
| Operating cash flow (approximation) | €36,592 | €81,440 | €92,061 | €97,453 | €304,339 | ▲ 212% |
| Investment in fixed assets (approximation) | - | -€21,000 | €0 | €0 | €264,821 | - |
| Change in cash | - | -€5,622 | €2,585 | €14,446 | €1,750 | ▼ 87.9% |
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
01-06
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
23-03
State Gazette act
Appointment: Zain Kutchi (director)2 facts ▸
State Gazette act
Appointment: Zain Kutchi (director)
2 facts ▸
- General meeting, 20/02/2026
- Director appointment, Zain Kutchi (director)
2025
31-12
Financial
Highest result since 2018net €269,862 ▲484%
Operating result €372,671, net result €269,862, both a record.
31-12
Financial
Liquidity times 40current ratio 3.28
Current ratio from 0.08 to 3.28; short-term debt falls from €223,235 to €111,260.
31-12
Financial
Equity above €500,000Eq €529,850 ▲103%
4 profitable years in a row build equity to €529,850.
22-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
23-08
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 23 days late
2023
31-12
Financial
Equity above €200,000Eq €217,394 ▲20.4%
2 profitable years in a row build equity to €217,394.
28-08
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 28 days late
2022
31-12
Financial
Back to profitnet €30,020
Net result €30,020 after 2 loss-making years.
22-08
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 22 days late
2021
31-07
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
Show earlier events
2020
31-12
Financial
Weakest financial yearnet -€21,293
Net result drops to -€21,293, the lowest in the series; recovery starts the following year.
24-08
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 24 days late
2019
01-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
07-06
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
13-06
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 6 acts read
About the unread acts
Of the 6 Belgian State Gazette acts we know for this company, 1 has been read. The other 5 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 director, last change in 2026
Zain Kutchi
CurrentDirector · since 20-02-2026
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
Not every act has been read: a resignation may be missing here
5 of this company's 6 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Liège · 1 establishment unit since 2005
Ground area
497 m²
Building footprint
398 m²
Volume, LiDAR
7,885 m³
Parcel 62814C0398/00S000, Wallonia · tallest building 28.5 m, ±7 floors. Linked by address, not a title deed.
3
companies at this address
See who is registered here
1 establishment unit
RAFIMMO
since 20052.150.395.374
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 62814C0398/00S000 | Wallonia | 497 m² | 1 · 398 m² | 28.5 m · 7 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.
Mandate history
1 person since 2026, 1 in office
- Board
| Name | Functions and periods |
|---|---|
| Zain Kutchi |
|
Structure & network
Connections & network
1 current directorThe network starts from this company’s directors. Other companies they run appear here as nodes.
This company
Company
Director
Shareholding
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Identification & contact
Identification
Legal formPrivate limited company
Founded30-09-2005
Fiscal year end31-12
E-invoicing
Not found in the Peppol register
No Peppol card under this enterprise or VAT number. That proves nothing: publishing a card is voluntary.
What can you do?
Try sending from your invoicing software; if that fails, ask the customer whether they already receive via Peppol.
If the customer is not ready yet, you may send the invoice another way, for example as a PDF; if electronically, with their agreement on a secure alternative. That invoice is valid; the customer risks a penalty. FPS Finance
If you follow this company, Checked tells you the day it appears in the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.