RAYLAS
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 31-07-2026 at the NBB all 22 filings
Turnover
≈ €240,000
Estimated: probably between €200,000 and €320,000
Total assets
€295,004▼ 15.4%
2024 · €348,826
Net result
-€38,652▼ 813%
2024 · -€4,235
Working capital
€7,463▼ 78.7%
2024 · €34,966
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€36,461
▼ 1,973%
2025
20182025
Net result
-€38,652
▼ 813%
2025
lowest quarter of the sector
20182025
Equity
€201,653
▼ 16.1%
2025
middle half of the sector
20182025
Total assets
€295,004
▼ 15.4%
2025
middle half of the sector
20182025
Debt
€93,351
▼ 14.0%
2025
20182025
Working capital
€7,463
▼ 78.7%
2025
middle half of the sector
20182025
Solvency
68.4%
▼ 0.5pp
2025
highest quarter of the sector
20182025
Current ratio
1.15
▼ 0.55
2025
middle half of the sector
20182025
Return on assets (ROA)
-13.1%
▼ 11.9pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
1.5
=
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€30,438--€12,730▲ 58.2%-€719▲ 94.3%€7,259-€12,233-€44,239▼ 262%-€1,759▲ 96.0%-€36,461▼ 1,973%
Net result-€29,934--€14,145▲ 52.7%-€3,311within the sector's middle half▲ 76.6%€5,412within the sector's middle half-€14,318below the sector's middle half-€46,650below the sector's middle half▼ 226%-€4,235within the sector's middle half▲ 90.9%-€38,652below the sector's middle half▼ 813%
Equity€317,551-€303,406▼ 4.5%€300,095above the sector's middle half▼ 1.1%€305,507above the sector's middle half▲ 1.8%€291,189above the sector's middle half▼ 4.7%€244,539above the sector's middle half▼ 16.0%€240,304above the sector's middle half▼ 1.7%€201,653within the sector's middle half▼ 16.1%
Total assets€319,029-€396,948▲ 24.4%€397,255above the sector's middle half▲ 0.1%€407,356above the sector's middle half▲ 2.5%€376,324above the sector's middle half▼ 7.6%€332,489above the sector's middle half▼ 11.6%€348,826above the sector's middle half▲ 4.9%€295,004within the sector's middle half▼ 15.4%
Debt€1,478-€93,542▲ 63×€97,161▲ 3.9%€101,849▲ 4.8%€85,135▼ 16.4%€87,949▲ 3.3%€108,522▲ 23.4%€93,351▼ 14.0%
Working capital€35,035-€59,256▲ 69.1%€51,856above the sector's middle half▼ 12.5%€77,100above the sector's middle half▲ 48.7%€81,750above the sector's middle half▲ 6.0%€40,707above the sector's middle half▼ 50.2%€34,966within the sector's middle half▼ 14.1%€7,463within the sector's middle half▼ 78.7%
Solvency99.5%-76.4%▼ 23.1pp75.5%above the sector's middle half▼ 0.9pp75.0%above the sector's middle half▼ 0.5pp77.4%above the sector's middle half▲ 2.4pp73.5%above the sector's middle half▼ 3.8pp68.9%above the sector's middle half▼ 4.7pp68.4%above the sector's middle half▼ 0.5pp
Current ratio24.70-18.03▼ 6.673.78above the sector's middle half▼ 14.253.39above the sector's middle half▼ 0.394.47above the sector's middle half▲ 1.082.13above the sector's middle half▼ 2.341.70within the sector's middle half▼ 0.431.15within the sector's middle half▼ 0.55
Return on assets (ROA)-9.4%--3.6%▲ 5.8pp-0.8%within the sector's middle half▲ 2.7pp1.3%within the sector's middle half▲ 2.2pp-3.8%within the sector's middle half▼ 5.1pp-14.0%below the sector's middle half▼ 10.2pp-1.2%within the sector's middle half▲ 12.8pp-13.1%below the sector's middle half▼ 11.9pp
Staff (FTE)1.70.9below the sector's middle half▼ 47.1%0.5▼ 44.4%1.7▲ 240%1.5▼ 11.8%1.5=1.5below the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Food and beverage service activities (NACE 56). 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 €36,461, larger than the loss of €1,759 in 2024.
