RAIL SUPPORT SERVICES
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 61 days after the deadline Filed on 30 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00545773.
Annual accounts 2025 filed on 30-09-2026 at the NBB all 8 filings
Equity
€56,796▼ 48.0%
2024 · €109,178
Total assets
€66,190▼ 48.3%
2024 · €127,984
Net result
-€22,382
2024 · €10,303
Working capital
€30,461▼ 58.5%
2024 · €73,364
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€26,859
2025
20182025
Net result
-€22,382
2025
lowest quarter of the sector
20182025
Equity
€56,796
▼ 48.0%
2025
middle half of the sector
20182025
Total assets
€66,190
▼ 48.3%
2025
middle half of the sector
20182025
Debt
€9,394
▼ 50.0%
2025
20182025
Working capital
€30,461
▼ 58.5%
2025
middle half of the sector
20182025
Solvency
85.8%
▲ 0.5pp
2025
highest quarter of the sector
20182025
Current ratio
4.24
▼ 0.66
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-33.8%
▼ 41.9pp
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-€2,103-€43,952€31,654▼ 28.0%€16,262▼ 48.6%€10,938▼ 32.7%€62,279▲ 469%€14,479▼ 76.8%-€26,859
Net result-€2,153-€30,933€22,451within the sector's middle half▼ 27.4%€8,190within the sector's middle half▼ 63.5%€3,816within the sector's middle half▼ 53.4%€45,445above the sector's middle half▲ 12×€10,303within the sector's middle half▼ 77.3%-€22,382below the sector's middle half
Equity€4,047-€33,356▲ 724%€54,207within the sector's middle half▲ 62.5%€60,797within the sector's middle half▲ 12.2%€63,013within the sector's middle half▲ 3.6%€119,192within the sector's middle half▲ 89.2%€109,178within the sector's middle half▼ 8.4%€56,796within the sector's middle half▼ 48.0%
Total assets€4,537-€37,211▲ 720%€109,514within the sector's middle half▲ 194%€104,739within the sector's middle half▼ 4.4%€98,716within the sector's middle half▼ 5.8%€135,084within the sector's middle half▲ 36.8%€127,984within the sector's middle half▼ 5.3%€66,190within the sector's middle half▼ 48.3%
Debt€490-€3,855▲ 687%€55,307▲ 14×€43,942▼ 20.5%€35,703▼ 18.8%€15,892▼ 55.5%€18,806▲ 18.3%€9,394▼ 50.0%
Working capital€4,047-€15,887▲ 293%€22,587within the sector's middle half▲ 42.2%€18,609within the sector's middle half▼ 17.6%€27,719within the sector's middle half▲ 49.0%€85,511within the sector's middle half▲ 208%€73,364within the sector's middle half▼ 14.2%€30,461within the sector's middle half▼ 58.5%
Solvency89.6%49.5%within the sector's middle half▼ 40.1pp58.0%within the sector's middle half▲ 8.5pp63.8%within the sector's middle half▲ 5.8pp88.2%above the sector's middle half▲ 24.4pp85.3%above the sector's middle half▼ 2.9pp85.8%above the sector's middle half▲ 0.5pp
Current ratio5.121.98within the sector's middle half▼ 3.141.86within the sector's middle half▼ 0.122.18within the sector's middle half▲ 0.326.38above the sector's middle half▲ 4.204.90above the sector's middle half▼ 1.484.24above the sector's middle half▼ 0.66
Return on assets (ROA)83.1%20.5%above the sector's middle half▼ 62.6pp7.8%within the sector's middle half▼ 12.7pp3.9%within the sector's middle half▼ 4.0pp33.6%above the sector's middle half▲ 29.8pp8.1%within the sector's middle half▼ 25.6pp-33.8%below the sector's middle half▼ 41.9pp
above
within
below
The sector band is the middle half of the companies in Architectural and engineering activities; technical testing and analysis (NACE 71). 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 €26,859, after a profit of €14,479 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €66,190
