Ragotto
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 13-07-2026 at the NBB all 10 filings
Turnover
≈ €260,000
Estimated: probably between €130,000 and €550,000
Total assets
€314,007▼ 4.0%
2024 · €327,081
Net result
-€13,092
2024 · €51,682
Working capital
-€37,986▼ 49.4%
2024 · -€25,419
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€11,429
2025
20182025
Net result
-€13,092
2025
lowest quarter of the sector
20182025
Equity
€77,367
▼ 14.5%
2025
middle half of the sector
20182025
Total assets
€314,007
▼ 4.0%
2025
middle half of the sector
20182025
Debt
€236,639
=
2025
20182025
Working capital
-€37,986
▼ 49.4%
2025
lowest quarter of the sector
20182025
Solvency
24.6%
▼ 3.0pp
2025
middle half of the sector
20182025
Current ratio
0.84
▼ 0.05
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-4.2%
▼ 20.0pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€2,432-€1,100-€5,902€41,005-€32,179€35,740€73,297▲ 105%-€11,429
Net result-€2,565-€1,074-€6,068below the sector's middle half€33,973above the sector's middle half-€33,568below the sector's middle half€32,346above the sector's middle half€51,682above the sector's middle half▲ 59.8%-€13,092below the sector's middle half
Equity€11,021-€12,095▲ 9.7%€6,027within the sector's middle half▼ 50.2%€40,000within the sector's middle half▲ 564%€6,432within the sector's middle half▼ 83.9%€38,777within the sector's middle half▲ 503%€90,459within the sector's middle half▲ 133%€77,367within the sector's middle half▼ 14.5%
Total assets€65,621-€83,304▲ 26.9%€81,487within the sector's middle half▼ 2.2%€163,296within the sector's middle half▲ 100%€187,418within the sector's middle half▲ 14.8%€258,900within the sector's middle half▲ 38.1%€327,081within the sector's middle half▲ 26.3%€314,007within the sector's middle half▼ 4.0%
Debt€54,601-€71,210▲ 30.4%€75,461▲ 6.0%€123,297▲ 63.4%€180,986▲ 46.8%€220,122▲ 21.6%€236,621▲ 7.5%€236,639=
Working capital€7,361-€10,935▲ 48.6%€3,630within the sector's middle half▼ 66.8%€38,803within the sector's middle half▲ 969%-€6,351within the sector's middle half-€37,412below the sector's middle half▼ 489%-€25,419below the sector's middle half▲ 32.1%-€37,986below the sector's middle half▼ 49.4%
Solvency16.8%-14.5%▼ 2.3pp7.4%within the sector's middle half▼ 7.1pp24.5%within the sector's middle half▲ 17.1pp3.4%below the sector's middle half▼ 21.1pp15.0%within the sector's middle half▲ 11.5pp27.7%within the sector's middle half▲ 12.7pp24.6%within the sector's middle half▼ 3.0pp
Current ratio1.13-1.15▲ 0.021.05within the sector's middle half▼ 0.111.31within the sector's middle half▲ 0.270.96within the sector's middle half▼ 0.350.81below the sector's middle half▼ 0.160.89within the sector's middle half▲ 0.080.84below the sector's middle half▼ 0.05
Return on assets (ROA)-3.9%-1.3%▲ 5.2pp-7.4%below the sector's middle half▼ 8.7pp20.8%above the sector's middle half▲ 28.3pp-17.9%below the sector's middle half▼ 38.7pp12.5%above the sector's middle half▲ 30.4pp15.8%above the sector's middle half▲ 3.3pp-4.2%below the sector's middle half▼ 20.0pp
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 loss of €11,429, after a profit of €73,297 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 €314,007
Fixed assets
€116,462 ▼ 10.5%
Current assets
€197,545 ▲ 0.3%
Equity and liabilities €314,007
Equity
€77,367 ▼ 14.5%
Debt
€236,639 =
Debt's share of the balance-sheet total rises from 72.3% to 75.4%. Equity is lower.
