RF IMPACT
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-06-2026 at the NBB all 24 filings
Turnover
€94,787
EBIT margin
-0.2%
Net result
-€3,841▲ 10.5%
2024 · -€4,294
Working capital
-€5,994▼ 83.2%
2024 · -€3,272
Multi-year overview
2018 to 2025, 7 financial yearsTurnover
no figure
2025
20182025
Operating result
-€2,853
▲ 28.8%
2025
20182025
Net result
-€3,841
▲ 10.5%
2025
middle half of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€11,150
▼ 25.6%
2025
middle half of the sector
20182025
Total assets
€32,821
▼ 1.9%
2025
lowest quarter of the sector
20182025
Debt
€21,671
▲ 17.4%
2025
20182025
Working capital
-€5,994
▼ 83.2%
2025
lowest quarter of the sector
20182025
Solvency
34.0%
▼ 10.8pp
2025
middle half of the sector
20182025
Current ratio
0.72
▼ 0.10
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-11.7%
▲ 1.1pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2018202020212022202320242025
Turnover€94,787-
Operating result-€214-€4,722-€35,020▲ 642%-€1,257€17,023-€4,006-€2,853▲ 28.8%
Net result-€1,855-€3,468within the sector's middle half-€25,456within the sector's middle half▲ 634%-€3,727below the sector's middle half€12,418within the sector's middle half-€4,294within the sector's middle half-€3,841within the sector's middle half▲ 10.5%
EBIT margin-0.2%-
Equity-€12,694--€14,861below the sector's middle half-€10,595within the sector's middle half€6,868below the sector's middle half▼ 35.2%€19,286within the sector's middle half▲ 181%€14,992within the sector's middle half▼ 22.3%€11,150within the sector's middle half▼ 25.6%
Total assets€35,757-€25,658below the sector's middle half-€28,856below the sector's middle half▲ 12.5%€27,280below the sector's middle half▼ 5.5%€37,740below the sector's middle half▲ 38.3%€33,450below the sector's middle half▼ 11.4%€32,821below the sector's middle half▼ 1.9%
Debt€48,451-€40,519-€18,261▼ 54.9%€20,412▲ 11.8%€18,454▼ 9.6%€18,458=€21,671▲ 17.4%
Working capital-€18,589--€23,099below the sector's middle half-€2,255within the sector's middle half-€760within the sector's middle half€8,916within the sector's middle half-€3,272within the sector's middle half-€5,994below the sector's middle half▼ 83.2%
Solvency-35.5%--57.9%below the sector's middle half-36.7%within the sector's middle half▲ 94.6pp25.2%within the sector's middle half▼ 11.5pp51.1%within the sector's middle half▲ 25.9pp44.8%within the sector's middle half▼ 6.3pp34.0%within the sector's middle half▼ 10.8pp
Current ratio0.54-0.43below the sector's middle half-1.12within the sector's middle half▲ 0.690.96within the sector's middle half▼ 0.161.48within the sector's middle half▲ 0.520.82below the sector's middle half▼ 0.660.72below the sector's middle half▼ 0.10
Return on assets (ROA)-5.2%-13.5%within the sector's middle half-88.2%above the sector's middle half▲ 74.7pp-13.7%below the sector's middle half▼ 101.9pp32.9%above the sector's middle half▲ 46.6pp-12.8%below the sector's middle half▼ 45.7pp-11.7%below the sector's middle half▲ 1.1pp
Staff (FTE)1
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 a loss of €2,853, smaller than the loss of €4,006 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €32,821
Fixed assets
€17,144 ▼ 7.1%
Current assets
€15,677 ▲ 4.6%
Equity and liabilities €32,821
Equity
€11,150 ▼ 25.6%
Debt
€21,671 ▲ 17.4%
Debt's share of the balance-sheet total rises from 55.2% to 66.0%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€1,458▲
2024 · -€465
Cash flow
€470▲
2024 · -€753
Debt to equity
1.94▲
