Losses
The 2024 and 2025 financial years closed with a loss. 2025 was the heaviest.
The 2024 and 2025 financial years closed with a loss. 2025 was the heaviest.
Turnover rose in 2025 from €3.3m to €8.9m.
Green is investment, beige is depreciation.
RELY pays its suppliers 55 days earlier than in 2024. Customers pay 57 days earlier.
Lower net result than 95% of companies in architecture and engineering. Sector median €35,705 · 894 companies.
The dashed line is the sector median: 0.1% across 689 companies (NACE 71, small).
About 5 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
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 2 accounts on average 71 days after the deadline. In the sector (NACE 71), the median for financial year 2024 was 8 days before the deadline, and 34% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| RELY Saint-Josse-ten-Noode | €8.9m | - | - | 18.3 |
| Starion Group Libin | €21.8m | 6.4% | 4.8% | 37.1 |
| Cobra Belgium Ixelles | €8.3m | -62.5% | -29.8% | 51.3 |
| BSTOR Auderghem | €9.6m | 51.6% | 38.2% | 9.9 |
| SENER Seraing CCGT Ixelles | €39.8m | -15.9% | -13.7% | 7.4 |
| CMB.TECH Enterprises Antwerp | €2.0m | - | 93.9% | 14.8 |
| Carmeuse Technologies Ottignies-Louvain-la-Neuve | €17.8m | 47.9% | 34.0% | 44.6 |
These companies have the same main activity as RELY: engineering and related technical consultancy, excluding land surveyors (NACE 71121). They are comparable in size and age: total assets between €34m and €683m, founded between 2016 and 2024.
RELY has been active since 2023 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show a net result of -€23.1m.
Its net result ranks better than 5% of 894 sector peers (NACE 71, financial year 2025). The computed 12-month bankruptcy probability is 0.5% (low).
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Higher than 43% of 880 companies in 2025.
Higher than 10% of 891 companies in 2025.
Net result: bottom quarter · Balance sheet total: top quarter · Working capital: top quarter · Staff: middle half
Staff costs divided by the average number of full-time equivalents.
| Line | Trend | 2025 | 2024 |
|---|---|---|---|
| Balance sheet: assets | |||
20/58 |
154.9m | 148.4m | |
21/28 |
113.2m | 85.4m | |
21 |
7.9m | 5,185 | |
24 |
23,827 | - | |
28 |
105.2m | 80.3m | |
280/1 |
149,841 | 149,841 | |
280 |
149,841 | 149,841 | |
282/3 |
- | 80.0m | |
282 |
105.0m | 80.0m | |
284/8 |
45,419 | 68,129 | |
285/8 |
45,419 | 68,129 | |
29/58 |
41.8m | 62.9m | |
3 |
1.3m | 462,579 | |
37 |
1.3m | 462,579 | |
40/41 |
4.2m | 3.2m | |
40 |
3.4m | 1.8m | |
41 |
734,959 | 1.4m | |
50/53 |
- | 56.0m | |
51/53 |
- | 56.0m | |
54/58 |
6.3m | 3.0m | |
490/1 |
37,363 | 232,280 | |
| Balance sheet: equity and liabilities | |||
10/49 |
154.9m | 148.4m | |
10/11 |
125.1m | 100.1m | |
10 |
125.1m | 100.1m | |
100 |
125.1m | 100.1m | |
14 |
-42.4m | -19.3m | |
160/5 |
164,071 | - | |
164/5 |
164,071 | - | |
17/49 |
72.1m | 67.6m | |
17 |
- | 40.0m | |
170/4 |
- | 40.0m | |
174 |
- | 40.0m | |
42/48 |
30.0m | 24.6m | |
43 |
49,960 | 149,841 | |
439 |
49,960 | 149,841 | |
44 |
25.0m | 23.7m | |
440/4 |
25.0m | 23.7m | |
46 |
2.2m | - | |
45 |
2.8m | 807,529 | |
450/3 |
555,440 | 329,825 | |
454/9 |
2.3m | 478 | |
492/3 |
- | 3.0m | |
| Income statement | |||
70/76A |
- | 5.1m | |
70 |
8.9m | 3.3m | |
71 |
802,452 | 462,579 | |
72 |
1.1m | 1.0m | |
74 |
107,420 | 281,870 | |
60/66A |
- | 23.8m | |
60 |
86,263 | - | |
61 |
24.2m | 20.1m | |
62 |
7.6m | 3.7m | |
630 |
742,512 | - | |
635/8 |
164,071 | - | |
640/8 |
16,804 | - | |
9901 |
-22.0m | -18.7m | |
75 |
1.1m | 2.3m | |
751 |
1.0m | 2.2m | |
752/9 |
52,615 | 152,391 | |
65 |
2.2m | 3.0m | |
650 |
2.1m | 3.0m | |
652/9 |
123,608 | 16,534 | |
9903 |
-23.0m | -19.4m | |
67/77 |
22,566 | -53,427 | |
670/3 |
22,566 | 1,573 | |
77 |
- | 55,000 | |
9904 |
-23.1m | -19.3m | |
9905 |
-23.1m | -19.3m | |
| Appropriation of the result | |||
9906 |
-42.4m | -19.3m | |
14P |
-19.3m | - | |
| Social balance sheet | |||
9087 |
18.3 | 16.4 | |
| Document | |||
The notes to these accounts have 42 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 16-06-2026.
