RAFSO
ActiveSummary
RAFSO has been active since 2022 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €30,059 and a net result of €124,297. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 18% of 12829 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.5% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability100=
Solvency42▼-58
Growth68▼-10
Track record94
Bankruptcy probability, 12 months
0.5%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €1,500 at 30 days acceptable
Liquidity tight (current ratio 1.03 against 7.6 in 2024; short-term debt: 83.3% and cash: 14.1% of total assets), and 83.3% of the assets are financed with debt.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 69
Relative position
BE, all sectors
reference
Legal and accounting activities (NACE 69)
about 77% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
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
16.7%
Return on assets
69%
Age of the figures
9 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 18% of 12829 sector peers (2025).
NBB · sector comparisonPosition among 12829 sector peers
Solvency
better than 18%
← weakest
strongest →
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 13-05-2026, 79 days ahead of the deadline.
NBB · 4 filingsDeviation from the deadline
2025
79 d early
2024
163 d early
2023
57 d early
2022
96 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 4 accounts on average 99 days before the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 32% 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 5 May (3 of the last 4 filed years within 31 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 today31-12-2026 close31-07-2027 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check How does this company compare with its sector?Sector benchmark What changed in the latest annual accounts?What changed
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Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2025, micro schema
Equity
€30,059▼ 86.5%
2024 · €222,250
Total assets
€180,253▼ 29.3%
2024 · €255,051
Net result
€124,297▲ 12.1%
2024 · €110,899
Working capital
€4,744▼ 97.8%
2024 · €216,356
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 69, Legal and accounting activities, 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
Line2022202320242025
Operating result€40,185-€103,047▲ 156%€142,583▲ 38.4%€161,205▲ 13.1%
Net result€29,059within the sector's middle half-€81,292above the sector's middle half▲ 180%€110,899above the sector's middle half▲ 36.4%€124,297above the sector's middle half▲ 12.1%
Equity€30,059below the sector's middle half-€111,351within the sector's middle half▲ 270%€222,250within the sector's middle half▲ 99.6%€30,059within the sector's middle half▼ 86.5%
Total assets€51,139below the sector's middle half-€132,942within the sector's middle half▲ 160%€255,051within the sector's middle half▲ 91.9%€180,253within the sector's middle half▼ 29.3%
Debt€21,080-€21,591▲ 2.4%€32,801▲ 51.9%€150,194▲ 358%
Working capital€30,059within the sector's middle half-€111,351within the sector's middle half▲ 270%€216,356above the sector's middle half▲ 94.3%€4,744below the sector's middle half▼ 97.8%
Solvency58.8%within the sector's middle half-83.8%above the sector's middle half▲ 25.0pp87.1%above the sector's middle half▲ 3.4pp16.7%below the sector's middle half▼ 70.5pp
Current ratio2.43within the sector's middle half-6.16above the sector's middle half▲ 3.737.60above the sector's middle half▲ 1.441.03below the sector's middle half▼ 6.56
Return on assets (ROA)56.8%above the sector's middle half-61.1%above the sector's middle half▲ 4.3pp43.5%above the sector's middle half▼ 17.7pp69.0%above the sector's middle half▲ 25.5pp
above
within
below
the middle half (P25 to P75) of NACE 69, Legal and accounting activities, 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 has risen three years in a row; 2025 is 13% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €180,253
Fixed assets
€25,314 ▲ 329%
Current assets
€154,938 ▼ 37.8%
Equity and liabilities €180,253
Equity
€30,059 ▼ 86.5%
Debt
€150,194 ▲ 358%
Debt's share of the balance-sheet total rises from 12.9% to 83.3%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€163,745▲
2024 · €142,910
Cash flow
€126,837▲
2024 · €111,226
Debt to equity
5.00▲
2024 · 0.15
ROE
413.5%▲
2024 · 49.9%
Interest coverage
636.40▼
2024 · 1211.41
Debt ≤ 1 year
€150,194▲
2024 · €32,801
Income taxes
€36,693▲
2024 · €31,636
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 7,976 companies that looked in July 2024 the way this one looks now, 3.6% went bankrupt within 24 months and 94% are still going.
