RAYFRAN
ActiveRAYFRAN has been active since 1980 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €38k and a net result of €3k. Equity is growing by ~52.1% per year across the filed fiscal years. Its solvency ranks better than 32% of 17638 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.8% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability42▼-58
Solvency14▲+3
Growth52=
Stability100
Bankruptcy probability, 12 months
0.8%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €2k at 30 days only on tighter terms
Liquidity short (current ratio 0.7 against 0.65 in 2024), and 86.1% of the assets are financed with debt.
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
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 · 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
Sector 47
higher
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
13.9%
Return on assets
1.2%
Age of the figures
8 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 29-07-2026, 2 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
2 d early
2024
65 d late
2023
61 d late
2022
92 d late
2021
30 d late
2020
25 d late
2019
53 d late
← before the deadline
after the deadline →
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
08-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Turnover
€1.12M
EBIT margin
4.0%
Net result
€3k▼ 77.4%
2024 · €14k
2018: €23k
2019: €19k
2020: €-18k
2021: €49k
2022: €10k
2023: €48k
2024: €14k
2018 → 2025
Working capital
€-70k▲ 22.8%
2024 · €-91k
2018: €-308k
2019: €-277k
2020: €-263k
2021: €-183k
2022: €-153k
2023: €-105k
2024: €-91k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€-37k-€-27k▲ 27.7%€21k€35k▲ 67.5%€38k▲ 9.1%
Operating result€56k-€15k▼ 72.4%€69k▲ 348%€34k▼ 50.3%€13k▼ 61.8%
Net result€49k-€10k▼ 79.2%€48k▲ 362%€14k▼ 70.6%€3k▼ 77.4%
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2025 is 62% below 2024 and is the lowest year so far.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €272k
Fixed assets
€108k▼ 14.0%
Current assets
€164k▼ 3.6%
Equity and liabilities €272k
Equity
€38k▲ 9.1%
Debt
€234k▼ 10.3%
The debt ratio falls from 88.2% to 86.1%: equity grows while debt is paid down.
Key figures and ratios
EBITDA
€33k▼
2024 · €77k
Cash flow
€23k▼
2024 · €57k
Solvency
13.9%▲
2024 · 11.8%
Current ratio
0.70▲
2024 · 0.65
Quick ratio
0.58▲
2024 · 0.58
Debt / equity
6.17▼
2024 · 7.51
ROE
8.3%▼
2024 · 40.3%
ROA
1.2%▼
2024 · 4.7%
Interest coverage
4.00▼
2024 · 9.06
Debt
€234k▼
2024 · €261k
Debt ≤ 1 year
€234k▼
2024 · €261k
Income taxes
€2k▼
2024 · €12k
Staff costs
€413k▲
2024 · €390k
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€296k€272k▼
Fixed assets21/28€125k€108k▼
Tangible fixed assets22/27€104k€86k▼
Plant, machinery and equipment23€87k€74k▼
Furniture and vehicles24€17k€12k▼
Financial fixed assets28€22k€22k=
Current assets29/58€170k€164k▼
Stocks and contracts in progress3€19k€27k▲
Stocks30/36€19k€27k▲
Amounts receivable within one year40/41€30k€41k▲
Trade receivables40€3k€8k▲
Other amounts receivable41€27k€33k▲
Cash at bank and in hand54/58€122k€95k▼
Equity and liabilities
Total equity and liabilities10/49€296k€272k▼
Equity10/15€35k€38k▲
Contributions10/11€175k€175k=
Reserves13€88k€88k=
Distributable reserves133€88k€88k=
Profit (loss) carried forward14€-229k€-225k▲
Amounts payable17/49€261k€234k▼
Amounts payable within one year42/48€261k€234k▼
Current portion of amounts payable after more than one year42€47k€23k▼
Trade debts44€60k€73k▲
Suppliers440/4€60k€73k▲
Taxes, remuneration and social security45€120k€104k▼
Taxes450/3€35k€34k▼
Remuneration and social security454/9€85k€69k▼
Other amounts payable47/48€34k€34k=
Income statement
Code20242025
Remuneration, social security and pensions62€390k€413k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€43k€20k▼
Other operating charges640/8€20k€21k▲
Non-recurring operating charges66A€534-
Gross operating margin9900€488k€467k▼
Operating profit (loss)9901€34k€13k▼
Financial income75/76B€2€307▲
Recurring financial income75€2€307▲
Financial charges65/66B€8k€8k▼
Recurring financial charges65€8k€8k▼
Profit (loss) for the period before taxes9903€26k€5k▼
Income taxes67/77€12k€2k▼
Profit (loss) for the period9904€14k€3k▼
Profit (loss) for the period to be appropriated9905€14k€3k▼
Appropriation of the result
Profit (loss) to be appropriated9906€-229k€-225k▲
Profit (loss) brought forward from the previous period14P€-243k€-229k▲
The notes to these accounts (8 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
29-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
04-10
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 65 days late
2024
30-09
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 61 days late
2023
31-10
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 92 days late
2022
30-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 30 days late
2021
31-12
Financial
Back to profitnet €49k
Net result €49k after one loss-making year.
25-08
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 25 days late
2020
31-12
Financial
Weakest financial yearnet €-18k ▼196%
Net result drops to €-18k, the lowest in the series; recovery starts the following year.
22-09
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 53 days late
2019
26-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 26 days late
2018
30-08
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 30 days late
2017
07-07
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
4 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Brussel · 1 establishment unit since 1980
Ground area
981 m²
Building footprint
477 m²
Volume, LiDAR
10,276 m³
2 parcels, Brussels · tallest building 32.3 m, ±8 floors. Linked by address, not a title deed.
1 establishment unit
Carpe Diem
since 19802.018.045.705
2 parcels
Brussels
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21005A3004/00A000 | Brussels | 842 m² | 1 · 337 m² | 32.3 m · 8 fl. |
| 21802B0945/00C000 | Brussels | 139 m² | 1 · 139 m² | 23.5 m · 6 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1 · via establishment units: 1
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Similar companies · same sector, comparable size
Authentiek Postel
BE 1002.135.407
Mol · Eq €38k
Graantje
BE 0757.991.949
Vosselaar · Eq €38k
A&A
BE 0784.944.586
Izegem · Eq €38k
JOLUMA 8
BE 0672.638.382
Bernissart · Eq €38k
PETIT THEATRE DU PAIN
BE 0542.868.913
Sprimont · Eq €39k
Of 2,378 companies in sector 47241 we hold annual accounts for 1,073. 899 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded30-09-1980
Fiscal year end31-12
Activities, NACEBEL
47241Retail sale of bread and pastry (bakery outlets)
52240
55301
56101Full-service restaurants
56111Full-service restaurants
55302
56102Limited-service restaurants
56112Limited-service restaurants, excluding mobile food services
Sources
Crossroads Bank for EnterprisesNational Bank · 45 filingsAddress and cadastre registers
Data from official sources, last processed on 07-09-2026. Scores and ratios are computed by Checked and are not a credit decision.