Equity
Equity fell by 78% in 3 years.
Equity fell by 78% in 3 years.
Every financial year from 2023 to 2025 closed with a loss. 2025 was the heaviest.
The micro format states no turnover.
Of this, €304,025 falls due within a year.
The last four annual accounts were filed 20 to 51 days before the end of the period.
Lower net result than 86% of companies in real estate. Sector median €5,994 · 17,181 companies.
A net loss of at least half of total assets or of the equity at the start of the financial year caps the score at 59.
The dashed line is the sector median: 0.2% across 26,625 companies (NACE 68, micro).
About 3 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 68, micro). It does better than 22% of them on solvency, 17% on liquidity, 45% on profitability and 9% on growth.
The bankruptcy probability was computed on 08-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
In July 2024, 819 companies had the same profile as RD PROJECTS has now. Each dot stands for 3 companies, two years later.
Another 0.2% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of RD PROJECTS itself is lower: 0.3% within 12 months. It rests on far more data about RD PROJECTS than the profile alone.
The method was tested on the 497,447 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 819 companies, not a prediction for RD PROJECTS. 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.
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity is insufficient, with a current ratio of 0.02 (0.02 in 2024), below 1. Short-term debt is 56.1% and cash 0.7% of total assets. 97.8% of the assets are financed with debt and provisions.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 4 accounts on average 40 days before the deadline. In the sector (NACE 68), the median for financial year 2024 was 7 days before the deadline, and 36% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| RD PROJECTS Anzegem | €541,845 | €36,324 | 2.2% | - |
| MAISON G Waregem | €496,644 | €32,503 | 17.7% | - |
| Callsimmo Waregem | €559,490 | €44,839 | 8.4% | - |
| GGC-INVEST Bruges | €515,878 | €47,335 | 6.7% | - |
| Steengoed Schilde | €521,006 | €37,050 | -13.3% | - |
| HÄLSA CORPORATION Ixelles | €521,188 | €39,636 | -15.7% | - |
| SENS & SANTÉ IMMO Wanze | €484,399 | €36,655 | 4.4% | - |
These companies have the same main activity as RD PROJECTS: renting and operating of own or leased non-residential real estate, excluding land (NACE 68203). They are comparable in size and age: total assets between €484,000 and €559,000, founded between 2021 and 2022.
RD PROJECTS files the micro format. That format states no turnover. The gross margin fell from €64,821 in 2022 to €36,324 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €59,000. Estimated: probably between €44,000 and €86,000.
Higher than 23% of 17,190 companies in 2025.
Lower than 95% of 16,487 companies in 2025.
Higher than 17% of 16,866 companies in 2025.
Net result: bottom quarter · Equity: middle half · Balance sheet total: middle half · Working capital: bottom quarter
| Line | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Balance sheet: assets | |||||
20/58 |
541,845 | 585,737 | 424,484 | 462,446 | |
21/28 |
537,056 | 581,397 | 418,351 | 446,542 | |
22/27 |
447,056 | 491,397 | 418,351 | 446,542 | |
22 |
367,665 | 392,742 | 418,351 | 446,542 | |
24 |
79,391 | 98,656 | - | - | |
28 |
90,000 | 90,000 | - | - | |
29/58 |
4,789 | 4,340 | 6,133 | 15,904 | |
40/41 |
16 | - | - | - | |
40 |
16 | - | - | - | |
54/58 |
3,888 | 3,047 | 5,549 | 15,395 | |
490/1 |
886 | 1,293 | 584 | 509 | |
| Balance sheet: equity and liabilities | |||||
10/49 |
541,845 | 585,737 | 424,484 | 462,446 | |
10/15 |
12,058 | 37,433 | 53,253 | 53,616 | |
10/11 |
31,296 | 31,296 | 31,296 | 31,296 | |
13 |
0 | 6,137 | 21,957 | 22,320 | |
133 |
0 | 6,137 | 21,957 | 22,320 | |
14 |
-19,238 | - | - | - | |
17/49 |
529,787 | 548,304 | 371,231 | 408,830 | |
