RAFIX
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 10-07-2026 at the NBB all 5 filings
Turnover
≈ €79,000
Estimated: probably between €41,000 and €140,000
Total assets
€31,054▼ 37.8%
2024 · €49,897
Net result
€575▼ 76.0%
2024 · €2,397
Working capital
€6,587▲ 223%
2024 · €2,036
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€3,642
▼ 36.4%
2025
20212025
Net result
€575
▼ 76.0%
2025
middle half of the sector
20212025
Equity
€8,293
▲ 7.5%
2025
lowest quarter of the sector
20212025
Total assets
€31,054
▼ 37.8%
2025
lowest quarter of the sector
20212025
Debt
€22,760
▼ 46.0%
2025
20212025
Working capital
€6,587
▲ 223%
2025
middle half of the sector
20212025
Solvency
26.7%
▲ 11.2pp
2025
middle half of the sector
20212025
Current ratio
1.29
▲ 0.24
2025
middle half of the sector
20212025
Return on assets (ROA)
1.9%
▼ 3.0pp
2025
middle half of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€7,837-€1,722▼ 78.0%€2,816▲ 63.5%€5,729▲ 103%€3,642▼ 36.4%
Net result€6,257within the sector's middle half-€332within the sector's middle half▼ 94.7%€260within the sector's middle half▼ 21.6%€2,397within the sector's middle half▲ 821%€575within the sector's middle half▼ 76.0%
Equity€4,729below the sector's middle half-€5,061below the sector's middle half▲ 7.0%€5,321below the sector's middle half▲ 5.1%€7,718below the sector's middle half▲ 45.0%€8,293below the sector's middle half▲ 7.5%
Total assets€67,068within the sector's middle half-€65,972within the sector's middle half▼ 1.6%€47,179below the sector's middle half▼ 28.5%€49,897below the sector's middle half▲ 5.8%€31,054below the sector's middle half▼ 37.8%
Debt€62,339-€60,911▼ 2.3%€41,858▼ 31.3%€42,179▲ 0.8%€22,760▼ 46.0%
Working capital-€4,524below the sector's middle half--€8,754below the sector's middle half▼ 93.5%-€1,976below the sector's middle half▲ 77.4%€2,036below the sector's middle half€6,587within the sector's middle half▲ 223%
Solvency7.1%below the sector's middle half-7.7%below the sector's middle half▲ 0.6pp11.3%below the sector's middle half▲ 3.6pp15.5%below the sector's middle half▲ 4.2pp26.7%within the sector's middle half▲ 11.2pp
Current ratio0.85below the sector's middle half-0.80below the sector's middle half▼ 0.040.94below the sector's middle half▲ 0.131.05below the sector's middle half▲ 0.121.29within the sector's middle half▲ 0.24
Return on assets (ROA)9.3%within the sector's middle half-0.5%within the sector's middle half▼ 8.8pp0.6%within the sector's middle half=4.8%within the sector's middle half▲ 4.3pp1.9%within the sector's middle half▼ 3.0pp
above
within
below
The sector band is the middle half of the companies in Construction of residential and non-residential buildings (NACE 41). 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 36% lower than 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 €31,054
Fixed assets
€1,706 ▼ 83.2%
Current assets
€29,347 ▼ 26.2%
Equity and liabilities €31,054
Equity
€8,293 ▲ 7.5%
Debt
€22,760 ▼ 46.0%
Debt's share of the balance-sheet total falls from 84.5% to 73.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€4,958▼
2024 · €12,413
Cash flow
€1,891▼
2024 · €9,080
Debt to equity
2.74▼
2024 · 5.46
ROE
6.9%▼
2024 · 31.1%
Interest coverage
1.80▼
2024 · 4.95
Debt ≤ 1 year
€22,760▼
2024 · €37,730
Income taxes
€679▼
2024 · €852
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 | €30,439 | €1,806 | - | - | €1,675 |
| Depreciation and write-downs of the year | €8,994 | €13,278 | €8,391 | €6,683 | €1,316 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €1,369 | - |
| Remuneration, social security and pensions62 | €1,843 | €268 | €788 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €8,994 | €13,278 | €8,391 | €6,683 | €1,316 | ▼ 80.3% |
| Other operating charges640/8 | €1,304 | €2,034 | €1,330 | €722 | €1,565 | ▲ 117% |
| Non-recurring operating charges66A | - | - | €4,787 | - | - | - |
| Gross operating margin9900 | €19,977 | €17,302 | €18,112 | €13,135 | €6,523 | ▼ 50.3% |
| Operating profit (loss)9901 | €7,837 | €1,722 | €2,816 | €5,729 | €3,642 | ▼ 36.4% |
| Financial income75/76B | €69 | €828 | €2 | €27 | €365 | ▲ 14× |
| Recurring financial income75 | €69 | €828 | €2 | €27 | €365 | ▲ 14× |
| Financial charges65/66B | €1,650 | €2,218 | €1,890 | €2,508 | €2,753 | ▲ 9.8% |
| Recurring financial charges65 | €1,650 | €2,218 | €1,890 | €2,508 | €2,753 | ▲ 9.8% |
| Profit (loss) for the period before taxes9903 | €6,257 | €332 | €927 | €3,249 | €1,254 | ▼ 61.4% |
