RAZ
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 02-07-2026 at the NBB all 6 filings
Equity
€15,557▼ 56.6%
2024 · €35,866
Total assets
€28,536▼ 52.7%
2024 · €60,324
Net result
-€20,310
2024 · €22,069
Working capital
€2,842▼ 92.9%
2024 · €39,966
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
-€19,318
2025
20202025
Net result
-€20,310
2025
lowest quarter of the sector
20202025
Equity
€15,557
▼ 56.6%
2025
middle half of the sector
20202025
Total assets
€28,536
▼ 52.7%
2025
lowest quarter of the sector
20202025
Debt
€12,979
▼ 46.9%
2025
20202025
Working capital
€2,842
▼ 92.9%
2025
middle half of the sector
20202025
Solvency
54.5%
▼ 4.9pp
2025
middle half of the sector
20202025
Current ratio
1.22
▼ 1.74
2025
middle half of the sector
20202025
Return on assets (ROA)
-71.2%
▼ 107.8pp
2025
lowest quarter of the sector
20202025
Staff (FTE)
no figure
2025
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result€8,306-€1,347▼ 83.8%€8,979▲ 567%€3,519▼ 60.8%€37,483▲ 965%-€19,318
Net result€8,306within the sector's middle half--€514within the sector's middle half€6,014within the sector's middle half€849within the sector's middle half▼ 85.9%€22,069within the sector's middle half▲ 26×-€20,310below the sector's middle half
Equity€10,306within the sector's middle half-€6,934within the sector's middle half▼ 32.7%€12,948within the sector's middle half▲ 86.7%€13,797within the sector's middle half▲ 6.6%€35,866within the sector's middle half▲ 160%€15,557within the sector's middle half▼ 56.6%
Total assets€20,104below the sector's middle half-€21,211below the sector's middle half▲ 5.5%€29,841below the sector's middle half▲ 40.7%€24,514below the sector's middle half▼ 17.9%€60,324below the sector's middle half▲ 146%€28,536below the sector's middle half▼ 52.7%
Debt€9,798-€14,276▲ 45.7%€16,893▲ 18.3%€10,717▼ 36.6%€24,458▲ 128%€12,979▼ 46.9%
Working capital€14,406within the sector's middle half-€11,034within the sector's middle half▼ 23.4%€17,048within the sector's middle half▲ 54.5%€17,897within the sector's middle half▲ 5.0%€39,966within the sector's middle half▲ 123%€2,842within the sector's middle half▼ 92.9%
Solvency51.3%within the sector's middle half-32.7%within the sector's middle half▼ 18.6pp43.4%within the sector's middle half▲ 10.7pp56.3%within the sector's middle half▲ 12.9pp59.5%within the sector's middle half▲ 3.2pp54.5%within the sector's middle half▼ 4.9pp
Current ratio3.53above the sector's middle half-2.08within the sector's middle half▼ 1.442.33above the sector's middle half▲ 0.253.70above the sector's middle half▲ 1.372.96above the sector's middle half▼ 0.741.22within the sector's middle half▼ 1.74
Return on assets (ROA)41.3%above the sector's middle half--2.4%within the sector's middle half▼ 43.7pp20.2%above the sector's middle half▲ 22.6pp3.5%within the sector's middle half▼ 16.7pp36.6%above the sector's middle half▲ 33.1pp-71.2%below the sector's middle half▼ 107.8pp
Staff (FTE)1.31.7▲ 30.8%
above
within
below
The sector band is the middle half of the companies in Rental and leasing activities (NACE 77). 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 €19,318, after a profit of €37,483 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €28,536
Fixed assets
€12,715
Current assets
€15,821
Equity and liabilities €28,536
Equity
€15,557 ▼ 56.6%
Debt
€12,979 ▼ 46.9%
Debt's share of the balance-sheet total rises from 40.5% to 45.5%. Equity and debt are lower.