2024 · 1.23
ROE
-34.5%▼
2024 · -28.6%
Interest coverage
1.47▲
2024 · -0.53
Debt ≤ 1 year
€21,671▲
2024 · €18,267
Staff costs
€31,806▲
2024 · €28,209
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2022 |
|---|---|
| Average over the year, in full-time equivalents | 1 |
| Joined | 1 |
| Left | 0 |
| Training hours | 1,116 |
Source: social balance sheet in the 2022 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €5,005 | €1,653 | €4,500 | €13,779 | €3,000 |
| Financial fixed assets | €130 | - | - | - | - |
| Depreciation and write-downs of the year | €5,033 | €1,927 | €1,795 | €3,542 | €4,311 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Turnover70 | €94,787 | - | - | - | - | - | - | - |
| Non-recurring operating income76A | - | - | €331 | €800 | - | €2,119 | - | - |
| Remuneration, social security and pensions62 | - | - | €1,301 | €11,199 | €25,119 | €28,209 | €31,806 | ▲ 12.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7,737 | €11,040 | €5,033 | €1,927 | €1,795 | €3,542 | €4,311 | ▲ 21.7% |
| Other operating charges640/8 | - | - | €522 | €7,851 | €1,450 | €1,750 | €2,151 | ▲ 22.9% |
| Non-recurring operating charges66A | - | - | - | - | - | €168 | - | - |
| Gross operating margin9900 | €13,167 | €17,150 | €41,876 | €19,720 | €45,387 | €29,662 | €35,415 | ▲ 19.4% |
| Operating profit (loss)9901 | -€214 | €4,722 | €35,020 | -€1,257 | €17,023 | -€4,006 | -€2,853 | ▲ 28.8% |
| Financial income75/76B | - | - | €0 | €599 | €718 | €588 | €6 | ▼ 99.0% |
| Recurring financial income75 | - | €125 | €0 | €599 | €718 | €588 | €6 | ▼ 99.0% |
| Financial charges65/66B | - | - | €425 | €1,598 | €839 | €876 | €994 | ▲ 13.5% |
| Recurring financial charges65 | €1,320 | €659 | €425 | €1,598 | €839 | €876 | €994 | ▲ 13.5% |
| Profit (loss) for the period before taxes9903 | -€1,534 | €4,188 | €34,595 | -€2,255 | €16,902 | -€4,294 | -€3,841 | ▲ 10.5% |
| Income taxes67/77 | €321 | €720 | €9,139 | €1,472 | €4,484 | €0 | - | - |
| Profit (loss) for the period9904 | -€1,855 | €3,468 | €25,456 | -€3,727 | €12,418 | -€4,294 | -€3,841 | ▲ 10.5% |
| Profit (loss) for the period to be appropriated9905 | -€1,855 | €3,468 | €25,456 | -€3,727 | €12,418 | -€4,294 | -€3,841 | ▲ 10.5% |
| Line | 2018 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €35,757 | €25,658 | €28,856 | €27,280 | €37,740 | €33,450 | €32,821 | ▼ 1.9% |
| Fixed assets21/28 | €14,169 | €8,238 | €8,340 | €7,665 | €10,370 | €18,455 | €17,144 | ▼ 7.1% |
| Tangible fixed assets22/27 | €14,086 | €7,325 | €7,298 | €6,623 | €9,328 | €17,413 | €16,102 | ▼ 7.5% |
| Plant, machinery and equipment23 | - | - | €676 | €507 | €338 | €665 | €256 | ▼ 61.5% |
| Furniture and vehicles24 | - | - | €2,276 | €2,250 | €5,604 | €3,941 | €4,564 | ▲ 15.8% |
| Other tangible fixed assets26 | - | - | €4,345 | €3,866 | €3,386 | €12,807 | €11,281 | ▼ 11.9% |
| Financial fixed assets28 | €83 | €913 | €1,042 | €1,042 | €1,042 | €1,042 | €1,042 | = |
| Current assets29/58 | €21,588 | €17,420 | €20,516 | €19,615 | €27,370 | €14,994 | €15,677 | ▲ 4.6% |
| Amounts receivable within one year40/41 | €8,138 | €17,420 | €16,857 | €14,385 | €21,831 | €13,888 | €14,106 | ▲ 1.6% |
| Trade receivables40 | - | - | €12,028 | €4,872 | €13,941 | €6,938 | €10,106 | ▲ 45.7% |
| Other amounts receivable41 | - | - | €4,830 | €9,513 | €7,890 | €6,950 | €4,000 | ▼ 42.4% |
| Cash at bank and in hand54/58 | €13,450 | - | €3,659 | €4,984 | €3,943 | €546 | €495 | ▼ 9.3% |
