RAVZA
ActiveSummary
The annual accounts of RAVZA for fiscal year 2025 show a net loss of 66% of the equity at the start of that year. The 2025 annual accounts show equity of €5,579 and a net result of -€10,698. Equity is shrinking by ~8.4% per year across the filed fiscal years. Its solvency ranks better than 31% of 18537 sector peers (fiscal year 2025). The company has been active since 2005 and the Belgian State Gazette contains no insolvency or warning signals. The computed 12-month bankruptcy probability is 0.8% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability0▼-79
Solvency37▼-8
Growth22▼-16
Track record100
Bankruptcy probability, 12 months
0.8%
Low
0%0.5%1.5%4%10%≥ 25%
No publishable credit limit; credit only on tighter terms
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity tight (current ratio 1.1 against 1.22 in 2024; short-term debt: 88.2% and cash: 11.5% of total assets), and 88.2% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 47
Relative position
BE, all sectors
reference
Retail trade (NACE 47)
about 45% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
11.8%
Return on assets
-22.6%
Age of the figures
9 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
31 d late
2024
29 d late
2023
30 d late
2022
31 d late
2021
31 d late
2020
31 d late
2019
101 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 41 days after the deadline; the sector median for financial year 2024 is on the deadline day, and 46% of the sector filed late.
Checked, nothing found (2)
neutral · 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 monthsPosition in the running window
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Turnover
€154,945▼ 12.7%
2018 · €177,505
EBIT margin
-3.8%▼ 5.6pp
2018 · 1.8%
Net result
-€10,698
2024 · €6,871
Working capital
€4,061▼ 71.1%
2024 · €14,073
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 47, Retail trade, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Turnover
Operating result-€2,086€5,585-€15,587€7,330-€10,484
Net result-€2,356below the sector's middle half€5,076within the sector's middle half-€15,894below the sector's middle half€6,871within the sector's middle half-€10,698below the sector's middle half
EBIT margin
Equity€20,224within the sector's middle half▼ 10.4%€25,300within the sector's middle half▲ 25.1%€9,406within the sector's middle half▼ 62.8%€16,277within the sector's middle half▲ 73.1%€5,579within the sector's middle half▼ 65.7%
Total assets€89,972within the sector's middle half▼ 6.8%€83,324within the sector's middle half▼ 7.4%€123,204within the sector's middle half▲ 47.9%€81,382within the sector's middle half▼ 33.9%€47,385below the sector's middle half▼ 41.8%
Debt€69,749▼ 5.6%€58,024▼ 16.8%€113,799▲ 96.1%€65,105▼ 42.8%€41,806▼ 35.8%
Working capital€15,961▼ 5.2%€21,723▲ 36.1%€6,516▼ 70.0%€14,073▲ 116%€4,061▼ 71.1%
Solvency22.5%within the sector's middle half▼ 0.9pp30.4%within the sector's middle half▲ 7.9pp7.6%within the sector's middle half▼ 22.7pp20.0%within the sector's middle half▲ 12.4pp11.8%within the sector's middle half▼ 8.2pp
Staff (FTE)1▲ 25.0%1=2▲ 100%2=2=
above
within
below
the middle half (P25 to P75) of NACE 47, Retail trade, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €10,484 after €7,330 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €47,385
Fixed assets
€1,518 ▼ 31.1%
Current assets
€45,867 ▼ 42.1%
Equity and liabilities €47,385
Equity
€5,579 ▼ 65.7%
Debt
€41,806 ▼ 35.8%
Debt's share of the balance-sheet total rises from 80.0% to 88.2%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€9,798▼
2024 · €8,016
Cash flow
-€10,012▼
2024 · €7,557
Current ratio
1.10▼
2024 · 1.22
Quick ratio
0.20▲
2024 · 0.17
Debt to equity
7.49▲
2024 · 4.00
ROE
-191.7%▼
2024 · 42.2%
ROA
-22.6%▼
2024 · 8.4%
Interest coverage
-45.82▼
2024 · 17.46
Debt ≤ 1 year
€41,806▼
2024 · €65,105
Staff costs
€27,373▼
2024 · €28,685
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 1,219 companies that looked in July 2024 the way this one looks now, 3.5% went bankrupt within 24 months and 88% are still going.
