RAGEJO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 12-07-2026 at the NBB all 38 filings
Turnover
≈ €57,000
Estimated: probably between €38,000 and €91,000
Total assets
€466,054▲ 0.4%
2024 · €464,010
Net result
€4,362
2024 · -€2,214
Working capital
€79,400▲ 0.7%
2024 · €78,826
In the rankings
#2 oldest company in Bornem, Real estate sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€7,687
2025
20182025
Net result
€4,362
2025
middle half of the sector
20182025
Equity
€416,922
▲ 1.1%
2025
highest quarter of the sector
20182025
Total assets
€466,054
▲ 0.4%
2025
middle half of the sector
20182025
Debt
€37,529
▼ 2.9%
2025
20182025
Working capital
€79,400
▲ 0.7%
2025
middle half of the sector
20182025
Solvency
89.5%
▲ 0.5pp
2025
highest quarter of the sector
20182025
Current ratio
7.23
▼ 47.20
2025
highest quarter of the sector
20182025
Return on assets (ROA)
0.9%
▲ 1.4pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€5,906-€5,969▲ 1.1%€3,878▼ 35.0%€4,710▲ 21.4%€4,910▲ 4.3%€5,454▲ 11.1%-€1,734€7,687
Net result€1,718-€1,763▲ 2.6%€487within the sector's middle half▼ 72.4%€2,437within the sector's middle half▲ 401%€2,652within the sector's middle half▲ 8.8%€3,111within the sector's middle half▲ 17.3%-€2,214within the sector's middle half€4,362within the sector's middle half
Equity€404,324-€406,087▲ 0.4%€406,573above the sector's middle half▲ 0.1%€409,011above the sector's middle half▲ 0.6%€411,663above the sector's middle half▲ 0.6%€414,774above the sector's middle half▲ 0.8%€412,560above the sector's middle half▼ 0.5%€416,922above the sector's middle half▲ 1.1%
Total assets€490,895-€487,837▼ 0.6%€472,141within the sector's middle half▼ 3.2%€471,656within the sector's middle half▼ 0.1%€471,650within the sector's middle half=€469,664within the sector's middle half▼ 0.4%€464,010within the sector's middle half▼ 1.2%€466,054within the sector's middle half▲ 0.4%
Debt€66,650-€63,017▼ 5.5%€48,023▼ 23.8%€46,289▼ 3.6%€44,819▼ 3.2%€40,910▼ 8.7%€38,659▼ 5.5%€37,529▼ 2.9%
Working capital€44,881-€54,834▲ 22.2%€39,796within the sector's middle half▼ 27.4%€50,894within the sector's middle half▲ 27.9%€61,237within the sector's middle half▲ 20.3%€72,433within the sector's middle half▲ 18.3%€78,826within the sector's middle half▲ 8.8%€79,400within the sector's middle half▲ 0.7%
Solvency82.4%-83.2%▲ 0.9pp86.1%above the sector's middle half▲ 2.9pp86.7%above the sector's middle half▲ 0.6pp87.3%above the sector's middle half▲ 0.6pp88.3%above the sector's middle half▲ 1.0pp88.9%above the sector's middle half▲ 0.6pp89.5%above the sector's middle half▲ 0.5pp
Current ratio10.60-53.55▲ 42.954.67above the sector's middle half▼ 48.886.59above the sector's middle half▲ 1.929.02above the sector's middle half▲ 2.4320.44above the sector's middle half▲ 11.4254.43above the sector's middle half▲ 33.997.23above the sector's middle half▼ 47.20
Return on assets (ROA)0.3%-0.4%=0.1%within the sector's middle half▼ 0.3pp0.5%within the sector's middle half▲ 0.4pp0.6%within the sector's middle half=0.7%within the sector's middle half▲ 0.1pp-0.5%within the sector's middle half▼ 1.1pp0.9%within the sector's middle half▲ 1.4pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 profit of €7,687, after a loss of €1,734 in 2024. It is the highest result since 2021.