- Micro
- 2 to 5 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
3.6%
went bankrupt
1.8%
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 lower bankruptcy probability: 0.5% 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 497,338 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.9% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% 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 7,976 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 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | €326 | €2,540 | ▲ 678% |
| Other operating charges640/8 | - | - | - | €625 | - |
| Gross operating margin9900 | €40,185 | €103,047 | €142,910 | €164,370 | ▲ 15.0% |
| Operating profit (loss)9901 | €40,185 | €103,047 | €142,583 | €161,205 | ▲ 13.1% |
| Financial income75/76B | €10 | €7 | €70 | €42 | ▼ 39.1% |
| Recurring financial income75 | €10 | €7 | €70 | €42 | ▼ 39.1% |
| Financial charges65/66B | €28 | €165 | €118 | €257 | ▲ 118% |
| Recurring financial charges65 | €28 | €165 | €118 | €257 | ▲ 118% |
| Profit (loss) for the period before taxes9903 | €40,167 | €102,889 | €142,535 | €160,990 | ▲ 12.9% |
| Income taxes67/77 | €11,108 | €21,596 | €31,636 | €36,693 | ▲ 16.0% |
| Profit (loss) for the period9904 | €29,059 | €81,292 | €110,899 | €124,297 | ▲ 12.1% |
| Profit (loss) for the period to be appropriated9905 | €29,059 | €81,292 | €110,899 | €124,297 | ▲ 12.1% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €51,139 | €132,942 | €255,051 | €180,253 | ▼ 29.3% |
| Fixed assets21/28 | - | - | €5,895 | €25,314 | ▲ 329% |
| Tangible fixed assets22/27 | - | - | €5,895 | €25,314 | ▲ 329% |
| Furniture and vehicles24 | - | - | €2,049 | €4,194 | ▲ 105% |
| Other tangible fixed assets26 | - | - | €3,846 | €21,121 | ▲ 449% |
| Current assets29/58 | €51,139 | €132,942 | €249,156 | €154,938 | ▼ 37.8% |
| Amounts receivable within one year40/41 | €7,534 | €38,158 | €49,517 | €75,819 | ▲ 53.1% |
| Trade receivables40 | €7,534 | €19,309 | €49,517 | €75,819 | ▲ 53.1% |
| Other amounts receivable41 | - | €18,850 | - | - | - |
| Cash at bank and in hand54/58 | €43,065 | €94,655 | €138,880 | €25,464 | ▼ 81.7% |
| Deferred charges and accrued income490/1 | €539 | €129 | €60,760 | €53,655 | ▼ 11.7% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €51,139 | €132,942 | €255,051 | €180,253 | ▼ 29.3% |
| Equity10/15 | €30,059 | €111,351 | €222,250 | €30,059 | ▼ 86.5% |
| Contributions10/11 | €1,000 | €1,000 | €1,000 | €1,000 | = |
| Reserves13 | €29,059 | €29,059 | €29,059 | €29,059 | = |
| Distributable reserves133 | €29,059 | €29,059 | €29,059 | €29,059 | = |
| Profit (loss) carried forward14 | - | €81,292 | €192,192 | €0 | ▼ 100% |
| Amounts payable17/49 | €21,080 | €21,591 | €32,801 | €150,194 | ▲ 358% |
| Amounts payable within one year42/48 | €21,080 | €21,591 | €32,801 | €150,194 | ▲ 358% |
| Trade debts44 | €211 | €296 | €437 | €2,677 | ▲ 512% |
| Suppliers440/4 | €211 | €296 | €437 | €2,677 | ▲ 512% |
| Taxes, remuneration and social security45 | €19,789 | €18,289 | €28,795 | €15,923 | ▼ 44.7% |
| Taxes450/3 | €19,789 | €18,289 | €27,400 | €15,923 | ▼ 41.9% |
| Remuneration and social security454/9 | - | - | €1,395 | €0 | ▼ 100% |
| Other amounts payable47/48 | €1,080 | €3,006 | €3,568 | €131,594 | ▲ 3,588% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €29,059 | €81,292 | €110,899 | €124,297 | ▲ 12.1% |
| + Depreciation and write-downs630 | - | - | €326 | €2,540 | ▲ 678% |
| Operating cash flow (approximation) | €29,059 | €81,292 | €111,226 | €126,837 | ▲ 14.0% |
| Investment in fixed assets (approximation) | - | - | - | -€21,960 | - |
| Change in cash | - | €51,589 | €44,225 | -€113,416 | ▼ 356% |
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
13-05
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Highest result since 2022net €124,297 ▲12.1%
Operating result €161,205, net result €124,297, both a record.
18-02
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Equity above €200,000Eq €222,250 ▲99.6%
3 profitable years in a row build equity to €222,250.
04-06
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Liquidity triplescurrent ratio 6.16
Current ratio from 2.43 to 6.16.
31-12
Financial
Equity above €100,000Eq €111,351 ▲270%
2 profitable years in a row build equity to €111,351.
26-04
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
2 acts for this company are 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, Elsene · 1 establishment unit since 2022
Ground area
452 m²
Building footprint
405 m²
Volume, LiDAR
3,763 m³
2 parcels, Brussels · tallest building 20.3 m, ±5 floors. Linked by address, not a title deed.
3
companies at this address
See who is registered here
1 establishment unit
RAFSO
since 20222.336.956.959
2 parcels
Brussels
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21009A0557/00R003 | Brussels | 307 m² | 1 · 307 m² | 20.3 m · 1 fl. |
| 21009A0548/00D000 | Brussels | 145 m² | 1 · 98 m² | 18.0 m · 5 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 2,772 companies in sector 69109 we hold annual accounts for 1,209. 862 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
Founded14-09-2022
Fiscal year end31-12
Activities, NACEBEL 2025
69109Other legal services
E-invoicing
Reachable via Peppol
Peppol ID
0208:0790812591
Also
9925:BE0790812591
Registered
24-11-2023
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.