Fixed assets
€26,335 ▼ 26.5%
Current assets
€39,854 ▼ 56.8%
Equity and liabilities €66,190
Equity
€56,796 ▼ 48.0%
Debt
€9,394 ▼ 50.0%
Debt's share of the balance-sheet total falls from 14.7% to 14.2%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€17,380▼
2024 · €23,012
Cash flow
-€12,903▼
2024 · €18,836
Debt to equity
0.17▼
2024 · 0.17
ROE
-39.4%▼
2024 · 9.4%
Debt ≤ 1 year
€9,394▼
2024 · €18,806
Income taxes
-€4,448▼
2024 · €4,139
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 | €17,766 | €850 | €14,558 | €10,666 | - |
| Depreciation and write-downs of the year | €17,135 | €17,911 | €7,577 | €8,533 | €9,479 |
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 | - | - | - | - | - | €14,247 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €2,136 | €13,252 | €17,135 | €17,911 | €7,577 | €8,533 | €9,479 | ▲ 11.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | - | €13,159 | - |
| Other operating charges640/8 | - | - | - | €1,512 | €1,428 | €864 | €1,069 | €120 | ▼ 88.8% |
| Non-recurring operating charges66A | - | - | - | €768 | - | €18 | - | - | - |
| Gross operating margin9900 | -€2,053 | €46,187 | €45,656 | €35,676 | €30,278 | €70,738 | €24,080 | -€4,102 | - |
| Operating profit (loss)9901 | -€2,103 | €43,952 | €31,654 | €16,262 | €10,938 | €62,279 | €14,479 | -€26,859 | - |
| Financial income75/76B | - | - | - | €27 | €3 | €14 | €22 | €29 | ▲ 35.1% |
| Recurring financial income75 | - | €109 | €50 | €27 | €3 | €14 | €22 | €29 | ▲ 35.1% |
| Financial charges65/66B | - | - | - | €1,754 | €1,440 | €1,203 | €59 | - | - |
| Recurring financial charges65 | €50 | €1,006 | €1,646 | €1,754 | €1,440 | €1,203 | €59 | - | - |
| Profit (loss) for the period before taxes9903 | -€2,153 | €43,055 | €30,058 | €14,534 | €9,501 | €61,090 | €14,442 | -€26,830 | - |
| Income taxes67/77 | - | €12,122 | €7,607 | €6,344 | €5,685 | €15,645 | €4,139 | -€4,448 | - |
| Profit (loss) for the period9904 | -€2,153 | €30,933 | €22,451 | €8,190 | €3,816 | €45,445 | €10,303 | -€22,382 | - |
| Profit (loss) for the period to be appropriated9905 | -€2,153 | €30,933 | €22,451 | €8,190 | €3,816 | €45,445 | €10,303 | -€22,382 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €4,537 | €37,211 | €109,514 | €104,739 | €98,716 | €135,084 | €127,984 | €66,190 | ▼ 48.3% |
| Fixed assets21/28 | - | €17,469 | €63,883 | €64,514 | €47,453 | €33,681 | €35,814 | €26,335 | ▼ 26.5% |
| Tangible fixed assets22/27 | - | €17,469 | €63,883 | €64,514 | €47,453 | €33,681 | €35,814 | €26,335 | ▼ 26.5% |
| Land and buildings22 | - | - | - | €22,541 | €19,738 | €16,936 | €14,134 | €11,332 | ▼ 19.8% |
| Plant, machinery and equipment23 | - | - | - | €6,987 | €4,671 | €2,630 | €10,166 | €7,370 | ▼ 27.5% |
| Furniture and vehicles24 | - | - | - | €34,986 | €23,044 | €14,115 | €11,514 | €7,634 | ▼ 33.7% |
| Current assets29/58 | €4,537 | €19,742 | €45,632 | €40,225 | €51,263 | €101,403 | €92,170 | €39,854 | ▼ 56.8% |
| Amounts receivable within one year40/41 | €1,743 | €11,106 | €17,434 | €10,709 | €41,820 | €63,382 | €23,911 | €12,261 | ▼ 48.7% |
| Trade receivables40 | - | - | - | €7,200 | €16,825 | €34,151 | €19,713 | €6,718 | ▼ 65.9% |
| Other amounts receivable41 | - | - | - | €3,510 | €24,995 | €29,231 | €4,198 | €5,543 | ▲ 32.0% |
