RHINO
ActiveFinancials · financial year 2026, full format
Annual accounts 2026 filed on 30-10-2026 at the NBB all 17 filings
Turnover
≈ €4.4m
Estimated: probably between €3.6m and €6.0m
EBIT margin
Not included in this filing
Net result
-€49,844
2025 · €60,982
Working capital
-€269,227▼ 20.8%
2025 · -€222,835
Multi-year overview
2019 to 2026, 8 financial yearsOperating result
-€8,179
2026
20192026
Net result
-€49,844
2026
20192026
Equity
€49,495
▼ 50.2%
2026
20192026
Total assets
€948,314
▲ 12.1%
2026
20192026
Debt
€898,818
▲ 20.4%
2026
20192026
Working capital
-€269,227
▼ 20.8%
2026
20192026
Solvency
5.2%
▼ 6.5pp
2026
20192026
Current ratio
0.46
▼ 0.10
2026
20192026
Return on assets (ROA)
-5.3%
▼ 12.5pp
2026
20192026
Staff (FTE)
no figure
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Operating result-€9,088-€18,984€157,413▲ 729%-€2,344€43,824€95,145▲ 117%€105,655▲ 11.0%-€8,179
Net result-€31,447--€12,189▲ 61.2%€105,534above the sector's middle half-€19,991below the sector's middle half-€10,896below the sector's middle half▲ 45.5%€29,589within the sector's middle half€60,982within the sector's middle half▲ 106%-€49,844
Equity-€53,691--€65,879▼ 22.7%€39,655within the sector's middle half€19,663within the sector's middle half▼ 50.4%€8,768below the sector's middle half▼ 55.4%€38,357below the sector's middle half▲ 337%€99,340below the sector's middle half▲ 159%€49,495▼ 50.2%
Total assets€384,410-€348,330▼ 9.4%€447,317above the sector's middle half▲ 28.4%€750,475above the sector's middle half▲ 67.8%€771,518within the sector's middle half▲ 2.8%€707,360within the sector's middle half▼ 8.3%€845,691within the sector's middle half▲ 19.6%€948,314▲ 12.1%
Debt€438,101-€414,209▼ 5.5%€407,662▼ 1.6%€730,811▲ 79.3%€762,750▲ 4.4%€669,003▼ 12.3%€746,352▲ 11.6%€898,818▲ 20.4%
Working capital-€140,757--€145,374▼ 3.3%-€151,359below the sector's middle half▼ 4.1%-€298,554below the sector's middle half▼ 97.2%-€299,754below the sector's middle half▼ 0.4%-€240,291below the sector's middle half▲ 19.8%-€222,835below the sector's middle half▲ 7.3%-€269,227▼ 20.8%
Solvency-14.0%--18.9%▼ 4.9pp8.9%within the sector's middle half▲ 27.8pp2.6%below the sector's middle half▼ 6.2pp1.1%below the sector's middle half▼ 1.5pp5.4%below the sector's middle half▲ 4.3pp11.7%below the sector's middle half▲ 6.3pp5.2%▼ 6.5pp
Current ratio0.54-0.56▲ 0.020.56below the sector's middle half=0.44below the sector's middle half▼ 0.120.48below the sector's middle half▲ 0.040.54below the sector's middle half▲ 0.060.56below the sector's middle half▲ 0.010.46▼ 0.10
Return on assets (ROA)-8.2%--3.5%▲ 4.7pp23.6%above the sector's middle half▲ 27.1pp-2.7%within the sector's middle half▼ 26.3pp-1.4%below the sector's middle half▲ 1.3pp4.2%within the sector's middle half▲ 5.6pp7.2%within the sector's middle half▲ 3.0pp-5.3%▼ 12.5pp
Staff (FTE)3.5-5.4▲ 54.3%
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 2026 is a loss of €8,179, after a profit of €105,655 in 2025. It is the lowest result since 2019.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €948,314
Fixed assets
€718,535 ▲ 26.9%
Current assets
€229,778 ▼ 17.8%
Equity and liabilities €948,314
Equity
€49,495 ▼ 50.2%
Debt
€898,818 ▲ 20.4%
Debt's share of the balance-sheet total rises from 88.3% to 94.8%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€70,957▼
2025 · €187,824
Cash flow
€29,292▼
2025 · €143,151
Quick ratio
0.28▼
2025 · 0.39
Debt to equity
18.16▲
2025 · 7.51
ROE
-100.7%▼
2025 · 61.4%
Interest coverage
1.74▼
2025 · 8.11
Debt ≤ 1 year
€499,006▼
2025 · €502,399
Debt > 1 year
€399,813▲
2025 · €243,953
Income taxes
€803▼
2025 · €21,592
Staff costs
€388,598▲
2025 · €371,746
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | €278,520 | €96,139 | €35,684 | €226,166 | €228,045 |
| Intangible fixed assets | - | - | €1,450 | €1,140 | - |
