REDA
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 01-07-2026 at the NBB all 42 filings
Turnover
≈ €340,000
Estimated: probably between €220,000 and €520,000
Total assets
€3.4m▼ 2.9%
2024 · €3.5m
Net result
€11,311
2024 · -€19,250
Working capital
-€1.8m▲ 3.6%
2024 · -€1.9m
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€16,409
2025
20182025
Net result
€11,311
2025
20182025
Equity
€1.1m
▲ 1.0%
2025
20182025
Total assets
€3.4m
▼ 2.9%
2025
20182025
Debt
€2.2m
▼ 4.7%
2025
20182025
Working capital
-€1.8m
▲ 3.6%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€0.02m--€0.008m▲ 67.8%€0.07m-€0.007m€0.4m-€0.03m-€0.01m▲ 63.1%€0.02m
Net result-€0.04m--€0.01m▲ 65.7%€0.06m-€0.01m€0.3m-€0.04m-€0.02m▲ 50.1%€0.01m
Equity€0.9m-€0.9m▼ 1.7%€0.9m▲ 6.7%€0.9m▼ 1.6%€1.2m▲ 27.9%€1.1m▼ 3.3%€1.1m▼ 1.7%€1.1m▲ 1.0%
Total assets€2.3m-€2.3m▼ 1.7%€2.5m▲ 8.0%€3.1m▲ 23.0%€3.4m▲ 10.6%€3.5m▲ 3.4%€3.5m▲ 0.4%€3.4m▼ 2.9%
Debt€1.5m-€1.4m▼ 1.8%€1.6m▲ 8.7%€2.2m▲ 37.5%€2.1m▼ 1.6%€2.3m▲ 7.4%€2.3m▲ 1.6%€2.2m▼ 4.7%
Working capital-€1.1m--€1.1m▲ 0.2%-€1.2m▼ 3.3%-€1.7m▼ 45.1%-€1.7m▼ 0.2%-€1.8m▼ 8.5%-€1.9m▼ 1.8%-€1.8m▲ 3.6%
The operating result for 2025 is a profit of €16,409, after a loss of €12,122 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 €3.4m
Fixed assets
€3.4m ▼ 2.9%
Current assets
€17,259 ▲ 10.8%
Equity and liabilities €3.4m
Equity
€1.1m ▲ 1.0%
Provisions
€99,535 ▼ 3.2%
Debt
€2.2m ▼ 4.7%
Debt's share of the balance-sheet total falls from 65.8% to 64.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€120,181▲
2024 · €99,837
Cash flow
€115,082▲
2024 · €92,709
Current ratio
0.01▲
2024 · 0.01
Debt to equity
1.98▼
2024 · 2.10
ROE
1.0%▲
2024 · -1.8%
ROA
0.3%▲
2024 · -0.5%
Interest coverage
15.08▲
2024 · 10.58
Debt ≤ 1 year
€1.8m▼
2024 · €1.9m
Debt > 1 year
€385,589▼
2024 · €429,345
Income taxes
€416▲
2024 · €384
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 | €670,322 | €790,865 | €238,803 | €126,693 | €1,120 |
| Depreciation and write-downs of the year | €89,691 | €102,852 | €125,994 | €111,959 | €103,772 |
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 | - | - | - | - | €434,861 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €84,289 | €80,206 | €74,456 | €89,691 | €102,852 | €125,994 | €111,959 | €103,772 | ▼ 7.3% |
| Other operating charges640/8 | - | - | - | €10,398 | €12,264 | €12,181 | €13,202 | €13,897 | ▲ 5.3% |
| Gross operating margin9900 | €63,386 | €90,255 | €154,828 | €93,348 | €482,943 | €105,314 | €113,039 | €134,077 | ▲ 18.6% |
| Operating profit (loss)9901 | -€23,585 | -€7,589 | €68,342 | -€6,741 | €367,827 | -€32,861 | -€12,122 | €16,409 | - |
| Recurring financial income75 | €0 | €0 | €0 | - | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €7,672 | €7,284 | €7,714 | €9,438 | €7,969 | ▼ 15.6% |
| Recurring financial charges65 | €19,081 | €6,732 | €9,953 | €7,672 | €7,284 | €7,714 | €9,438 | €7,969 | ▼ 15.6% |
