REWAN
ActiveFinancials · financial year 2024, micro format
2025 annual accounts not yet filed, deadline passed on 31 July 2026 The financial year closed on 31 December 2025. The accounts are due at the latest 7 months after the close (Companies Code art. 3:10). Source: NBB filings, as of 3 November 2026.
Annual accounts 2024 filed on 26-11-2025 PDF all 7 filings
Turnover
€56,817▼ 3.8%
2023 · €59,060
EBIT margin
-18.7%▲ 50.8pp
2023 · -69.5%
Net result
-€10,619▲ 74.6%
2023 · -€41,765
Working capital
-€68,473▼ 22.9%
2023 · -€55,701
Multi-year overview
2018 to 2024, 7 financial yearsTurnover
€56,817
▼ 3.8%
2024
20182024
Operating result
-€10,624
▲ 74.1%
2024
20182024
Net result
-€10,619
▲ 74.6%
2024
lowest quarter of the sector
20182024
EBIT margin
-18.7%
▲ 50.8pp
2024
20182024
Equity
-€64,462
▼ 19.7%
2024
lowest quarter of the sector
20182024
Total assets
€9,288
▲ 130%
2024
lowest quarter of the sector
20182024
Debt
€73,751
▲ 27.4%
2024
20182024
Working capital
-€68,473
▼ 22.9%
2024
lowest quarter of the sector
20182024
Solvency
-694.0%
2024
lowest quarter of the sector
20182024
Current ratio
0.07
2024
lowest quarter of the sector
20182024
Return on assets (ROA)
-114.3%
2024
lowest quarter of the sector
20182024
Staff (FTE)
no figure
2024
20182024
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2018201920202021202220232024
Turnover€59,060€56,817▼ 3.8%
Operating result€25,358-€2,639▼ 89.6%-€909€1,755-€36,739-€41,036▼ 11.7%-€10,624▲ 74.1%
Net result€16,117-€1,986▼ 87.7%-€976within the sector's middle half€1,564within the sector's middle half-€36,969below the sector's middle half-€41,765below the sector's middle half▼ 13.0%-€10,619below the sector's middle half▲ 74.6%
EBIT margin-69.5%-18.7%▲ 50.8pp
Equity€22,317-€24,302▲ 8.9%€23,327within the sector's middle half▼ 4.0%€24,890within the sector's middle half▲ 6.7%-€12,078below the sector's middle half-€53,843below the sector's middle half▼ 346%-€64,462below the sector's middle half▼ 19.7%
Total assets€31,680-€34,009▲ 7.4%€35,081within the sector's middle half▲ 3.2%€36,746within the sector's middle half▲ 4.7%€19,315below the sector's middle half▼ 47.4%€4,030below the sector's middle half▼ 79.1%€9,288below the sector's middle half▲ 130%
Debt€9,363-€9,707▲ 3.7%€11,754▲ 21.1%€11,856▲ 0.9%€31,393▲ 165%€57,873▲ 84.4%€73,751▲ 27.4%
Working capital€22,317-€24,302▲ 8.9%€18,898within the sector's middle half▼ 22.2%€21,319within the sector's middle half▲ 12.8%-€14,793within the sector's middle half-€55,701below the sector's middle half▼ 277%-€68,473below the sector's middle half▼ 22.9%
Solvency70.4%-71.5%▲ 1.0pp66.5%above the sector's middle half▼ 5.0pp67.7%above the sector's middle half▲ 1.2pp-62.5%below the sector's middle half▼ 130.3pp-694.0%below the sector's middle half
Current ratio3.38-3.50▲ 0.122.61above the sector's middle half▼ 0.902.80above the sector's middle half▲ 0.190.53within the sector's middle half▼ 2.270.07below the sector's middle half
Return on assets (ROA)50.9%-5.8%▼ 45.0pp-2.8%within the sector's middle half▼ 8.6pp4.3%within the sector's middle half▲ 7.0pp-191.4%below the sector's middle half▼ 195.7pp-114.3%below the sector's middle half
Staff (FTE)0.3below the sector's middle half1.3▲ 333%
above
within
below
The sector band is the middle half of the companies in Personal service activities (NACE 96). 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 2024 is a loss of €10,624, smaller than the loss of €41,036 in 2023.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €9,288
Fixed assets
€4,010 ▲ 116%
Current assets
€5,278 ▲ 143%
Equity and liabilities
Equity-€64,462
Debt€73,751
Equity is negative. Debt (€73,751) exceeds the balance-sheet total (€9,288).
