Debts
Debts rose by €51,234 in 2025.
Debts rose by €51,234 in 2025.
Nine of the last ten came late. The 2023 accounts came latest: 588 days after the end of the period.
Higher net result than 87% of companies in retail trade. Sector median €5,052 · 22,900 companies.
The dashed line is the sector median: 0.6% across 40,271 companies (NACE 47, micro).
About 6 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 47, micro). It does better than 57% of them on solvency, 28% on liquidity, 88% on profitability and 92% on growth.
The bankruptcy probability was computed on 08-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the low class on 30-06-2025, 0.8% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
In July 2024, 31,368 companies had the same profile as RAYAR has now. Each dot stands for 79 companies, two years later.
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of RAYAR itself: 0.6% within 12 months.
The method was tested on the 497,447 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 31,368 companies, not a prediction for RAYAR. 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.
Liquidity is ample, with a current ratio of 1.71 (1.58 in 2024), above the usual 1.5. Short-term debt is 57.9% and cash 8.7% of total assets. However, 57.9% of the assets are financed with debt and provisions.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 7 accounts on average 169 days after the deadline. In the sector (NACE 47), the median for financial year 2024 was on the deadline day, and 47% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| RAYAR Antwerp | €236,168 | €66,611 | 42.1% | - |
| Shay International Antwerp | €208,419 | €54,115 | 65.9% | - |
| COUMONT L. Wanze | €247,369 | €58,831 | 88.7% | - |
| JERO DESIGN Ostend | €206,066 | €59,499 | 69.0% | - |
| LINEA OR Sint-Gillis (bij-Brussel) | €195,447 | €70,846 | 73.7% | - |
| MOENS ALEX - ALEX MOENS JEWELLERS - WATCH & CLOCKMAKERS SINCE 1928 - JUWELLIER ALEX MOENS - KLOKKENATELIER ALEX MOENS Ghent | €231,269 | €59,005 | 69.9% | - |
| Koral Jewellery Antwerp | €199,158 | €65,219 | 82.4% | - |
These companies have the same main activity as RAYAR: retail sale of watches and jewellery (NACE 47770). They are comparable in size and age: total assets between €195,000 and €247,000, founded between 2001 and 2010.
RAYAR files the micro format. That format states no turnover. The gross margin rose from €4,660 in 2006 to €66,611 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €320,000. Estimated: probably between €170,000 and €440,000.
Higher than 58% of 22,917 companies in 2025.
Higher than 57% of 22,047 companies in 2025.
Higher than 85% of 22,197 companies in 2025.
Net result: top quarter · Equity: middle half · Balance sheet total: middle half · Working capital: top quarter
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||||||||||||||||
20/58 |
236,168 | 137,300 | 82,529 | 85,972 | 108,701 | 118,112 | 90,573 | 68,278 | 39,255 | 3,807 | 3,807 | 3,723 | 17,585 | 48,035 | 77,917 | 53,708 | 26,536 | 24,767 | 23,248 | |
20 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 67 | 227 | 387 | 547 | |
21/28 |
1,925 | 1,863 | 120 | 665 | 665 | - | - | 303 | 605 | - | - | - | - | 450 | 5,937 | 6,744 | 7,998 | 7,002 | 7,623 | |
22/27 |
1,715 | 1,653 | 120 | 665 | 665 | - | - | 303 | 605 | - | - | - | - | 450 | 937 | 1,677 | 2,771 | 1,615 | 2,076 | |
22 |
766 | - | - | - | - | - | - | - | - | - | - | - | - | 450 | 900 | 1,350 | 1,800 | - | - | |
23 |
