RAM
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 31-10-2025 PDF all 29 filings
Turnover
≈ €60,000
Estimated: probably between €28,000 and €120,000
Total assets
€175,610▼ 0.8%
2024 · €177,072
Net result
€2,355▼ 36.8%
2024 · €3,726
Working capital
€65,016▲ 13.9%
2024 · €57,061
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€4,158
▼ 38.2%
2025
20192025
Net result
€2,355
▼ 36.8%
2025
lowest quarter of the sector
20192025
Equity
€164,705
▲ 1.5%
2025
middle half of the sector
20192025
Total assets
€175,610
▼ 0.8%
2025
middle half of the sector
20192025
Debt
€10,905
▼ 25.9%
2025
20192025
Working capital
€65,016
▲ 13.9%
2025
middle half of the sector
20192025
Solvency
93.8%
▲ 2.1pp
2025
highest quarter of the sector
20192025
Current ratio
6.96
▲ 2.09
2025
highest quarter of the sector
20192025
Return on assets (ROA)
1.3%
▼ 0.8pp
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€5,421--€4,392€9,945€15,513▲ 56.0%€811▼ 94.8%€6,733▲ 730%€4,158▼ 38.2%
Net result-€2--€6,792below the sector's middle half▼ 284,100%€120,649above the sector's middle half€9,431within the sector's middle half▼ 92.2%€180below the sector's middle half▼ 98.1%€3,726within the sector's middle half▲ 21×€2,355below the sector's middle half▼ 36.8%
Equity€35,156-€28,364within the sector's middle half▼ 19.3%€149,012within the sector's middle half▲ 425%€158,443within the sector's middle half▲ 6.3%€158,624within the sector's middle half▲ 0.1%€162,350within the sector's middle half▲ 2.3%€164,705within the sector's middle half▲ 1.5%
Total assets€172,992-€166,682within the sector's middle half▼ 3.6%€214,703within the sector's middle half▲ 28.8%€212,492within the sector's middle half▼ 1.0%€171,762within the sector's middle half▼ 19.2%€177,072within the sector's middle half▲ 3.1%€175,610within the sector's middle half▼ 0.8%
Debt€137,836-€138,318▲ 0.3%€65,691▼ 52.5%€54,049▼ 17.7%€13,138▼ 75.7%€14,722▲ 12.1%€10,905▼ 25.9%
Working capital-€42,371--€76,422below the sector's middle half▼ 80.4%€25,137within the sector's middle half€37,718within the sector's middle half▲ 50.0%€46,088within the sector's middle half▲ 22.2%€57,061within the sector's middle half▲ 23.8%€65,016within the sector's middle half▲ 13.9%
Solvency20.3%-17.0%below the sector's middle half▼ 3.3pp69.4%within the sector's middle half▲ 52.4pp74.6%within the sector's middle half▲ 5.2pp92.4%above the sector's middle half▲ 17.8pp91.7%above the sector's middle half▼ 0.7pp93.8%above the sector's middle half▲ 2.1pp
Current ratio0.24-0.08below the sector's middle half▼ 0.161.38within the sector's middle half▲ 1.301.70within the sector's middle half▲ 0.324.64above the sector's middle half▲ 2.944.88above the sector's middle half▲ 0.246.96above the sector's middle half▲ 2.09
Return on assets (ROA)0.0%--4.1%below the sector's middle half▼ 4.1pp56.2%above the sector's middle half▲ 60.3pp4.4%within the sector's middle half▼ 51.8pp0.1%below the sector's middle half▼ 4.3pp2.1%within the sector's middle half▲ 2.0pp1.3%below the sector's middle half▼ 0.8pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 38% lower than 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 €175,610
