RD SQUARE
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-06-2026 at the NBB all 10 filings
Turnover
≈ €310,000
Estimated: probably between €260,000 and €360,000
Total assets
€273,062▼ 38.2%
2024 · €441,557
Net result
€118,110▼ 22.7%
2024 · €152,890
Working capital
-€30,249
2024 · €147,324
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€150,711
▼ 25.2%
2025
20182025
Net result
€118,110
▼ 22.7%
2025
highest quarter of the sector
20182025
Equity
€18,600
▼ 91.5%
2025
lowest quarter of the sector
20182025
Total assets
€273,062
▼ 38.2%
2025
middle half of the sector
20182025
Debt
€254,462
▲ 14.1%
2025
20182025
Working capital
-€30,249
2025
lowest quarter of the sector
20182025
Solvency
6.8%
▼ 42.7pp
2025
lowest quarter of the sector
20182025
Current ratio
0.88
▼ 0.78
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
43.3%
▲ 8.6pp
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
Operating result-€14,502-€116,387€88,520▼ 23.9%€97,190▲ 9.8%€105,043▲ 8.1%€90,900▼ 13.5%€201,456▲ 122%€150,711▼ 25.2%
Net result-€9,665-€96,105€71,128above the sector's middle half▼ 26.0%€74,788above the sector's middle half▲ 5.1%€80,321above the sector's middle half▲ 7.4%€69,652above the sector's middle half▼ 13.3%€152,890above the sector's middle half▲ 120%€118,110above the sector's middle half▼ 22.7%
Equity€164,830-€65,934▼ 60.0%€137,062within the sector's middle half▲ 108%€151,850within the sector's middle half▲ 10.8%€244,571within the sector's middle half▲ 61.1%€214,223within the sector's middle half▼ 12.4%€218,600within the sector's middle half▲ 2.0%€18,600below the sector's middle half▼ 91.5%
Total assets€195,105-€320,885▲ 64.5%€183,984within the sector's middle half▼ 42.7%€207,493within the sector's middle half▲ 12.8%€271,525within the sector's middle half▲ 30.9%€288,050within the sector's middle half▲ 6.1%€441,557within the sector's middle half▲ 53.3%€273,062within the sector's middle half▼ 38.2%
Debt€30,275-€254,951▲ 742%€46,922▼ 81.6%€55,643▲ 18.6%€26,955▼ 51.6%€73,827▲ 174%€222,957▲ 202%€254,462▲ 14.1%
Working capital€148,673-€64,941▼ 56.3%€134,362above the sector's middle half▲ 107%€136,570above the sector's middle half▲ 1.6%€158,449above the sector's middle half▲ 16.0%€126,100within the sector's middle half▼ 20.4%€147,324above the sector's middle half▲ 16.8%-€30,249below the sector's middle half
Solvency84.5%-20.5%▼ 63.9pp74.5%within the sector's middle half▲ 53.9pp73.2%within the sector's middle half▼ 1.3pp90.1%above the sector's middle half▲ 16.9pp74.4%within the sector's middle half▼ 15.7pp49.5%within the sector's middle half▼ 24.9pp6.8%below the sector's middle half▼ 42.7pp
Current ratio6.44-1.27▼ 5.175.30above the sector's middle half▲ 4.034.17within the sector's middle half▼ 1.136.88above the sector's middle half▲ 2.712.73within the sector's middle half▼ 4.151.66within the sector's middle half▼ 1.070.88below the sector's middle half▼ 0.78
Return on assets (ROA)-5.0%-29.9%▲ 34.9pp38.7%above the sector's middle half▲ 8.7pp36.0%above the sector's middle half▼ 2.6pp29.6%above the sector's middle half▼ 6.5pp24.2%within the sector's middle half▼ 5.4pp34.6%above the sector's middle half▲ 10.4pp43.3%above the sector's middle half▲ 8.6pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 25% lower than in 2024.