180 | 339 | - | - | - | - | - | - | - | - | - | - | - | - | 37 | 74 | 110 | 147 | - | |
24 |
769 | 1,314 | 120 | 665 | 665 | - | - | 303 | 605 | - | - | - | - | - | - | 253 | 861 | 1,468 | 2,076 | |
28 |
210 | 210 | - | - | - | - | - | - | - | - | - | - | - | - | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | |
29/58 |
234,242 | 135,438 | 82,408 | 85,307 | 108,036 | 118,112 | 90,573 | 67,975 | 38,650 | 3,807 | 3,807 | 3,723 | 17,585 | 47,585 | 71,980 | 46,964 | 18,538 | 17,765 | 15,625 | |
3 |
199,878 | 84,266 | 73,853 | 76,117 | 84,251 | 76,795 | 26,745 | 42,209 | 14,794 | - | - | - | - | - | 3,619 | 876 | 2,394 | 1,436 | 3,027 | |
30/36 |
199,878 | 84,266 | 73,853 | 76,117 | 84,251 | 76,795 | 26,745 | 42,209 | 14,794 | - | - | - | - | - | 3,619 | 876 | 2,394 | 1,436 | 3,027 | |
40/41 |
- | - | - | 1,495 | 1,495 | 4,307 | 1,495 | 1,876 | 2,816 | 1,495 | 1,495 | 1,411 | 1,411 | 1,411 | - | 1,730 | 1,700 | - | 3,873 | |
40 |
- | - | - | - | - | - | - | - | 1,230 | - | - | - | - | - | - | - | 1,700 | - | 1,320 | |
41 |
- | - | - | 1,495 | 1,495 | 4,307 | 1,495 | 1,876 | 1,586 | 1,495 | 1,495 | 1,411 | 1,411 | 1,411 | - | 1,730 | - | - | 2,553 | |
50/53 |
13,644 | 33,057 | 1,621 | 1,622 | 1,554 | 23,407 | 323 | - | 18,549 | - | - | - | - | - | - | 34,995 | - | - | - | |
54/58 |
20,571 | 18,115 | 6,934 | 6,073 | 20,736 | 13,604 | 62,010 | 23,891 | 2,491 | 2,312 | 2,312 | 2,312 | 16,174 | 46,174 | 68,361 | 9,363 | 13,572 | 15,459 | 8,725 | |
490/1 |
150 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 872 | 870 | - | |
| Balance sheet: equity and liabilities | ||||||||||||||||||||
10/49 |
236,168 | 137,300 | 82,529 | 85,972 | 108,701 | 118,112 | 90,573 | 68,278 | 39,255 | 3,807 | 3,807 | 3,723 | 17,585 | 48,035 | 77,917 | 53,708 | 26,536 | 24,767 | 23,248 | |
10/15 |
99,441 | 51,808 | 16,726 | 20,288 | 34,873 | 28,212 | 24,894 | 22,298 | 3,828 | 3,323 | 3,323 | 3,723 | 17,585 | 18,035 | 26,233 | 11,007 | -2,883 | 8,117 | 12,027 | |
10/11 |
18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 12,500 | 12,500 | 12,500 | 12,500 | 12,500 | 12,500 | 12,500 | 12,500 | 12,500 | 12,500 | 12,500 | 12,500 | 12,500 | 12,500 | |
100 |
- | - | - | - | - | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | |
101 |
- | - | - | - | - | 6,100 | 6,100 | 6,100 | 6,100 | 6,100 | 6,100 | 6,100 | 6,100 | 6,100 | 6,100 | 6,100 | 6,100 | 6,100 | 6,100 | |
13 |
1,292 | 1,292 | 1,292 | 1,292 | 1,292 | 1,219 | 1,053 | 924 | - | - | - | - | - | - | - | - | - | - | - | |
130/1 |
- | - | 1,292 | 1,292 | 1,292 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
130 |
- | - | - | - | - | 1,219 | 1,053 | 924 | - | - | - | - | - | - | - | - | - | - | - | |
1311 |
- | - | 1,292 | 1,292 | 1,292 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
133 |
1,292 | 1,292 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
14 |
79,550 | 31,916 | -3,165 | 397 | 14,982 | 14,493 | 11,341 | 8,875 | -8,672 | -9,177 | -9,177 | -8,777 | 5,085 | 5,535 | 13,733 | -1,493 | -15,383 | -4,383 | -473 | |
17/49 |
136,726 | 85,493 | 65,802 | 65,684 | 73,828 | 89,900 | 65,678 | 45,980 | 35,428 | 484 | 484 | - | - | 30,000 | 51,684 | 42,701 | 29,419 | 16,650 | 11,221 | |
42/48 |
136,726 | 85,493 | 65,802 | 65,684 | 73,828 | 89,900 | 65,678 | 45,980 | 35,428 | 484 | 484 | - | - | 30,000 | 30,145 | 42,701 | 29,419 | 16,650 | 11,221 | |
43 |
- | - | - | - | - | - | - | - | - | - | - | - | - | 30,000 | 30,001 | 30,000 | - | - | - | |
439 |
- | - | - | - | - | - | - | - | - | - | - | - | - | 30,000 | 30,001 | 30,000 | - | - | - | |
44 |
