RAVENSBURGER

Active

Public limited companyfounded 199234 yrs activeAntwerpselaan 1, 1853 Grimbergen, BelgiumKBO/BCE: BE 0447.576.806

RAVENSBURGER has been active since 1992 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €2.33M and a net result of €196k. Equity is growing by ~9.3% per year across the filed fiscal years. Its solvency ranks better than 81% of 720 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).

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Checked score

Score 2025

88 / 100

Excellent▼ -12 vs 2024

The score combines four axes. Every signal that weighs is under Signals.

Axes · tick = 2024

Profitability33▼-7

Solvency100=

Growth64▼-8

Stability100

Bankruptcy probability, 12 months

0.3% Very low

0%0.5%1.5%4%10%≥ 25%

Credit up to €200k at 30 days acceptable

Liquidity ample (current ratio 3.98 against 3.73 in 2024), and 26.6% of the assets are financed with debt.

How do we compute the score and the probability?

Credit advice for your own amount and term

Signals

Seven signals. The signal on the left, the evidence on the right.

−lowers risk+raises risk○neutral

Long track record

A company with a long track record statistically fails less often than a young one.

KBO · incorporation date

Age against the risk zone

Annual accounts: healthy financial profile

The latest annual accounts show a healthy profile in solvency, result and liquidity.

NBB · annual accounts 2025

Solvency, return and age of the figures

Solvency

73.4%

Return on assets

6.2%

Age of the figures

8 mo

Lower-risk legal form

Companies with this legal form statistically fail less often than a BV.

KBO · legal form

Higher-failure-rate sector

In this sector companies fail more often than the Belgian average.

Gazette · bankruptcies per sector, NACE 46

Relative position

BE, all sectors

reference

Sector 46

higher

← fewer bankruptcies more bankruptcies →

A punctual record breaks

This company filed 3 consecutive financial years on time. The year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 26-08-2026, 26 days late. Weigh it accordingly: a break into the 1-to-90-day band measures 1.41% abnormal legal state, below the 1.66% market average. It is a change in behaviour, not evidence of elevated risk.

NBB · 10 filings

Deviation from the deadline

2025

26 d late

2024

73 d early

2023

51 d early

2022

32 d early

2021

64 d late

2020

23 d early

2019

123 d late

← before the deadline after the deadline →

The next deadline is still running

The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.

Companies Code · seven months

Position in the running window

13-09-2026 today31-12-2026 close31-07-2027 deadline

No strike-offs in the KBO publications

We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

KBO publications · our coverage

Financials · fiscal year 2025, full schema

Turnover

€7.50M▼ 29.1%

2024 · €10.58M

2018: €6.97M 2020: €7.68M 2021: €7.21M 2022: €5.93M 2023: €7.69M 2024: €10.58M

2018 → 2025

EBIT margin

3.5%▼ 0.1pp

2024 · 3.6%

2018: 4.4% 2020: 4.5% 2021: 4.4% 2022: 3.8% 2023: 3.3% 2024: 3.6%

2018 → 2025

Net result

€196k▼ 28.3%

2024 · €273k

2018: €120k 2020: €149k 2021: €188k 2022: €127k 2023: €192k 2024: €273k

2018 → 2025

Working capital

€2.37M▲ 7.0%

2024 · €2.21M

2018: €1.23M 2020: €1.55M 2021: €1.53M 2022: €1.66M 2023: €1.87M 2024: €2.21M

2018 → 2025

Multi-year overview

Every figure with its change against the year before

▲ rise ▼ fall

Line20212022202320242025Trend

Turnover€7.21M-€5.93M▼ 17.8%€7.69M▲ 29.8%€10.58M▲ 37.5%€7.50M▼ 29.1%

Equity€1.54M-€1.67M▲ 8.3%€1.86M▲ 11.6%€2.13M▲ 14.7%€2.33M▲ 9.2%

Operating result€318k-€225k▼ 29.1%€257k▲ 14.1%€386k▲ 50.2%€264k▼ 31.5%

Net result€188k-€127k▼ 32.3%€192k▲ 51.2%€273k▲ 41.9%€196k▼ 28.3%

Result per fiscal year

Operating resultNet result

The operating result falls in 2025; 2025 is 31% below 2024.

Balance-sheet composition

2025 in colour, 2024 as the grey bar beneath

Assets €3.17M

99.7%

Fixed assets €11k▲ 10.5%

Current assets €3.16M▲ 4.5%

Equity and liabilities €3.17M

73.4%

25.0%

Equity €2.33M▲ 9.2%

Provisions €52k▼ 44.1%

Debt €794k▼ 2.1%

The debt ratio falls from 26.7% to 25.0%: equity grows while debt is paid down.