Turnover and EBIT margin are not published. The 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 €273,062
Fixed assets
€48,887 ▼ 31.4%
Current assets
€224,175 ▼ 39.5%
Equity and liabilities €273,062
Equity
€18,600 ▼ 91.5%
Debt
€254,462 ▲ 14.1%
Debt's share of the balance-sheet total rises from 50.5% to 93.2%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€177,446▼
2024 · €226,813
Cash flow
€144,845▼
2024 · €178,247
Debt to equity
13.68▲
2024 · 1.02
ROE
635.0%▲
2024 · 69.9%
Interest coverage
64.58▼
2024 · 75.20
Debt ≤ 1 year
€254,424▲
2024 · €222,957
Income taxes
€34,510▼
2024 · €48,845
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €26,317 | €64,321 | €27,283 | €7,456 | €4,345 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €3,939 | €6,076 | €24,248 | €25,357 | €26,734 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €46 | €744 | €0 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,632 | €5,339 | €5,424 | €3,939 | €6,076 | €24,248 | €25,357 | €26,734 | ▲ 5.4% |
| Other operating charges640/8 | - | - | - | €790 | €912 | €6,628 | €2,043 | €2,331 | ▲ 14.1% |
| Non-recurring operating charges66A | - | - | - | €12,597 | €0 | - | - | - | - |
| Gross operating margin9900 | -€6,988 | €122,690 | €94,731 | €114,516 | €112,031 | €121,776 | €228,856 | €179,777 | ▼ 21.4% |
| Operating profit (loss)9901 | -€14,502 | €116,387 | €88,520 | €97,190 | €105,043 | €90,900 | €201,456 | €150,711 | ▼ 25.2% |
| Financial income75/76B | - | - | - | €0 | €40 | €1,588 | €3,295 | €4,657 | ▲ 41.3% |
| Recurring financial income75 | €5,836 | €5,972 | €3,881 | €0 | €40 | €1,588 | €3,295 | €4,657 | ▲ 41.3% |
| Financial charges65/66B | - | - | - | €851 | €720 | €3,275 | €3,016 | €2,748 | ▼ 8.9% |
| Recurring financial charges65 | €905 | €1,622 | €1,147 | €851 | €720 | €3,275 | €3,016 | €2,748 | ▼ 8.9% |
| Profit (loss) for the period before taxes9903 | -€9,571 | €120,737 | €91,254 | €96,339 | €104,363 | €89,213 | €201,735 | €152,620 | ▼ 24.3% |
| Income taxes67/77 | €94 | €24,632 | €20,126 | €21,551 | €24,042 | €19,561 | €48,845 | €34,510 | ▼ 29.3% |
| Profit (loss) for the period9904 | -€9,665 | €96,105 | €71,128 | €74,788 | €80,321 | €69,652 | €152,890 | €118,110 | ▼ 22.7% |
| Profit (loss) for the period to be appropriated9905 | -€9,665 | €96,105 | €71,128 | €74,788 | €80,321 | €69,652 | €152,890 | €118,110 | ▼ 22.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €195,105 | €320,885 | €183,984 | €207,493 | €271,525 | €288,050 | €441,557 | €273,062 | ▼ 38.2% |
| Fixed assets21/28 | €19,109 | €19,629 | €18,410 | €27,898 | €86,143 | €89,178 | €71,276 | €48,887 | ▼ 31.4% |
| Tangible fixed assets22/27 | €19,084 | €19,604 | €18,385 | €27,873 | €86,118 | €89,153 | €71,251 | €48,862 | ▼ 31.4% |
| Furniture and vehicles24 | - | - | - | €6,551 | €63,709 | €65,142 | €50,262 | €30,894 | ▼ 38.5% |
| Other tangible fixed assets26 | - | - | - | €21,322 | €22,410 | €24,011 | €20,989 | €17,968 | ▼ 14.4% |
| Financial fixed assets28 | €25 | €25 | €25 | €25 | €25 | €25 | €25 | €25 | = |
| Current assets29/58 | €175,995 | €301,256 | €165,574 | €179,595 | €185,382 | €198,872 | €370,281 | €224,175 | ▼ 39.5% |
| Amounts receivable within one year40/41 | €100,827 | €155,746 | €51,211 | €112,462 | €113,531 | €153,895 | €199,383 | €99,400 | ▼ 50.1% |
| Trade receivables40 | - | - | - | €94,640 | €98,082 | €148,456 | €104,720 | €99,400 | ▼ 5.1% |
| Other amounts receivable41 | - | - | - | €17,822 | €15,449 | €5,439 | €94,663 | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €72,324 | €143,823 | €111,834 | €64,744 | €71,843 | €44,731 | €169,772 | €123,323 | ▼ 27.4% |
