RAYFORM
InactiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-05-2026 PDF all 42 filings
Turnover
≈ €34,000
Estimated: probably between €15,000 and €81,000
Total assets
€5,483▼ 71.4%
2024 · €19,140
Net result
€3,649
2024 · -€33,882
Working capital
-€137,934▲ 2.6%
2024 · -€141,583
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€4,012
2025
20192025
Net result
€3,649
2025
20192025
Equity
-€137,934
▲ 2.6%
2025
20192025
Total assets
€5,483
▼ 71.4%
2025
20192025
Debt
€143,417
▼ 10.8%
2025
20192025
Working capital
-€137,934
▲ 2.6%
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€2,524--€4,443▼ 76.1%-€9,734▼ 119%€2,796-€6,554-€33,527▼ 412%€4,012
Net result-€2,956--€4,525▼ 53.1%-€9,948▼ 120%€2,412-€6,818-€33,882▼ 397%€3,649
Equity-€88,822--€93,348▼ 5.1%-€103,296▼ 10.7%-€100,884▲ 2.3%-€107,702▼ 6.8%-€141,583▼ 31.5%-€137,934▲ 2.6%
Total assets€43,736-€57,970▲ 32.5%€48,317▼ 16.7%€60,964▲ 26.2%€57,332▼ 6.0%€19,140▼ 66.6%€5,483▼ 71.4%
Debt€132,559-€151,318▲ 14.2%€151,612▲ 0.2%€161,848▲ 6.8%€165,033▲ 2.0%€160,723▼ 2.6%€143,417▼ 10.8%
Working capital-€89,489--€93,681▼ 4.7%-€103,296▼ 10.3%-€100,884▲ 2.3%-€107,702▼ 6.8%-€141,583▼ 31.5%-€137,934▲ 2.6%
The operating result for 2025 is a profit of €4,012, after a loss of €33,527 in 2024. It is the highest result since 2021.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Key figures and ratios
Current ratio
0.04▼
2024 · 0.12
Quick ratio
0.03▼
2024 · 0.09
ROA
66.6%▲
2024 · -177.0%
Debt ≤ 1 year
€143,417▼
2024 · €160,723
A ratio outside any meaningful range has been withheld (balance sheet total €5,483, equity -€137,934).
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.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €333 | €333 | €333 | - | - | - | - | - |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | €11,624 | - | - |
| Other operating charges640/8 | - | - | €348 | €348 | €384 | €10,272 | €396 | ▼ 96.1% |
| Non-recurring operating charges66A | - | - | - | - | - | €11,656 | - | - |
| Gross operating margin9900 | -€1,843 | -€4,110 | -€9,053 | €3,144 | -€6,170 | €25 | €4,408 | ▲ 179× |
| Operating profit (loss)9901 | -€2,524 | -€4,443 | -€9,734 | €2,796 | -€6,554 | -€33,527 | €4,012 | - |
| Financial income75/76B | - | - | €7 | - | - | - | - | - |
| Recurring financial income75 | - | €13 | €7 | - | - | - | - | - |
| Financial charges65/66B | - | - | €221 | €384 | €264 | €355 | €363 | ▲ 2.1% |
| Recurring financial charges65 | €433 | €95 | €221 | €384 | €264 | €355 | €363 | ▲ 2.1% |
| Profit (loss) for the period before taxes9903 | -€2,956 | -€4,525 | -€9,948 | €2,412 | -€6,818 | -€33,882 | €3,649 | - |
| Profit (loss) for the period9904 | -€2,956 | -€4,525 | -€9,948 | €2,412 | -€6,818 | -€33,882 | €3,649 | - |
| Profit (loss) for the period to be appropriated9905 | -€2,956 | -€4,525 | -€9,948 | €2,412 | -€6,818 | -€33,882 | €3,649 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €43,736 | €57,970 | €48,317 | €60,964 | €57,332 | €19,140 | €5,483 | ▼ 71.4% |
| Fixed assets21/28 | €667 | €333 | - | - | - | €0 | €0 | - |
| Tangible fixed assets22/27 | €667 | €333 | - | - | - | €0 | €0 | - |
| Plant, machinery and equipment23 | - | - | - | - | - | €0 | €0 | - |
| Furniture and vehicles24 | - | - | - | - | - | €0 | €0 | - |
| Current assets29/58 | €43,070 | €57,637 | €48,317 | €60,964 | €57,332 | €19,140 | €5,483 | ▼ 71.4% |
| Stocks and contracts in progress3 | €16,290 | €24,105 | €19,683 | €28,645 | €28,645 | €4,890 | €1,239 | ▼ 74.7% |
| Stocks30/36 | - | - | €19,683 | €28,645 | €28,645 | €4,890 | €1,239 | ▼ 74.7% |