Key figures and ratios

2025 value · change against 2024

EBITDA

€266k▼

2024 · €388k

Cash flow

€197k▼

2024 · €275k

Solvency

73.4%▲

2024 · 70.2%

Current ratio

3.98▲

2024 · 3.73

Quick ratio

3.98▲

2024 · 3.73

Debt / equity

0.34▼

2024 · 0.38

ROE

8.4%▼

2024 · 12.8%

ROA

6.2%▼

2024 · 9.0%

Interest coverage

5.71▲

2024 · 5.05

Debt

€794k▼

2024 · €811k

Debt ≤ 1 year

€794k▼

2024 · €811k

Income taxes

€73k▼

2024 · €116k

Staff costs

€518k▲

2024 · €445k

Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.

Filed annual accounts

As filed with the NBB · 2025 against 2024

Balance sheet Code20242025

Assets

Total assets20/58€3.03M€3.17M▲

Fixed assets21/28€10k€11k▲

Intangible fixed assets21€4k€5k▲

Financial fixed assets28€6k€6k=

Current assets29/58€3.02M€3.16M▲

Amounts receivable within one year40/41€2.98M€3.11M▲

Trade receivables40€873k€842k▼

Other amounts receivable41€2.11M€2.27M▲

Cash at bank and in hand54/58€0-

Deferred charges and accrued income490/1€42k€50k▲

Equity and liabilities

Total equity and liabilities10/49€3.03M€3.17M▲

Equity10/15€2.13M€2.33M▲

Contributions10/11€500k€500k=

Capital10€500k€500k=

Issued capital100€500k€500k=

Reserves13€50k€50k=

Non-distributable reserves130/1€50k€50k=

Legal reserve130€50k€50k=

Profit (loss) carried forward14€1.58M€1.78M▲

Provisions and deferred taxes16€92k€52k▼

Provisions for liabilities and charges160/5€92k€52k▼

Pensions and similar obligations160€20k€22k▲

Other liabilities and charges164/5€72k€30k▼

Amounts payable17/49€811k€794k▼

Amounts payable within one year42/48€811k€794k▼

Trade debts44€727k€693k▼

Suppliers440/4€727k€693k▼

Taxes, remuneration and social security45€84k€101k▲

Taxes450/3€24k€23k▼

Remuneration and social security454/9€60k€78k▲

Income statement Code20242025

Turnover70€10.58M€7.50M▼

Goods, raw materials, services and sundry goods60/61€9.57M€6.76M▼

Remuneration, social security and pensions62€445k€518k▲

Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€2k€2k▼

Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€73k€-13k▼

Provisions for liabilities and charges: additions (uses and reversals)635/8€73k€-42k▼

Other operating charges640/8€7k€5k▼

Non-recurring operating charges66A€17k€13k▼

Gross operating margin9900€1.00M€747k▼

Operating profit (loss)9901€386k€264k▼

Financial income75/76B€80k€50k▼

Recurring financial income75€80k€50k▼

Financial charges65/66B€77k€47k▼

Recurring financial charges65€77k€47k▼

Profit (loss) for the period before taxes9903€389k€268k▼

Income taxes67/77€116k€73k▼

Profit (loss) for the period9904€273k€196k▼

Profit (loss) for the period to be appropriated9905€273k€196k▼

Appropriation of the result

Profit (loss) to be appropriated9906€1.58M€1.78M▲

Profit (loss) brought forward from the previous period14P€1.31M€1.58M▲

Social balance

Average headcount (FTE)90874.85.5▲

The notes to these accounts (9 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.

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Timeline · acts, filings and financial milestones

All 31Financial 2Gazette 19Filings 10

Next filing, fiscal year 2026, expected by 31-07-2027

2026

26-08

NBB filing Annual accounts filed

fiscal year 2025 · full schema · 26 days late

31-03

State Gazette act Registered office · Statutes amendment · Resignations & appointments

General meeting · Registered-office move · Director resignation5 facts ▸

General meeting, 20/03/2026
Registered-office move, 1853 Grimbergen, Antwerpselaan 1
Director resignation, DEN BLANKEN Ton (bestuurder)
Director discharge, DEN BLANKEN Ton
Power of attorney, DLA Piper

2025

28-08

State Gazette act Resignations & appointments

Board meeting · Director appointment2 facts ▸

Board meeting, 2025-07-15
Director appointment, Susanne Knoche (gedelegeerd bestuurder)