| Deferred charges and accrued income490/1 | - | - | - | €2,388 | €9 | €245 | €1,126 | €1,452 | ▲ 29.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €195,105 | €320,885 | €183,984 | €207,493 | €271,525 | €288,050 | €441,557 | €273,062 | ▼ 38.2% |
| Equity10/15 | €164,830 | €65,934 | €137,062 | €151,850 | €244,571 | €214,223 | €218,600 | €18,600 | ▼ 91.5% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €158,360 | €59,360 | €130,360 | €145,500 | €225,500 | €195,500 | €200,000 | €0 | ▼ 100% |
| Non-distributable reserves130/1 | - | - | - | €0 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0 | - | - | - | - | - |
| Distributable reserves133 | - | - | - | €145,500 | €225,500 | €195,500 | €200,000 | €0 | ▼ 100% |
| Profit (loss) carried forward14 | €270 | €374 | €502 | €150 | €471 | €123 | €0 | €0 | - |
| Amounts payable17/49 | €30,275 | €254,951 | €46,922 | €55,643 | €26,955 | €73,827 | €222,957 | €254,462 | ▲ 14.1% |
| Amounts payable within one year42/48 | €27,322 | €236,315 | €31,212 | €43,024 | €26,933 | €72,771 | €222,957 | €254,424 | ▲ 14.1% |
| Financial debts43 | - | - | - | - | - | €460 | €2,140 | €0 | ▼ 100% |
| Credit institutions430/8 | - | - | - | - | - | €460 | €2,140 | €0 | ▼ 100% |
| Trade debts44 | €8,123 | €40,248 | €8,181 | €11,503 | €12,336 | €39,136 | €18,532 | €5,758 | ▼ 68.9% |
| Suppliers440/4 | - | - | - | €11,503 | €12,336 | €39,136 | €18,532 | €5,758 | ▼ 68.9% |
| Taxes, remuneration and social security45 | - | - | - | €13,282 | €13,895 | €27,447 | €52,113 | €36,387 | ▼ 30.2% |
| Taxes450/3 | - | - | - | €13,282 | €13,895 | €27,447 | €46,247 | €36,387 | ▼ 21.3% |
| Remuneration and social security454/9 | - | - | - | - | - | - | €5,866 | €0 | ▼ 100% |
| Other amounts payable47/48 | - | - | - | €18,239 | €703 | €5,728 | €150,173 | €212,280 | ▲ 41.4% |
| Accrued charges and deferred income492/3 | - | - | - | €12,619 | €21 | €1,056 | €0 | €38 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€9,665 | €96,105 | €71,128 | €74,788 | €80,321 | €69,652 | €152,890 | €118,110 | ▼ 22.7% |
| + Depreciation and write-downs630 | €4,632 | €5,339 | €5,424 | €3,939 | €6,076 | €24,248 | €25,357 | €26,734 | ▲ 5.4% |
| Operating cash flow (approximation) | -€5,033 | €101,444 | €76,552 | €78,727 | €86,397 | €93,900 | €178,247 | €144,845 | ▼ 18.7% |
| Investment in fixed assets (approximation) | - | -€5,859 | -€4,205 | -€13,428 | -€64,321 | -€27,283 | -€7,456 | -€4,345 | ▲ 41.7% |
| Change in cash | - | €71,499 | -€31,989 | -€47,090 | €7,099 | -€27,111 | €125,041 | -€46,450 | - |
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, 1,325 companies had the same profile as RD SQUARE has now. Two years later, 95.2% were still going and 1.4% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency under 10%
- a profit of 5% of the balance sheet or more
95.2%
was still going
3.2%
stopped otherwise
1.4%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of RD SQUARE itself is lower: 0.1% within 12 months. It rests on far more data about RD SQUARE than the profile alone.
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 1,325 companies, not a prediction for RD SQUARE. 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 (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 29-06-2026 | 2026-00253327 | |
| 31-12-2024 | micro format | 29-08-2025 | 2025-00438144 | |
| 31-12-2023 | micro format | 22-08-2024 | 2024-00358929 | |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00435528 | |
| 31-12-2021 | micro format | 28-07-2022 | 2022-20243201 | |
| 31-12-2020 | micro format | 02-08-2021 | 2021-46300593 | |
| 31-12-2019 | micro format | 27-07-2020 | 2020-34900159 | |
| 31-12-2018 | micro format | 30-08-2019 | 2019-61300010 | |
| 31-12-2017 | micro format | 31-08-2018 | 2018-58700430 | |
| 31-12-2016 | full format | 02-10-2017 | 2017-65600219 |