Fixed assets
€99,689 ▼ 5.3%
Current assets
€75,921 ▲ 5.8%
Equity and liabilities €175,610
Equity
€164,705 ▲ 1.5%
Debt
€10,905 ▼ 25.9%
Debt's share of the balance-sheet total falls from 8.3% to 6.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€9,758▼
2024 · €14,451
Cash flow
€7,955▼
2024 · €11,445
Debt to equity
0.07▼
2024 · 0.09
ROE
1.4%▼
2024 · 2.3%
Interest coverage
9.40▼
2024 · 9.84
Debt ≤ 1 year
€10,905▼
2024 · €14,722
Income taxes
€1,657▼
2024 · €2,348
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €4,563 | - | - | - |
| Depreciation and write-downs of the year | €7,718 | €7,718 | €7,719 | €5,600 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €15,100 | €9,191 | €5,822 | €7,718 | €7,718 | €7,719 | €5,600 | ▼ 27.5% |
| Other operating charges640/8 | - | - | - | €8,385 | €2,299 | €1,938 | €3,147 | ▲ 62.4% |
| Gross operating margin9900 | €25,061 | €20,540 | €18,755 | €31,616 | €10,829 | €16,389 | €12,905 | ▼ 21.3% |
| Operating profit (loss)9901 | €5,421 | -€4,392 | €9,945 | €15,513 | €811 | €6,733 | €4,158 | ▼ 38.2% |
| Financial income75/76B | - | - | - | €1,200 | €973 | €809 | €893 | ▲ 10.4% |
| Recurring financial income75 | - | - | €1,200 | €1,200 | €973 | €809 | €893 | ▲ 10.4% |
| Financial charges65/66B | - | - | - | €911 | €870 | €1,468 | €1,038 | ▼ 29.3% |
| Recurring financial charges65 | €2,621 | €2,231 | €3,002 | €911 | €870 | €1,468 | €1,038 | ▼ 29.3% |
| Profit (loss) for the period before taxes9903 | €2,799 | -€6,623 | €176,499 | €15,801 | €914 | €6,074 | €4,013 | ▼ 33.9% |
| Income taxes67/77 | €2,802 | €169 | €55,850 | €6,371 | €734 | €2,348 | €1,657 | ▼ 29.4% |
| Profit (loss) for the period9904 | -€2 | -€6,792 | €120,649 | €9,431 | €180 | €3,726 | €2,355 | ▼ 36.8% |
| Profit (loss) for the period to be appropriated9905 | -€2 | -€6,792 | €120,649 | €9,431 | €180 | €3,726 | €2,355 | ▼ 36.8% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €172,992 | €166,682 | €214,703 | €212,492 | €171,762 | €177,072 | €175,610 | ▼ 0.8% |
| Fixed assets21/28 | €159,328 | €159,901 | €123,881 | €120,726 | €113,007 | €105,289 | €99,689 | ▼ 5.3% |
| Tangible fixed assets22/27 | €159,328 | €159,901 | €123,881 | €120,726 | €113,007 | €105,289 | €99,689 | ▼ 5.3% |
| Land and buildings22 | - | - | - | €114,718 | €109,118 | €103,519 | €97,919 | ▼ 5.4% |
| Furniture and vehicles24 | - | - | - | €6,007 | €3,889 | €1,770 | €1,770 | = |
| Current assets29/58 | €13,664 | €6,780 | €90,822 | €91,767 | €58,755 | €71,784 | €75,921 | ▲ 5.8% |
| Amounts receivable after more than one year29 | - | - | - | €80,000 | €50,663 | €57,966 | €61,928 | ▲ 6.8% |
| Other amounts receivable291 | - | - | - | €80,000 | €50,663 | €57,966 | €61,928 | ▲ 6.8% |
| Amounts receivable within one year40/41 | €12,203 | €6,780 | €8,268 | €11,703 | €8,092 | €12,169 | €13,106 | ▲ 7.7% |
| Trade receivables40 | - | - | - | €11,573 | €7,625 | €12,169 | €13,106 | ▲ 7.7% |
| Other amounts receivable41 | - | - | - | €131 | €467 | - | - | - |
| Cash at bank and in hand54/58 | €1,461 | - | €1,290 | - | - | €1,649 | €887 | ▼ 46.2% |
