Rational
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 01-07-2026 at the NBB all 45 filings
Amounts without an identifiable currency are taken as euros.
Turnover
≈ €2.7m
Estimated: probably between €2.0m and €3.4m
EBIT margin
Not included in this filing
Net result
€7,602▲ 100×
2024 · €76
Working capital
€185,062▲ 4.3%
2024 · €177,460
In the rankings
#5 oldest company in Tessenderlo-Ham, Construction sector#10 employer in Tessenderlo-Ham, Construction sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€10,700
▲ 475%
2025
20182025
Net result
€7,602
▲ 100×
2025
middle half of the sector
20182025
Equity
€185,062
▲ 4.3%
2025
middle half of the sector
20182025
Total assets
€474,173
▲ 37.4%
2025
middle half of the sector
20182025
Debt
€289,111
▲ 72.5%
2025
20182025
Working capital
€185,062
▲ 4.3%
2025
middle half of the sector
20182025
Solvency
39.0%
▼ 12.4pp
2025
middle half of the sector
20182025
Current ratio
1.64
▼ 0.42
2025
middle half of the sector
20182025
Return on assets (ROA)
1.6%
▲ 1.6pp
2025
middle half of the sector
20182025
Staff (FTE)
18.3
▼ 3.7%
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€1,088-€1,867▲ 71.5%€18,969▲ 916%€34,822▲ 83.6%€61,833▲ 77.6%€5,117▼ 91.7%€1,862▼ 63.6%€10,700▲ 475%
Net result-€1,036--€582▲ 43.8%€11,786within the sector's middle half€24,605within the sector's middle half▲ 109%€43,566within the sector's middle half▲ 77.1%€308below the sector's middle half▼ 99.3%€76below the sector's middle half▼ 75.2%€7,602within the sector's middle half▲ 100×
Equity€97,701-€97,119▼ 0.6%€108,906within the sector's middle half▲ 12.1%€133,511within the sector's middle half▲ 22.6%€177,076within the sector's middle half▲ 32.6%€177,384within the sector's middle half▲ 0.2%€177,460within the sector's middle half=€185,062within the sector's middle half▲ 4.3%
Total assets€258,689-€265,246▲ 2.5%€256,098below the sector's middle half▼ 3.4%€297,694below the sector's middle half▲ 16.2%€322,867below the sector's middle half▲ 8.5%€377,844below the sector's middle half▲ 17.0%€345,019below the sector's middle half▼ 8.7%€474,173within the sector's middle half▲ 37.4%
Debt€160,988-€168,127▲ 4.4%€147,193▼ 12.5%€164,184▲ 11.5%€145,791▼ 11.2%€200,460▲ 37.5%€167,559▼ 16.4%€289,111▲ 72.5%
Working capital€97,701-€97,119▼ 0.6%€108,906within the sector's middle half▲ 12.1%€133,511within the sector's middle half▲ 22.6%€177,076within the sector's middle half▲ 32.6%€177,384within the sector's middle half▲ 0.2%€177,460within the sector's middle half=€185,062within the sector's middle half▲ 4.3%
Solvency37.8%-36.6%▼ 1.2pp42.5%within the sector's middle half▲ 5.9pp44.8%within the sector's middle half▲ 2.3pp54.8%within the sector's middle half▲ 10.0pp46.9%within the sector's middle half▼ 7.9pp51.4%within the sector's middle half▲ 4.5pp39.0%within the sector's middle half▼ 12.4pp
Current ratio1.61-1.58▼ 0.031.74within the sector's middle half▲ 0.161.81within the sector's middle half▲ 0.072.21within the sector's middle half▲ 0.401.88within the sector's middle half▼ 0.332.06within the sector's middle half▲ 0.171.64within the sector's middle half▼ 0.42
Return on assets (ROA)-0.4%--0.2%▲ 0.2pp4.6%within the sector's middle half▲ 4.8pp8.3%within the sector's middle half▲ 3.7pp13.5%above the sector's middle half▲ 5.2pp0.1%below the sector's middle half▼ 13.4pp0.0%below the sector's middle half▼ 0.1pp1.6%within the sector's middle half▲ 1.6pp
Staff (FTE)24.5-24.1▼ 1.6%23.4above the sector's middle half▼ 2.9%22.7above the sector's middle half▼ 3.0%21.2above the sector's middle half▼ 6.6%19.4above the sector's middle half▼ 8.5%19above the sector's middle half▼ 2.1%18.3within the sector's middle half▼ 3.7%
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 over 5.7 times that of 2024. It is a recovery after the fall in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €474,173
Equity
€185,062 ▲ 4.3%
Debt
€289,111 ▲ 72.5%
Debt's share of the balance-sheet total rises from 48.6% to 61.0%. Equity and debt are higher.
