RFAG
RFAG has been active since 2023 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (€-16k) and a net result of €19k. Equity is shrinking by ~79.7% per year across the filed fiscal years. Its solvency ranks better than 16% of 167 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.8% (low).
| Equity | €-16k |
| Net result | €19k |
| Staff (FTE) | 2.5 |
| Better than sector | 16% |
Fragile profile, watch profitability in particular.
All 5 axes are computed from data Checked has read.
How do we compute this?
The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.
The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.
A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).
| Metric | This company | Sector median | Position in the sector |
|---|---|---|---|
| Solvency | -7.6% | 34.9% | |
| Net result | €19k | €5k | |
| Equity | €-16k | €56k | |
| Gross operating margin | €164k | €37k | |
| Staff costs | €144k | €66k |
Figures by fiscal year and ratios
| Fiscal year | 2025 | 2024 | 2023 |
|---|---|---|---|
| Deposit | micro schema | micro schema | micro schema |
| Revenue | - | - | - |
| EBITDA | €20k | €-73k | €-50k |
| Net profit | €19k | €-74k | €-51k |
| Cash flow | €19k | €-73k | €-50k |
| Staff costs | €144k | €125k | - |
| Income taxes | - | - | - |
| Dividends | - | - | - |
| Total assets | €209k | €113k | €158k |
| Equity | €-16k | €-34k | €39k |
| Debt | €225k | €147k | €119k |
| of which ≤ 1y | €215k | €128k | €119k |
| of which > 1y | €10k | €19k | - |
| Working capital | €-7k | €-16k | €38k |
| Employees (FTE) | 2.5 | 2.6 | - |
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Current ratio | 0.97 | 0.88 | 1.32 |
| Quick ratio | 0.97 | 0.88 | 1.32 |
| Working capital ratio | -3.5% | -14.1% | 24.2% |
| Solvency | -7.6% | -30.6% | 24.7% |
| Debt / equity | -14.18 | -4.27 | 3.05 |
| Long-term debt ratio | -0.60 | -0.55 | - |
| Interest coverage | 15.25 | -1117.89 | -1979.06 |
| Gross margin | - | - | - |
| Net margin | - | - | - |
| ROA | 8.9% | -65.3% | -32.2% |
| ROE | -117.3% | 213.4% | -130.4% |
| EBITDA margin | - | - | - |
| Days sales outstanding | - | - | - |
| Days payable outstanding | - | - | - |
| Inventory turnover | - | - | - |
| Days inventory (DSI) | - | - | - |
Full annual accounts (23 line items)
| Line item | Code | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Balance sheet, Assets | ||||
| TOTAL ASSETS | 20/58 | €209k | €113k | €158k |
| Fixed assets | 21/28 | €1k | €398 | €496 |
| Formation expenses | 20 | €0 | €0 | €463 |
| Tangible fixed assets | 22/27 | €834 | €173 | €271 |
| Financial fixed assets | 28 | €225 | €225 | €225 |
| Current assets | 29/58 | €208k | €112k | €157k |
| Amounts receivable within one year | 40/41 | €197k | €68k | €73k |
| Cash & bank | 54/58 | €9k | €14k | €45k |
| Balance sheet, Equity & liabilities | ||||
| TOTAL EQUITY & LIABILITIES | 10/49 | €209k | €113k | €158k |
| Equity | 10/15 | €-16k | €-34k | €39k |
| Contributions / capital | 10/11 | €90k | €90k | €90k |
| Accumulated profits (losses) | 14 | €-106k | €-124k | €-51k |
| Amounts payable | 17/49 | €225k | €147k | €119k |
| Amounts payable after one year | 17 | €10k | €19k | - |
| Amounts payable within one year | 42/48 | €215k | €128k | €119k |
| Trade debts payable within one year | 44 | €177k | €62k | €119k |
| Income statement | ||||
| Gross operating margin | 9900 | €164k | €54k | €-49k |
| Operating result | 9901 | €20k | €-73k | €-51k |
| Financial income | 75 | €11 | - | - |
| Financial charges | 65 | €1k | €65 | €25 |
| Result before taxes | 9903 | €19k | €-74k | €-51k |
| Net result for the period | 9904 | €19k | €-74k | €-51k |
| Result to be appropriated | 9905 | €19k | €-74k | €-51k |
| NACE primary | Waste collection, recovery and disposal activities(38110) |
| Legal form | Cooperative company(706) |
| Incorporation | 07-03-2023 |
| Status | Active |
| Postal code | 6840 |
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 84043A0067/00D000 | Wallonia | 4,946 m² | 1 · 2,307 m² | 11.4 m · 2 fl. |
We know of 3 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
30-06-2025 Emmanuelle Joachim appointed as statutory auditor
- Emmanuelle Joachim, Commissaris
Technical details
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"evidence_quote": "Entr\u00E9e d\u0027Emmanuelle Joachim au CA",
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}03-06-2024 Change in the board of directors
Technical details
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"name": "S\u00E9verine Carlin",
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"birth_date": "1981-04-01",
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}| Legal nameFR | RFAG |