| Income taxes67/77 | - | - | €667 | €852 | €679 | ▼ 20.3% |
| Profit (loss) for the period9904 | €6,257 | €332 | €260 | €2,397 | €575 | ▼ 76.0% |
| Profit (loss) for the period to be appropriated9905 | €6,257 | €332 | €260 | €2,397 | €575 | ▼ 76.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €67,068 | €65,972 | €47,179 | €49,897 | €31,054 | ▼ 37.8% |
| Formation expenses20 | €336 | €171 | €6 | - | - | - |
| Fixed assets21/28 | €41,293 | €29,822 | €16,809 | €10,131 | €1,706 | ▼ 83.2% |
| Tangible fixed assets22/27 | €41,293 | €29,822 | €16,809 | €10,131 | €1,706 | ▼ 83.2% |
| Plant, machinery and equipment23 | €7,082 | €5,641 | €2,812 | €1,348 | €1,706 | ▲ 26.6% |
| Furniture and vehicles24 | €386 | €196 | €6 | - | - | - |
| Leasing and similar rights25 | €33,825 | €23,984 | €13,990 | €8,783 | - | - |
| Current assets29/58 | €25,438 | €35,980 | €30,365 | €39,766 | €29,347 | ▼ 26.2% |
| Stocks and contracts in progress3 | - | - | €16,000 | €1,500 | - | - |
| Stocks30/36 | - | - | €1,500 | €1,500 | - | - |
| Contracts in progress37 | - | - | €14,500 | - | - | - |
| Amounts receivable within one year40/41 | €16,848 | €33,189 | €6,142 | €27,216 | €22,171 | ▼ 18.5% |
| Trade receivables40 | €13,126 | €33,189 | €6,142 | €23,039 | €21,702 | ▼ 5.8% |
| Other amounts receivable41 | €3,722 | - | - | €4,176 | €469 | ▼ 88.8% |
| Cash at bank and in hand54/58 | €5,144 | - | - | €1,948 | - | - |
| Deferred charges and accrued income490/1 | €3,447 | €2,791 | €8,223 | €9,103 | €7,176 | ▼ 21.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €67,068 | €65,972 | €47,179 | €49,897 | €31,054 | ▼ 37.8% |
| Equity10/15 | €4,729 | €5,061 | €5,321 | €7,718 | €8,293 | ▲ 7.5% |
| Contributions10/11 | €1,500 | €1,500 | €1,500 | €1,500 | €1,500 | = |
| Capital10 | €1,500 | - | - | - | - | - |
| Issued capital100 | €1,500 | - | - | - | - | - |
| Contributions outside capital11 | - | €1,500 | - | - | - | - |
| Other1109/19 | - | €1,500 | - | - | - | - |
| Reserves13 | €3,229 | €3,561 | €3,821 | €6,218 | €6,793 | ▲ 9.2% |
| Distributable reserves133 | €3,229 | €3,561 | €3,821 | €6,218 | €6,793 | ▲ 9.2% |
| Amounts payable17/49 | €62,339 | €60,911 | €41,858 | €42,179 | €22,760 | ▼ 46.0% |
| Amounts payable after more than one year17 | €32,377 | €16,177 | €9,517 | €4,449 | - | - |
| Financial debts170/4 | €32,377 | €16,177 | €9,517 | €4,449 | - | - |
| Amounts payable within one year42/48 | €29,962 | €44,734 | €32,340 | €37,730 | €22,760 | ▼ 39.7% |
| Current portion of amounts payable after more than one year42 | €16,535 | €16,200 | €5,015 | €5,068 | €4,449 | ▼ 12.2% |
| Financial debts43 | - | €7,695 | €7,059 | - | €6,399 | - |
| Credit institutions430/8 | - | €7,695 | €7,059 | - | €6,399 | - |
| Trade debts44 | €9,532 | €17,171 | €13,173 | €20,558 | €5,020 | ▼ 75.6% |
| Suppliers440/4 | €9,532 | €17,171 | €13,173 | €20,558 | €5,020 | ▼ 75.6% |
| Taxes, remuneration and social security45 | €675 | €1,354 | €4,289 | €4,093 | €6,892 | ▲ 68.4% |
| Taxes450/3 | €675 | €1,354 | €2,389 | €2,193 | €3,092 | ▲ 41.0% |
| Remuneration and social security454/9 | - | - | €1,900 | €1,900 | €3,800 | ▲ 100% |
| Other amounts payable47/48 | €3,220 | €2,314 | €2,804 | €8,010 | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €6,257 | €332 | €260 | €2,397 | €575 | ▼ 76.0% |
| + Depreciation and write-downs630 | €8,994 | €13,278 | €8,391 | €6,683 | €1,316 | ▼ 80.3% |
| Operating cash flow (approximation) | €15,251 | €13,610 | €8,651 | €9,080 | €1,891 | ▼ 79.2% |
| Investment in fixed assets (approximation) | - | -€1,806 | €4,622 | -€6 | €7,109 | - |
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, 3,274 companies had the same profile as RAFIX has now. Two years later, 94.7% were still going and 2.5% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
94.7%
was still going
2.5%
stopped otherwise
2.5%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of RAFIX itself: 3.2% 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 3,274 companies, not a prediction for RAFIX. 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 (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 10-07-2026 | 2026-00276384 | |
| 31-12-2024 | micro format | 22-08-2025 | 2025-00391353 | |
| 31-12-2023 | micro format | 09-07-2024 | 2024-00231398 | |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00424176 | |
| 31-12-2021 | micro format | 02-06-2022 | 2022-20053725 |