Turnover and EBIT margin are not published. The abbreviated or micro 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 €295,004
Fixed assets
€238,207 ▼ 9.8%
Current assets
€56,797 ▼ 33.0%
Equity and liabilities €295,004
Equity
€201,653 ▼ 16.1%
Debt
€93,351 ▼ 14.0%
Debt's share of the balance-sheet total rises from 31.1% to 31.6%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€10,569▼
2024 · €26,101
Cash flow
-€12,760▼
2024 · €23,625
Debt to equity
0.46▲
2024 · 0.45
ROE
-19.2%▼
2024 · -1.8%
Interest coverage
-4.82▼
2024 · 10.54
Debt ≤ 1 year
€49,334▼
2024 · €49,762
Debt > 1 year
€44,017▼
2024 · €58,760
Staff costs
€81,272▲
2024 · €60,516
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 | - | 1 | 2 | 4 | - |
| full-time | - | - | 2 | 3 | - |
| part-time | - | 1 | - | 1 | - |
| in full-time equivalents | - | 0.2 | 2 | 3.9 | - |
| Average over the year, in full-time equivalents | 0.5 | 1.7 | 1.5 | 1.5 | 1.5 |
| On a permanent contract | - | - | 2 | 3 | - |
| Joined | 4 | 40 | 12 | 14 | 18 |
| Left | 4 | 40 | 12 | 10 | 15 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | €95,000 | €95,000 | €95,000 | - | - |
| Carrying value of the mortgaged assets | €269,782 | €248,342 | €238,226 | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €1,780 | €10,274 | €36,223 | - |
| Depreciation and write-downs of the year | €28,745 | €28,763 | €25,554 | €27,860 | €25,892 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €19,994 | €74,531 | €79,807 | €60,516 | €81,272 | ▲ 34.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €23,023 | €25,116 | €28,277 | €28,745 | €28,763 | €25,554 | €27,860 | €25,892 | ▼ 7.1% |
| Other operating charges640/8 | - | - | - | €3,098 | €3,191 | €3,949 | €3,970 | €3,941 | ▼ 0.7% |
| Gross operating margin9900 | -€5,534 | €31,597 | €41,284 | €59,095 | €94,252 | €65,071 | €90,586 | €74,644 | ▼ 17.6% |
| Operating profit (loss)9901 | -€30,438 | -€12,730 | -€719 | €7,259 | -€12,233 | -€44,239 | -€1,759 | -€36,461 | ▼ 1,973% |
| Financial income75/76B | - | - | - | €1,031 | €1,030 | €4 | €0 | - | - |
| Recurring financial income75 | €519 | €515 | €1,042 | €1,031 | €1,030 | €4 | €0 | - | - |
| Financial charges65/66B | - | - | - | €2,877 | €3,114 | €2,415 | €2,476 | €2,191 | ▼ 11.5% |
| Recurring financial charges65 | €15 | €1,929 | €3,634 | €2,877 | €3,114 | €2,415 | €2,476 | €2,191 | ▼ 11.5% |
| Profit (loss) for the period before taxes9903 | -€29,934 | -€14,145 | -€3,311 | €5,412 | -€14,318 | -€46,650 | -€4,235 | -€38,652 | ▼ 813% |
| Profit (loss) for the period9904 | -€29,934 | -€14,145 | -€3,311 | €5,412 | -€14,318 | -€46,650 | -€4,235 | -€38,652 | ▼ 813% |
| Profit (loss) for the period to be appropriated9905 | -€29,934 | -€14,145 | -€3,311 | €5,412 | -€14,318 | -€46,650 | -€4,235 | -€38,652 | ▼ 813% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €319,029 | €396,948 | €397,255 | €407,356 | €376,324 | €332,489 | €348,826 | €295,004 | ▼ 15.4% |