- Micro
- 20 years or older
- solvency 10 to 30%
- a loss of 10% of the balance sheet or more
3.5%
went bankrupt
7.4%
stopped otherwise
88%
still going
A further 0.8% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.8% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 1,219 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €12,804 | €15,943 | €33,841 | €28,685 | €27,373 | ▼ 4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €686 | €686 | €686 | €686 | €686 | = |
| Other operating charges640/8 | €708 | €1,071 | €2,183 | €892 | €1,150 | ▲ 28.9% |
| Gross operating margin9900 | €12,113 | €23,285 | €21,124 | €37,593 | €18,725 | ▼ 50.2% |
| Operating profit (loss)9901 | -€2,086 | €5,585 | -€15,587 | €7,330 | -€10,484 | ▼ 243% |
| Financial income75/76B | €1 | €1 | - | - | - | - |
| Recurring financial income75 | €1 | €1 | - | - | - | - |
| Financial charges65/66B | €271 | €510 | €307 | €459 | €214 | ▼ 53.4% |
| Recurring financial charges65 | €271 | €510 | €307 | €459 | €214 | ▼ 53.4% |
| Profit (loss) for the period before taxes9903 | -€2,356 | €5,076 | -€15,894 | €6,871 | -€10,698 | ▼ 256% |
| Profit (loss) for the period9904 | -€2,356 | €5,076 | -€15,894 | €6,871 | -€10,698 | ▼ 256% |
| Profit (loss) for the period to be appropriated9905 | -€2,356 | €5,076 | -€15,894 | €6,871 | -€10,698 | ▼ 256% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €89,972 | €83,324 | €123,204 | €81,382 | €47,385 | ▼ 41.8% |
| Fixed assets21/28 | €4,262 | €3,576 | €2,890 | €2,204 | €1,518 | ▼ 31.1% |
| Tangible fixed assets22/27 | €4,262 | €3,576 | €2,890 | €2,204 | €1,518 | ▼ 31.1% |
| Other tangible fixed assets26 | €4,262 | €3,576 | €2,890 | €2,204 | €1,518 | ▼ 31.1% |
| Financial fixed assets28 | €0 | - | - | - | - | - |
| Current assets29/58 | €85,710 | €79,748 | €120,314 | €79,178 | €45,867 | ▼ 42.1% |
| Stocks and contracts in progress3 | €82,729 | €74,623 | €114,072 | €68,181 | €37,642 | ▼ 44.8% |
| Stocks30/36 | €82,729 | €74,623 | €114,072 | €68,181 | €37,642 | ▼ 44.8% |
| Amounts receivable within one year40/41 | €553 | €1,898 | €3,316 | €1,288 | €1,953 | ▲ 51.7% |
| Trade receivables40 | €529 | €1,863 | €3,282 | €1,253 | €1,919 | ▲ 53.1% |
| Other amounts receivable41 | €24 | €35 | €35 | €35 | €35 | = |
| Cash at bank and in hand54/58 | €2,040 | €3,227 | €2,471 | €9,201 | €5,433 | ▼ 41.0% |
| Deferred charges and accrued income490/1 | €389 | - | €455 | €508 | €839 | ▲ 65.3% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €89,972 | €83,324 | €123,204 | €81,382 | €47,385 | ▼ 41.8% |
| Equity10/15 | €20,224 | €25,300 | €9,406 | €16,277 | €5,579 | ▼ 65.7% |
| Contributions10/11 | €19,000 | €19,000 | €19,000 | €19,000 | €19,000 | = |
| Profit (loss) carried forward14 | €1,224 | €6,300 | -€9,594 | -€2,723 | -€13,421 | ▼ 393% |
| Amounts payable17/49 | €69,749 | €58,024 | €113,799 | €65,105 | €41,806 | ▼ 35.8% |
| Amounts payable within one year42/48 | €69,749 | €58,024 | €113,799 | €65,105 | €41,806 | ▼ 35.8% |
| Trade debts44 | €11,009 | €14,307 | €78,402 | €23,926 | €16,433 | ▼ 31.3% |
| Suppliers440/4 | €11,009 | €14,307 | €78,402 | €23,926 | €16,433 | ▼ 31.3% |
| Taxes, remuneration and social security45 | €12,060 | €16,968 | €14,367 | €17,797 | €14,291 | ▼ 19.7% |
| Taxes450/3 | €5,755 | €10,594 | €9,172 | €11,943 | €9,475 | ▼ 20.7% |
| Remuneration and social security454/9 | €6,305 | €6,374 | €5,195 | €5,854 | €4,816 | ▼ 17.7% |
| Other amounts payable47/48 | €46,679 | €26,749 | €21,030 | €23,382 | €11,082 | ▼ 52.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€2,356 | €5,076 | -€15,894 | €6,871 | -€10,698 | ▼ 256% |
| + Depreciation and write-downs630 | €686 | €686 | €686 | €686 | €686 | = |
| Operating cash flow (approximation) | -€1,670 | €5,762 | -€15,208 | €7,557 | -€10,012 | ▼ 232% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | - |
| Change in cash | - | €1,187 | -€756 | €6,729 | -€3,768 | ▼ 156% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
31-08
State Gazette act
Resignation: KUTLU Seyfullah (director)Share transfer · Shareholding · Registered-office move6 facts ▸
State Gazette act
Resignation: KUTLU Seyfullah (director)
