RBCF
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 26-11-2025 PDF all 7 filings
Every figure per financial year
The operating result for 2025 is 61% lower than in 2024 and the lowest since 2021. It is the second fall in a row.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Investments
| Item | 30-04-2022 | 30-04-2023 | 30-04-2024 | 30-04-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €29,856 | €4,432 | €40,560 | €2,721 |
| Depreciation and write-downs of the year | €1,914 | €7,070 | €4,818 | €9,850 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | €1,914 | €7,070 | €4,818 | €9,850 | ▲ 104% |
| Other operating charges640/8 | - | - | - | €500 | €945 | €631 | €931 | ▲ 47.4% |
| Non-recurring operating charges66A | - | - | - | - | - | €5,471 | - | - |
| Gross operating margin9900 | €28,224 | €20,703 | €17,835 | €8,575 | €28,691 | €24,404 | €16,017 | ▼ 34.4% |
| Operating profit (loss)9901 | €27,529 | €20,355 | €17,488 | €6,162 | €20,676 | €13,484 | €5,236 | ▼ 61.2% |
| Financial income75/76B | - | - | - | - | - | €162 | €236 | ▲ 45.6% |
| Recurring financial income75 | €7 | €7 | - | - | - | €162 | €236 | ▲ 45.6% |
| Financial charges65/66B | - | - | - | €478 | €474 | €389 | €459 | ▲ 18.1% |
| Recurring financial charges65 | €52 | €75 | €50 | €478 | €474 | €389 | €459 | ▲ 18.1% |
| Profit (loss) for the period before taxes9903 | €27,485 | €20,287 | €17,438 | €5,684 | €20,202 | €13,258 | €5,013 | ▼ 62.2% |
| Income taxes67/77 | €8,090 | €5,401 | €4,229 | €7,958 | €6,786 | €4,446 | €3,168 | ▼ 28.8% |
| Profit (loss) for the period9904 | €19,395 | €14,887 | €13,208 | -€2,275 | €13,416 | €8,812 | €1,846 | ▼ 79.1% |
| Profit (loss) for the period to be appropriated9905 | €19,395 | €14,887 | €13,208 | -€2,275 | €13,416 | €8,812 | €1,846 | ▼ 79.1% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €48,277 | €60,772 | €70,440 | €98,870 | €75,798 | €76,932 | €66,010 | ▼ 14.2% |
| Fixed assets21/28 | - | - | - | €27,942 | €25,304 | €39,076 | €31,947 | ▼ 18.2% |
| Tangible fixed assets22/27 | - | - | - | €27,942 | €25,304 | €39,076 | €31,947 | ▼ 18.2% |
| Furniture and vehicles24 | - | - | - | €27,942 | €21,971 | €36,851 | €29,288 | ▼ 20.5% |
| Other tangible fixed assets26 | - | - | - | - | €3,333 | €2,225 | €2,659 | ▲ 19.5% |
| Current assets29/58 | €48,277 | €60,772 | €70,440 | €70,928 | €50,494 | €37,856 | €34,063 | ▼ 10.0% |
| Amounts receivable within one year40/41 | €677 | - | €111 | €1,343 | - | - | - | - |
| Trade receivables40 | - | - | - | €1,343 | - | - | - | - |
| Cash at bank and in hand54/58 | €46,683 | €60,059 | €70,136 | €67,303 | €48,294 | €37,489 | €30,319 | ▼ 19.1% |
| Deferred charges and accrued income490/1 | - | - | - | €2,282 | €2,200 | €368 | €3,744 | ▲ 918% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €48,277 | €60,772 | €70,440 | €98,870 | €75,798 | €76,932 | €66,010 | ▼ 14.2% |
| Equity10/15 | €37,995 | €52,882 | €66,090 | €33,815 | €47,232 | €21,044 | €22,889 | ▲ 8.8% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | - | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €17,535 | €32,422 | €45,630 | €13,355 | €26,772 | €584 | €2,429 | ▲ 316% |
| Amounts payable17/49 | €10,282 | €7,891 | €4,350 | €65,055 | €28,567 | €55,889 | €43,121 | ▼ 22.8% |
| Amounts payable after more than one year17 | - | - | - | €20,924 | €15,672 | €9,949 | €33,460 | ▲ 236% |
| Financial debts170/4 | - | - | - | €20,924 | €15,672 | €9,949 | €3,710 | ▼ 62.7% |
| Other amounts payable178/9 | - | - | - | - | - | - | €29,750 | - |
| Amounts payable within one year42/48 | €10,282 | €7,891 | €4,350 | €44,131 | €12,894 | €45,940 | €9,661 | ▼ 79.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €6,096 | €5,716 | €5,724 | €6,239 | ▲ 9.0% |
| Trade debts44 | €42 | €242 | €121 | - | €200 | €200 | - | - |
| Suppliers440/4 | - | - | - | - | €200 | €200 | - | - |
| Taxes, remuneration and social security45 | - | - | - | €7,958 | €6,786 | €4,530 | €3,172 | ▼ 30.0% |
| Taxes450/3 | - | - | - | €7,958 | €6,786 | €4,530 | €3,172 | ▼ 30.0% |
| Other amounts payable47/48 | - | - | - | €30,077 | €192 | €35,486 | €250 | ▼ 99.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €19,395 | €14,887 | €13,208 | -€2,275 | €13,416 | €8,812 | €1,846 | ▼ 79.1% |
| + Depreciation and write-downs630 | - | - | - | €1,914 | €7,070 | €4,818 | €9,850 | ▲ 104% |
| Operating cash flow (approximation) | €19,395 | €14,887 | €13,208 | -€361 | €20,486 | €13,630 | €11,696 | ▼ 14.2% |
| Investment in fixed assets (approximation) | - | - | - | - | -€4,432 | -€18,589 | -€2,721 | ▲ 85.4% |
| Change in cash | - | €13,375 | €10,077 | -€2,833 | -€19,009 | -€10,805 | -€7,170 | ▲ 33.6% |
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, 5,047 companies had the same profile as RBCF has now. Two years later, 93.9% were still going and 2.2% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of RBCF itself: 0.5% 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 5,047 companies, not a prediction for RBCF. 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 (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-04-2025 | micro format | 26-11-2025 | 2025-00570851 | |
| 30-04-2024 | micro format | 26-11-2024 | 2024-00606028 | |
| 30-04-2023 | micro format | 31-12-2023 | 2024-00540785 | |
| 30-04-2022 | micro format | 31-12-2022 | 2022-20550504 | |
| 30-04-2021 | micro format | 20-10-2021 | 2021-72400400 | |
| 30-04-2020 | micro format | 30-11-2020 | 2020-73400303 | |
| 30-04-2019 | micro format | 30-10-2019 | 2019-72500363 |