| Depreciation and write-downs of the year | €80,955 | €83,411 | €94,772 | €82,169 | €79,136 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €450,135 | €478,266 | €436,994 | €371,746 | €388,598 | ▲ 4.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €82,162 | €71,030 | €65,478 | €80,955 | €83,411 | €94,772 | €82,169 | €79,136 | ▼ 3.7% |
| Other operating charges640/8 | - | - | - | €4,263 | €6,967 | €3,663 | €2,774 | €2,364 | ▼ 14.8% |
| Non-recurring operating charges66A | - | - | - | - | - | €546 | €906 | €2,440 | ▲ 169% |
| Gross operating margin9900 | €215,061 | €265,925 | €510,410 | €533,010 | €612,467 | €631,120 | €563,250 | €464,359 | ▼ 17.6% |
| Operating profit (loss)9901 | -€9,088 | €18,984 | €157,413 | -€2,344 | €43,824 | €95,145 | €105,655 | -€8,179 | - |
| Financial income75/76B | - | - | - | €176 | - | €50 | €82 | €20 | ▼ 75.2% |
| Recurring financial income75 | €2,719 | €6,466 | €8,123 | €176 | - | €50 | €82 | €20 | ▼ 75.2% |
| Financial charges65/66B | - | - | - | €19,264 | €50,791 | €42,237 | €23,163 | €40,883 | ▲ 76.5% |
| Recurring financial charges65 | €15,816 | €23,303 | €12,479 | €19,264 | €50,791 | €42,237 | €23,163 | €40,883 | ▲ 76.5% |
| Profit (loss) for the period before taxes9903 | -€22,185 | €2,147 | €153,056 | -€21,432 | -€6,967 | €52,958 | €82,574 | -€49,041 | - |
| Income taxes67/77 | €9,262 | €14,335 | €47,522 | -€1,440 | €3,929 | €23,369 | €21,592 | €803 | ▼ 96.3% |
| Profit (loss) for the period9904 | -€31,447 | -€12,189 | €105,534 | -€19,991 | -€10,896 | €29,589 | €60,982 | -€49,844 | - |
| Profit (loss) for the period to be appropriated9905 | -€31,447 | -€12,189 | €105,534 | -€19,991 | -€10,896 | €29,589 | €60,982 | -€49,844 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €384,410 | €348,330 | €447,317 | €750,475 | €771,518 | €707,360 | €845,691 | €948,314 | ▲ 12.1% |
| Fixed assets21/28 | €220,139 | €161,749 | €255,930 | €514,580 | €491,129 | €420,990 | €566,127 | €718,535 | ▲ 26.9% |
| Intangible fixed assets21 | €95,000 | €77,010 | €57,758 | €43,382 | €22,573 | €1,763 | €1,346 | €735 | ▼ 45.4% |
| Tangible fixed assets22/27 | €123,089 | €82,689 | €163,402 | €375,343 | €408,881 | €372,052 | €517,606 | €670,625 | ▲ 29.6% |
| Land and buildings22 | - | - | - | - | - | - | €158,353 | €377,369 | ▲ 138% |
| Plant, machinery and equipment23 | - | - | - | €292,709 | €293,527 | €258,329 | €245,400 | €210,505 | ▼ 14.2% |
| Furniture and vehicles24 | - | - | - | €43,932 | €29,852 | €15,878 | €27,988 | €21,658 | ▼ 22.6% |
| Leasing and similar rights25 | - | - | - | €12,007 | €60,204 | €65,713 | €57,138 | €30,938 | ▼ 45.9% |
| Other tangible fixed assets26 | - | - | - | €26,696 | €25,298 | €32,132 | €28,729 | €30,155 | ▲ 5.0% |
| Financial fixed assets28 | €2,050 | €2,050 | €34,770 | €95,855 | €59,675 | €47,175 | €47,175 | €47,175 | = |
| Current assets29/58 | €164,271 | €186,581 | €191,387 | €235,895 | €280,389 | €286,370 | €279,564 | €229,778 | ▼ 17.8% |
| Stocks and contracts in progress3 | €35,690 | €39,136 | €19,539 | €106,150 | €106,150 | €96,450 | €85,577 | €91,628 | ▲ 7.1% |
| Stocks30/36 | - | - | - | €106,150 | €106,150 | €96,450 | €85,577 | €91,628 | ▲ 7.1% |
| Amounts receivable within one year40/41 | €92,953 | €103,292 | €128,351 | €106,969 | €121,075 | €133,883 | €112,634 | €113,990 | ▲ 1.2% |
| Trade receivables40 | - | - | - | €69,460 | €48,884 | €79,455 | €51,872 | €45,974 | ▼ 11.4% |
| Other amounts receivable41 | - | - | - | €37,510 | €72,191 | €54,428 | €60,762 | €68,016 | ▲ 11.9% |
| Cash at bank and in hand54/58 | €23,890 | €44,152 | €43,497 | €22,775 | €53,164 | €56,037 | €81,353 | €24,160 | ▼ 70.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €384,410 | €348,330 | €447,317 | €750,475 | €771,518 | €707,360 | €845,691 | €948,314 | ▲ 12.1% |