41,986 | 13,812 | - | 377 | 4,919 | 7,607 | 3,034 | 4,434 | 2,825 | - | 484 | - | - | - | - | 12,561 | 23,088 | 824 | 842 | |
440/4 |
41,986 | 13,812 | - | 377 | 4,919 | 7,607 | 3,034 | 4,434 | 2,825 | - | 484 | - | - | - | - | 12,561 | 23,088 | 824 | 842 | |
45 |
64,198 | 21,354 | 23,475 | 21,216 | 29,609 | 25,893 | 23,380 | 13,792 | 4,849 | - | - | - | - | - | 144 | 140 | 6,331 | 15,826 | 10,379 | |
450/3 |
64,198 | 21,354 | 23,475 | 21,216 | 29,609 | 25,893 | 23,380 | 13,792 | 4,849 | - | - | - | - | - | 144 | 140 | 6,331 | 15,826 | 10,379 | |
47/48 |
30,543 | 50,327 | 42,327 | 44,092 | 39,300 | 56,400 | 39,264 | 27,754 | 27,754 | 484 | - | - | - | - | - | - | - | - | - | |
492/3 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | 21,539 | - | - | - | - | |
| Income statement | ||||||||||||||||||||
9900 |
66,611 | 40,601 | -956 | -11,909 | 8,639 | 8,613 | 2,756 | 35,484 | 1,051 | - | -400 | -13,862 | - | -1,909 | 16,965 | 17,639 | -4,317 | 2,915 | 4,660 | |
630 |
851 | 578 | 545 | - | 152 | - | 303 | 303 | 303 | - | - | - | 450 | 487 | 806 | 1,254 | 1,254 | 804 | 1,215 | |
640/8 |
745 | 1,160 | 2,970 | 2,575 | 2,221 | 1,871 | - | 814 | 99 | - | - | - | - | 402 | 602 | 211 | 3,209 | 4,440 | 946 | |
9901 |
65,014 | 38,863 | -4,471 | -14,484 | 6,266 | 6,743 | 2,453 | 34,368 | 649 | - | -400 | -13,862 | -450 | -2,798 | 15,557 | 16,174 | -8,780 | -2,329 | 2,499 | |
75/76B |
16 | 0 | 1,193 | 10 | - | 44 | - | - | 13 | - | - | - | - | - | 109 | 23 | 8 | 167 | 4 | |
75 |
16 | 0 | 1,193 | 10 | - | 44 | - | - | 13 | - | - | - | - | - | 109 | 23 | 8 | 167 | 4 | |
65/66B |
4,205 | 3,782 | 284 | 112 | 4,820 | 1,583 | -143 | 747 | 158 | - | - | - | - | 256 | 423 | 2,307 | 2,228 | 1,709 | 2,467 | |
65 |
4,205 | 3,782 | 284 | 112 | 4,820 | 1,583 | -143 | 747 | 158 | - | - | - | - | 256 | 423 | 2,307 | 2,228 | 1,709 | 2,467 | |
9903 |
60,825 | 35,081 | -3,562 | -14,585 | 1,446 | 5,203 | 2,596 | 33,621 | 504 | - | -400 | -13,862 | -450 | -3,054 | 15,243 | 13,890 | -11,000 | -3,871 | 36 | |
67/77 |
13,191 | - | - | - | - | 1,886 | - | 9,150 | - | - | - | - | - | 5,144 | 17 | - | - | 39 | 509 | |
9904 |
47,634 | 35,081 | -3,562 | -14,585 | 1,446 | 3,318 | 2,596 | 24,471 | 504 | - | -400 | -13,862 | -450 | -8,198 | 15,226 | 13,890 | -11,000 | -3,910 | -473 | |
9905 |
47,634 | 35,081 | -3,562 | -14,585 | 1,446 | 3,318 | 2,596 | 24,471 | 504 | - | -400 | -13,862 | -450 | -8,198 | 15,226 | 13,890 | -11,000 | -3,910 | -473 | |
| Appropriation of the result | ||||||||||||||||||||
9906 |
79,550 | 31,916 | -3,165 | 397 | 15,054 | 14,659 | 11,471 | 15,798 | -8,672 | -9,177 | -9,177 | -8,777 | 5,085 | 5,535 | 13,733 | -1,493 | -15,383 | -4,383 | -473 | |
14P |
31,916 | -3,165 | 397 | 14,982 | 13,608 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
691/2 |
- | - | - | - | 72 | 166 | 130 | 924 | - | - | - | - | - | - | - | - | - | - | - | |
6920 |
- | - | - | - | 72 | 166 | 130 | 924 | - | - | - | - | - | - | - | - | - | - | - | |
694/7 |
- | - | - | - | - | - | - | 6,000 | - | - | - | - | - | - | - | - | - | - | - | |
695 |
- | - | - | - | - | - | - | 6,000 | - | - | - | - | - | - | - | - | - | - | - | |
| Document | ||||||||||||||||||||
The notes to these accounts have 6 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 31-07-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 31-07-2026 | 2026-00368598 | |
| 31-12-2024 | micro format | 11-03-2026 | 2026-00052457 | |
| 31-12-2023 | micro format | 11-03-2026 | 2026-00052456 | |
| 31-12-2022 | micro format | 20-11-2023 | 2023-00513604 | |