Key figures and ratios
EBITDA
-€9,767▲
2023 · -€40,179
Cash flow
-€9,762▲
2023 · -€40,908
Quick ratio
0.07
Debt ≤ 1 year
€73,751▲
2023 · €57,873
Customer credit
4 days
Supplier credit
315 days▲
2023 · 44 days
Staff costs
€41,187▲
2023 · €28,092
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 |
|---|---|
| Employees at the balance-sheet date | 2 |
| part-time | 2 |
| in full-time equivalents | 0.8 |
| Average over the year, in full-time equivalents | 1.3 |
| On a permanent contract | 2 |
| Joined | 2 |
| Left | 1 |
Source: social balance sheet in the 2021 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Tangible fixed assets | - | - | - | €3,010 |
| Depreciation and write-downs of the year | €857 | €857 | €857 | €857 |
Source: notes to the 2021 to 2024 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | - | - | - | €59,060 | €56,817 | ▼ 3.8% |
| Non-recurring operating income76A | - | - | - | - | - | €262 | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | - | - | €70,497 | €21,198 | ▼ 69.9% |
| Remuneration, social security and pensions62 | - | - | - | €9,633 | €20,227 | €28,092 | €41,187 | ▲ 46.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | €571 | €857 | €857 | €857 | €857 | = |
| Other operating charges640/8 | - | - | - | €819 | €3,574 | €912 | €4,200 | ▲ 361% |
| Gross operating margin9900 | €41,020 | €2,639 | €4,263 | €13,063 | -€12,081 | -€11,175 | €35,620 | - |
| Operating profit (loss)9901 | €25,358 | €2,639 | -€909 | €1,755 | -€36,739 | -€41,036 | -€10,624 | ▲ 74.1% |
| Financial income75/76B | - | - | - | - | €1 | - | €5 | - |
| Recurring financial income75 | - | - | - | - | €1 | - | €5 | - |
| Non-recurring financial income76B | - | - | - | - | - | - | €5 | - |
| Financial charges65/66B | - | - | - | €191 | €231 | €729 | - | - |
| Recurring financial charges65 | €88 | €100 | €67 | €191 | €231 | €729 | - | - |
| Profit (loss) for the period before taxes9903 | €25,271 | €2,539 | -€976 | €1,564 | -€36,969 | -€41,765 | -€10,619 | ▲ 74.6% |
| Income taxes67/77 | €9,154 | €553 | - | - | - | - | - | - |
| Profit (loss) for the period9904 | €16,117 | €1,986 | -€976 | €1,564 | -€36,969 | -€41,765 | -€10,619 | ▲ 74.6% |
| Profit (loss) for the period to be appropriated9905 | €16,117 | €1,986 | -€976 | €1,564 | -€36,969 | -€41,765 | -€10,619 | ▲ 74.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €31,680 | €34,009 | €35,081 | €36,746 | €19,315 | €4,030 | €9,288 | ▲ 130% |
| Fixed assets21/28 | - | - | €4,429 | €3,571 | €2,714 | €1,857 | €4,010 | ▲ 116% |
| Intangible fixed assets21 | - | - | €2,262 | €1,905 | €1,548 | €1,190 | €833 | ▼ 30.0% |
| Tangible fixed assets22/27 | - | - | €2,167 | €1,667 | €1,167 | €667 | €3,177 | ▲ 377% |
| Plant, machinery and equipment23 | - | - | - | €1,667 | €1,167 | €667 | €1,454 | ▲ 118% |
| Furniture and vehicles24 | - | - | - | - | - | - | €1,723 | - |
| Current assets29/58 | €31,680 | €34,009 | €30,652 | €33,175 | €16,600 | €2,173 | €5,278 | ▲ 143% |
| Stocks and contracts in progress3 | - | - | - | €475 | €385 | €320 | €320 | = |
| Stocks30/36 | - | - | - | €475 | €385 | €320 | €320 | = |
| Amounts receivable within one year40/41 | €30,052 | €30,052 | €22,998 | €21,755 | €6,381 | - | €1,743 | - |
| Trade receivables40 | - | - | - | €5,000 | €5,328 | - | €568 | - |
| Other amounts receivable41 | - | - | - | €16,755 | €1,052 | - | €1,175 | - |
