RD2
Annual accounts 2025
micro format, filed on 26-10-2026, 87 days lateTurnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €7,100. Estimated: probably between €3,700 and €14,000.
Balance sheet
balance sheet total €18,184 on 31-12-2025Change in equityin euro
Change in cashin euro
Position in the sector
Solvency23.4%
Higher than 25% of 35,060 companies in 2025.
Current ratio1.21
Higher than 29% of 34,437 companies in 2025.
Return on assets-77.5%
Lower than 95% of 34,637 companies in 2025.
Net result: bottom quarter · Equity: bottom quarter · Balance sheet total: bottom quarter · Working capital: bottom quarter
Filed annual accounts
as filed with the National Bank, click a year to choose it| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||
Total assets20/58 |
18,184 | 35,257 | 38,432 | 46,296 | 60,237 | 88,739 | |
Formation expenses20 |
- | - | 187 | 374 | 562 | 749 | |
Fixed assets21/28 |
1,383 | 10,068 | 16,444 | 23,370 | 29,689 | 8,413 | |
Tangible fixed assets22/27 |
1,383 | 10,068 | 16,444 | 23,370 | 29,689 | 8,413 | |
Plant, machinery and equipment23 |
1,137 | 3,360 | 5,726 | 8,396 | 10,283 | 3,668 | |
Furniture and vehicles24 |
245 | 6,708 | 10,718 | 14,973 | 19,406 | 4,744 | |
Current assets29/58 |
16,802 | 25,189 | 21,801 | 22,552 | 29,986 | 79,577 | |
Stocks and contracts in progress3 |
1,310 | 11,950 | 8,555 | 3,550 | 12,388 | 3,300 | |
Stocks30/36 |
1,310 | 11,950 | 8,555 | 3,550 | 12,388 | 3,300 | |
Amounts receivable within one year40/41 |
14,360 | 12,762 | 13,066 | 13,965 | 14,189 | 70,084 | |
Trade receivables40 |
13,624 | 4,635 | 6,104 | 6,566 | 6,026 | 67,019 | |
Other amounts receivable41 |
736 | 8,128 | 6,962 | 7,399 | 8,163 | 3,065 | |
Cash at bank and in hand54/58 |
858 | 206 | 180 | 4,570 | 3,079 | 5,299 | |
Deferred charges and accrued income490/1 |
274 | 271 | - | 467 | 331 | 894 | |
| Balance sheet: equity and liabilities | |||||||
Total equity and liabilities10/49 |
18,184 | 35,257 | 38,432 | 46,296 | 60,237 | 88,739 | |
Equity10/15 |
4,255 | 18,344 | 14,732 | 15,481 | 13,345 | 13,338 | |
Contributions10/11 |
2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | |
Profit (loss) carried forward14 |
2,255 | 16,344 | 12,732 | 13,481 | 11,345 | 11,338 | |
Amounts payable17/49 |
13,929 | 16,914 | 23,700 | 30,815 | 46,892 | 75,401 | |
Amounts payable after more than one year17 |
- | - | - | 9,632 | 19,475 | - | |
Financial debts170/4 |
- | - | - | 9,632 | 19,475 | - | |
Amounts payable within one year42/48 |
13,929 | 16,914 | 23,700 | 21,182 | 27,417 | 75,401 | |
Current portion of amounts payable after more than one year42 |
- | 414 | 10,039 | 9,843 | 9,624 | - | |
Financial debts43 |
4,993 | 4,962 | 4,159 | - | - | - | |
Credit institutions430/8 |
4,993 | 4,962 | 4,159 | - | - | - | |
Trade debts44 |
6,460 | 5,290 | 3,919 | 6,996 | 9,139 | 60,094 | |
Suppliers440/4 |
6,460 | 5,290 | 3,919 | 6,996 | 9,139 | 60,094 | |
Taxes, remuneration and social security45 |
1,560 | 1,688 | 762 | 672 | 2,992 | 2,945 | |
Taxes450/3 |
1,560 | 1,688 | 762 | 672 | 2,992 | 2,945 | |
Other amounts payable47/48 |
916 | 4,559 | 4,821 | 3,672 | 5,662 | 12,362 | |
| Income statement | |||||||
Gross operating margin9900 |
535 | 13,514 | 8,500 | 12,308 | 6,342 | 16,468 | |
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 |
