Ransa
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, 2026-00545624.
Annual accounts 2025 filed on 30-09-2026 at the NBB all 5 filings
Turnover
≈ €200,000
Estimated: probably between €120,000 and €300,000
Total assets
€271,860▲ 0.2%
2024 · €271,356
Net result
€16,460▼ 79.4%
2024 · €79,949
Working capital
€87,165▼ 49.4%
2024 · €172,214
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€23,038
▼ 77.7%
2025
20212025
Net result
€16,460
▼ 79.4%
2025
middle half of the sector
20212025
Equity
€105,079
▼ 44.3%
2025
middle half of the sector
20212025
Total assets
€271,860
▲ 0.2%
2025
middle half of the sector
20212025
Debt
€166,781
▲ 102%
2025
20212025
Working capital
€87,165
▼ 49.4%
2025
highest quarter of the sector
20212025
Solvency
38.7%
▼ 30.9pp
2025
middle half of the sector
20212025
Current ratio
1.53
▼ 1.91
2025
middle half of the sector
20212025
Return on assets (ROA)
6.1%
▼ 23.4pp
2025
middle half of the sector
20212025
Staff (FTE)
0.1
▼ 85.7%
2025
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€2,317-€24,275▲ 948%€105,862▲ 336%€103,337▼ 2.4%€23,038▼ 77.7%
Net result€1,906within the sector's middle half-€19,398within the sector's middle half▲ 918%€84,367above the sector's middle half▲ 335%€79,949above the sector's middle half▼ 5.2%€16,460within the sector's middle half▼ 79.4%
Equity€4,906below the sector's middle half-€24,303within the sector's middle half▲ 395%€108,670within the sector's middle half▲ 347%€188,619above the sector's middle half▲ 73.6%€105,079within the sector's middle half▼ 44.3%
Total assets€20,735below the sector's middle half-€82,592within the sector's middle half▲ 298%€215,635within the sector's middle half▲ 161%€271,356within the sector's middle half▲ 25.8%€271,860within the sector's middle half▲ 0.2%
Debt€15,830-€58,289▲ 268%€106,965▲ 83.5%€82,737▼ 22.7%€166,781▲ 102%
Working capital€699within the sector's middle half-€6,772within the sector's middle half▲ 868%€96,544above the sector's middle half▲ 14×€172,214above the sector's middle half▲ 78.4%€87,165above the sector's middle half▼ 49.4%
Solvency23.7%within the sector's middle half-29.4%within the sector's middle half▲ 5.8pp50.4%within the sector's middle half▲ 21.0pp69.5%above the sector's middle half▲ 19.1pp38.7%within the sector's middle half▼ 30.9pp
Current ratio1.04within the sector's middle half-1.12within the sector's middle half▲ 0.071.90within the sector's middle half▲ 0.793.44above the sector's middle half▲ 1.541.53within the sector's middle half▼ 1.91
Return on assets (ROA)9.2%within the sector's middle half-23.5%above the sector's middle half▲ 14.3pp39.1%above the sector's middle half▲ 15.6pp29.5%above the sector's middle half▼ 9.7pp6.1%within the sector's middle half▼ 23.4pp
Staff (FTE)10.7▼ 30.0%0.1▼ 85.7%
above
within
below
The sector band is the middle half of the companies in Services to buildings and landscape activities (NACE 81). 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 78% lower than in 2024. It is the second fall in a row.
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 €271,860
Fixed assets
€21,591 ▼ 24.5%
Current assets
€250,269 ▲ 3.1%
Equity and liabilities €271,860
Equity
€105,079 ▼ 44.3%
Debt
€166,781 ▲ 102%
Debt's share of the balance-sheet total rises from 30.5% to 61.3%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€32,339▼
2024 · €111,665
Cash flow
€25,762▼
2024 · €88,277
Quick ratio
0.32▼
2024 · 0.96
Debt to equity
1.59▲
2024 · 0.44
ROE
15.7%▼
2024 · 42.4%
Interest coverage
over 100▲
2024 · 43.33
Debt ≤ 1 year
€163,104▲
2024 · €70,551
Debt > 1 year
€3,677▼
2024 · €12,186
Income taxes
€6,278▼
2024 · €20,812
Staff costs
€8,875▼
2024 · €34,147
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 |
| full-time | 1 | 1 | 1 |
| in full-time equivalents | 1 | 1 | 1 |
| Average over the year, in full-time equivalents | 1 | 0.7 | 0.1 |
| On a permanent contract | 1 | 1 | 1 |
| Joined | 1 | - | 1 |
| Left | 1 | - | 0 |
Source: social balance sheet in the 2023 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €4,588 | €15,500 | - | €24,793 | €2,301 |
| Depreciation and write-downs of the year | €382 | €2,175 | €5,404 | €8,328 | €9,301 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €467 | €19,904 | €34,147 | €8,875 | ▼ 74.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €382 | €2,175 | €5,404 | €8,328 | €9,301 | ▲ 11.7% |
| Other operating charges640/8 | €775 | €663 | €848 | €1,050 | €2,071 | ▲ 97.3% |