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 €466,054
Fixed assets
€373,915 ▼ 2.6%
Current assets
€92,139 ▲ 14.7%
Equity and liabilities €466,054
Equity
€416,922 ▲ 1.1%
Provisions
€11,603 ▼ 9.3%
Debt
€37,529 ▼ 2.9%
Debt's share of the balance-sheet total falls from 8.3% to 8.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€17,482▲
2024 · €8,061
Cash flow
€14,157▲
2024 · €7,581
Debt to equity
0.09▼
2024 · 0.09
ROE
1.0%▲
2024 · -0.5%
Interest coverage
9.21▲
2024 · 4.23
Debt ≤ 1 year
€12,740▲
2024 · €1,475
Debt > 1 year
€24,789▼
2024 · €37,184
Income taxes
€3,036▲
2024 · €56
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 | €658 | €899 | €712 | - | - |
| Depreciation and write-downs of the year | €10,508 | €9,777 | €9,986 | €9,795 | €9,795 |
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 | €10,238 | €10,453 | €10,453 | €10,508 | €9,777 | €9,986 | €9,795 | €9,795 | = |
| Other operating charges640/8 | - | - | - | €3,450 | €3,785 | €3,903 | €4,250 | €3,826 | ▼ 10.0% |
| Gross operating margin9900 | €19,548 | €19,766 | €17,868 | €18,667 | €18,473 | €19,344 | €12,311 | €21,307 | ▲ 73.1% |
| Operating profit (loss)9901 | €5,906 | €5,969 | €3,878 | €4,710 | €4,910 | €5,454 | -€1,734 | €7,687 | - |
| Financial income75/76B | - | - | - | - | - | €137 | €294 | €421 | ▲ 43.5% |
| Recurring financial income75 | - | - | - | - | - | €137 | €294 | €421 | ▲ 43.5% |
| Financial charges65/66B | - | - | - | €1,899 | €1,901 | €1,901 | €1,906 | €1,898 | ▼ 0.4% |
| Recurring financial charges65 | €3,739 | €3,761 | €3,751 | €1,899 | €1,901 | €1,901 | €1,906 | €1,898 | ▼ 0.4% |
| Profit (loss) for the period before taxes9903 | €2,166 | €2,208 | €127 | €2,811 | €3,009 | €3,690 | -€3,346 | €6,210 | - |
| Transfer from deferred taxes780 | - | - | - | €1,188 | €1,188 | €1,188 | €1,188 | €1,188 | = |
| Income taxes67/77 | €1,637 | €1,633 | €828 | €1,562 | €1,545 | €1,768 | €56 | €3,036 | ▲ 54× |
| Profit (loss) for the period9904 | €1,718 | €1,763 | €487 | €2,437 | €2,652 | €3,111 | -€2,214 | €4,362 | - |
| Transfer from tax-exempt reserves789 | - | - | - | €2,037 | €2,037 | €2,037 | €2,037 | €2,037 | = |
| Profit (loss) for the period to be appropriated9905 | €3,755 | €3,800 | €2,524 | €4,475 | €4,690 | €5,148 | -€177 | €6,399 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €490,895 | €487,837 | €472,141 | €471,656 | €471,650 | €469,664 | €464,010 | €466,054 | ▲ 0.4% |
| Fixed assets21/28 | €441,337 | €431,959 | €421,506 | €411,657 | €402,778 | €393,504 | €383,709 | €373,915 | ▼ 2.6% |
| Tangible fixed assets22/27 | €441,337 | €431,959 | €421,506 | €411,657 | €402,778 | €393,504 | €383,709 | €373,915 | ▼ 2.6% |
| Land and buildings22 | - | - | - | €157,197 | €148,370 | €139,542 | €130,715 | €121,888 | ▼ 6.8% |
| Plant, machinery and equipment23 | - | - | - | €430 | €1,024 | €1,223 | €901 | €578 | ▼ 35.8% |
| Furniture and vehicles24 | - | - | - | €2,658 | €2,013 | €1,367 | €722 | €77 | ▼ 89.4% |
| Other tangible fixed assets26 | - | - | - | €251,372 | €251,372 | €251,372 | €251,372 | €251,372 | = |
| Current assets29/58 | €49,558 | €55,878 | €50,635 | €59,999 | €68,872 | €76,159 | €80,301 | €92,139 | ▲ 14.7% |
| Amounts receivable within one year40/41 | €11,083 | €14,007 | €672 | - | - | - | €3,126 | €1,692 | ▼ 45.9% |
| Trade receivables40 | - | - | - | - | - | - | €1,435 | €104 | ▼ 92.8% |
| Other amounts receivable41 | - | - | - | - | - | - | €1,690 | €1,588 | ▼ 6.1% |
| Cash at bank and in hand54/58 | €38,475 | €41,871 | €49,963 | €59,976 | €68,872 | €76,159 | €77,175 | €90,448 | ▲ 17.2% |
