Equity
Equity fell by 70% in 6 years.
Equity fell by 70% in 6 years.
The micro format states no turnover.
Of this, €133,185 falls due within a year.
Green is investment, beige is depreciation. Land and buildings stand 23.2% higher than in 2024.
The last five annual accounts were filed 45 to 65 days before the end of the period.
Lower solvency than 83% of companies in specialised construction. Sector median 46.7% · 35,060 companies.
The dashed line is the sector median: 0.7% across 47,695 companies (NACE 43, micro).
About 4 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 43, micro). It does better than 17% of them on solvency, 36% on liquidity, 26% on profitability and 60% on growth.
The bankruptcy probability was computed on 06-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 30-09-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
In July 2024, 4,107 companies had the same profile as RF PROJECTS has now. Each dot stands for 11 companies, two years later.
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of RF PROJECTS itself: 0.4% within 12 months.
The method was tested on the 497,447 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 4,107 companies, not a prediction for RF PROJECTS. 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.
Liquidity is insufficient, with a current ratio of 0.35 (0.6 in 2024), below 1. Short-term debt is 24.6% and cash 3.9% of total assets. 86% of the assets are financed with debt and provisions.
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 7 accounts on average 60 days before the deadline. In the sector (NACE 43), the median for financial year 2024 was 1 day before the deadline, and 43% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| RF PROJECTS Waregem | €542,114 | €90,575 | 14.0% | - |
| CIJO Veurne | €491,062 | €91,998 | 21.9% | - |
| DPW-SOLUTION Harelbeke | €520,633 | €110,825 | 23.9% | - |
| Elektriciteit Neyens Gistel | €591,256 | €97,557 | 52.8% | - |
| DERUYTTER CARL Poperinge | €627,880 | €75,008 | 51.9% | - |
| JVS-TECHNICS Oostkamp | €511,119 | €87,591 | 57.2% | - |
| KDK SOLUTIONS Dendermonde | €572,068 | €87,321 | 50.5% | - |
These companies have the same main activity as RF PROJECTS: general electrical installation work (NACE 43211). They are comparable in size and age: total assets between €491,000 and €628,000, founded between 2010 and 2015.
RF PROJECTS files the micro format. That format states no turnover. The gross margin rose from €51,694 in 2013 to €90,575 in 2025.
The balance sheet grew most from 2024 to 2025 through fixed assets, financed with long-term debt.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €350,000. Estimated: probably between €220,000 and €560,000.
Higher than 17% of 35,060 companies in 2025.
Lower than 95% of 34,437 companies in 2025.
Higher than 40% of 34,637 companies in 2025.
Net result: middle half · Equity: middle half · Balance sheet total: top quarter · Working capital: bottom quarter