Key figures and ratios
EBITDA
€23,576▼
2024 · €103,087
Cash flow
€21,913▼
2024 · €81,472
Quick ratio
0.34▼
2024 · 0.38
Debt to equity
3.06▲
2024 · 2.62
ROE
-16.9%▼
2024 · 57.1%
Interest coverage
13.51▼
2024 · 45.67
Debt ≤ 1 year
€235,530▲
2024 · €222,433
Debt > 1 year
€1,109▼
2024 · €14,189
Income taxes
€317▼
2024 · €19,359
Staff costs
€360
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 | - | €13,276 | €109,463 | €56,817 | €21,400 |
| Depreciation and write-downs of the year | €1,200 | €1,690 | €19,206 | €29,790 | €35,005 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €129 | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €3,669 | €658 | €712 | - | €360 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,874 | €2,500 | €1,164 | €1,200 | €1,690 | €19,206 | €29,790 | €35,005 | ▲ 17.5% |
| Other operating charges640/8 | - | - | - | €266 | €1,182 | €8,954 | €390 | €697 | ▲ 78.6% |
| Gross operating margin9900 | €1,064 | €3,761 | -€4,204 | €46,139 | -€28,649 | €64,612 | €103,477 | €24,633 | ▼ 76.2% |
| Operating profit (loss)9901 | -€2,432 | €1,100 | -€5,902 | €41,005 | -€32,179 | €35,740 | €73,297 | -€11,429 | - |
| Financial income75/76B | - | - | - | - | - | €51 | €0 | €399 | ▲ 927× |
| Recurring financial income75 | - | - | - | - | - | €51 | €0 | €399 | ▲ 927× |
| Financial charges65/66B | - | - | - | €344 | €1,389 | €1,610 | €2,257 | €1,745 | ▼ 22.7% |
| Recurring financial charges65 | €134 | €26 | €166 | €344 | €1,389 | €1,610 | €2,257 | €1,745 | ▼ 22.7% |
| Profit (loss) for the period before taxes9903 | -€2,565 | €1,074 | -€6,068 | €40,661 | -€33,568 | €34,181 | €71,040 | -€12,776 | - |
| Income taxes67/77 | - | - | - | €6,688 | - | €1,836 | €19,359 | €317 | ▼ 98.4% |
| Profit (loss) for the period9904 | -€2,565 | €1,074 | -€6,068 | €33,973 | -€33,568 | €32,346 | €51,682 | -€13,092 | - |
| Profit (loss) for the period to be appropriated9905 | -€2,565 | €1,074 | -€6,068 | €33,973 | -€33,568 | €32,346 | €51,682 | -€13,092 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €65,621 | €83,304 | €81,487 | €163,296 | €187,418 | €258,900 | €327,081 | €314,007 | ▼ 4.0% |
| Fixed assets21/28 | €3,660 | €1,160 | €2,397 | €1,197 | €12,783 | €103,040 | €130,067 | €116,462 | ▼ 10.5% |
| Intangible fixed assets21 | €1,234 | - | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €2,426 | €1,160 | €2,397 | €1,197 | €12,783 | €103,040 | €130,067 | €116,462 | ▼ 10.5% |
| Plant, machinery and equipment23 | - | - | - | €1,197 | €9,445 | €47,993 | €68,271 | €47,794 | ▼ 30.0% |
| Furniture and vehicles24 | - | - | - | - | €3,338 | €55,047 | €41,728 | €28,409 | ▼ 31.9% |
| Other tangible fixed assets26 | - | - | - | - | - | - | €20,068 | €40,259 | ▲ 101% |
| Current assets29/58 | €61,961 | €82,144 | €79,090 | €162,100 | €174,635 | €155,860 | €197,014 | €197,545 | ▲ 0.3% |
| Stocks and contracts in progress3 | €43,787 | €47,184 | €36,012 | €76,860 | €89,683 | €97,431 | €112,269 | €117,860 | ▲ 5.0% |
| Stocks30/36 | - | - | - | €76,860 | €89,683 | €97,431 | €112,269 | €117,860 | ▲ 5.0% |
| Amounts receivable within one year40/41 | €16,594 | €34,949 | €42,826 | €85,018 | €83,617 | €57,750 | €83,495 | €77,632 | ▼ 7.0% |
| Trade receivables40 | - | - | - | €82,797 | €81,395 | €55,528 | €82,797 | €77,461 | ▼ 6.4% |
| Other amounts receivable41 | - | - | - | €2,222 | €2,222 | €2,222 | €698 | €171 | ▼ 75.5% |
| Cash at bank and in hand54/58 | €1,580 | €11 | €253 | €222 | €1,335 | €679 | €1,250 | €1,979 | ▲ 58.3% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | - | €73 | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €65,621 | €83,304 | €81,487 | €163,296 | €187,418 | €258,900 | €327,081 | €314,007 | ▼ 4.0% |