03-07

State Gazette act Statutes amendment · Resignations & appointments

General meeting · Statutes amendment · Capital15 facts ▸

General meeting, 2025-06-05
Statutes amendment
Capital, €500.000
Corporate purpose, de creatie, de aankoop en de uitbating van alle zaken of ondernemingen van concept, creatie, verspreiding, het in handel brengen van diverse spelen voor educati…
Director resignation, KNOCHE Susanne (bestuurder)
Director resignation, BLEYER Thomas (bestuurder)
Director resignation, den BLANKEN Ton (bestuurder)
Director reappointment, KNOCHE Susanne (bestuurder)
Director reappointment, BLEYER Thomas (bestuurder)
Director reappointment, den BLANKEN Ton (bestuurder)
Mandate compensation, KNOCHE Susanne
Mandate compensation, BLEYER Thomas
+3 further facts in this act

19-05

NBB filing Annual accounts filed

fiscal year 2024 · abbreviated schema

06-05

State Gazette act Resignations & appointments

General meeting · Board meeting · Director resignation6 facts ▸

General meeting, 2025-04-09
Board meeting, 2025-04-09
Director resignation, Olaf Ruitenberg (bestuurder)
Director discharge, Olaf Ruitenberg
Director resignation, Olaf Ruitenberg (gedelegeerd bestuurder)
Power of attorney, DLA Piper UK LLP

2024

31-12

Financial Highest result since 2018net €273k ▲41.9%

Operating result €386k, net result €273k, both a record.

31-12

Financial Equity above €2MEq €2.13M ▲14.7%

6 profitable years in a row build equity to €2.13M.

11-06

State Gazette act Resignations & appointments

General meeting · Director reappointment · Mandate compensation35 facts ▸

General meeting, 2022-06-15
Director reappointment, Dick Kraaijeveld (bestuurder)
Mandate compensation, Dick Kraaijeveld
Director reappointment, Susanne Knoche (bestuurder)
Mandate compensation, Susanne Knoche
Director reappointment, Ralph Knauer (bestuurder)
Mandate compensation, Ralph Knauer
Director reappointment, Olaf Ruitenberg (bestuurder)
Mandate compensation, Olaf Ruitenberg
Board composition, bestuurder, 2022-06-15
Board composition, bestuurder, 2022-06-15
Board composition, bestuurder, 2022-06-15
+23 further facts in this act

10-06

NBB filing Annual accounts filed

fiscal year 2023 · abbreviated schema

2023

29-06

NBB filing Annual accounts filed

fiscal year 2022 · abbreviated schema

2022

03-10

NBB filing Annual accounts filed

fiscal year 2021 · abbreviated schema · 64 days late

03-01

State Gazette act Resignations & appointments

General meeting · Auditor reappointment · Permanent representative4 facts ▸

General meeting, 2021-11-10
Auditor reappointment, commissaris, boekjaren eindigend op 31 december 2021, 31 december 2022, en 31 december 2023
Permanent representative, Thomas Verhamme
Power of attorney, DLA Piper UK LLP

2021

05-10

State Gazette act Resignations & appointments

General meeting · Director resignation · Director reappointment14 facts ▸

General meeting, 2021-05-21
Director resignation, Stowahse, Martin (bestuurder)
Director reappointment, Kraaijeveld, Dick (bestuurder)
Mandate compensation, Kraaijeveld, Dick
Director reappointment, Knoche, Susanne (bestuurder)
Mandate compensation, Knoche, Susanne
Director reappointment, Knauer, Ralph (bestuurder)
Mandate compensation, Knauer, Ralph
Director reappointment, Ruitenberg, Olaf (bestuurder)
Mandate compensation, Ruitenberg, Olaf
Board composition, bestuurder, 2021-05-21
Board composition, bestuurder, 2021-05-21
+2 further facts in this act

08-07

NBB filing Annual accounts filed

fiscal year 2020 · abbreviated schema

2020

23-12

State Gazette act Resignations & appointments

General meeting · Director appointment · Mandate compensation18 facts ▸

General meeting, 2020-10-30
Director appointment, Ralph Knauer (bestuurder)
Mandate compensation, Ralph Knauer
Board composition, bestuurder, 2020-01-01
Board composition, bestuurder, 2020-01-01
Board composition, bestuurder, 2020-01-01
Board composition, bestuurder, 2020-01-01
Director reappointment, Dick Kraaijeveld (bestuurder)
Mandate compensation, Dick Kraaijeveld
Director reappointment, Susanne Knoche (bestuurder)
Mandate compensation, Susanne Knoche
Director reappointment, Olaf Ruitenberg (bestuurder)
+6 further facts in this act