Staff costs divided by the average number of full-time equivalents.
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||||||||||
20/58 |
542,114 | 490,656 | 298,490 | 343,645 | 334,446 | 335,897 | 404,277 | 392,737 | 272,205 | 295,140 | 101,657 | 127,002 | 83,136 | |
21/28 |
494,968 | 394,391 | 231,427 | 242,429 | 253,499 | 251,617 | 250,879 | 249,031 | 22,669 | 17,914 | 67,587 | 71,748 | 24,247 | |
22/27 |
494,968 | 394,391 | 231,427 | 242,429 | 253,499 | 251,617 | 250,879 | 249,031 | 22,669 | 17,914 | 2,587 | 6,748 | 24,247 | |
22 |
485,506 | 394,044 | 230,767 | 241,353 | 251,980 | 251,228 | 250,733 | 243,229 | - | - | - | - | - | |
23 |
- | - | 0 | 104 | 233 | 389 | 145 | 327 | - | - | 1,079 | 2,917 | 4,862 | |
24 |
9,462 | 347 | 660 | 973 | 1,286 | - | - | 5,475 | 11,495 | 16,708 | - | 1,945 | 17,028 | |
26 |
- | - | - | - | - | - | - | - | 924 | 1,207 | 1,509 | 1,886 | 2,357 | |
27 |
- | - | - | - | - | - | - | - | 10,250 | - | - | - | - | |
28 |
- | - | - | - | - | - | - | - | - | - | 65,000 | 65,000 | - | |
29/58 |
47,145 | 96,265 | 67,063 | 101,216 | 80,947 | 84,280 | 153,398 | 143,706 | 249,536 | 277,225 | 34,070 | 55,254 | 58,889 | |
29 |
- | - | - | - | - | - | - | - | - | 25,000 | - | - | - | |
291 |
- | - | - | - | - | - | - | - | - | 25,000 | - | - | - | |
3 |
- | - | - | 0 | 3,459 | 3,459 | 3,459 | - | - | - | - | - | 5,700 | |
30/36 |
- | - | - | 0 | 3,459 | 3,459 | 3,459 | - | - | - | - | - | 4,500 | |
37 |
- | - | - | - | - | - | - | - | - | - | - | - | 1,200 | |
40/41 |
23,048 | 21,361 | 14,314 | 13,836 | 29,100 | 23,973 | 56,192 | 32,238 | 19,106 | 9,719 | 16,100 | 19,797 | 27,839 | |
40 |
16,516 | 16,516 | 14,314 | 13,725 | 27,491 | 21,765 | 15,345 | 16,539 | 12,507 | 9,719 | 16,100 | 19,329 | 22,187 | |
41 |
6,531 | 4,845 | 0 | 112 | 1,609 | 2,208 | 40,847 | 15,698 | 6,599 | - | - | 468 | 5,652 | |
54/58 |
21,353 | 71,719 | 49,870 | 84,605 | 45,551 | 56,848 | 93,047 | 111,468 | 229,430 | 242,507 | 17,969 | 35,457 | 25,350 | |
490/1 |
2,745 | 3,184 | 2,879 | 2,774 | 2,837 | - | 700 | - | 1,000 | - | - | - | - | |
| Balance sheet: equity and liabilities | ||||||||||||||
10/49 |
542,114 | 490,656 | 298,490 | 343,645 | 334,446 | 335,897 | 404,277 | 392,737 | 272,205 | 295,140 | 101,657 | 127,002 | 83,136 | |
10/15 |
75,818 | 66,918 | 107,466 | 94,271 | 164,993 | 191,297 | 256,571 | 230,656 | 244,312 | 216,196 | 46,843 | 45,414 | 32,983 | |
10/11 |
1,000 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | |
100 |
- | - | - | - | - | - | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | |
101 |
- | - | - | - | - | - | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | |
13 |
74,818 | 60,718 | 101,266 | 88,071 | 158,793 | 185,097 | 224,456 | 224,456 | 238,112 | 198,086 | 40,643 | 1,860 | 1,339 | |
130/1 |
- | - | - | 0 | 1,860 | 1,860 | - | - | - | - | - | - | - | |
130 |
- | - | - | - | - | - | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,339 | |
1311 |
- | - | - | 0 | 1,860 | 1,860 | - | - | - | - | - | - | - | |
133 |
74,818 | 60,718 | 101,266 | 88,071 | 156,933 | 183,237 | 222,596 | 222,596 | 236,252 | 196,226 | 38,783 | - | - | |
14 |
0 | 0 | 0 | 0 | - | - | 25,915 | - | - | 11,910 | - | 37,354 | 25,444 | |
17/49 |
466,295 | 423,737 | 191,024 | 249,374 | 169,453 | 144,600 | 147,706 | 162,081 | 27,893 | 78,943 | 54,814 | 81,588 | 50,154 | |
17 |
332,582 | 261,681 | 86,870 | 96,618 | 106,189 | 116,883 | 125,562 | 139,119 | 9,715 | 15,965 | 28,978 | 41,426 | 12,687 | |
170/4 |
332,582 | 261,681 | 86,870 | 96,618 | 106,189 | 115,583 | 125,562 | 139,119 | 9,715 | 15,965 | 28,978 | 41,426 | 12,687 | |
178/9 |
- | - | - | - | - | 1,300 | - | - | - | - | - | - | - | |
42/48 |
133,185 | 161,553 | 103,654 | 152,645 | 62,453 | 27,717 | 22,143 | 22,961 | 18,177 | 62,978 | 25,836 | 40,162 | 37,466 | |
42 |
26,259 | 25,518 | 9,748 | 9,572 | 9,394 | 9,979 | 13,557 | 13,321 | 6,250 | 7,989 | 12,448 | 12,082 | 3,421 | |
43 |
0 | 2,115 | 0 | 731 | - | - | - | - | - | - | - | - | - | |
430/8 |
0 | 2,115 | 0 | 731 | - | - | - | - | - | - | - | - | - | |
44 |
2,138 | 13,136 | 3,986 | 6,058 | 2,720 | 8,808 | - | 826 | 2,593 | 14,384 | - | 1,368 | 11,250 | |
440/4 |
2,138 | 13,136 | 3,986 | 6,058 | 2,720 | 8,808 | - | 826 | 2,593 | 14,384 | - | 1,368 | 11,250 | |
45 |
2,857 | 13,557 | 4,675 | 10,061 | 7,449 | 3,781 | 8,586 | 8,814 | 9,335 | 22,478 | 9,250 | 16,211 | 14,581 | |
450/3 |
2,857 | 13,557 | 4,675 | 10,061 | 7,449 | 3,781 | 8,586 | 8,814 | 9,335 | 22,478 | 9,250 | 16,211 | 14,581 | |
47/48 |
101,930 | 107,228 | 85,245 | 126,223 | 42,890 | 5,148 | - | - | - | 18,128 | 4,138 | 10,500 | 8,214 | |
492/3 |
528 | 503 | 499 | 112 | 811 | - | - | - | - | - | - | - | - | |
| Income statement | ||||||||||||||
76A |
- | - | - | 0 | 9,300 | - | - | - | - | 210,000 | - | 1,807 | - | |
9900 |
90,575 | 57,742 | 40,162 | 41,755 | 37,668 | 32,278 | 49,306 | 33,532 | 16,132 | 8,491 | 12,236 | 40,931 | 51,694 | |
62 |
- | - | - | - | - | - | - | - | - | - | - | 1,999 | - | |
630 |
17,097 | 18,419 | 11,003 | 11,070 | 10,984 | 9,992 | 15,432 | 17,557 | 6,404 | 6,573 | 1,244 | 3,713 | 11,622 | |
640/8 |
23,946 | 25,868 | 2,034 | 1,629 | 2,504 | 2,059 | 632 | 3,027 | 599 | 281 | 441 | 749 | 881 | |
66A |
- | - | - | - | - | - | - | 924 | - | - | 647 | 812 | - | |
9901 |
49,532 | 13,455 | 27,126 | 29,056 | 24,180 | 20,226 | 33,242 | 12,025 | 9,130 | 1,638 | 10,551 | 34,470 | 39,190 | |
75/76B |
268 | 250 | 3 | 112 | 266 | 1,973 | 2,595 | 1,298 | 26,600 | 10 | 33 | 1,634 | 2,036 | |
75 |
268 | 250 | 3 | 112 | 266 | 1,973 | 2,595 | 1,298 | 1,600 | 10 | 33 | 1,634 | 2,036 | |
76B |
- | - | - | - | - | - | - | - | 25,000 | - | - | - | - | |
65/66B |
18,213 | 10,016 | 5,952 | 6,280 | 3,032 | 2,796 | 3,024 | 2,762 | 1,190 | 1,958 | 1,678 | 1,915 | 426 | |
65 |