Key figures and ratios
Debt to equity
0.83▲
2024 · 0.68
ROE
-130.6%▼
2024 · 61.5%
Debt ≤ 1 year
€12,979▼
2024 · €20,358
Staff costs
€6,770▼
2024 · €45,591
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 |
|---|---|---|
| Employees at the balance-sheet date | - | 3 |
| full-time | - | 1 |
| part-time | - | 2 |
| in full-time equivalents | - | 1.7 |
| Average over the year, in full-time equivalents | 1.3 | 1.5 |
| On a permanent contract | - | 1 |
| Joined | - | 4 |
| Left | - | 3 |
Source: social balance sheet in the 2021 to 2022 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | - | - | €12,715 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 to 2024 · 2 entries · €5,176 awarded · €5,176 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2024 | 1 | €2,663 | €2,663 |
| 2023 | 1 | €2,513 | €2,513 |
Schemes
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €35,493 | €51,470 | €68,398 | €45,591 | €6,770 | ▼ 85.2% |
| Other operating charges640/8 | - | €6,142 | €102 | €421 | €236 | €240 | ▲ 1.7% |
| Non-recurring operating charges66A | - | - | - | €20,791 | €10,535 | €3,025 | ▼ 71.3% |
| Gross operating margin9900 | €8,306 | €42,982 | €60,552 | €93,130 | €93,845 | -€9,283 | - |
| Operating profit (loss)9901 | €8,306 | €1,347 | €8,979 | €3,519 | €37,483 | -€19,318 | - |
| Financial income75/76B | - | €2 | - | - | €1 | - | - |
| Recurring financial income75 | €0 | €2 | - | - | €1 | - | - |
| Financial charges65/66B | - | €1,863 | €1,669 | €1,161 | €958 | €992 | ▲ 3.5% |
| Recurring financial charges65 | €0 | €1,863 | €1,669 | €1,161 | €958 | €992 | ▲ 3.5% |
| Profit (loss) for the period before taxes9903 | €8,306 | -€514 | €7,311 | €2,358 | €36,525 | -€20,310 | - |
| Income taxes67/77 | - | - | €1,297 | €1,509 | €14,456 | - | - |
| Profit (loss) for the period9904 | €8,306 | -€514 | €6,014 | €849 | €22,069 | -€20,310 | - |
| Profit (loss) for the period to be appropriated9905 | €8,306 | -€514 | €6,014 | €849 | €22,069 | -€20,310 | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €20,104 | €21,211 | €29,841 | €24,514 | €60,324 | €28,536 | ▼ 52.7% |
| Fixed assets21/28 | - | - | - | - | - | €12,715 | - |
| Tangible fixed assets22/27 | - | - | - | - | - | €12,715 | - |
| Furniture and vehicles24 | - | - | - | - | - | €12,715 | - |
| Current assets29/58 | €20,104 | €21,211 | €29,841 | €24,514 | €60,324 | €15,821 | ▼ 73.8% |
| Amounts receivable within one year40/41 | €12,280 | €13,644 | €25,192 | €23,981 | €58,675 | €4,111 | ▼ 93.0% |
| Trade receivables40 | - | €11,091 | €19,824 | €17,681 | €46,793 | - | - |
| Other amounts receivable41 | - | €2,553 | €5,369 | €6,300 | €11,883 | €4,111 | ▼ 65.4% |
| Cash at bank and in hand54/58 | €7,823 | €7,567 | €4,649 | €533 | €1,649 | €10,711 | ▲ 550% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €999 | - |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €20,104 | €21,211 | €29,841 | €24,514 | €60,324 | €28,536 | ▼ 52.7% |
| Equity10/15 | €10,306 | €6,934 | €12,948 | €13,797 | €35,866 | €15,557 | ▼ 56.6% |
| Contributions10/11 | - | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Reserves13 | - | - | - | €11,797 | €33,866 | €33,866 | = |
| Distributable reserves133 | - | - | - | €11,797 | €33,866 | €33,866 | = |
| Profit (loss) carried forward14 | €8,306 | €4,934 | €10,948 | - | - | -€20,310 | - |
| Amounts payable17/49 | €9,798 | €14,276 | €16,893 | €10,717 | €24,458 | €12,979 | ▼ 46.9% |
| Amounts payable after more than one year17 | €4,100 | €4,100 | €4,100 | €4,100 | €4,100 | - | - |
| Other amounts payable178/9 | - | €4,100 | €4,100 | €4,100 | €4,100 | - | - |
| Amounts payable within one year42/48 | €5,698 | €10,176 | €12,793 | €6,617 | €20,358 | €12,979 | ▼ 36.2% |
| Trade debts44 | €2,626 | €6,144 | €7,492 | €985 | €2,739 | €883 | ▼ 67.7% |
| Suppliers440/4 | - | €6,144 | €7,492 | €985 | €2,739 | €883 | ▼ 67.7% |
| Taxes, remuneration and social security45 | - | €4,032 | €5,301 | €5,632 | €17,619 | €12,096 | ▼ 31.3% |
| Taxes450/3 | - | - | €352 | €1,260 | €13,282 | €12,096 | ▼ 8.9% |
| Remuneration and social security454/9 | - | €4,032 | €4,949 | €4,372 | €4,337 | - | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €8,306 | -€514 | €6,014 | €849 | €22,069 | -€20,310 | - |
| Operating cash flow (approximation) | €8,306 | -€514 | €6,014 | €849 | €22,069 | -€20,310 | - |
| Change in cash | - | -€256 | -€2,918 | -€4,116 | €1,116 | €9,063 | ▲ 712% |
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, 3,591 companies had the same profile as RAZ has now. Two years later, 87.4% were still going and 3.0% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
87.4%
was still going
9.4%
stopped otherwise
3.0%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of RAZ itself: 0.6% 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 3,591 companies, not a prediction for RAZ. 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.
Filings with the National Bank (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 02-07-2026 | 2026-00255947 | |
| 31-12-2024 | micro format | 18-07-2025 | 2025-00294817 | |
| 31-12-2023 | micro format | 24-07-2024 | 2024-00276935 | |
| 31-12-2022 | micro format | 24-07-2023 | 2023-00264507 | |
| 31-12-2021 | micro format | 24-07-2022 | 2022-20215617 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-64100566 |