| Cash at bank and in hand54/58 | €309 | - | €3,697 | €5,699 | €4,589 | €1,853 | €3,215 | ▲ 73.5% |
| Deferred charges and accrued income490/1 | - | - | - | €5,246 | €5,246 | - | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €31,680 | €34,009 | €35,081 | €36,746 | €19,315 | €4,030 | €9,288 | ▲ 130% |
| Equity10/15 | €22,317 | €24,302 | €23,327 | €24,890 | -€12,078 | -€53,843 | -€64,462 | ▼ 19.7% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Capital10 | - | - | - | €6,200 | €6,200 | - | - | - |
| Issued capital100 | - | - | - | €18,600 | €18,600 | - | - | - |
| Uncalled capital101 | - | - | - | €12,400 | €12,400 | - | - | - |
| Reserves13 | €16,117 | €18,102 | €18,102 | €18,690 | €18,690 | €18,690 | €18,690 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €18,690 | ▲ 905% |
| Legal reserve130 | - | - | - | €1,860 | €1,860 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | - | - | €1,860 | €18,690 | ▲ 905% |
| Distributable reserves133 | - | - | - | €16,830 | €16,830 | €16,830 | - | - |
| Profit (loss) carried forward14 | - | - | -€976 | - | -€36,969 | -€78,734 | -€89,353 | ▼ 13.5% |
| Amounts payable17/49 | €9,363 | €9,707 | €11,754 | €11,856 | €31,393 | €57,873 | €73,751 | ▲ 27.4% |
| Amounts payable within one year42/48 | €9,363 | €9,707 | €11,754 | €11,856 | €31,393 | €57,873 | €73,751 | ▲ 27.4% |
| Trade debts44 | - | - | €1,040 | €1,385 | €4,641 | €8,541 | €18,301 | ▲ 114% |
| Suppliers440/4 | - | - | - | €1,385 | €4,641 | €8,541 | €18,301 | ▲ 114% |
| Taxes, remuneration and social security45 | - | - | - | €10,471 | €25,895 | €24,119 | €5,794 | ▼ 76.0% |
| Taxes450/3 | - | - | - | €10,471 | €11,561 | €6,983 | €4,024 | ▼ 42.4% |
| Remuneration and social security454/9 | - | - | - | - | €14,334 | €17,136 | €1,770 | ▼ 89.7% |
| Other amounts payable47/48 | - | - | - | - | €857 | €25,214 | €49,656 | ▲ 96.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €16,117 | €1,986 | -€976 | €1,564 | -€36,969 | -€41,765 | -€10,619 | ▲ 74.6% |
| + Depreciation and write-downs630 | - | - | €571 | €857 | €857 | €857 | €857 | = |
| Operating cash flow (approximation) | €16,117 | €1,986 | -€404 | €2,421 | -€36,112 | -€40,908 | -€9,762 | ▲ 76.1% |
| Investment in fixed assets (approximation) | - | - | - | €0 | €0 | €0 | -€3,010 | - |
| Change in cash | - | - | - | €2,002 | -€1,110 | -€2,736 | €1,363 | - |
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, 6,008 companies had the same profile as REWAN has now. Two years later, 83.0% were still going and 7.9% had gone bankrupt.
- Micro
- 5 to 10 years old
- negative equity
- a loss of 10% of the balance sheet or more
83.0%
was still going
8.4%
stopped otherwise
7.9%
went bankrupt
Another 0.8% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of REWAN itself: 4.5% 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 6,008 companies, not a prediction for REWAN. 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 (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2024 | micro format | 26-11-2025 | 2025-00574200 | |
| 31-12-2023 | micro format | 02-03-2025 | 2025-00043869 | |
| 31-12-2022 | micro format | 26-11-2023 | 2023-00520289 | |
| 31-12-2021 | micro format | 18-09-2022 | 2022-20434666 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-64100290 | |
| 31-12-2019 | micro format | 29-12-2020 | 2020-77400060 | |
| 31-12-2018 | micro format | 29-12-2020 | 2020-77400057 |