RCA
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 23-07-2026 at the NBB all 21 filings
Turnover
€14.7m▼ 8.2%
2024 · €16.0m
EBIT margin
-1.6%▼ 2.0pp
2024 · 0.5%
Net result
-€291,128▼ 344%
2024 · -€65,564
Working capital
€435,045▼ 49.9%
2024 · €868,792
In the rankings
#2 employer in Limburg, Other professional activities sector#7 company by total assets in Limburg, Other professional activities sector
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€14.7m
▼ 8.2%
2025
20182025
Operating result
-€230,111
2025
20182025
Net result
-€291,128
▼ 344%
2025
lowest quarter of the sector
20182025
EBIT margin
-1.6%
▼ 2.0pp
2025
20182025
Equity
€759,886
▼ 27.7%
2025
middle half of the sector
20182025
Total assets
€5.5m
▲ 15.3%
2025
highest quarter of the sector
20182025
Debt
€4.8m
▲ 27.4%
2025
20182025
Working capital
€435,045
▼ 49.9%
2025
middle half of the sector
20182025
Solvency
13.8%
▼ 8.2pp
2025
lowest quarter of the sector
20182025
Current ratio
1.10
▼ 0.16
2025
middle half of the sector
20182025
Return on assets (ROA)
-5.3%
▼ 3.9pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
51.2
▼ 2.8%
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€16.0m€14.7m▼ 8.2%
Operating result€0.08m-€0.04m▼ 56.3%€0.009m▼ 75.7%€0.01m▲ 45.6%€0.006m▼ 50.6%€0.007m▲ 9.4%€0.07m▲ 981%-€0.2m
Net result€0.05m-€0.03m▼ 53.2%€0.004mwithin the sector's middle half▼ 85.7%€0.007mwithin the sector's middle half▲ 88.0%€0.006mwithin the sector's middle half▼ 10.5%€0.001mwithin the sector's middle half▼ 78.1%-€0.07mbelow the sector's middle half-€0.3mbelow the sector's middle half▼ 344%
EBIT margin0.5%-1.6%▼ 2.0pp
Equity€0.2m-€0.2m▲ 13.3%€0.2mabove the sector's middle half▲ 1.7%€0.2mabove the sector's middle half▲ 3.1%€0.2mabove the sector's middle half▲ 2.7%€0.2mabove the sector's middle half▲ 0.6%€1.1mabove the sector's middle half▲ 345%€0.8mwithin the sector's middle half▼ 27.7%
Total assets€0.3m-€0.3m▼ 2.9%€0.3mabove the sector's middle half▼ 5.3%€0.3mabove the sector's middle half▲ 0.8%€0.3mabove the sector's middle half▲ 6.0%€0.3mabove the sector's middle half▼ 0.2%€4.8mabove the sector's middle half▲ 17×€5.5mabove the sector's middle half▲ 15.3%
Debt€0.1m-€0.06m▼ 34.9%€0.04m▼ 29.5%€0.04m▼ 10.4%€0.05m▲ 24.8%€0.05m▼ 3.9%€3.7m▲ 78×€4.8m▲ 27.4%
Working capital€0.2m-€0.2m▲ 12.5%€0.2mabove the sector's middle half▼ 0.4%€0.2mabove the sector's middle half▲ 5.1%€0.2mabove the sector's middle half▲ 3.3%€0.2mabove the sector's middle half▼ 0.1%€0.9mabove the sector's middle half▲ 268%€0.4mwithin the sector's middle half▼ 49.9%
Solvency66.4%-77.5%▲ 11.1pp83.2%above the sector's middle half▲ 5.7pp85.1%above the sector's middle half▲ 1.9pp82.5%above the sector's middle half▼ 2.6pp83.1%above the sector's middle half▲ 0.7pp21.9%within the sector's middle half▼ 61.2pp13.8%below the sector's middle half▼ 8.2pp
Current ratio3.02-4.45▲ 1.435.87above the sector's middle half▲ 1.426.71above the sector's middle half▲ 0.855.88above the sector's middle half▼ 0.845.92above the sector's middle half▲ 0.051.26within the sector's middle half▼ 4.661.10within the sector's middle half▼ 0.16
Return on assets (ROA)18.8%-9.1%▼ 9.7pp1.4%within the sector's middle half▼ 7.7pp2.6%within the sector's middle half▲ 1.2pp2.2%within the sector's middle half▼ 0.4pp0.5%within the sector's middle half▼ 1.7pp-1.4%within the sector's middle half▼ 1.8pp-5.3%below the sector's middle half▼ 3.9pp
Staff (FTE)5.8-4.1▼ 29.3%3.9above the sector's middle half▼ 4.9%3.8▼ 2.6%3▼ 21.1%3=52.7above the sector's middle half▲ 18×51.2above the sector's middle half▼ 2.8%
above
within
below
The sector band is the middle half of the companies in Other professional, scientific and technical activities (NACE 74). 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 €230,111, after a profit of €74,740 in 2024. It is the lowest result since 2021.