01-12

NBB filing Annual accounts filed

fiscal year 2019 · abbreviated schema · 123 days late

2019

20-09

NBB filing Annual accounts filed

fiscal year 2018 · abbreviated schema · 51 days late

15-03

NBB filing Annual accounts filed

fiscal year 2017 · abbreviated schema · 227 days late

18-02

State Gazette act Resignations & appointments

General meeting · Director appointment · Mandate compensation23 facts ▸

General meeting, 2018-09-28
Director appointment, Dick Kraaijeveld (bestuurder)
Mandate compensation, Dick Kraaijeveld
Board composition, bestuurder, 2018-01-01
Board composition, bestuurder, 2018-01-01
Board composition, bestuurder, 2018-01-01
Board composition, bestuurder, 2018-01-01
Director reappointment, Stefan Wölfer (bestuurder)
Mandate compensation, Stefan Wölfer
Director reappointment, Martin Stöwahse (bestuurder)
Mandate compensation, Martin Stöwahse
Director reappointment, Olaf Ruitenberg (bestuurder)
+11 further facts in this act

2018

02-02

NBB filing Annual accounts filed

fiscal year 2016 · full schema · 186 days late

2017

17-10

State Gazette act Resignations & appointments

General meeting · Director appointment · Mandate compensation9 facts ▸

General meeting, 2017-06-30
Director appointment, Wölfer Stefan (bestuurder)
Mandate compensation, Wölfer Stefan
Director reappointment, Stöwahse Martin (bestuurder)
Mandate compensation, Stöwahse Martin
Director resignation, Knoche Susanne (bestuurder)
Board composition, bestuurder, 2017-07-01
Board composition, bestuurder, 2017-07-01
Board composition, bestuurder, 2017-07-01

2016

30-08

State Gazette act Resignations & appointments

General meeting · Director appointment · Director reappointment5 facts ▸

General meeting, 30/06/2016
Director appointment, Stöwahse Martin (bestuurder)
Director reappointment, Ruitenberg Olaf (bestuurder)
Director resignation, Tiesler Michael Paul (bestuurder)
Mandate compensation, Ravensburger SA/NV

23-05

State Gazette act Resignations & appointments

General meeting · Director resignation · Director appointment11 facts ▸

General meeting, 2016-04-12
Director resignation, Florian Knell (bestuurder)
Director appointment, Suzanne Knoche (bestuurder)
Mandate compensation, Suzanne Knoche
Board composition, bestuurder, 2016-01-01
Board composition, bestuurder, 2016-01-01
Board composition, bestuurder, 2016-01-01
Auditor reappointment, boekjaren eindigend op 31 december 2015, 31 december 2016, en 31 december 2017
Permanent representative, Thomas Verhamme
Board meeting, 2016-04-14
Director resignation, Florian Knell (gedelegeerd bestuurder)

2015

20-07

State Gazette act Resignations & appointments

General meeting · Director reappointment · Director appointment6 facts ▸

General meeting, 18/05/2015
Director reappointment, Olaf Ruitenberg (bestuurder)
Director reappointment, Michael Paul Tiesler (bestuurder)
Director reappointment, Florian Knell (bestuurder)
Director appointment, Olaf Ruitenberg (Gedelegeerd bestuurder)
Mandate compensation, RAVENSBURGER

2013

02-05

State Gazette act Resignations & appointments

General meeting · Auditor reappointment · Permanent representative4 facts ▸

General meeting, 2012-05-21
Auditor reappointment, 3 years
Permanent representative, Thomas Verhamme
Mandate compensation, Mazars Bedrijfsrevisoren - Réviseurs d'Entreprises

2011

01-06

State Gazette act Resignations & appointments

Board meeting · General meeting · Director appointment6 facts ▸

Board meeting, 2011-04-18
General meeting, 2011-05-16
Director appointment, Florian Knell (gedelegeerd bestuurder)
Mandate compensation, Florian Knell
Director reappointment, Florian Knell (bestuurder)
Mandate compensation, Florian Knell

2010

07-01

State Gazette act Resignations & appointments

General meeting · Auditor appointment · Permanent representative3 facts ▸

General meeting, 2009-11-10
Auditor appointment, Mazars Bedrijfsrevisoren (commissaris)
Permanent representative, Lieven Acke