| Profit (loss) for the period before taxes9903 | -€42,666 | -€14,321 | €58,388 | -€14,413 | €360,543 | -€40,576 | -€21,560 | €8,440 | - |
| Transfer from deferred taxes780 | - | - | - | - | €811 | €2,389 | €2,694 | €3,287 | ▲ 22.0% |
| Transfer to deferred taxes680 | - | - | - | - | €108,715 | - | - | - | - |
| Income taxes67/77 | €285 | €400 | €307 | €363 | €399 | €401 | €384 | €416 | ▲ 8.5% |
| Profit (loss) for the period9904 | -€42,951 | -€14,720 | €58,081 | -€14,776 | €252,240 | -€38,588 | -€19,250 | €11,311 | - |
| Transfer from tax-exempt reserves789 | - | - | - | - | €2,432 | €7,166 | €8,082 | €9,861 | ▲ 22.0% |
| Transfer to tax-exempt reserves689 | - | - | - | - | €326,146 | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | -€42,951 | -€14,720 | €58,081 | -€14,776 | -€71,474 | -€31,422 | -€11,168 | €21,172 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €2.3m | €2.3m | €2.5m | €3.1m | €3.4m | €3.5m | €3.5m | €3.4m | ▼ 2.9% |
| Fixed assets21/28 | €2.3m | €2.3m | €2.5m | €3.0m | €3.4m | €3.5m | €3.5m | €3.4m | ▼ 2.9% |
| Tangible fixed assets22/27 | €2.3m | €2.3m | €2.5m | €3.0m | €3.4m | €3.5m | €3.5m | €3.4m | ▼ 2.9% |
| Land and buildings22 | - | - | - | €3.0m | €3.2m | €3.4m | €3.5m | €3.4m | ▼ 2.9% |
| Plant, machinery and equipment23 | - | - | - | €0.001m | €0.001m | €0.001m | €419 | €187 | ▼ 55.3% |
| Furniture and vehicles24 | - | - | - | €0.02m | €0.008m | - | - | €0 | - |
| Assets under construction and advance payments27 | - | - | - | - | €0.2m | €0.1m | - | - | - |
| Financial fixed assets28 | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | - | - | - | - |
| Current assets29/58 | €0.01m | €0.02m | €0.02m | €0.01m | €0.01m | €0.02m | €0.02m | €0.02m | ▲ 10.8% |
| Amounts receivable after more than one year29 | - | - | - | - | - | €0.001m | €0.001m | - | - |
| Other amounts receivable291 | - | - | - | - | - | €0.001m | €0.001m | - | - |
| Amounts receivable within one year40/41 | - | - | - | - | - | - | €0.001m | €0.001m | ▲ 30.2% |
| Trade receivables40 | - | - | - | - | - | - | €0.001m | - | - |
| Other amounts receivable41 | - | - | - | - | - | - | - | €0.001m | - |
| Cash at bank and in hand54/58 | €0.009m | €0.02m | €0.02m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | ▲ 38.4% |
| Deferred charges and accrued income490/1 | - | - | - | €0.004m | €0.002m | €0.003m | €0.003m | €0.002m | ▼ 42.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €2.3m | €2.3m | €2.5m | €3.1m | €3.4m | €3.5m | €3.5m | €3.4m | ▼ 2.9% |
| Equity10/15 | €0.9m | €0.9m | €0.9m | €0.9m | €1.2m | €1.1m | €1.1m | €1.1m | ▲ 1.0% |
| Contributions10/11 | €0.9m | €0.9m | - | €0.9m | €0.9m | €0.9m | €0.9m | €0.9m | = |
| Reserves13 | €0.1m | €0.1m | €0.1m | €0.1m | €0.4m | €0.4m | €0.4m | €0.4m | ▼ 2.4% |
| Tax-exempt reserves132 | - | - | - | €0.02m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 3.0% |