Large changes and their cause
- 2025 Net result -344% on 2024. Part of HQ38 received in a demerger, Official Gazette 24-10-2024, in the previous financial year. That operation now counts for a full year for the first time.
- 2024 Equity +345%, Total assets +1,587%, Staff (FTE) +1,657% on 2023. Part of HQ38 received in a demerger, Official Gazette 24-10-2024. Demerger with RCA GROUP, effective 01-01-2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €5.5m
Fixed assets
€706,943 ▲ 16.2%
Current assets
€4.8m ▲ 15.2%
Equity and liabilities €5.5m
Equity
€759,886 ▼ 27.7%
Debt
€4.8m ▲ 27.4%
Debt's share of the balance-sheet total rises from 78.1% to 86.2%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€78,958▼
2024 · €236,501
Cash flow
-€139,976▼
2024 · €96,197
Debt to equity
6.27▲
2024 · 3.56
ROE
-38.3%▼
2024 · -6.2%
Interest coverage
-1.67▼
2024 · 5.56
Debt ≤ 1 year
€4.4m▲
2024 · €3.3m
Income taxes
-€10,340▼
2024 · €65,724
Customer credit
72 days▲
2024 · 62 days
Supplier credit
133 days▲
2024 · 63 days
Staff costs
€3.6m▲
2024 · €3.6m
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 | 4 | 3 | 3 | 54 | 51 |
| full-time | 3 | 3 | 3 | 46 | 43 |
| part-time | 1 | - | - | 8 | 8 |
| in full-time equivalents | 3.8 | 3 | 3 | 52.2 | 49.3 |
| Average over the year, in full-time equivalents | 3.8 | 3 | 3 | 52.7 | 51.2 |
| On a permanent contract | 4 | 3 | 3 | 54 | 51 |
| Joined | - | 0 | - | 60 | 1 |
| Left | - | 1 | - | 9 | 4 |
| Agency workers, average number | - | - | - | - | 0.1 |
| Training hours | - | 48 | 20 | 1,496 | 1,221 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Carrying value of the other pledged assets | - | - | - | €2.0m | - |
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 | - | - | - | €1.5m | €29,655 |
| Intangible fixed assets | - | - | - | €20,000 | €220,000 |
| Financial fixed assets | €200 | - | - | - | - |
| Depreciation and write-downs of the year | - | - | - | €161,761 | €151,153 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
The auditor is BDO BEDRIJFSREVISOREN-BDO REVISEURS D'ENTREPRISES.
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | - | - | - | €18,000 | €17,460 |
| Other work by the auditor | - | - | - | €6,082 | - |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Subsidies and aid
Flemish government
2024 to 2025 · 2 entries · €5,283 awarded · €5,283 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €97 | €97 |
| 2024 | 1 | €5,186 | €5,186 |
Public contracts
2 awards · 2025
Sustainability campaign for fresh vegetables in Flanders and Germany: VLAM/2025/07 - 1
Creatief bureau: CM-MC_2024_049 - 1
Source: TED (Tenders Electronic Daily), Publications Office of the European Union. The values are as the buyer published them. For a framework agreement, the value is a ceiling.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | - | - | - | €16.2m | €15.0m | ▼ 7.0% |
| Turnover70 | - | - | - | - | - | - | €16.0m | €14.7m | ▼ 8.2% |
| Own construction capitalised72 | - | - | - | - | - | - | - | €0.2m | - |
| Other operating income74 | - | - | - | - | - | - | €0.2m | €0.2m | ▲ 15.3% |
| Operating charges60/66A | - | - | - | - | - | - | €16.1m | €15.3m | ▼ 5.2% |
| Goods for resale, raw materials and consumables60 | - | - | - | - | - | - | €10.2m | €9.1m | ▼ 10.9% |
| Purchases600/8 | - | - | - | - | - | - | €10.2m | €9.1m | ▼ 10.9% |
| Change in stocks: decrease (increase)609 | - | - | - | - | - | - | - | €0 | - |
| Services and other goods61 | - | - | - | - | - | - | €2.1m | €2.3m | ▲ 8.5% |