Share transfer · Shareholding · Registered-office move6 facts ▸
- Share transfer, KUTLU Seyfullah → ATMACA Zübidiye
- Shareholding, 17-08-2026, 95
- Shareholding, 17-08-2026, 95
- Director resignation, KUTLU Seyfullah (director)
- Registered-office move, Bevrijdingslaan 101, 9000 Gent
- Director in office, ATMACA Zübidiye (director)
31-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 31 days late
2025
29-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 29 days late
2024
31-12
Financial
Back to profitnet €6,871
Net result €6,871 after one loss-making year.
30-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 30 days late
2023
31-12
Financial
Weakest financial yearnet -€15,894
Net result drops to -€15,894, the lowest in the series; recovery starts the following year.
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 31 days late
2022
31-12
Financial
Back to profitnet €5,076
Net result €5,076 after one loss-making year.
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 31 days late
2021
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 31 days late
2020
31-12
Financial
Back to profitnet €13,107
Net result €13,107 after one loss-making year.
09-11
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 101 days late
Show earlier events
2019
30-08
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 30 days late
2018
09-08
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema · 9 days late
2017
29-08
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 29 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 4 acts read
About the unread acts
Of the 4 Belgian State Gazette acts we know for this company, 1 has been read. The other 3 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
no sitting director, last change in 2026
We have established no sitting directors for this company. We derive directors from published Gazette acts; while there are none, or none read, nothing appears here. That does not mean the company has none: the CBE keeps its own list of function holders, which we do not read.
Not every act has been read: a resignation may be missing here
3 of this company's 4 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Gent · 1 establishment unit since 2011
Ground area
268 m²
Building footprint
132 m²
Volume, LiDAR
821 m³
Parcel 44816K0593/00T000, Flanders · tallest building 11.5 m, ±1 floor. Linked by address, not a title deed.
1 establishment unit
Seruza kleding
since 20112.204.963.022
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44816K0593/00T000 | Flanders | 268 m² | 1 · 132 m² | 11.5 m · 1 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Mandate history
1 person since 2026, 0 in office
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| KUTLU SEYFULLAH |
|
Structure & network
Connections & network
No current directors or connected companies found in the register.
Capital and shareholders
Shareholders according to the acts
Stated in the act
act of 31-08-2026 ↗
- ATMACA Zübidiye 95 shares
- KUTLU Talip 95 shares
Share transfer
act of 31-08-2026 ↗
- KUTLU Seyfullah to ATMACA Zübidiye 15 shares
The Belgian State Gazette names shareholders only when an act mentions them; the share register itself is not published.
Public money · subsidies and aid
Flemish government
2023 to 2025 · 3 entries · 6,000 EUR awarded · 6,000 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 2,000 EUR | 2,000 EUR |
| 2024 | 1 | 2,000 EUR | 2,000 EUR |
| 2023 | 1 | 2,000 EUR | 2,000 EUR |
Schemes
Recognitions · licences · registrations
Dual-learning approval
1 endedWinkelbediende (so)
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Of 6,495 companies in sector 47716 we hold annual accounts for 2,439. 965 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded21-06-2005
Fiscal year end31-12
Activities, NACEBEL 2025
47716Retail sale of clothing and accessories for women, men, children and babies (general range)
47770Retail sale of watches and jewellery
E-invoicing
Reachable via Peppol
Peppol ID
0208:0874752928
Also
9925:BE0874752928
Registered
16-02-2026
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.