18,213 | 10,016 | 5,952 | 2,820 | 3,032 | 2,796 | 3,024 | 2,762 | 1,190 | 1,958 | 1,678 | 1,915 | 426 | |
66B |
- | - | 0 | 3,459 | - | - | - | - | - | - | - | - | - | |
9903 |
31,588 | 3,689 | 21,176 | 22,888 | 21,414 | 19,403 | 32,813 | 10,561 | 34,539 | 209,690 | 8,259 | 35,182 | 40,801 | |
67/77 |
9,478 | 1,480 | 6,381 | 6,671 | 6,118 | 4,936 | 6,898 | 4,217 | 6,423 | 18,837 | 6,830 | 12,751 | 14,018 | |
9904 |
22,110 | 2,209 | 14,795 | 16,217 | 15,296 | 14,467 | 25,915 | 6,344 | 28,116 | 190,853 | 1,429 | 22,431 | 26,783 | |
9905 |
22,110 | 2,209 | 14,795 | 16,217 | 15,296 | 14,467 | 25,915 | 6,344 | 28,116 | 190,853 | 1,429 | 22,431 | 26,783 | |
| Appropriation of the result | ||||||||||||||
9906 |
22,110 | 2,209 | 14,795 | 16,217 | 15,296 | 40,382 | 25,915 | 6,344 | 40,027 | 190,853 | 38,783 | 47,875 | 26,783 | |
791/2 |
6,344 | 40,548 | 0 | 85,339 | 40,000 | 52,226 | - | 20,000 | 521 | 45,714 | 1,860 | - | - | |
691/2 |
20,444 | 0 | 13,195 | 14,617 | 13,696 | 12,867 | - | 6,344 | 40,548 | 203,157 | 40,643 | 521 | 1,339 | |
6920 |
- | - | - | - | - | - | - | - | 521 | 1,860 | 1,860 | 521 | 1,339 | |
6921 |
20,444 | 0 | 13,195 | 14,617 | 13,696 | 12,867 | - | 6,344 | 40,027 | 201,297 | 38,783 | - | - | |
694/7 |
8,010 | 42,757 | 1,600 | 86,939 | 41,600 | 79,741 | - | 20,000 | - | 21,500 | - | 10,000 | - | |
694 |
8,010 | 42,757 | 1,600 | 86,939 | 41,600 | 79,741 | - | 20,000 | - | 21,500 | - | 10,000 | - | |
| Social balance sheet | ||||||||||||||
9087 |
- | - | - | - | - | - | - | - | - | - | - | 0.4 | - | |
Hours worked1013 |
- | - | - | - | - | - | - | - | - | - | - | 80 | - | |
| Document | ||||||||||||||
The notes to these accounts have 9 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).
Source: Annual accounts 2025 (PDF), filed on 27-02-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 27-02-2026 | 2026-00045182 | |
| 30-09-2024 | micro format | 24-02-2025 | 2025-00038244 | |
| 30-09-2023 | micro format | 29-02-2024 | 2024-00036371 | |
| 30-09-2022 | micro format | 16-03-2023 | 2023-00040316 | |
| 30-09-2021 | micro format | 25-02-2022 | 2022-06300374 | |
| 30-09-2020 | micro format | 01-03-2021 | 2021-06500573 | |
| 30-09-2019 | micro format | 28-02-2020 | 2020-05700198 | |
| 30-09-2018 | micro format | 20-03-2019 | 2019-07300323 | |
| 30-09-2017 | micro format | 26-02-2018 | 2018-05400224 | |
| 30-09-2016 | abbreviated format | 08-02-2017 | 2017-04200586 | |
| 30-09-2015 | abbreviated format | 05-02-2016 | 2016-03900120 | |
| 30-09-2014 | abbreviated format | 05-03-2015 | 2015-05500464 | |
| 30-09-2013 | abbreviated format | 21-03-2014 | 2014-06800480 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 66,629 | 31,874 | 38,128 | 40,126 | 35,165 | 30,218 | 48,674 | 29,582 | 15,534 | 8,211 | 11,795 | 38,183 | 50,812 | ||
| 39,207 | 20,628 | 25,798 | 27,287 | 26,281 | 24,459 | 41,347 | 23,900 | 34,520 | 197,426 | 2,672 | 26,144 | 38,404 | ||