| Gross operating margin9900 | €3,474 | €27,580 | €132,019 | €146,862 | €43,285 | ▼ 70.5% |
| Operating profit (loss)9901 | €2,317 | €24,275 | €105,862 | €103,337 | €23,038 | ▼ 77.7% |
| Financial income75/76B | - | €12 | €1 | €1 | €0 | ▼ 94.3% |
| Recurring financial income75 | - | €12 | €1 | €1 | €0 | ▼ 94.3% |
| Financial charges65/66B | €16 | €40 | €38 | €2,577 | €300 | ▼ 88.4% |
| Recurring financial charges65 | €16 | €40 | €38 | €2,577 | €300 | ▼ 88.4% |
| Profit (loss) for the period before taxes9903 | €2,301 | €24,247 | €105,825 | €100,761 | €22,738 | ▼ 77.4% |
| Income taxes67/77 | €395 | €4,849 | €21,459 | €20,812 | €6,278 | ▼ 69.8% |
| Profit (loss) for the period9904 | €1,906 | €19,398 | €84,367 | €79,949 | €16,460 | ▼ 79.4% |
| Profit (loss) for the period to be appropriated9905 | €1,906 | €19,398 | €84,367 | €79,949 | €16,460 | ▼ 79.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €20,735 | €82,592 | €215,635 | €271,356 | €271,860 | ▲ 0.2% |
| Fixed assets21/28 | €4,206 | €17,531 | €12,126 | €28,591 | €21,591 | ▼ 24.5% |
| Tangible fixed assets22/27 | €4,206 | €17,531 | €12,126 | €28,591 | €21,591 | ▼ 24.5% |
| Plant, machinery and equipment23 | €4,206 | €2,677 | €1,147 | - | - | - |
| Furniture and vehicles24 | - | €14,854 | €10,979 | €28,591 | €21,591 | ▼ 24.5% |
| Current assets29/58 | €16,529 | €65,061 | €203,509 | €242,765 | €250,269 | ▲ 3.1% |
| Stocks and contracts in progress3 | - | - | - | €175,257 | €197,487 | ▲ 12.7% |
| Contracts in progress37 | - | - | - | €175,257 | €197,487 | ▲ 12.7% |
| Amounts receivable within one year40/41 | €9,196 | €45,223 | €35,109 | €5,149 | €35,784 | ▲ 595% |
| Trade receivables40 | €7,081 | €43,215 | €35,109 | €5,149 | €35,478 | ▲ 589% |
| Other amounts receivable41 | €2,116 | €2,008 | - | - | €305 | - |
| Cash at bank and in hand54/58 | €7,333 | €19,584 | €164,694 | €62,114 | €14,738 | ▼ 76.3% |
| Deferred charges and accrued income490/1 | - | €254 | €3,706 | €244 | €2,261 | ▲ 825% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €20,735 | €82,592 | €215,635 | €271,356 | €271,860 | ▲ 0.2% |
| Equity10/15 | €4,906 | €24,303 | €108,670 | €188,619 | €105,079 | ▼ 44.3% |
| Contributions10/11 | €4,000 | €4,000 | €4,000 | €4,000 | €4,000 | = |
| Profit (loss) carried forward14 | €906 | €20,303 | €104,670 | €184,619 | €101,079 | ▼ 45.2% |
| Amounts payable17/49 | €15,830 | €58,289 | €106,965 | €82,737 | €166,781 | ▲ 102% |
| Amounts payable after more than one year17 | - | - | - | €12,186 | €3,677 | ▼ 69.8% |
| Financial debts170/4 | - | - | - | €12,186 | €3,677 | ▼ 69.8% |
| Amounts payable within one year42/48 | €15,830 | €58,289 | €106,965 | €70,551 | €163,104 | ▲ 131% |
| Current portion of amounts payable after more than one year42 | - | - | - | €8,774 | €8,509 | ▼ 3.0% |
| Trade debts44 | €1,460 | €22,562 | €46,035 | €5,213 | €2,090 | ▼ 59.9% |
| Suppliers440/4 | €1,460 | €22,562 | €46,035 | €5,213 | €2,090 | ▼ 59.9% |
| Taxes, remuneration and social security45 | €395 | €5,245 | €29,211 | €28,629 | €28,979 | ▲ 1.2% |
| Taxes450/3 | €395 | €5,245 | €29,211 | €28,629 | €27,090 | ▼ 5.4% |
| Remuneration and social security454/9 | - | - | - | - | €1,889 | - |
| Other amounts payable47/48 | €13,975 | €30,482 | €31,719 | €27,936 | €123,526 | ▲ 342% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1,906 | €19,398 | €84,367 | €79,949 | €16,460 | ▼ 79.4% |
| + Depreciation and write-downs630 | €382 | €2,175 | €5,404 | €8,328 | €9,301 | ▲ 11.7% |
| Operating cash flow (approximation) | €2,288 | €21,573 | €89,771 | €88,277 | €25,762 | ▼ 70.8% |
| Investment in fixed assets (approximation) | - | -€15,500 | €0 | -€24,793 | -€2,301 | ▲ 90.7% |
| Change in cash | - | €12,251 | €145,110 | -€102,580 | -€47,376 | ▲ 53.8% |
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, 26,972 companies had the same profile as Ransa has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of Ransa itself is higher: 3.6% within 12 months. It rests on far more data about Ransa 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 26,972 companies, not a prediction for Ransa. 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 | 30-09-2026 | 2026-00545624 | |
| 31-12-2024 | micro format | 21-09-2025 | 2025-00499103 | |
| 31-12-2023 | micro format | 24-09-2024 | 2024-00471248 | |
| 31-12-2022 | micro format | 23-09-2023 | 2023-00452318 | |
| 31-12-2021 | micro format | 29-09-2022 | 2022-20451329 |