| Remuneration, social security and pensions62 | - | - | - | €0.2m | €0.2m | €0.2m | €3.6m | €3.6m | ▲ 2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.001m | - | €228 | - | - | - | €0.2m | €0.2m | ▼ 6.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | -€0.03m | €0.008m | - |
| Other operating charges640/8 | - | - | - | €0.003m | - | - | €0.06m | €0.06m | ▼ 2.2% |
| Gross operating margin9900 | €0.3m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | - | - | - |
| Operating profit (loss)9901 | €0.08m | €0.04m | €0.009m | €0.01m | €0.006m | €0.007m | €0.07m | -€0.2m | - |
| Financial income75/76B | - | - | - | - | - | - | €73 | €0.01m | ▲ 146× |
| Recurring financial income75 | €20 | - | - | - | - | - | €73 | €0.01m | ▲ 146× |
| Other financial income752/9 | - | - | - | - | - | - | €73 | €0.01m | ▲ 146× |
| Financial charges65/66B | - | - | - | €440 | €253 | €0.001m | €0.07m | €0.08m | ▲ 9.9% |
| Recurring financial charges65 | €170 | €129 | €491 | €440 | €253 | €0.001m | €0.07m | €0.08m | ▲ 4.3% |
| Debt charges650 | - | - | - | - | - | - | €0.04m | €0.05m | ▲ 11.2% |
| Other financial charges652/9 | - | - | - | - | - | - | €0.03m | €0.03m | ▼ 5.0% |
| Non-recurring financial charges66B | - | - | - | - | - | - | - | €0.004m | - |
| Profit (loss) for the period before taxes9903 | €0.08m | €0.04m | €0.008m | €0.01m | €0.006m | €0.006m | €159 | -€0.3m | - |
| Income taxes67/77 | €0.03m | €0.01m | €0.005m | €0.005m | -€93 | €0.005m | €0.07m | -€0.01m | - |
| Taxes670/3 | - | - | - | - | - | - | €0.07m | €0.02m | ▼ 62.7% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | - | - | - | - | €0.03m | - |
| Profit (loss) for the period9904 | €0.05m | €0.03m | €0.004m | €0.007m | €0.006m | €0.001m | -€0.07m | -€0.3m | ▼ 344% |
| Profit (loss) for the period to be appropriated9905 | €0.05m | €0.03m | €0.004m | €0.007m | €0.006m | €0.001m | -€0.07m | -€0.3m | ▼ 344% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €4.8m | €5.5m | ▲ 15.3% |
| Fixed assets21/28 | €0 | €0 | €0.004m | €200 | €200 | €200 | €0.6m | €0.7m | ▲ 16.2% |
| Intangible fixed assets21 | - | - | - | - | - | - | - | €0.2m | - |
| Tangible fixed assets22/27 | €0 | €0 | €0.004m | - | - | - | €0.5m | €0.4m | ▼ 20.2% |
| Land and buildings22 | - | - | - | - | - | - | €0.3m | €0.3m | ▼ 12.8% |
| Plant, machinery and equipment23 | - | - | - | - | - | - | €0.04m | €0.02m | ▼ 59.3% |
| Furniture and vehicles24 | - | - | - | - | - | - | €0.1m | €0.07m | ▼ 30.7% |
| Financial fixed assets28 | - | - | - | €200 | €200 | €200 | €0.1m | €0.1m | = |
| Other financial fixed assets284/8 | - | - | - | - | - | - | €0.1m | €0.1m | = |
| Amounts receivable and cash guarantees285/8 | - | - | - | - | - | - | €0.1m | €0.1m | = |
| Current assets29/58 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €4.2m | €4.8m | ▲ 15.2% |
| Amounts receivable within one year40/41 | €0.3m | €0.3m | €0.2m | €0.02m | €0.1m | €0.06m | €3.4m | €3.4m | ▲ 0.6% |
| Trade receivables40 | - | - | - | €0.02m | €0.1m | €0.06m | €2.7m | €2.9m | ▲ 6.5% |
| Other amounts receivable41 | - | - | - | - | - | - | €0.7m | €0.6m | ▼ 22.0% |
| Cash at bank and in hand54/58 | €0.04m | €0.02m | €0.04m | €0.2m | €0.2m | €0.2m | €0.4m | €1.0m | ▲ 150% |
| Deferred charges and accrued income490/1 | - | - | - | - | €291 | €100 | €0.4m | €0.4m | ▲ 7.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €4.8m | €5.5m | ▲ 15.3% |
| Equity10/15 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €1.1m | €0.8m | ▼ 27.7% |
| Contributions10/11 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.07m | €0.07m | = |