| 31-12-2021 | micro format | 21-12-2022 | 2022-20542464 | |
| 31-12-2019 | micro format | 30-09-2020 | 2020-57100277 | |
| 31-12-2018 | micro format | 27-09-2019 | 2019-66300036 | |
| 31-12-2017 | micro format | 12-04-2019 | 2019-09800521 | |
| 31-12-2016 | micro format | 29-09-2017 | 2017-64800343 | |
| 31-12-2015 | abbreviated format | 31-08-2016 | 2016-55200182 | |
| 31-12-2014 | abbreviated format | 16-11-2015 | 2015-66900007 | |
| 31-12-2013 | abbreviated format | 29-08-2014 | 2014-53400370 | |
| 31-12-2012 | abbreviated format | 17-09-2013 | 2013-58500280 | |
| 31-12-2011 | abbreviated format | 26-12-2012 | 2012-68100234 | |
| 31-12-2010 | abbreviated format | 28-09-2011 | 2011-55800483 | |
| 31-12-2009 | abbreviated format | 28-09-2010 | 2010-55700042 | |
| 31-12-2008 | abbreviated format | 27-07-2009 | 2009-48200231 | |
| 31-12-2007 | abbreviated format | 08-07-2008 | 2008-37700400 | |
| 31-12-2006 | abbreviated format | 30-08-2007 | 2007-70100201 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 65,866 | 39,442 | -3,926 | - | 6,418 | - | 2,756 | 34,670 | 952 | - | - | - | 0 | -2,311 | 16,363 | 17,428 | -7,526 | -1,525 | 3,714 | ||
| 48,485 | 35,660 | -3,017 | - | 1,598 | - | 2,899 | 24,773 | 807 | - | - | - | 0 | -7,711 | 16,032 | 15,144 | -9,746 | -3,106 | 742 | ||
| 914 | 2,321 | 0 | - | 817 | - | 0 | 0 | 908 | - | - | - | 0 | -5,000 | -1 | 0 | 2,250 | 184 | 8,038 | ||
| 2,456 | 11,181 | 861 | -14,663 | - | -48,406 | 38,119 | 21,399 | 179 | 0 | 0 | -13,862 | -30,000 | -22,187 | 58,998 | -4,209 | -1,887 | 6,734 | - | ||
| 97,516 | 49,945 | 16,606 | 19,623 | 34,208 | 28,212 | 24,894 | 21,995 | 3,222 | 3,323 | 3,323 | - | - | 17,585 | 41,835 | 4,263 | -10,881 | 1,115 | 4,404 | ||
| 42.1% | 37.7% | 20.3% | 23.6% | 32.1% | 23.9% | 27.5% | 32.7% | 9.8% | - | - | - | 100.0% | 37.5% | 33.7% | 20.5% | -10.9% | 32.8% | 51.7% | ||
| 1.71 | 1.58 | 1.25 | 1.30 | 1.46 | 1.31 | 1.38 | 1.48 | 1.09 | - | - | - | - | 1.59 | 2.39 | 1.10 | 0.63 | 1.07 | 1.39 | ||
| 0.25 | 0.60 | 0.13 | 0.14 | 0.32 | 0.46 | 0.97 | 0.56 | 0.67 | - | - | - | - | 1.59 | 2.27 | 1.08 | 0.55 | 0.98 | 1.12 | ||
| 1.37 | 1.65 | 3.93 | 3.24 | 2.12 | 3.19 | 2.64 | 2.06 | 9.26 | - | - | - | - | 1.66 | 1.97 | 3.88 | - | 2.05 | 0.93 | ||
| 47.9% | 67.7% | -21.3% | -71.9% | 4.1% | 11.8% | 10.4% | 109.7% | 13.2% | - | - | - | -2.6% | -45.5% | 58.0% | 126.2% | - | -48.2% | -3.9% | ||
| 20.2% | 25.6% | -4.3% | -17.0% | 1.3% | 2.8% | 2.9% | 35.8% | 1.3% | - | - | - | -2.6% | -17.1% | 19.5% | 25.9% | -41.5% | -15.8% | -2.0% | ||
| 15.66 | 10.43 | -13.81 | - | 1.33 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €914 | €2,111 | - | - | €817 |
| Financial fixed assets | - | €210 | - | - | - |
| €851 | €578 | €545 | - | €152 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is 67% higher than in 2024 and the highest since 2006. It is the third rise in a row, after the fall in 2022.
Debt's share of the balance-sheet total falls from 62.3% to 57.9%. Equity and debt are higher.
RAYAR has no parent and no holdings in its annual accounts.
See the function holders in the KBO register.
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
| Establishment | Since | Unit number |
|---|---|---|
| Vestingstraat 10 registered office 2018 Antwerp 4777001 Retail sale of watches and jewellery | 15-06-2005 | 2.147.565.251 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 11808H1172/00H002 | 24 m² | 1 · 45 m² | 14.2 m · 4 |
If something looks wrong or is missing, please tell us.