| Equity10/15 | -€53,691 | -€65,879 | €39,655 | €19,663 | €8,768 | €38,357 | €99,340 | €49,495 | ▼ 50.2% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Contributions outside capital11 | - | - | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Other1109/19 | - | - | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €100 | €100 | €100 | €100 | €100 | €100 | €100 | €100 | = |
| Non-distributable reserves130/1 | - | - | - | €100 | €100 | €100 | €100 | €100 | = |
| Reserves not available under the articles1311 | - | - | - | €100 | €100 | €100 | €100 | €100 | = |
| Profit (loss) carried forward14 | -€72,391 | -€84,579 | €20,955 | €963 | -€9,932 | €19,657 | €80,640 | €30,795 | ▼ 61.8% |
| Amounts payable17/49 | €438,101 | €414,209 | €407,662 | €730,811 | €762,750 | €669,003 | €746,352 | €898,818 | ▲ 20.4% |
| Amounts payable after more than one year17 | €133,073 | €82,254 | €64,915 | €196,363 | €182,607 | €142,342 | €243,953 | €399,813 | ▲ 63.9% |
| Financial debts170/4 | - | - | - | €196,363 | €182,607 | €142,342 | €243,953 | €399,813 | ▲ 63.9% |
| Amounts payable within one year42/48 | €305,028 | €331,955 | €342,747 | €534,449 | €580,143 | €526,661 | €502,399 | €499,006 | ▼ 0.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €78,404 | €71,518 | €79,600 | €60,356 | €50,220 | ▼ 16.8% |
| Financial debts43 | - | - | - | €21,850 | €4,884 | €25,029 | - | - | - |
| Credit institutions430/8 | - | - | - | €21,850 | €4,884 | €25,029 | - | - | - |
| Trade debts44 | €200,640 | €180,722 | €195,548 | €313,529 | €265,984 | €322,991 | €335,748 | €353,372 | ▲ 5.2% |
| Suppliers440/4 | - | - | - | €313,529 | €265,984 | €322,991 | €335,748 | €353,372 | ▲ 5.2% |
| Taxes, remuneration and social security45 | - | - | - | €101,142 | €193,420 | €99,041 | €106,196 | €91,011 | ▼ 14.3% |
| Taxes450/3 | - | - | - | €18,913 | €65,163 | €6,475 | €1,927 | €12,376 | ▲ 542% |
| Remuneration and social security454/9 | - | - | - | €82,228 | €128,257 | €92,566 | €104,270 | €78,635 | ▼ 24.6% |
| Other amounts payable47/48 | - | - | - | €19,526 | €44,337 | - | €98 | €4,403 | ▲ 45× |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€31,447 | -€12,189 | €105,534 | -€19,991 | -€10,896 | €29,589 | €60,982 | -€49,844 | - |
| + Depreciation and write-downs630 | €82,162 | €71,030 | €65,478 | €80,955 | €83,411 | €94,772 | €82,169 | €79,136 | ▼ 3.7% |
| Operating cash flow (approximation) | €50,715 | €58,841 | €171,012 | €60,963 | €72,515 | €124,362 | €143,151 | €29,292 | ▼ 79.5% |
| Investment in fixed assets (approximation) | - | -€12,640 | -€159,658 | -€339,605 | -€59,959 | -€24,634 | -€227,306 | -€231,544 | ▼ 1.9% |
| Change in cash | - | €20,262 | -€655 | -€20,722 | €30,389 | €2,873 | €25,316 | -€57,193 | - |
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, 912 companies had the same profile as RHINO has now. Two years later, 95.3% were still going and 2.4% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency under 10%
- a small loss
95.3%
was still going
2.1%
stopped otherwise
2.4%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of RHINO 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 912 companies, not a prediction for RHINO. 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 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | full format | 30-10-2026 | 2026-00596052 | |
| 31-03-2025 | full format | 28-09-2025 | 2025-00510632 | |
| 31-03-2024 | full format | 30-09-2024 | 2024-00483160 | |
| 31-03-2023 | full format | 29-09-2023 | 2023-00460813 | |
| 31-03-2022 | micro format | 27-09-2022 | 2022-20436950 | |
| 31-03-2021 | micro format | 29-09-2021 | 2021-69000295 | |
| 31-03-2020 | micro format | 06-10-2020 | 2020-59100265 | |
| 31-03-2019 | micro format | 27-11-2019 | 2019-74600451 | |
| 31-03-2018 | full format | 16-11-2018 | 2018-72400252 | |
| 31-03-2017 | full format | 20-12-2017 | 2017-73200086 |