| Amounts receivable within one year40/41 | €15,334 | €26,346 | €22,503 | €27,084 | €14,734 | €3,199 | - | - |
| Trade receivables40 | - | - | €11,581 | €14,201 | €14,633 | €3,199 | - | - |
| Other amounts receivable41 | - | - | €10,922 | €12,882 | €101 | - | - | - |
| Cash at bank and in hand54/58 | €11,445 | €7,186 | €6,131 | €5,236 | €13,262 | €10,598 | €4,244 | ▼ 60.0% |
| Deferred charges and accrued income490/1 | - | - | - | - | €692 | €453 | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €43,736 | €57,970 | €48,317 | €60,964 | €57,332 | €19,140 | €5,483 | ▼ 71.4% |
| Equity10/15 | -€88,822 | -€93,348 | -€103,296 | -€100,884 | -€107,702 | -€141,583 | -€137,934 | ▲ 2.6% |
| Contributions10/11 | €124,000 | €124,000 | €124,000 | €124,000 | €124,000 | €124,000 | €124,000 | = |
| Capital10 | - | - | €124,000 | - | - | - | - | - |
| Issued capital100 | - | - | €124,000 | - | - | - | - | - |
| Reserves13 | €36,883 | €36,883 | €36,883 | €36,883 | €36,883 | €36,883 | €36,883 | = |
| Non-distributable reserves130/1 | - | - | €12,395 | €12,395 | €12,395 | €12,395 | €12,395 | = |
| Legal reserve130 | - | - | €12,395 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €12,395 | €12,395 | €12,395 | €12,395 | = |
| Distributable reserves133 | - | - | €24,488 | €24,488 | €24,488 | €24,488 | €24,488 | = |
| Profit (loss) carried forward14 | -€249,705 | -€254,231 | -€264,179 | -€261,767 | -€268,584 | -€302,466 | -€298,817 | ▲ 1.2% |
| Amounts payable17/49 | €132,559 | €151,318 | €151,612 | €161,848 | €165,033 | €160,723 | €143,417 | ▼ 10.8% |
| Amounts payable within one year42/48 | €132,559 | €151,318 | €151,612 | €161,848 | €165,033 | €160,723 | €143,417 | ▼ 10.8% |
| Current portion of amounts payable after more than one year42 | - | - | €33,393 | €33,393 | €33,393 | €33,393 | €17,564 | ▼ 47.4% |
| Trade debts44 | €1,911 | €6,341 | €6,636 | €7,486 | €10,874 | €735 | €1,162 | ▲ 58.1% |
| Suppliers440/4 | - | - | €6,636 | €7,486 | €10,874 | €735 | €1,162 | ▲ 58.1% |
| Advances received on contracts in progress46 | - | - | - | - | - | €2,558 | - | - |
| Taxes, remuneration and social security45 | - | - | - | - | - | €857 | €618 | ▼ 27.9% |
| Taxes450/3 | - | - | - | - | - | €857 | €618 | ▼ 27.9% |
| Other amounts payable47/48 | - | - | €111,583 | €120,969 | €120,766 | €123,180 | €124,073 | ▲ 0.7% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€2,956 | -€4,525 | -€9,948 | €2,412 | -€6,818 | -€33,882 | €3,649 | - |
| + Depreciation and write-downs630 | €333 | €333 | €333 | - | - | - | - | - |
| Operating cash flow (approximation) | -€2,623 | -€4,192 | -€9,615 | €2,412 | -€6,818 | -€33,882 | €3,649 | - |
| Investment in fixed assets (approximation) | - | €0 | - | - | - | - | €0 | - |
| Change in cash | - | -€4,259 | -€1,056 | -€895 | €8,026 | -€2,664 | -€6,354 | ▼ 139% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 42 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 29-05-2026 | 2026-00133421 | |
| 31-12-2024 | micro format | 29-09-2025 | 2025-00533666 | |
| 31-12-2023 | micro format | 06-10-2024 | 2024-00504284 | |
| 31-12-2022 | micro format | 09-10-2023 | 2023-00483985 | |
| 31-12-2021 | micro format | 31-10-2022 | 2022-20481788 | |
| 31-12-2020 | micro format | 30-11-2021 | 2021-78800489 | |
| 31-12-2019 | micro format | 30-11-2020 | 2020-74600372 | |
| 31-12-2017 | micro format | 31-08-2018 | 2018-59800401 | |
| 31-12-2016 | micro format | 31-08-2017 | 2017-57000509 | |
| 31-12-2015 | abbreviated format | 31-08-2016 | 2016-59100448 |