| Cash at bank and in hand54/58 | €2,794 | €8,635 | €28,198 | €29,516 | €9,443 | €14,344 | €12,803 | €27,594 | ▲ 116% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €23,677 | €55,456 | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €4,537 | €37,211 | €109,514 | €104,739 | €98,716 | €135,084 | €127,984 | €66,190 | ▼ 48.3% |
| Equity10/15 | €4,047 | €33,356 | €54,207 | €60,797 | €63,013 | €119,192 | €109,178 | €56,796 | ▼ 48.0% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €18,600 | €1 | €1 | = |
| Reserves13 | - | €27,156 | €27,156 | €27,156 | €27,156 | €27,156 | €27,156 | €27,156 | = |
| Distributable reserves133 | - | - | - | €27,156 | €27,156 | €27,156 | €27,156 | €27,156 | = |
| Profit (loss) carried forward14 | -€2,153 | - | €20,851 | €27,441 | €29,657 | €73,436 | €82,021 | €29,639 | ▼ 63.9% |
| Amounts payable17/49 | €490 | €3,855 | €55,307 | €43,942 | €35,703 | €15,892 | €18,806 | €9,394 | ▼ 50.0% |
| Amounts payable after more than one year17 | - | - | €32,263 | €22,326 | €12,159 | - | - | - | - |
| Financial debts170/4 | - | - | - | €22,326 | €12,159 | - | - | - | - |
| Amounts payable within one year42/48 | €490 | €3,855 | €23,045 | €21,616 | €23,544 | €15,892 | €18,806 | €9,394 | ▼ 50.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €9,937 | €10,167 | - | - | - | - |
| Trade debts44 | €490 | €250 | €7,254 | €1,803 | €900 | €3,022 | €9,027 | €3,201 | ▼ 64.5% |
| Suppliers440/4 | - | - | - | €1,803 | €900 | €3,022 | €9,027 | €3,201 | ▼ 64.5% |
| Taxes, remuneration and social security45 | - | - | - | €341 | €20 | €7,776 | €8,061 | €4,596 | ▼ 43.0% |
| Taxes450/3 | - | - | - | €341 | €20 | €7,776 | €8,061 | €4,596 | ▼ 43.0% |
| Other amounts payable47/48 | - | - | - | €9,536 | €12,457 | €5,094 | €1,718 | €1,597 | ▼ 7.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€2,153 | €30,933 | €22,451 | €8,190 | €3,816 | €45,445 | €10,303 | -€22,382 | - |
| + Depreciation and write-downs630 | - | €2,136 | €13,252 | €17,135 | €17,911 | €7,577 | €8,533 | €9,479 | ▲ 11.1% |
| Operating cash flow (approximation) | -€2,153 | €33,069 | €35,703 | €25,325 | €21,727 | €53,022 | €18,836 | -€12,903 | - |
| Investment in fixed assets (approximation) | - | - | -€59,666 | -€17,766 | -€850 | €6,195 | -€10,666 | €0 | - |
| Change in cash | - | €5,841 | €19,563 | €1,318 | -€20,073 | €4,901 | -€1,541 | €14,791 | - |
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, 3,591 companies had the same profile as RAIL SUPPORT SERVICES has now. Two years later, 87.4% were still going and 3.0% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
87.4%
was still going
9.4%
stopped otherwise
3.0%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of RAIL SUPPORT SERVICES itself is lower: 0.1% within 12 months. It rests on far more data about RAIL SUPPORT SERVICES 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 3,591 companies, not a prediction for RAIL SUPPORT SERVICES. 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 (8)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-09-2026 | 2026-00545773 | |
| 31-12-2024 | micro format | 11-07-2025 | 2025-00264971 | |
| 31-12-2023 | micro format | 04-07-2024 | 2024-00209823 | |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00427891 | |
| 31-12-2021 | micro format | 29-06-2022 | 2022-20106576 | |
| 31-12-2020 | micro format | 11-08-2021 | 2021-47700022 | |
| 31-12-2019 | micro format | 04-08-2020 | 2020-38800439 | |
| 31-12-2018 | micro format | 24-07-2019 | 2019-39500458 |