| 117,674 | 167,942 | 0 | 0 | 12,867 | 10,731 | 17,280 | 244,842 | 11,159 | 21,900 | -2,917 | 66,766 | 35,869 | ||
| -50,367 | 21,849 | -34,735 | 39,054 | -11,297 | -36,199 | -18,421 | -117,962 | -13,077 | 224,537 | -17,487 | 10,107 | - | ||
| -86,040 | -65,288 | -36,591 | -51,429 | 18,494 | 56,563 | 131,255 | 120,744 | 231,358 | 214,247 | 8,234 | 15,092 | 21,422 | ||
| 14.0% | 13.6% | 36.0% | 27.4% | 49.3% | 57.0% | 63.5% | 58.7% | 89.8% | 73.3% | 46.1% | 35.8% | 39.7% | ||
| 0.35 | 0.60 | 0.65 | 0.66 | 1.30 | 3.04 | 6.93 | 6.26 | 13.73 | 4.40 | 1.32 | 1.38 | 1.57 | ||
| 0.35 | 0.60 | 0.65 | 0.66 | 1.24 | 2.92 | 6.77 | 6.26 | 13.73 | 4.40 | 1.32 | 1.38 | 1.42 | ||
| 6.15 | 6.33 | 1.78 | 2.65 | 1.03 | 0.76 | 0.58 | 0.70 | 0.11 | 0.37 | 1.17 | 1.80 | 1.52 | ||
| 29.2% | 3.3% | 13.8% | 17.2% | 9.3% | 7.6% | 10.1% | 2.8% | 11.5% | 88.3% | 3.0% | 49.4% | 81.2% | ||
| 4.1% | 0.5% | 5.0% | 4.7% | 4.6% | 4.3% | 6.4% | 1.6% | 10.3% | 64.7% | 1.4% | 17.7% | 32.2% | ||
| 3.66 | 3.18 | 6.41 | 14.23 | - | - | - | - | - | - | - | - | - |
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 | 30-09-2025 | 30-09-2024 | 30-09-2023 | 30-09-2022 |
|---|---|---|---|---|
| Mortgages, amount registered | €175,000 | €175,000 | €150,000 | €150,000 |
| €218,750 | €218,750 | - | - | |
| Carrying value of the mortgaged assets | €474,495 | €379,175 | €211,632 | €217,951 |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
| Item | 30-09-2025 | 30-09-2024 | 30-09-2023 | 30-09-2022 |
|---|---|---|---|---|
| Tangible fixed assets | €117,674 | €167,942 | - | - |
| €17,097 | €18,419 | €11,003 | €11,070 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is nearly 3.7 times that of 2024 and the highest since 2013. It is a recovery after the fall in 2024.
Debt's share of the balance-sheet total falls from 86.4% to 86.0%. Equity and debt are higher.
Source: list of holdings in its own 30-09-2015 accounts. Every holding stands with its own latest accounts.
| Name | 2014 | 2015 |
|---|---|---|
| MULTITECHNIEK | 50% | |
Source: list of holdings in its own accounts
The board mandates are listed under Board mandates elsewhere. The network lets you explore the same ties.
Deadline for the 2026 accounts: 30-04-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
| Establishment | Since | Unit number |
|---|---|---|
| Driesstraat 13 registered office 8790 Waregem 46190 Agents in non-specialised wholesale trade | 15-01-2013 | 2.215.640.544 |
| 18-03-2019 | Granted | Bouwen of herbouwen submitted 14-01-2019 · project 2018142512 | Ingelmunster |
Source: Omgevingsloket Vlaanderen.
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 34452B0121/00A002 | 788 m² | 1 · 163 m² | 8.0 m |
Check the withholding obligation If you pay this company for building or cleaning work, check before every payment whether you must withhold part of the invoice. Use the enterprise number 0508.724.022
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