2,949 | 6,563 | 6,809 | 7,029 | 3,403 | 1,729 | |
Other operating charges640/8 |
10,838 | 931 | 1,165 | 974 | 339 | 315 | |
Non-recurring operating charges66A |
- | - | - | - | 1,817 | - | |
Operating profit (loss)9901 |
-13,252 | 6,021 | 525 | 4,304 | 783 | 14,423 | |
Financial income75/76B |
0 | 383 | 356 | 316 | 155 | 12 | |
Recurring financial income75 |
0 | 383 | 356 | 316 | 155 | 12 | |
Financial charges65/66B |
836 | 1,194 | 1,540 | 1,825 | 884 | 152 | |
Recurring financial charges65 |
836 | 1,194 | 1,540 | 1,825 | 884 | 152 | |
Profit (loss) for the period before taxes9903 |
-14,089 | 5,209 | -659 | 2,795 | 54 | 14,283 | |
Income taxes67/77 |
- | 1,598 | 90 | 659 | 47 | 2,945 | |
Profit (loss) for the period9904 |
-14,089 | 3,611 | -749 | 2,136 | 7 | 11,338 | |
Profit (loss) for the period to be appropriated9905 |
-14,089 | 3,611 | -749 | 2,136 | 7 | 11,338 | |
| Appropriation of the result | |||||||
Profit (loss) to be appropriated9906 |
2,255 | 16,344 | 12,732 | 13,481 | 11,345 | 11,338 | |
Profit (loss) brought forward from the previous period14P |
16,344 | 12,732 | 13,481 | 11,345 | 11,338 | - | |
| Document | |||||||
The notes to these accounts have 6 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 26-10-2026.
Filings
each dot is a set of accounts, on the day it reached the National Bank2025 annual accounts filed 87 days after the deadline. Filed on 26 October 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00568675.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 26-10-2026 | 2026-00568675 | |
| 31-12-2024 | micro format | 27-08-2025 | 2025-00411627 | |
| 31-12-2023 | micro format | 23-08-2024 | 2024-00362855 | |
| 31-12-2022 | micro format | 25-08-2023 | 2023-00353430 | |
| 31-12-2021 | micro format | 22-07-2022 | 2022-20212301 | |
| 31-12-2020 | micro format | 26-08-2021 | 2021-53400215 |
Key figures and ratios
per financial year, computed from the annual accounts| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| EBITDA | -10,303 | 12,583 | 7,335 | 11,334 | 4,187 | 16,153 | |
| Cash flow | -11,140 | 10,174 | 6,061 | 9,165 | 3,410 | 13,068 | |
| Investment in fixed assets (approximation) | -5,736 | 187 | -117 | 522 | 27,962 | 9,954 | |
| Change in cash | 652 | 26 | -4,390 | 1,491 | -2,220 | - | |
| Working capital | 2,873 | 8,276 | -1,898 | 1,370 | 2,569 | 4,177 | |
| Solvency | 23.4% | 52.0% | 38.3% | 33.4% | 22.2% | 15.0% | |
| Current ratio | 1.21 | 1.49 | 0.92 | 1.06 | 1.09 | 1.06 | |
| Quick ratio | 1.11 | 0.78 | 0.56 | 0.90 | 0.64 | 1.01 | |
| Debt to equity | 3.27 | 0.92 | 1.61 | 1.99 | 3.51 | 5.65 | |
| ROE | -331.1% | 19.7% | -5.1% | 13.8% | 0.1% | 85.0% | |
| ROA | -77.5% | 10.2% | -1.9% | 4.6% | 0.0% | 12.8% | |
| Interest coverage | -12.32 | 10.54 | 4.76 | 6.21 | 4.74 | - |
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.
Investments
fixed assets acquired| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | - | €522 | €27,962 |
| Depreciation and write-downs of the year | €2,949 | €6,563 | €6,809 | €7,029 | €3,403 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Insights on RD2
The operating result for 2025 is a loss of €13,252, after a profit of €6,021 in 2024. It is the lowest result since 2020.
Debt's share of the balance-sheet total rises from 48.0% to 76.6%. Equity and debt are lower.