17 |
221,642 | 285,532 | 309,867 | 356,654 | |
170/4 |
184,642 | 232,532 | 279,867 | 326,654 | |
178/9 |
37,000 | 53,000 | 30,000 | 30,000 | |
42/48 |
304,025 | 257,022 | 58,154 | 48,976 | |
42 |
47,890 | 47,335 | 46,787 | 46,245 | |
44 |
744 | 158 | 1,430 | - | |
440/4 |
744 | 158 | 1,430 | - | |
45 |
2,841 | 604 | 124 | 124 | |
450/3 |
2,841 | 604 | 124 | 124 | |
47/48 |
252,550 | 208,925 | 9,813 | 2,608 | |
492/3 |
4,120 | 5,751 | 3,210 | 3,199 | |
| Income statement | |||||
9900 |
36,324 | 40,118 | 39,521 | 64,821 | |
630 |
48,594 | 41,629 | 28,191 | 47,982 | |
640/8 |
6,662 | 5,932 | 5,674 | 7,490 | |
9901 |
-18,931 | -7,443 | 5,656 | 9,349 | |
75/76B |
0 | 1 | - | - | |
75 |
0 | 1 | - | - | |
65/66B |
6,004 | 8,075 | 6,020 | 8,870 | |
65 |
6,004 | 8,075 | 6,020 | 8,870 | |
9903 |
-24,935 | -15,517 | -363 | 480 | |
67/77 |
439 | 304 | 0 | 124 | |
9904 |
-25,374 | -15,820 | -363 | 356 | |
9905 |
-25,374 | -15,820 | -363 | 356 | |
| Appropriation of the result | |||||
9906 |
-25,374 | -15,820 | -363 | 22,320 | |
14P |
- | - | 0 | 21,964 | |
791/2 |
6,137 | 15,820 | 363 | - | |
691/2 |
- | - | 0 | 22,320 | |
6921 |
- | - | 0 | 22,320 | |
| Document | |||||
The notes to these accounts have 14 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 15-06-2026.
| Line | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| 29,662 | 34,186 | 33,847 | 57,331 | ||
| 23,219 | 25,809 | 27,827 | 48,338 | ||
| 4,252 | 204,675 | 0 | 494,524 | ||
| 841 | -2,501 | -9,846 | - | ||
| -299,236 | -252,682 | -52,021 | -33,072 | ||
| 2.2% | 6.4% | 12.5% | 11.6% | ||
| 0.02 | 0.02 | 0.11 | 0.32 | ||
| 43.94 | 14.65 | 6.97 | 7.63 | ||
| -210.4% | -42.3% | -0.7% | 0.7% | ||
| -4.7% | -2.7% | -0.1% | 0.1% | ||
| 4.94 | 4.23 | 5.62 | 6.46 |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Mortgages, amount registered | €25,000 | €25,000 | €25,000 | €25,000 |
| €450,000 | €450,000 | €450,000 | €450,000 | |
| Carrying value of the mortgaged assets | €367,665 | €392,720 | €418,081 | €445,495 |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
| Item | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Tangible fixed assets | €4,252 | €114,675 | - | €494,524 |
| Financial fixed assets | - | €90,000 | - | - |
| €48,594 | €41,629 | €28,191 | €47,982 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is a loss of €18,931, larger than the loss of €7,443 in 2024. It is the lowest result since 2022.
Debt's share of the balance-sheet total rises from 93.6% to 97.8%. Equity and debt are lower.
Source: list of holdings in its own 2025 accounts. Every holding stands with its own latest accounts.
| DF Creations
registered office since 16-03-2023 · founded in 2023 |
total assets €245,841 (2025) 0799.588.618 |
| Impax
registered office since 09-07-2026 |
founded in 2026 1040.115.261 |
| KAARSEN BOUCKAERT via Ravelingien Didier Robert, no longer at KAARSEN BOUCKAERT · Statutory director · deed of 03-12-2020 founded in 2009 |
7.2 FTE (2025) |
| DF Creations via Debeuf, Fleur Denise Margriet, at RD PROJECTS until 2024 · Director · deed of 20-03-2023 founded in 2023 |
total assets €245,841 (2025) |
The network starts from the earlier ties.
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
RD PROJECTS was incorporated on 19 August 2021 as a private limited company.1 Since 2024, Didier Ravelingien has served as director.2 Total assets rose from €462,446 in 2022 to €541,845 in 2025.3
| Establishment | Since | Unit number |
|---|---|---|
| RADICON registered office Paul Wielemansstraat 1, 8570 Anzegem | 19-08-2021 | 2.321.313.532 |
| 15-09-2026 | Under review | Verbouwen en/of uitbreiden zonder functiewijziging en met wijzigen van aantal woongelegenheden project 2026102729 | Anzegem |
Source: Omgevingsloket Vlaanderen.
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 34038A0347/00W000 | 1,818 m² | 1 · 260 m² | 9.9 m · 2 |
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