RAVLIMA
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 12-06-2026 at the NBB all 5 filings
Turnover
≈ €380,000
Estimated: probably between €190,000 and €590,000
Total assets
€1.2m▲ 580%
2024 · €176,614
Net result
-€246,685▼ 268%
2024 · -€67,005
Working capital
-€1.3m▼ 2,520%
2024 · -€50,040
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
-€186,895
▼ 170%
2025
20212025
Net result
-€246,685
▼ 268%
2025
lowest quarter of the sector
20212025
Equity
-€223,481
2025
lowest quarter of the sector
20212025
Total assets
€1.2m
▲ 580%
2025
middle half of the sector
20212025
Debt
€1.4m
▲ 828%
2025
20212025
Working capital
-€1.3m
▼ 2,520%
2025
lowest quarter of the sector
20212025
Solvency
-18.6%
▼ 31.8pp
2025
lowest quarter of the sector
20212025
Current ratio
0.08
▼ 0.59
2025
lowest quarter of the sector
20212025
Return on assets (ROA)
-20.6%
▲ 17.4pp
2025
lowest quarter of the sector
20212025
Staff (FTE)
4.3
▲ 72.0%
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-€0.07m--€0.06m▲ 9.0%€0.2m-€0.07m-€0.2m▼ 170%
Net result-€0.07mbelow the sector's middle half--€0.06mbelow the sector's middle half▲ 7.2%€0.2mabove the sector's middle half-€0.07mbelow the sector's middle half-€0.2mbelow the sector's middle half▼ 268%
Equity-€0.05mbelow the sector's middle half--€0.1mbelow the sector's middle half▼ 119%€0.09mbelow the sector's middle half€0.02mbelow the sector's middle half▼ 74.3%-€0.2mbelow the sector's middle half
Total assets€0.07mbelow the sector's middle half-€0.06mbelow the sector's middle half▼ 20.6%€0.4mbelow the sector's middle half▲ 537%€0.2mbelow the sector's middle half▼ 52.8%€1.2mwithin the sector's middle half▲ 580%
Debt€0.1m-€0.2m▲ 37.9%€0.3m▲ 61.4%€0.2m▼ 45.9%€1.4m▲ 828%
Working capital-€0.09mbelow the sector's middle half--€0.1mbelow the sector's middle half▼ 64.5%-€0.006mbelow the sector's middle half▲ 95.8%-€0.05mbelow the sector's middle half▼ 701%-€1.3mbelow the sector's middle half▼ 2,520%
Solvency-72.4%below the sector's middle half--199.4%below the sector's middle half▼ 127.1pp24.1%within the sector's middle half▲ 223.5pp13.1%below the sector's middle half▼ 11.0pp-18.6%below the sector's middle half▼ 31.8pp
Current ratio0.30below the sector's middle half-0.16below the sector's middle half▼ 0.140.98below the sector's middle half▲ 0.820.67below the sector's middle half▼ 0.300.08below the sector's middle half▼ 0.59
Return on assets (ROA)-92.7%below the sector's middle half--108.3%below the sector's middle half▼ 15.6pp55.4%above the sector's middle half▲ 163.7pp-37.9%below the sector's middle half▼ 93.4pp-20.6%below the sector's middle half▲ 17.4pp
Staff (FTE)1.5below the sector's middle half-2.1within the sector's middle half▲ 40.0%2.9within the sector's middle half▲ 38.1%2.5within the sector's middle half▼ 13.8%4.3within the sector's middle half▲ 72.0%
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 a loss of €186,895, larger than the loss of €69,243 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The abbreviated 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 €1.2m
Fixed assets
€1.1m ▲ 15×
Current assets
€112,930 ▲ 9.2%
Equity and liabilities
Equity-€223,481
Debt€1.4m
Equity is negative. Debt (€1.4m) exceeds the balance-sheet total (€1.2m).
Key figures and ratios
EBITDA
-€126,784▼
2024 · -€54,292
Cash flow
-€186,574▼
2024 · -€52,055
Quick ratio
0.03▼
2024 · 0.63
Interest coverage
-13.60▲
2024 · -115.02
Debt ≤ 1 year
€1.4m▲
2024 · €153,410
Income taxes
€18
Staff costs
€176,489▲
2024 · €106,659
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
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 | 2 | 1 | 10 | 3 | 13 |
| full-time | 1 | - | 7 | 2 | 10 |
| part-time | 1 | 1 | 3 | 1 | 3 |
| in full-time equivalents | 1.8 | 0.8 | 9.1 | 2.8 | 10.6 |
| Average over the year, in full-time equivalents | 1.5 | 2.1 | 2.9 | 2.5 | 4.3 |
| On a permanent contract | 2 | 1 | 10 | 3 | 13 |
| Joined | 3 | 2 | 10 | 1 | 15 |
| Left | 1 | 3 | 1 | 8 | 5 |
| Training hours | 75 | 48 | 31 | 51 | 260 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €37,983 | - | €6,557 | - | €1.1m |
| Intangible fixed assets | - | - | €66,000 | - | - |
| Depreciation and write-downs of the year | €1,752 | €5,698 | €6,637 | €14,951 | €60,112 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2025 · 2 entries · €23,757 awarded · €545 paidAnnual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €316,190 | - | - | - |