| Fixed assets21/28 | €282,516 | €334,214 | €326,743 | €297,999 | €271,016 | €255,736 | €264,099 | €238,207 | ▼ 9.8% |
| Tangible fixed assets22/27 | €282,516 | €334,214 | €326,743 | €297,999 | €271,016 | €255,736 | €264,099 | €238,207 | ▼ 9.8% |
| Land and buildings22 | - | - | - | €269,782 | €248,342 | €238,226 | €222,889 | €207,551 | ▼ 6.9% |
| Plant, machinery and equipment23 | - | - | - | €11,926 | €7,684 | €5,940 | €4,143 | €2,802 | ▼ 32.4% |
| Furniture and vehicles24 | - | - | - | €2,061 | €1,031 | - | €27,886 | €21,061 | ▼ 24.5% |
| Other tangible fixed assets26 | - | - | - | €14,230 | €13,959 | €11,570 | €9,181 | €6,792 | ▼ 26.0% |
| Current assets29/58 | €36,513 | €62,734 | €70,512 | €109,357 | €105,308 | €76,753 | €84,727 | €56,797 | ▼ 33.0% |
| Amounts receivable after more than one year29 | - | - | - | €39,299 | €39,299 | €39,299 | €39,299 | €39,299 | = |
| Other amounts receivable291 | - | - | - | €39,299 | €39,299 | €39,299 | €39,299 | €39,299 | = |
| Stocks and contracts in progress3 | - | €992 | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | - | €13,173 | €7,445 | €6,766 | €4,539 | €6,369 | €978 | €228 | ▼ 76.7% |
| Trade receivables40 | - | - | - | €0 | - | - | - | - | - |
| Other amounts receivable41 | - | - | - | €6,766 | €4,539 | €6,369 | €978 | €228 | ▼ 76.7% |
| Cash at bank and in hand54/58 | €13 | €10,007 | €22,308 | €60,392 | €59,126 | €28,130 | €43,421 | €16,241 | ▼ 62.6% |
| Deferred charges and accrued income490/1 | - | - | - | €2,900 | €2,344 | €2,955 | €1,030 | €1,030 | = |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €319,029 | €396,948 | €397,255 | €407,356 | €376,324 | €332,489 | €348,826 | €295,004 | ▼ 15.4% |
| Equity10/15 | €317,551 | €303,406 | €300,095 | €305,507 | €291,189 | €244,539 | €240,304 | €201,653 | ▼ 16.1% |
| Contributions10/11 | €167,000 | €167,000 | €167,000 | €167,000 | €167,000 | €167,000 | €167,000 | €167,000 | = |
| Capital10 | - | - | - | €167,000 | €167,000 | €167,000 | €167,000 | €167,000 | = |
| Issued capital100 | - | - | - | €167,000 | €167,000 | €167,000 | €167,000 | €167,000 | = |
| Revaluation surpluses12 | - | - | - | €181,274 | €181,274 | €164,306 | €155,822 | €147,338 | ▼ 5.4% |
| Reserves13 | €16,700 | €33,668 | €42,152 | €50,636 | €50,636 | €67,604 | €76,088 | €84,572 | ▲ 11.2% |
| Non-distributable reserves130/1 | - | - | - | €16,700 | €16,700 | €16,700 | €16,700 | €16,700 | = |
| Legal reserve130 | - | - | - | €16,700 | €16,700 | €16,700 | €16,700 | €16,700 | = |
| Distributable reserves133 | - | - | - | €33,936 | €33,936 | €50,904 | €59,388 | €67,872 | ▲ 14.3% |
| Profit (loss) carried forward14 | -€81,359 | -€95,504 | -€98,815 | -€93,402 | -€107,720 | -€154,370 | -€158,605 | -€197,257 | ▼ 24.4% |
| Amounts payable17/49 | €1,478 | €93,542 | €97,161 | €101,849 | €85,135 | €87,949 | €108,522 | €93,351 | ▼ 14.0% |
