RAIN
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 28 days after the deadline Filed on 28 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00446663.
Annual accounts 2025 filed on 28-08-2026 at the NBB all 5 filings
Turnover
≈ €300,000
Estimated: probably between €200,000 and €510,000
Total assets
€554,963▲ 10.3%
2024 · €502,962
Net result
€57,822▼ 36.5%
2024 · €91,107
Working capital
€487,887▲ 14.8%
2024 · €425,106
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€81,904
▼ 37.1%
2025
20212025
Net result
€57,822
▼ 36.5%
2025
middle half of the sector
20212025
Equity
€510,557
▲ 12.8%
2025
highest quarter of the sector
20212025
Total assets
€554,963
▲ 10.3%
2025
middle half of the sector
20212025
Debt
€44,406
▼ 11.6%
2025
20212025
Working capital
€487,887
▲ 14.8%
2025
highest quarter of the sector
20212025
Solvency
92.0%
▲ 2.0pp
2025
highest quarter of the sector
20212025
Current ratio
11.99
▲ 2.52
2025
highest quarter of the sector
20212025
Return on assets (ROA)
10.4%
▼ 7.7pp
2025
middle half of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€229,532-€155,529▼ 32.2%€122,634▼ 21.2%€130,244▲ 6.2%€81,904▼ 37.1%
Net result€162,072above the sector's middle half-€108,433above the sector's middle half▼ 33.1%€86,124above the sector's middle half▼ 20.6%€91,107above the sector's middle half▲ 5.8%€57,822within the sector's middle half▼ 36.5%
Equity€167,072within the sector's middle half-€275,505within the sector's middle half▲ 64.9%€361,628within the sector's middle half▲ 31.3%€452,735above the sector's middle half▲ 25.2%€510,557above the sector's middle half▲ 12.8%
Total assets€251,455within the sector's middle half-€409,091within the sector's middle half▲ 62.7%€461,397within the sector's middle half▲ 12.8%€502,962within the sector's middle half▲ 9.0%€554,963within the sector's middle half▲ 10.3%
Debt€84,383-€133,586▲ 58.3%€99,768▼ 25.3%€50,227▼ 49.7%€44,406▼ 11.6%
Working capital€117,860within the sector's middle half-€237,232within the sector's middle half▲ 101%€329,769above the sector's middle half▲ 39.0%€425,106above the sector's middle half▲ 28.9%€487,887above the sector's middle half▲ 14.8%
Solvency66.4%within the sector's middle half-67.3%within the sector's middle half▲ 0.9pp78.4%within the sector's middle half▲ 11.0pp90.0%above the sector's middle half▲ 11.6pp92.0%above the sector's middle half▲ 2.0pp
Current ratio2.40within the sector's middle half-2.78within the sector's middle half▲ 0.384.31within the sector's middle half▲ 1.539.46above the sector's middle half▲ 5.1611.99above the sector's middle half▲ 2.52
Return on assets (ROA)64.5%above the sector's middle half-26.5%above the sector's middle half▼ 37.9pp18.7%within the sector's middle half▼ 7.8pp18.1%within the sector's middle half▼ 0.6pp10.4%within the sector's middle half▼ 7.7pp
above
within
below
The sector band is the middle half of the companies in Scientific research and development (NACE 72). 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 37% lower than in 2024 and the lowest 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 €554,963
Fixed assets
€22,670 ▼ 17.9%
Current assets
€532,293 ▲ 12.0%
Equity and liabilities €554,963
Equity
€510,557 ▲ 12.8%
Debt
€44,406 ▼ 11.6%
Debt's share of the balance-sheet total falls from 10.0% to 8.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€98,017▼
2024 · €144,381
Cash flow
€73,935▼
2024 · €105,244
Debt to equity
0.09▼
2024 · 0.11
ROE
11.3%▼
2024 · 20.1%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€44,406▼
2024 · €50,227
Income taxes
€23,298▼
2024 · €38,272
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 | €60,339 | €1,300 | €7,121 | €9,907 | €11,154 |
| Depreciation and write-downs of the year | €11,914 | €12,239 | €13,535 | €14,137 | €16,113 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €0 | €1 | - | - | €636 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €11,914 | €12,239 | €13,535 | €14,137 | €16,113 | ▲ 14.0% |
| Other operating charges640/8 | €2,918 | €446 | - | €1,020 | - | - |
| Non-recurring operating charges66A | €204 | €73 | €224 | €179 | €332 | ▲ 85.1% |
| Gross operating margin9900 | €244,567 | €168,287 | €136,392 | €145,580 | €98,348 | ▼ 32.4% |