| Distributable reserves133 | - | - | - | €0.09m | €0.09m | €0.09m | €0.09m | €0.09m | = |
| Profit (loss) carried forward14 | -€0.08m | -€0.1m | -€0.04m | -€0.05m | -€0.1m | -€0.2m | -€0.2m | -€0.1m | ▲ 12.5% |
| Provisions and deferred taxes16 | - | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 3.2% |
| Deferred taxes168 | - | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 3.2% |
| Amounts payable17/49 | €1.5m | €1.4m | €1.6m | €2.2m | €2.1m | €2.3m | €2.3m | €2.2m | ▼ 4.7% |
| Amounts payable after more than one year17 | €0.3m | €0.3m | €0.4m | €0.5m | €0.4m | €0.4m | €0.4m | €0.4m | ▼ 10.2% |
| Financial debts170/4 | - | - | - | €0.5m | €0.4m | €0.4m | €0.4m | €0.4m | ▼ 10.2% |
| Amounts payable within one year42/48 | €1.1m | €1.2m | €1.2m | €1.7m | €1.7m | €1.9m | €1.9m | €1.8m | ▼ 3.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | ▲ 1.5% |
| Trade debts44 | - | €0.007m | €400 | €0.001m | €0.01m | €0.01m | €0.02m | €0.02m | ▲ 21.9% |
| Suppliers440/4 | - | - | - | €0.001m | €0.01m | €0.01m | €0.02m | €0.02m | ▲ 21.9% |
| Taxes, remuneration and social security45 | - | - | - | €363 | €375 | €375 | €358 | €384 | ▲ 7.2% |
| Taxes450/3 | - | - | - | €363 | €375 | €375 | €358 | €384 | ▲ 7.2% |
| Other amounts payable47/48 | - | - | - | €1.7m | €1.7m | €1.8m | €1.8m | €1.8m | ▼ 3.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€42,951 | -€14,720 | €58,081 | -€14,776 | €252,240 | -€38,588 | -€19,250 | €11,311 | - |
| + Depreciation and write-downs630 | €84,289 | €80,206 | €74,456 | €89,691 | €102,852 | €125,994 | €111,959 | €103,772 | ▼ 7.3% |
| Operating cash flow (approximation) | €41,337 | €65,486 | €132,538 | €74,915 | €355,092 | €87,407 | €92,709 | €115,082 | ▲ 24.1% |
| Investment in fixed assets (approximation) | - | -€29,228 | -€260,247 | -€670,322 | -€430,726 | -€237,635 | -€126,693 | -€1,120 | ▲ 99.1% |
| Change in cash | - | €11,220 | -€1,138 | -€9,365 | €159 | €1,803 | -€1,579 | €3,942 | - |
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, 14,766 companies had the same profile as REDA has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of REDA itself: 0.1% 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 14,766 companies, not a prediction for REDA. 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 42 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 01-07-2026 | 2026-00231509 | |
| 31-12-2024 | micro format | 03-07-2025 | 2025-00222181 | |
| 31-12-2023 | micro format | 23-08-2024 | 2024-00362420 | |
| 31-12-2022 | micro format | 14-07-2023 | 2023-00235041 | |
| 31-12-2021 | micro format | 04-07-2022 | 2022-20122965 | |
| 31-12-2020 | micro format | 01-07-2021 | 2021-28100408 | |
| 31-12-2019 | micro format | 07-07-2020 | 2020-27600292 | |
| 31-12-2018 | micro format | 09-07-2019 | 2019-30500589 | |
| 31-12-2017 | micro format | 28-06-2018 | 2018-24700112 | |
| 31-12-2016 | micro format | 01-08-2017 | 2017-40700506 |