| Equity10/15 | €11,021 | €12,095 | €6,027 | €40,000 | €6,432 | €38,777 | €90,459 | €77,367 | ▼ 14.5% |
| Contributions10/11 | €12,400 | €12,400 | - | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Reserves13 | €1,186 | €1,186 | €1,186 | €1,186 | €1,186 | €1,186 | €1,186 | €1,186 | = |
| Non-distributable reserves130/1 | - | - | - | €1,186 | €1,186 | €1,186 | €1,186 | €1,186 | = |
| Reserves not available under the articles1311 | - | - | - | €1,186 | €1,186 | €1,186 | €1,186 | €1,186 | = |
| Profit (loss) carried forward14 | -€2,565 | -€1,491 | -€7,559 | €26,414 | -€7,154 | €25,191 | €76,873 | €63,781 | ▼ 17.0% |
| Amounts payable17/49 | €54,601 | €71,210 | €75,461 | €123,297 | €180,986 | €220,122 | €236,621 | €236,639 | = |
| Amounts payable after more than one year17 | - | - | - | - | - | €26,851 | €14,189 | €1,109 | ▼ 92.2% |
| Financial debts170/4 | - | - | - | - | - | €26,851 | €14,189 | €1,109 | ▼ 92.2% |
| Amounts payable within one year42/48 | €54,601 | €71,210 | €75,461 | €123,297 | €180,986 | €193,272 | €222,433 | €235,530 | ▲ 5.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | €12,258 | €12,662 | €13,079 | ▲ 3.3% |
| Trade debts44 | €4,621 | €8,587 | - | €4,853 | €2,061 | €6,033 | €9,927 | €19,319 | ▲ 94.6% |
| Suppliers440/4 | - | - | - | €4,853 | €2,061 | €6,033 | €9,927 | €19,319 | ▲ 94.6% |
| Taxes, remuneration and social security45 | - | - | - | €14,369 | €13,928 | €5,215 | €26,858 | €29,378 | ▲ 9.4% |
| Taxes450/3 | - | - | - | €14,369 | €13,928 | €5,215 | €26,858 | €23,378 | ▼ 13.0% |
| Remuneration and social security454/9 | - | - | - | - | - | - | - | €6,000 | - |
| Other amounts payable47/48 | - | - | - | €104,075 | €164,996 | €169,766 | €172,986 | €173,753 | ▲ 0.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€2,565 | €1,074 | -€6,068 | €33,973 | -€33,568 | €32,346 | €51,682 | -€13,092 | - |
| + Depreciation and write-downs630 | €2,874 | €2,500 | €1,164 | €1,200 | €1,690 | €19,206 | €29,790 | €35,005 | ▲ 17.5% |
| Operating cash flow (approximation) | €309 | €3,574 | -€4,905 | €35,173 | -€31,878 | €51,551 | €81,472 | €21,913 | ▼ 73.1% |
| Investment in fixed assets (approximation) | - | €0 | -€2,400 | €0 | -€13,276 | -€109,463 | -€56,817 | -€21,400 | ▲ 62.3% |
| Change in cash | - | -€1,569 | €242 | -€31 | €1,113 | -€655 | €571 | €729 | ▲ 27.7% |
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, 2,166 companies had the same profile as Ragotto has now. Two years later, 94.1% were still going and 2.5% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a small loss
94.1%
was still going
3.0%
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 Ragotto itself: 1.8% 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 2,166 companies, not a prediction for Ragotto. 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 (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 13-07-2026 | 2026-00297472 | |
| 31-12-2024 | micro format | 29-09-2025 | 2025-00509296 | |
| 31-12-2023 | micro format | 19-12-2024 | 2024-00619666 | |
| 31-12-2022 | micro format | 30-11-2023 | 2023-00520879 | |
| 31-12-2021 | micro format | 27-10-2022 | 2022-20479892 | |
| 31-12-2020 | micro format | 26-10-2021 | 2021-73100380 | |
| 31-12-2019 | micro format | 30-09-2020 | 2020-58000448 | |
| 31-12-2018 | micro format | 08-10-2019 | 2019-68900482 | |
| 31-12-2017 | micro format | 23-07-2018 | 2018-36600157 | |
| 31-12-2016 | micro format | 20-06-2017 | 2017-18800150 |