| Deferred charges and accrued income490/1 | - | - | - | €23 | - | - | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €490,895 | €487,837 | €472,141 | €471,656 | €471,650 | €469,664 | €464,010 | €466,054 | ▲ 0.4% |
| Equity10/15 | €404,324 | €406,087 | €406,573 | €409,011 | €411,663 | €414,774 | €412,560 | €416,922 | ▲ 1.1% |
| Contributions10/11 | €200,050 | €200,050 | - | €200,050 | €200,050 | €200,050 | €200,050 | €200,050 | = |
| Reserves13 | €204,274 | €206,037 | €203,999 | €201,962 | €199,924 | €197,887 | €195,850 | €199,962 | ▲ 2.1% |
| Non-distributable reserves130/1 | - | - | - | €20,005 | €20,005 | €20,005 | €20,005 | €20,005 | = |
| Reserves not available under the articles1311 | - | - | - | €20,005 | €20,005 | €20,005 | €20,005 | €20,005 | = |
| Tax-exempt reserves132 | - | - | - | €28,700 | €26,662 | €24,625 | €22,587 | €20,550 | ▼ 9.0% |
| Distributable reserves133 | - | - | - | €153,257 | €153,257 | €153,257 | €153,257 | €159,407 | ▲ 4.0% |
| Profit (loss) carried forward14 | - | - | €2,524 | €6,999 | €11,689 | €16,837 | €16,660 | €16,909 | ▲ 1.5% |
| Provisions and deferred taxes16 | €19,922 | €18,733 | €17,545 | €16,357 | €15,168 | €13,980 | €12,792 | €11,603 | ▼ 9.3% |
| Deferred taxes168 | - | - | - | €16,357 | €15,168 | €13,980 | €12,792 | €11,603 | ▼ 9.3% |
| Amounts payable17/49 | €66,650 | €63,017 | €48,023 | €46,289 | €44,819 | €40,910 | €38,659 | €37,529 | ▼ 2.9% |
| Amounts payable after more than one year17 | €61,973 | €61,973 | €37,184 | €37,184 | €37,184 | €37,184 | €37,184 | €24,789 | ▼ 33.3% |
| Financial debts170/4 | - | - | - | €37,184 | €37,184 | €37,184 | €37,184 | €24,789 | ▼ 33.3% |
| Amounts payable within one year42/48 | €4,677 | €1,043 | €10,839 | €9,105 | €7,635 | €3,726 | €1,475 | €12,740 | ▲ 764% |
| Trade debts44 | €910 | €528 | €537 | - | €1,759 | €483 | €918 | €37 | ▼ 96.0% |
| Suppliers440/4 | - | - | - | - | €1,759 | €483 | €918 | €37 | ▼ 96.0% |
| Taxes, remuneration and social security45 | - | - | - | €1,119 | €295 | €421 | €558 | €3,468 | ▲ 522% |
| Taxes450/3 | - | - | - | €1,119 | €295 | €421 | €558 | €3,468 | ▲ 522% |
| Other amounts payable47/48 | - | - | - | €7,985 | €5,581 | €2,822 | - | €9,236 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1,718 | €1,763 | €487 | €2,437 | €2,652 | €3,111 | -€2,214 | €4,362 | - |
| + Depreciation and write-downs630 | €10,238 | €10,453 | €10,453 | €10,508 | €9,777 | €9,986 | €9,795 | €9,795 | = |
| Operating cash flow (approximation) | €11,955 | €12,216 | €10,939 | €12,945 | €12,430 | €13,097 | €7,581 | €14,157 | ▲ 86.8% |
| Investment in fixed assets (approximation) | - | -€1,074 | €0 | -€658 | -€899 | -€712 | €0 | €0 | - |
| Change in cash | - | €3,396 | €8,092 | €10,013 | €8,896 | €7,287 | €1,016 | €13,272 | ▲ 13× |
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, 14,766 companies had the same profile as RAGEJO has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of RAGEJO itself: < 0.1% 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 14,766 companies, not a prediction for RAGEJO. 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.
Latest 10 of 38 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 12-07-2026 | 2026-00282633 | |
| 31-12-2024 | micro format | 31-07-2025 | 2025-00344393 | |
| 31-12-2023 | micro format | 18-07-2024 | 2024-00257137 | |
| 31-12-2022 | micro format | 27-06-2023 | 2023-00162281 | |
| 31-12-2021 | micro format | 05-07-2022 | 2022-20131926 | |
| 31-12-2020 | micro format | 14-08-2021 | 2021-48900164 | |
| 31-12-2019 | micro format | 23-07-2020 | 2020-32900074 | |
| 31-12-2018 | micro format | 05-08-2019 | 2019-43900439 | |
| 31-12-2017 | micro format | 18-07-2018 | 2018-36100567 | |
| 31-12-2016 | micro format | 19-07-2017 | 2017-34100101 |