| Line | Trend | 2025 | 2024 |
|---|---|---|---|
| -21.2m | - | ||
| -22.3m | - | ||
| 28.5m | 85.2m | ||
| 3.3m | - | ||
| 11.8m | 38.3m | ||
| 1.39 | 2.55 | ||
| 1.35 | 2.54 | ||
| -14.9% | -13.0% | ||
| -10.26 | - | ||
| 141 days | 198 days | ||
| 375 days | 430 days |
EBIT margin. Not meaningful: turnover is only a small part of operating income.
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 |
|---|---|---|
| Tangible fixed assets | €37,037 | - |
| Intangible fixed assets | €3.5m | €5.2m |
| Financial fixed assets | €25.0m | €80.0m |
| €742,512 | - |
Source: notes to the 2024 to 2025 annual accounts (statement of fixed assets)
The auditor is PricewaterhouseCoopers Reviseurs d'Entreprises.
| Item | 2025 | 2024 |
|---|---|---|
| Fee for the audit | €25,123 | €25,900 |
Source: notes to the 2024 to 2025 annual accounts (relations with the auditor)
The operating result for 2025 is a loss of €22.0m, larger than the loss of €18.7m in 2024.
Source: lists of holdings in the owners' accounts
RELY has no parent and no holdings in its annual accounts.
| Ageas Insurance International NV
registered office since 15-01-2019 · founded in 2019 · group ageas SA/NV |
total assets €8.71bn (2025) 0718.677.849 |
| bpost
establishment since 01-08-2007 · founded in 1974 |
23,730 FTE (2025) 0214.596.464 |
| YARA BELGIUM SA
registered office since 21-10-1986 · founded in 1986 |
287 FTE (2025) 0429.426.819 |
| Bolivar JV Bel
registered office since 01-09-2017 · founded in 2017 · group Cityforward |
turnover €19.9m (2025) 0680.630.093 |
| Manhattan office
registered office since 15-02-2007 · founded in 2007 · negative equity (2025) |
total assets €215.9m (2025) 0887.312.151 |
| GOLDPARK INTERNATIONAL INVESTMENTS
registered office since 21-12-2018 · founded in 2018 · group ageas SA/NV |
total assets €186.7m (2025) 0717.655.884 |
| EdgeConneX Brussels
establishment since 28-01-2021 · founded in 2021 · negative equity (2025) |
turnover €16.6m (2025) 0762.649.236 |
| Brussels Docks BidCo
registered office since 13-03-2018 · founded in 2018 |
total assets €145.3m (2025) 0691.974.838 |
| MENSURA Service Externe de Prévention et de Protection au travail
registered office since 18-04-1968 · founded in 1968 |
715 FTE (2025) 0410.664.742 |
| FORVIS MAZARS GROUP
registered office since 21-01-1997 · founded in 1996 |
turnover €97.6m (2025) 0457.153.080 |
| ADVANCED MECHANICAL AND OPTICAL SYSTEMS via PONCELET MC², no longer at ADVANCED MECHANICAL AND OPTICAL SYSTEMS · Director · deed of 07-07-2014 founded in 1983 |
77 FTE (2025) |
The network starts from the earlier ties.
Deadline for the 2026 accounts: 31-07-2027
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
On 9 November 2023, RELY was incorporated as a public limited company by JOHN COCKERILL and TECHNIP ENERGIES INTERNATIONAL BV, with a starting capital of €100,000.12 The capital was increased 2 times between 2023 and 2025, most recently to €125.1m.34 Today the board has 9 members.5
| Establishment | Since | Unit number |
|---|---|---|
| RELY SA registered office Bolwerklaan 21, 1210 Saint-Josse-ten-Noode | 09-11-2023 | 2.352.663.932 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 21014A0008/00Z010 | 7,591 m² | 1 · 6,964 m² | 112.8 m · 22 |
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