| Deferred charges and accrued income490/1 | - | - | - | €246 | €1,596 | €560 | €1,076 | ▲ 92.2% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €35,757 | €25,658 | €28,856 | €27,280 | €37,740 | €33,450 | €32,821 | ▼ 1.9% |
| Equity10/15 | -€12,694 | -€14,861 | €10,595 | €6,868 | €19,286 | €14,992 | €11,150 | ▼ 25.6% |
| Contributions10/11 | €7,500 | €7,500 | €7,500 | €7,500 | €7,500 | €7,500 | €7,500 | = |
| Capital10 | - | - | €7,500 | €7,500 | - | - | - | - |
| Issued capital100 | - | - | €18,600 | €18,600 | - | - | - | - |
| Uncalled capital101 | - | - | €11,100 | €11,100 | - | - | - | - |
| Reserves13 | - | - | - | - | €11,786 | €11,786 | €11,786 | = |
| Distributable reserves133 | - | - | - | - | €11,786 | €11,786 | €11,786 | = |
| Profit (loss) carried forward14 | -€20,194 | -€22,361 | €3,095 | -€632 | - | -€4,294 | -€8,136 | ▼ 89.5% |
| Amounts payable17/49 | €48,451 | €40,519 | €18,261 | €20,412 | €18,454 | €18,458 | €21,671 | ▲ 17.4% |
| Amounts payable after more than one year17 | €8,258 | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €40,177 | €40,519 | €18,261 | €20,375 | €18,454 | €18,267 | €21,671 | ▲ 18.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | - | €4,000 | - |
| Trade debts44 | €32,722 | €3,636 | €7,281 | €3,707 | €4,752 | €8,445 | €7,861 | ▼ 6.9% |
| Suppliers440/4 | - | - | €7,281 | €3,707 | €4,752 | €8,445 | €7,861 | ▼ 6.9% |
| Taxes, remuneration and social security45 | - | - | €10,980 | €16,668 | €13,702 | €9,822 | €8,459 | ▼ 13.9% |
| Taxes450/3 | - | - | €10,162 | €13,246 | €12,219 | €9,822 | €6,959 | ▼ 29.1% |
| Remuneration and social security454/9 | - | - | €817 | €3,422 | €1,483 | - | €1,500 | - |
| Other amounts payable47/48 | - | - | - | - | - | - | €1,351 | - |
| Accrued charges and deferred income492/3 | - | - | - | €37 | - | €191 | - | - |
| Line | 2018 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€1,855 | €3,468 | €25,456 | -€3,727 | €12,418 | -€4,294 | -€3,841 | ▲ 10.5% |
| + Depreciation and write-downs630 | €7,737 | €11,040 | €5,033 | €1,927 | €1,795 | €3,542 | €4,311 | ▲ 21.7% |
| Operating cash flow (approximation) | €5,882 | €14,508 | €30,488 | -€1,800 | €14,213 | -€753 | €470 | - |
| Investment in fixed assets (approximation) | - | - | -€5,135 | -€1,253 | -€4,500 | -€11,627 | -€3,000 | ▲ 74.2% |
| Change in cash | - | - | - | €1,325 | -€1,041 | -€3,397 | -€51 | ▲ 98.5% |
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, 5,831 companies had the same profile as RF IMPACT has now. Two years later, 84.6% were still going and 1.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a loss of 10% of the balance sheet or more
84.6%
was still going
13.4%
stopped otherwise
1.7%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of RF IMPACT itself: 0.8% 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 5,831 companies, not a prediction for RF IMPACT. 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 24 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 29-06-2026 | 2026-00210324 | |
| 31-12-2024 | micro format | 15-10-2025 | 2025-00542615 | |
| 31-12-2023 | micro format | 06-07-2024 | 2024-00216569 | |
| 31-12-2022 | micro format | 30-08-2023 | 2023-00415957 | |
| 31-12-2021 | micro format | 17-09-2022 | 2022-20432141 | |
| 31-12-2020 | micro format | 31-05-2021 | 2021-16500559 | |
| 31-12-2018 | micro format | 31-10-2019 | 2019-73100005 | |
| 31-12-2017 | micro format | 30-09-2018 | 2018-68700164 | |
| 31-12-2016 | micro format | 30-09-2017 | 2017-66100214 | |
| 31-12-2015 | full format | 30-09-2016 | 2016-64900443 |