2007

27-07

State Gazette act Resignations & appointments

General meeting · Auditor reappointment2 facts ▸

General meeting, 2006-05-16
Auditor reappointment, 3 jaar, 2005-12-31

2005

31-01

State Gazette act Resignations & appointments

Board meeting · Director resignation · Director appointment3 facts ▸

Board meeting, 2002-04-23
Director resignation, Rainer SCHULZ (gedelegeerd bestuurder)
Director appointment, Olaf RUITENBERG (gedelegeerd bestuurder)

31-01

State Gazette act Resignations & appointments

General meeting · Director reappointment · Director resignation6 facts ▸

General meeting, 2004-12-21
Director reappointment, Urban Ulrich (bestuurder)
Director resignation, Urban Ulrich (bestuurder)
Director appointment, Knell Florian (bestuurder)
Mandate compensation, Knell Florian
Auditor reappointment, 3 jaar, 2003-12-31

Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

Directors · office · real estate

Directors

12 directors, no change since 2025

Susanne Knoche

Managing director · since 15-07-2025

Current

30-09-2025 den BLANKEN Ton: Resigned as Director

15-07-2025 Susanne Knoche: Appointed as Managing director

05-06-2025 Susanne Knoche: Resigned as Director

05-06-2025 den BLANKEN Ton: Resigned as Director

05-06-2025 BLEYER Thomas: Resigned as Director

31-03-2025 Ruitenberg Olaf: Resigned as Director

31-03-2025 Ruitenberg Olaf: Resigned as Managing director

26-02-2024 den BLANKEN Ton: Appointed as Director

26-02-2024 Kraaijeveld Dick: Resigned as Director

15-06-2023 Knauer Ralph: Resigned as Director

01-05-2023 BLEYER Thomas: Mandate renewed as Director

15-06-2022 Susanne Knoche: Mandate renewed as Director

15-06-2022 Ruitenberg Olaf: Mandate renewed as Director

15-06-2022 Kraaijeveld Dick: Mandate renewed as Director

15-06-2022 Knauer Ralph: Mandate renewed as Director

21-05-2021 Susanne Knoche: Mandate renewed as Director

21-05-2021 Ruitenberg Olaf: Mandate renewed as Director

21-05-2021 Kraaijeveld Dick: Mandate renewed as Director

21-05-2021 Knauer Ralph: Mandate renewed as Director

30-10-2020 Susanne Knoche: Mandate renewed as Director

30-10-2020 Ruitenberg Olaf: Mandate renewed as Director

30-10-2020 Kraaijeveld Dick: Mandate renewed as Director

01-01-2020 Knauer Ralph: Appointed as Director

20-05-2019 Stöwahse Martin: Resigned as Director

+ 22 not shown in this overview

Location & real-estate footprint

Registered office, Grimbergen · 1 establishment unit since 2000

Cannot be placed on the map

This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.

Antwerpselaan 11853 Grimbergen

Ground area

3,786 m²

Building footprint

3,136 m²

Volume, LiDAR

49,492 m³

Parcel 23403G0363/00A002, Flanders · tallest building 24.9 m, ±5 floors. Linked by address, not a title deed.

1 establishment unit

Atomiumsquare 413, 1020 Brussel

NACE 3650001

since 20002.058.030.588

1 parcel

Flanders 1 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
23403G0363/00A002	Flanders	3,786 m²	1 · 3,136 m²	24.9 m · 5 fl.

Linked by address, not proof of ownership

Methodology

via registered seat: 1

1 of 1 parcel with an exact address match; the rest are indicative.

Linked through address data, this is not proof of ownership.

Statutory auditor

2 auditors

Forvis Mazars Réviseurs d’EntreprisesCurrent

Statutory auditor · represented by Thomas Verhamme

10-11-2009 → present

Show 1 earlier auditors

BCV Ernst & Young Bedrijfsrevisoren

Auditor · represented by Marc van Hoecke

succeeded by Forvis Mazars Réviseurs d’Entreprises in 2009

31-12-2003 → 10-11-2009

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Of 227 companies in sector 46497 we hold annual accounts for 101. 44 are within a factor 10 of this equity.See the whole sector

Company data · Crossroads Bank

Identification

Legal formPublic limited company

Founded03-06-1992

Fiscal year end31-12

Abbreviation NL J.N.S.B.

Activities, NACEBEL

46497Wholesale trade

51476

71121Engineering and related technical consultancy, excluding land surveyors

74203

32400Other manufacturing

46496Wholesale trade

Sources

Crossroads Bank for EnterprisesNational Bank · 34 filingsAddress and cadastre registers

Data from official sources, last processed on 13-09-2026. Scores and ratios are computed by Checked and are not a credit decision.