RAFSO
ActiveSummary
RAFSO has been active since 2022 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €30,059 and a net result of €124,297. Equity fluctuates too strongly from year to year to read a trend from it. Its solvency ranks better than 18% of 15,790 sector peers (NACE 69, financial year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Overview
Overview
Official details
Source: KBO- Status
- Active since 14-09-2022 Normal situation
- Activity
- Other legal services NACE 69109
- Establishment unit
- 2.336.956.959 1050 Ixelles, since 14-09-2022
- Financial year end
- 31 December
- Peppol
- Reachable since 24-11-2023
Board and ownership
- SOWULA Rafal ArturDirector
- SOWULA Rafal Artur1,000 sharesdeed of 16-09-2022
Financial position
- Bankruptcy probabilitywithin 12 months
- 0.2%
- Gross margin
- €164,370
- ▲ 15.0%
- Turnover
- ≈ €290,000
- estimated
- Profit
- €124,297
- ▲ 12.1%
- Equity
- €30,059
- ▼ 86.5%
- Total assets
- €180,253
- ▼ 29.3%
Score breakdownraises risk1 change of registered office in 24 monthslowers riskSector: Legal and accounting activities (NACE 69)Figures for financial year 2025 (filed on 19-05-2026)Liquidity: current ratio 1.03, cash €25,464, halvedShow the evidence
Checked score
About 2 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 69, micro). It does better than 20% of them on solvency, 5% on liquidity, 82% on profitability and 5% on growth.
The bankruptcy probability was computed on 04-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
The company filed its last 4 accounts on average 99 days before the deadline. In the sector (NACE 69), the median for financial year 2024 was 9 days before the deadline, and 32% of those companies filed late.
Searched, nothing found (2)
Financials
Financials · financial year 2025, micro format
Annual accounts 2025 filed on 13-05-2026 PDF all 4 filings
Every figure per financial year
The operating result for 2025 is 13% higher than in 2024 and the highest since 2022. It is the third rise in a row.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Investments
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | - | €6,221 | €21,960 |
| Financial fixed assets | - | - | - | €0 |
| Depreciation and write-downs of the year | - | - | €326 | €2,540 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
| 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 | ▲ 37× |
| 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 | - |
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, 7,976 companies had the same profile as RAFSO has now. Two years later, 94.4% were still going and 3.6% had gone bankrupt.
- Micro
- 2 to 5 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
Another 0.3% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of RAFSO itself is lower: 0.2% within 12 months. It rests on far more data about RAFSO 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 7,976 companies, not a prediction for RAFSO. 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.
Board & ownership
Directors
Owners and capital
Shareholders
- SOWULA Rafal Artur 1,000 shares (100%) · €1,000 in cash
Capital transactions
- 16-09-2022 Incorporation · €1,000 · 1,000 shares
Articles of association
- Board ruleThese rules set how the board is made up, meets and takes decisions.
- At least 1 director
Articles of association, deed of 16-09-2022 (in French)
Network & group
RAFSO shares no director with another company.
Companies at the same address
2 other companiesConnections & network
1 current directorThe network starts from the directors of RAFSO. Every other company they run is a node.
Timeline
Deeds, filings and financial milestones
13-08
Gazette deed
Registered office moved within IxellesNew registered office: Rue du Prince Royal 31 (étage 2/3), 1050 Ixelles · Previous registered office: Rue Du Prince Royal 25, 1050 Ixelles2 points ▸
- General meeting, 29-05-2025
- Registered-office move, Rue du Prince Royal 31 (étage 2/3), 1050 Ixelles
16-09
Gazette deed
IncorporationFounding capital of €1,000, 1,000 shares · Founder: SOWULA Rafal Artur · Appointment: SOWULA Rafal Artur (director)4 points ▸
- Incorporation, 13-09-2022
- Founding capital, €1,000, 1,000 shares
- Founder, SOWULA Rafal Artur
- Director appointment, SOWULA Rafal Artur (director (not named in the articles))
- The deed holds 3 more points.
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
On 14 September 2022, RAFSO was incorporated as a private limited company by one natural person, with a starting capital of €1,000.12 In 2025 the registered office moved to Ixelles.3 SOWULA Rafal Artur is director of the company, appointed by deed of 16-09-2022.2 Total assets went from €51,139 in 2022 to €180,253 in 2025.4
Company details
Register details
Identity
KBO recordRegistered office and establishments
Activities
NACEBEL 2025Codes under NACEBEL 2008
5 activities
- Les missions de consultance dans les domaines juridiques au sens du terme
- La gestion,la valorisation d'un patrimoine immobilier,notamment par l'achat de la pleine propriété ou de droits réels,la vente,la location,la mise en location,la construction,le tout au sens le plus large.
- A) exclusivement en son propre nom et pour son propre compte: la construction,le développement et la gestion du patrimoine immobilier; toutes les opérations,oui ou non sous le système de la TVA,relatives aux biens immobiliers et aux droits immobiliers,tels que l'achat et la vente,la construction,la rénovation,l'aménagement et la décoration d'intérieur,la location ou la prise en location,l'échange,le lotissement et,en général,toutes les opérations qui sont liées directement ou indirectement à la gestion ou à l'exploitation de biens immobiliers ou de droits réels immobiliers
- B) exclusivement en son propre nom et pour son propre compte: la construction,le développement et la gestion d'un patrimoine mobilier; toutes les opérations relatives à des biens et des droits mobiliers,de quelque nature que ce soit,tels que la vente et l'achat,la location et la prise en location,l'échange,en particulier la gestion et la valorisation de tous biens négociables,actions,obligations,fonds d'État
- C) exclusivement en son propre nom et pour son propre compte: faire des emprunts et consentir des prêts,crédits,financements et la négociation de contrats de leasing,dans le cadre des buts décrits ci-dessus.
Invoicing and payment
Financial year and general meeting
Accounts at the NBBSites & property
Buildings and parcels at the addresses
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 21009A0557/00R003 | Brussels | 307 m² | 1 · 307 m² | 20.3 m · 1 |
| 21009A0548/00D000 | Brussels | 145 m² | 1 · 98 m² | 18.0 m · 5 |