| Operating profit (loss)9901 | €229,532 | €155,529 | €122,634 | €130,244 | €81,904 | ▼ 37.1% |
| Financial charges65/66B | €1,030 | €1,192 | €951 | €865 | €784 | ▼ 9.4% |
| Recurring financial charges65 | €1,024 | €1,177 | €922 | €815 | €594 | ▼ 27.2% |
| Non-recurring financial charges66B | €6 | €15 | €28 | €50 | €190 | ▲ 280% |
| Profit (loss) for the period before taxes9903 | €228,501 | €154,337 | €121,683 | €129,379 | €81,120 | ▼ 37.3% |
| Income taxes67/77 | €66,429 | €45,904 | €35,559 | €38,272 | €23,298 | ▼ 39.1% |
| Profit (loss) for the period9904 | €162,072 | €108,433 | €86,124 | €91,107 | €57,822 | ▼ 36.5% |
| Profit (loss) for the period to be appropriated9905 | €162,072 | €108,433 | €86,124 | €91,107 | €57,822 | ▼ 36.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €251,455 | €409,091 | €461,397 | €502,962 | €554,963 | ▲ 10.3% |
| Fixed assets21/28 | €49,212 | €38,273 | €31,859 | €27,629 | €22,670 | ▼ 17.9% |
| Tangible fixed assets22/27 | €49,212 | €38,273 | €31,859 | €27,629 | €22,670 | ▼ 17.9% |
| Furniture and vehicles24 | €28,550 | €22,793 | €17,091 | €10,138 | €7,940 | ▼ 21.7% |
| Other tangible fixed assets26 | €20,663 | €15,479 | €14,768 | €17,491 | €14,730 | ▼ 15.8% |
| Current assets29/58 | €202,243 | €370,818 | €429,537 | €475,333 | €532,293 | ▲ 12.0% |
| Amounts receivable within one year40/41 | €30,410 | €242,066 | €51,503 | €163,694 | €97,435 | ▼ 40.5% |
| Trade receivables40 | €10,040 | €211,529 | €10,780 | €129,986 | €46,817 | ▼ 64.0% |
| Other amounts receivable41 | €20,370 | €30,537 | €40,723 | €33,707 | €50,618 | ▲ 50.2% |
| Current investments50/53 | - | €49,000 | €199,000 | €259,000 | €339,000 | ▲ 30.9% |
| Cash at bank and in hand54/58 | €169,652 | €77,243 | €177,724 | €50,090 | €43,222 | ▼ 13.7% |
| Deferred charges and accrued income490/1 | €2,181 | €2,510 | €1,310 | €2,550 | €52,635 | ▲ 21× |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €251,455 | €409,091 | €461,397 | €502,962 | €554,963 | ▲ 10.3% |
| Equity10/15 | €167,072 | €275,505 | €361,628 | €452,735 | €510,557 | ▲ 12.8% |
| Contributions10/11 | €5,000 | €5,000 | €5,000 | €5,000 | €5,000 | = |
| Reserves13 | €162,072 | €270,505 | €356,628 | €447,735 | €505,557 | ▲ 12.9% |
| Distributable reserves133 | €162,072 | €270,505 | €356,628 | €447,735 | €505,557 | ▲ 12.9% |
| Amounts payable17/49 | €84,383 | €133,586 | €99,768 | €50,227 | €44,406 | ▼ 11.6% |
| Amounts payable within one year42/48 | €84,383 | €133,586 | €99,768 | €50,227 | €44,406 | ▼ 11.6% |
| Trade debts44 | €10,785 | €4,753 | €16,370 | €4,070 | €1,850 | ▼ 54.5% |
| Suppliers440/4 | €10,785 | €4,753 | €16,370 | €4,070 | €1,850 | ▼ 54.5% |
| Advances received on contracts in progress46 | €7,043 | €7,043 | - | - | €24,575 | - |
| Taxes, remuneration and social security45 | €66,555 | €121,790 | €83,398 | €46,157 | €17,980 | ▼ 61.0% |
| Taxes450/3 | €66,555 | €121,790 | €81,864 | €45,070 | €17,980 | ▼ 60.1% |
| Remuneration and social security454/9 | - | - | €1,534 | €1,087 | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €162,072 | €108,433 | €86,124 | €91,107 | €57,822 | ▼ 36.5% |
| + Depreciation and write-downs630 | €11,914 | €12,239 | €13,535 | €14,137 | €16,113 | ▲ 14.0% |
| Operating cash flow (approximation) | €173,986 | €120,672 | €99,658 | €105,244 | €73,935 | ▼ 29.7% |
| Investment in fixed assets (approximation) | - | -€1,300 | -€7,121 | -€9,907 | -€11,154 | ▼ 12.6% |
| Change in cash | - | -€92,410 | €100,481 | -€127,634 | -€6,867 | ▲ 94.6% |
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, 6,782 companies had the same profile as RAIN has now. Two years later, 96.7% were still going and 0.6% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.7%
was still going
2.7%
stopped otherwise
0.6%
went bankrupt
That fits the bankruptcy probability of RAIN itself: 0.3% 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 6,782 companies, not a prediction for RAIN. 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 (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 28-08-2026 | 2026-00446663 | |
| 31-12-2024 | micro format | 27-09-2025 | 2025-00507207 | |
| 31-12-2023 | micro format | 27-09-2024 | 2024-00485078 | |
| 31-12-2022 | micro format | 29-09-2023 | 2023-00458972 | |
| 31-12-2021 | micro format | 29-08-2022 | 2022-20330969 |