| Amounts payable after more than one year17 | - | €90,063 | €78,505 | €69,591 | €61,229 | €51,904 | €58,760 | €44,017 | ▼ 25.1% |
| Financial debts170/4 | - | - | - | €69,591 | €61,229 | €51,904 | €58,760 | €44,017 | ▼ 25.1% |
| Amounts payable within one year42/48 | €1,478 | €3,479 | €18,656 | €32,257 | €23,558 | €36,046 | €49,762 | €49,334 | ▼ 0.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €9,644 | €9,110 | €9,326 | €14,317 | €14,743 | ▲ 3.0% |
| Trade debts44 | €1,057 | €2,559 | €4,790 | €8,849 | €6,143 | €17,698 | €8,693 | €7,050 | ▼ 18.9% |
| Suppliers440/4 | - | - | - | €8,849 | €6,143 | €17,698 | €8,693 | €7,050 | ▼ 18.9% |
| Taxes, remuneration and social security45 | - | - | - | €1,295 | €4,455 | €4,800 | €2,523 | €4,023 | ▲ 59.5% |
| Taxes450/3 | - | - | - | €10 | - | - | - | - | - |
| Remuneration and social security454/9 | - | - | - | €1,285 | €4,455 | €4,800 | €2,523 | €4,023 | ▲ 59.5% |
| Other amounts payable47/48 | - | - | - | €12,470 | €3,849 | €4,222 | €24,229 | €23,519 | ▼ 2.9% |
| Accrued charges and deferred income492/3 | - | - | - | - | €348 | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€29,934 | -€14,145 | -€3,311 | €5,412 | -€14,318 | -€46,650 | -€4,235 | -€38,652 | ▼ 813% |
| + Depreciation and write-downs630 | €23,023 | €25,116 | €28,277 | €28,745 | €28,763 | €25,554 | €27,860 | €25,892 | ▼ 7.1% |
| Operating cash flow (approximation) | -€6,912 | €10,971 | €24,965 | €34,157 | €14,445 | -€21,095 | €23,625 | -€12,760 | - |
| Investment in fixed assets (approximation) | - | -€76,813 | -€20,807 | €0 | -€1,780 | -€10,274 | -€36,223 | €0 | - |
| Change in cash | - | €9,994 | €12,301 | €38,084 | -€1,266 | -€30,996 | €15,291 | -€27,180 | - |
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, 5,831 companies had the same profile as RAYLAS has now. Two years later, 84.6% were still going and 1.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a loss of 10% of the balance sheet or more
84.6%
was still going
13.4%
stopped otherwise
1.7%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of RAYLAS itself: 0.8% 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 5,831 companies, not a prediction for RAYLAS. 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.
Latest 10 of 22 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 31-07-2026 | 2026-00372791 | |
| 31-12-2024 | micro format | 21-08-2025 | 2025-00390846 | |
| 31-12-2023 | micro format | 13-08-2024 | 2024-00357868 | |
| 31-12-2022 | micro format | 11-12-2023 | 2023-00525932 | |
| 31-12-2021 | micro format | 25-08-2022 | 2022-20315069 | |
| 31-12-2020 | micro format | 28-08-2021 | 2021-57000253 | |
| 31-12-2019 | micro format | 08-10-2020 | 2020-60000005 | |
| 31-12-2018 | micro format | 12-06-2019 | 2019-18000127 | |
| 31-12-2017 | micro format | 21-06-2018 | 2018-21200440 | |
| 31-12-2016 | micro format | 23-06-2017 | 2017-20900485 |