| Deferred charges and accrued income490/1 | - | - | - | €63 | - | - | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €172,992 | €166,682 | €214,703 | €212,492 | €171,762 | €177,072 | €175,610 | ▼ 0.8% |
| Equity10/15 | €35,156 | €28,364 | €149,012 | €158,443 | €158,624 | €162,350 | €164,705 | ▲ 1.5% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €16,658 | €16,658 | €130,408 | €139,839 | €140,019 | €143,745 | €146,101 | ▲ 1.6% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | - | - |
| Tax-exempt reserves132 | - | - | - | €6,492 | €6,492 | €6,492 | €6,492 | = |
| Distributable reserves133 | - | - | - | €131,487 | €131,668 | €135,394 | €139,609 | ▲ 3.1% |
| Profit (loss) carried forward14 | -€102 | -€6,894 | €4 | €4 | €4 | €4 | €4 | = |
| Amounts payable17/49 | €137,836 | €138,318 | €65,691 | €54,049 | €13,138 | €14,722 | €10,905 | ▼ 25.9% |
| Amounts payable after more than one year17 | €81,801 | €55,115 | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €56,035 | €83,203 | €65,685 | €54,049 | €12,667 | €14,722 | €10,905 | ▼ 25.9% |
| Financial debts43 | - | - | - | €2,289 | €2,398 | - | - | - |
| Credit institutions430/8 | - | - | - | €2,289 | €2,398 | - | - | - |
| Trade debts44 | €25 | €2,414 | €2,635 | €4,854 | €1,323 | €5,957 | €3,517 | ▼ 41.0% |
| Suppliers440/4 | - | - | - | €4,854 | €1,323 | €5,957 | €3,517 | ▼ 41.0% |
| Taxes, remuneration and social security45 | - | - | - | €14,538 | €8,947 | €8,765 | €7,389 | ▼ 15.7% |
| Taxes450/3 | - | - | - | €14,238 | €8,947 | €8,765 | €7,389 | ▼ 15.7% |
| Remuneration and social security454/9 | - | - | - | €300 | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €32,368 | - | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | - | €471 | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€2 | -€6,792 | €120,649 | €9,431 | €180 | €3,726 | €2,355 | ▼ 36.8% |
| + Depreciation and write-downs630 | €15,100 | €9,191 | €5,822 | €7,718 | €7,718 | €7,719 | €5,600 | ▼ 27.5% |
| Operating cash flow (approximation) | €15,098 | €2,399 | €126,470 | €17,149 | €7,899 | €11,445 | €7,955 | ▼ 30.5% |
| Investment in fixed assets (approximation) | - | -€9,765 | €30,198 | -€4,563 | €0 | €0 | €0 | - |
| Change in cash | - | - | - | - | - | - | -€762 | - |
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, 17,041 companies had the same profile as RAM has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of RAM itself: 0.6% 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 17,041 companies, not a prediction for RAM. 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 29 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2025 | micro format | 31-10-2025 | 2025-00559287 | |
| 31-03-2024 | micro format | 27-04-2025 | 2025-00076751 | |
| 31-03-2023 | micro format | 30-04-2024 | 2024-00077949 | |
| 31-03-2022 | micro format | 07-12-2022 | 2022-20534980 | |
| 31-03-2021 | micro format | 30-09-2021 | 2021-70200245 | |
| 31-03-2020 | micro format | 02-10-2020 | 2020-58600462 | |
| 31-03-2019 | micro format | 30-09-2019 | 2019-67400554 | |
| 31-03-2018 | micro format | 27-09-2018 | 2018-66500410 | |
| 31-03-2017 | micro format | 19-12-2017 | 2017-72300397 | |
| 31-03-2016 | abbreviated format | 30-09-2016 | 2016-63900097 |