Key figures and ratios
Debt to equity
1.56▲
2024 · 0.94
ROE
4.1%▲
2024 · 0.0%
Debt ≤ 1 year
€289,111▲
2024 · €167,559
Income taxes
€4,289▲
2024 · €1,764
Staff costs
€916,045▼
2024 · €1.0m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 24 | 21 | 20 | 20 | 19 |
| full-time | 19 | 16 | 15 | 14 | 13 |
| part-time | 5 | 5 | 5 | 6 | 6 |
| in full-time equivalents | 22.7 | 19.7 | 18.7 | 18.6 | 17.9 |
| Average over the year, in full-time equivalents | 22.7 | 21.2 | 19.4 | 19 | 18.3 |
| On a permanent contract | 24 | 21 | 20 | 19 | 18 |
| Joined | - | 0 | 1 | 2 | - |
| Left | - | 3 | 2 | 2 | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | €0.9m | €1.0m | €0.9m | €1.0m | €1.0m | €0.9m | ▼ 9.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0 | €0 | - | - | - | - | - | - | - |
| Other operating charges640/8 | - | - | €0.001m | €0.001m | €0.002m | €0.002m | €386 | €188 | ▼ 51.3% |
| Gross operating margin9900 | €1.0m | €1.1m | €0.9m | €1.0m | €1.0m | €1.0m | €1.0m | €0.9m | ▼ 8.5% |
| Operating profit (loss)9901 | €0.001m | €0.002m | €0.02m | €0.03m | €0.06m | €0.005m | €0.002m | €0.01m | ▲ 475% |
| Financial income75/76B | - | - | - | - | - | €0 | - | €0.002m | - |
| Recurring financial income75 | €0 | €0 | - | - | - | €0 | - | €0 | - |
| Non-recurring financial income76B | - | - | - | - | - | - | - | €0.002m | - |
| Financial charges65/66B | - | - | €20 | €30 | €423 | €155 | €22 | €0.001m | ▲ 47× |
| Recurring financial charges65 | €47 | €123 | €20 | €30 | €423 | €155 | €22 | €0.001m | ▲ 47× |
| Profit (loss) for the period before taxes9903 | €0.001m | €0.002m | €0.02m | €0.03m | €0.06m | €0.005m | €0.002m | €0.01m | ▲ 546% |
| Income taxes67/77 | €0.002m | €0.002m | €0.007m | €0.01m | €0.02m | €0.005m | €0.002m | €0.004m | ▲ 143% |
| Profit (loss) for the period9904 | -€0.001m | -€0.001m | €0.01m | €0.02m | €0.04m | €308 | €76 | €0.008m | ▲ 100× |
| Profit (loss) for the period to be appropriated9905 | -€0.001m | -€0.001m | €0.01m | €0.02m | €0.04m | €308 | €76 | €0.008m | ▲ 100× |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €258,689 | €265,246 | €256,098 | €297,694 | €322,867 | €377,844 | €345,019 | €474,173 | ▲ 37.4% |
| Formation expenses20 | €0 | €0 | - | - | - | - | - | - | - |
| Intangible fixed assets21 | €0 | €0 | - | - | - | - | - | - | - |
| Financial fixed assets28 | €0 | €0 | - | - | - | - | - | - | - |
| Current assets29/58 | €258,689 | €265,246 | €256,098 | €297,694 | €322,867 | €377,844 | €345,019 | €474,173 | ▲ 37.4% |
| Stocks and contracts in progress3 | €0 | €0 | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €257,720 | €264,161 | €253,470 | €297,611 | €322,752 | €377,566 | €344,935 | €473,584 | ▲ 37.3% |
| Trade receivables40 | - | - | €200 | €38,837 | €3,997 | €7,337 | €26,415 | €18,600 | ▼ 29.6% |
| Other amounts receivable41 | - | - | €253,270 | €258,774 | €318,755 | €370,229 | €318,520 | €454,984 | ▲ 42.8% |
| Current investments50/53 | €0 | €0 | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €969 | €1,086 | €2,629 | €83 | €115 | €278 | €85 | €588 | ▲ 593% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €258,689 | €265,246 | €256,098 | €297,694 | €322,867 | €377,844 | €345,019 | €474,173 | ▲ 37.4% |