| Remuneration, social security and pensions62 | €29,779 | €72,117 | €116,418 | €106,659 | €176,489 | ▲ 65.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,752 | €5,698 | €6,637 | €14,951 | €60,112 | ▲ 302% |
| Other operating charges640/8 | - | €147 | €279 | €543 | €485 | ▼ 10.7% |
| Gross operating margin9900 | -€36,732 | €15,813 | €364,209 | €52,910 | €50,191 | ▼ 5.1% |
| Operating profit (loss)9901 | -€68,263 | -€62,149 | €240,875 | -€69,243 | -€186,895 | ▼ 170% |
| Financial income75/76B | €65 | - | - | €2,709 | - | - |
| Recurring financial income75 | €65 | - | - | €2,709 | - | - |
| Financial charges65/66B | €301 | €1,406 | €4,584 | €472 | €59,772 | ▲ 127× |
| Recurring financial charges65 | €301 | €1,406 | €4,584 | €472 | €9,322 | ▲ 20× |
| Non-recurring financial charges66B | - | - | - | - | €50,450 | - |
| Profit (loss) for the period before taxes9903 | -€68,499 | -€63,555 | €236,292 | -€67,005 | -€246,668 | ▼ 268% |
| Income taxes67/77 | - | €13 | €29,016 | - | €18 | - |
| Profit (loss) for the period9904 | -€68,499 | -€63,568 | €207,276 | -€67,005 | -€246,685 | ▼ 268% |
| Profit (loss) for the period to be appropriated9905 | -€68,499 | -€63,568 | €207,276 | -€67,005 | -€246,685 | ▼ 268% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €0.07m | €0.06m | €0.4m | €0.2m | €1.2m | ▲ 580% |
| Fixed assets21/28 | €0.04m | €0.03m | €0.1m | €0.07m | €1.1m | ▲ 15× |
| Intangible fixed assets21 | - | - | €0.07m | €0.06m | - | - |
| Tangible fixed assets22/27 | €0.04m | €0.03m | €0.03m | €0.02m | €1.1m | ▲ 62× |
| Plant, machinery and equipment23 | €0.03m | €0.03m | €0.03m | €0.01m | €0.5m | ▲ 33× |
| Other tangible fixed assets26 | €0.006m | €0.005m | €0.004m | €0.003m | €0.6m | ▲ 191× |
| Current assets29/58 | €0.04m | €0.03m | €0.3m | €0.1m | €0.1m | ▲ 9.2% |
| Stocks and contracts in progress3 | €0.007m | €0.006m | €0.02m | €0.007m | €0.07m | ▲ 934% |
| Stocks30/36 | €0.007m | €0.006m | €0.02m | €0.007m | €0.07m | ▲ 934% |
| Amounts receivable within one year40/41 | €0.02m | €0.02m | €0.04m | €0.1m | €0.02m | ▼ 78.4% |
| Trade receivables40 | €0.02m | €0.02m | €0.04m | €0.1m | €0.02m | ▼ 78.6% |
| Other amounts receivable41 | - | - | - | - | €232 | - |
| Cash at bank and in hand54/58 | €0.01m | €0.003m | €0.2m | - | €0.02m | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €0.07m | €0.06m | €0.4m | €0.2m | €1.2m | ▲ 580% |
| Equity10/15 | -€0.05m | -€0.1m | €0.09m | €0.02m | -€0.2m | - |
| Contributions10/11 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Profit (loss) carried forward14 | -€0.07m | -€0.1m | €0.08m | €0.008m | -€0.2m | - |
| Amounts payable17/49 | €0.1m | €0.2m | €0.3m | €0.2m | €1.4m | ▲ 828% |
| Amounts payable within one year42/48 | €0.1m | €0.2m | €0.3m | €0.2m | €1.4m | ▲ 828% |
| Trade debts44 | €0.08m | €0.08m | €0.2m | €0.06m | €0.3m | ▲ 382% |
| Suppliers440/4 | €0.08m | €0.08m | €0.2m | €0.06m | €0.3m | ▲ 382% |
| Taxes, remuneration and social security45 | €0.01m | €0.02m | €0.1m | €0.01m | €0.06m | ▲ 282% |
| Taxes450/3 | €0.006m | €0.006m | €0.06m | €0.004m | €0.007m | ▲ 83.0% |
| Remuneration and social security454/9 | €0.008m | €0.01m | €0.04m | €0.01m | €0.05m | ▲ 354% |
| Other amounts payable47/48 | €0.03m | €0.08m | €0.002m | €0.07m | €1.1m | ▲ 14× |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.07m | -€0.06m | €0.2m | -€0.07m | -€0.2m | ▼ 268% |
| + Depreciation and write-downs630 | €0.002m | €0.006m | €0.007m | €0.01m | €0.06m | ▲ 302% |
| Operating cash flow (approximation) | -€0.07m | -€0.06m | €0.2m | -€0.05m | -€0.2m | ▼ 258% |
| Investment in fixed assets (approximation) | - | €0 | -€0.07m | €0.008m | -€1.1m | - |
| Change in cash | - | -€0.009m | €0.2m | - | - | - |
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, 6,008 companies had the same profile as RAVLIMA has now. Two years later, 83.0% were still going and 7.9% had gone bankrupt.
- Micro
- 5 to 10 years old
- negative equity
- a loss of 10% of the balance sheet or more
83.0%
was still going
8.4%
stopped otherwise
7.9%
went bankrupt
Another 0.8% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of RAVLIMA itself: 3.5% 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 6,008 companies, not a prediction for RAVLIMA. 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 | abbreviated format | 12-06-2026 | 2026-00166115 | |
| 31-12-2024 | abbreviated format | 12-06-2025 | 2025-00142690 | |
| 31-12-2023 | abbreviated format | 17-06-2024 | 2024-00138862 | |
| 31-12-2022 | abbreviated format | 23-06-2023 | 2023-00164404 | |
| 31-12-2021 | abbreviated format | 21-06-2022 | 2022-20086259 |