| Capital10 | - | - | - | €0.02m | €0.02m | €0.02m | - | - | - |
| Issued capital100 | - | - | - | €0.02m | €0.02m | €0.02m | - | - | - |
| Reserves13 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €1.0m | €1.0m | = |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0.002m | - | - | - |
| Legal reserve130 | - | - | - | €0.002m | €0.002m | €0.002m | - | - | - |
| Tax-exempt reserves132 | - | - | - | - | - | - | €0.01m | €0.01m | = |
| Distributable reserves133 | - | - | - | €0.2m | €0.2m | €0.2m | €1.0m | €1.0m | = |
| Profit (loss) carried forward14 | - | - | - | - | - | - | -€0.07m | -€0.4m | ▼ 444% |
| Amounts payable17/49 | €0.1m | €0.06m | €0.04m | €0.04m | €0.05m | €0.05m | €3.7m | €4.8m | ▲ 27.4% |
| Amounts payable within one year42/48 | €0.1m | €0.06m | €0.04m | €0.04m | €0.05m | €0.05m | €3.3m | €4.4m | ▲ 32.3% |
| Financial debts43 | - | - | - | - | - | - | €0.2m | - | - |
| Credit institutions430/8 | - | - | - | - | - | - | €0.2m | - | - |
| Trade debts44 | €0.02m | €428 | €0.001m | €0.001m | €0.01m | €0.01m | €1.8m | €3.3m | ▲ 89.8% |
| Suppliers440/4 | - | - | - | €0.001m | €0.01m | €0.01m | €1.8m | €3.3m | ▲ 89.8% |
| Advances received on contracts in progress46 | - | - | - | - | - | - | €0.6m | €0.3m | ▼ 46.6% |
| Taxes, remuneration and social security45 | - | - | - | €0.04m | €0.04m | €0.03m | €0.7m | €0.7m | ▼ 1.6% |
| Taxes450/3 | - | - | - | €0.02m | €0.02m | €0.01m | €0.3m | €0.3m | ▼ 8.0% |
| Remuneration and social security454/9 | - | - | - | €0.02m | €0.02m | €0.02m | €0.4m | €0.4m | ▲ 3.2% |
| Other amounts payable47/48 | - | - | - | - | - | €0.004m | €0.1m | €0.06m | ▼ 52.6% |
| Accrued charges and deferred income492/3 | - | - | - | - | €0.001m | - | €0.4m | €0.4m | ▼ 10.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €54,530 | €25,547 | €3,663 | €6,886 | €6,162 | €1,352 | -€65,564 | -€291,128 | ▼ 344% |
| + Depreciation and write-downs630 | €1,032 | - | €228 | - | - | - | €161,761 | €151,153 | ▼ 6.6% |
| Operating cash flow (approximation) | €55,563 | €25,547 | €3,891 | €6,886 | €6,162 | €1,352 | €96,197 | -€139,976 | - |
| Investment in fixed assets (approximation) | - | €0 | -€4,674 | €4,246 | €0 | €0 | -€770,002 | -€249,655 | ▲ 67.6% |
| Change in cash | - | -€13,996 | €17,205 | €209,491 | -€76,406 | €55,718 | €164,760 | €590,203 | ▲ 258% |
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, 371 companies had the same profile as RCA has now. Two years later, 96.8% were still going and 0.5% had gone bankrupt.
- Medium-sized
- 20 years or older
- solvency 10 to 30%
- a small loss
96.8%
was still going
2.2%
stopped otherwise
0.5%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of RCA itself: 0.3% 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 371 companies, not a prediction for RCA. 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 21 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 23-07-2026 | 2026-00329291 | |
| 31-12-2024 | full format | 27-08-2025 | 2025-00414290 | |
| 31-12-2023 | micro format | 17-06-2024 | 2024-00133471 | |
| 31-12-2022 | micro format | 09-06-2023 | 2023-00115913 | |
| 31-12-2021 | micro format | 07-06-2022 | 2022-20051139 | |
| 31-12-2020 | micro format | 07-06-2021 | 2021-17700040 | |
| 31-12-2019 | micro format | 10-06-2020 | 2020-15600234 | |
| 31-12-2018 | abbreviated format | 16-05-2019 | 2019-13200309 | |
| 31-12-2017 | micro format | 17-05-2018 | 2018-13000274 | |
| 31-12-2016 | abbreviated format | 09-08-2017 | 2017-42000494 |