| Equity10/15 | €97,701 | €97,119 | €108,906 | €133,511 | €177,076 | €177,384 | €177,460 | €185,062 | ▲ 4.3% |
| Contributions10/11 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Capital10 | - | - | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Issued capital100 | - | - | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Reserves13 | €28,200 | €28,200 | €46,200 | €46,200 | €46,200 | €46,200 | €46,200 | €46,200 | = |
| Non-distributable reserves130/1 | - | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Legal reserve130 | - | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Distributable reserves133 | - | - | €40,000 | €40,000 | €40,000 | €40,000 | €40,000 | €40,000 | = |
| Profit (loss) carried forward14 | €7,501 | €6,919 | €706 | €25,311 | €68,876 | €69,184 | €69,260 | €76,862 | ▲ 11.0% |
| Amounts payable17/49 | €160,988 | €168,127 | €147,193 | €164,184 | €145,791 | €200,460 | €167,559 | €289,111 | ▲ 72.5% |
| Amounts payable within one year42/48 | €160,988 | €168,127 | €147,193 | €164,184 | €145,791 | €200,460 | €167,559 | €289,111 | ▲ 72.5% |
| Trade debts44 | €1,797 | €2,463 | €1,375 | €3,067 | €3,462 | €3,969 | €10,763 | €77,290 | ▲ 618% |
| Suppliers440/4 | - | - | €1,375 | €3,067 | €3,462 | €3,969 | €10,763 | €77,290 | ▲ 618% |
| Taxes, remuneration and social security45 | - | - | €145,818 | €161,117 | €142,329 | €196,491 | €156,796 | €211,820 | ▲ 35.1% |
| Taxes450/3 | - | - | €48,288 | €44,463 | €55,846 | €41,617 | €39,464 | €70,654 | ▲ 79.0% |
| Remuneration and social security454/9 | - | - | €97,530 | €116,654 | €86,483 | €154,874 | €117,332 | €141,166 | ▲ 20.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€1,036 | -€582 | €11,786 | €24,605 | €43,566 | €308 | €76 | €7,602 | ▲ 100× |
| + Depreciation and write-downs630 | €0 | €0 | - | - | - | - | - | - | - |
| Operating cash flow (approximation) | -€1,036 | -€582 | €11,786 | €24,605 | €43,566 | €308 | €76 | €7,602 | ▲ 100× |
| Change in cash | - | €116 | €1,543 | -€2,546 | €33 | €163 | -€194 | €503 | - |
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, 14,766 companies had the same profile as Rational has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of Rational itself is higher: 1.8% within 12 months. It rests on far more data about Rational 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 14,766 companies, not a prediction for Rational. 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 45 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 01-07-2026 | 2026-00234553 | |
| 31-12-2024 | abbreviated format | 18-07-2025 | 2025-00295252 | |
| 31-12-2023 | abbreviated format | 02-07-2024 | 2024-00203024 | |
| 31-12-2022 | abbreviated format | 25-10-2023 | 2023-00491799 | |
| 31-12-2021 | abbreviated format | 21-03-2023 | 2023-00044637 | |
| 31-12-2020 | abbreviated format | 09-09-2022 | 2022-20424825 | |
| 31-12-2019 | abbreviated format | 30-11-2020 | 2020-74300540 | |
| 31-12-2018 | abbreviated format | 07-08-2019 | 2019-44600152 | |
| 31-12-2017 | abbreviated format | 27-09-2018 | 2018-65400292 | |
| 31-12-2016 | abbreviated format | 28-07-2017 | 2017-40400207 |