RICAN
ActiveSummary
RICAN has been active since 1999 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €3.3m and a net result of €280,503. Equity is growing by ~4.2% per year across the filed fiscal years. Its solvency ranks better than 58% of 9341 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability66▼-6
Solvency66▲+6
Growth71=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €210,000 at 30 days acceptable
Liquidity short (current ratio 0.18 against 0.23 in 2024; short-term debt: 56.3% and cash: 0.6% of total assets), and 58.8% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
41.2%
Return on assets
3.5%
Age of the figures
9 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 30-07-2026, 1 day ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
1 d early
2024
29 d early
2023
29 d early
2022
40 d early
2021
2 d early
2020
1 d early
2019
52 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 7 days before the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 36% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 3 July (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
In the rankings
#5 company by equity in Menen, Real estate sector#7 company by total assets in Menen, Real estate sector
Turnover
€1.5m▲ 29.8%
2023 · €1.2m
EBIT margin
48.6%▲ 19.8pp
2023 · 28.8%
Net result
€280,503▼ 24.8%
2024 · €373,187
Working capital
-€3.7m▲ 11.6%
2024 · -€4.2m
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Turnover€927,686▼ 14.4%€957,148▲ 3.2%€1.2m▲ 20.7%€1.5m▲ 29.8%
Operating result€212,683▲ 45.1%€195,088▼ 8.3%€332,742▲ 70.6%€729,302▲ 119%€577,182▼ 20.9%
Net result€109,937within the sector's middle half▲ 34.8%€85,866within the sector's middle half▼ 21.9%€45,472within the sector's middle half▼ 47.0%€373,187above the sector's middle half▲ 721%€280,503above the sector's middle half▼ 24.8%
EBIT margin22.9%▲ 9.4pp20.4%▼ 2.5pp28.8%▲ 8.4pp48.6%▲ 19.8pp
Equity€2.7mabove the sector's middle half▲ 3.6%€2.8mabove the sector's middle half▲ 3.2%€2.8mabove the sector's middle half▲ 1.6%€3.0mabove the sector's middle half▲ 6.1%€3.3mabove the sector's middle half▲ 9.3%
Total assets€9.5mabove the sector's middle half▲ 11.1%€9.4mabove the sector's middle half▼ 0.8%€8.8mwithin the sector's middle half▼ 6.5%€8.6mwithin the sector's middle half▼ 1.7%€8.0mabove the sector's middle half▼ 7.7%
Debt€6.8m▲ 14.4%€6.6m▼ 2.5%€6.0m▼ 10.0%€5.6m▼ 5.4%€4.7m▼ 16.7%
Working capital€385,350within the sector's middle half▼ 26.1%€141,742within the sector's middle half▼ 63.2%€146,628within the sector's middle half▲ 3.4%-€4.2mbelow the sector's middle half-€3.7mbelow the sector's middle half▲ 11.6%
Solvency28.5%within the sector's middle half▼ 2.1pp29.6%within the sector's middle half▲ 1.1pp32.2%within the sector's middle half▲ 2.6pp34.7%within the sector's middle half▲ 2.6pp41.2%within the sector's middle half▲ 6.4pp
Current ratio1.30within the sector's middle half▼ 0.531.11within the sector's middle half▼ 0.181.14within the sector's middle half▲ 0.020.23below the sector's middle half▼ 0.900.18below the sector's middle half▼ 0.05
Return on assets (ROA)1.2%within the sector's middle half▲ 0.2pp0.9%within the sector's middle half▼ 0.2pp0.5%within the sector's middle half▼ 0.4pp4.3%within the sector's middle half▲ 3.8pp3.5%within the sector's middle half▼ 0.8pp
above
within
below
the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 21% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €8.0m
Fixed assets
€7.2m ▼ 2.7%
Current assets
€811,800 ▼ 36.6%
Equity and liabilities €8.0m
Equity
€3.3m ▲ 9.3%
Provisions
€0 ▼ 100%
Debt
€4.7m ▼ 16.7%
Debt's share of the balance-sheet total falls from 65.1% to 58.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€883,411▼
2024 · €1.0m
Cash flow
€586,732▼
2024 · €686,736
Debt to equity
1.43▼
2024 · 1.88
ROE
8.5%▼
2024 · 12.4%
Interest coverage
5.17▲
2024 · 4.01
Debt ≤ 1 year
€4.5m▼
2024 · €5.4m
Debt > 1 year
€141,837▼
2024 · €184,689
Income taxes
€125,975▲
2024 · €95,592
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 1,860 companies that looked in July 2024 the way this one looks now, 0.1% went bankrupt within 24 months and 98% are still going.
- Medium-sized
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
0.1%
went bankrupt
2.0%
stopped otherwise
98%
still going
For this company itself Checked computes a bankruptcy probability of 0.2% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,338 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.9% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 1,860 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | €966,633 | €969,918 | €1.2m | €1.5m | - | - |
| Turnover70 | €927,686 | €957,148 | €1.2m | €1.5m | - | - |
| Other operating income74 | €38,947 | €12,769 | €64,770 | €35,796 | - | - |
| Operating charges60/66A | €753,950 | €774,830 | €887,505 | €806,339 | - | - |
| Goods for resale, raw materials and consumables60 | €136,465 | €165,049 | €224,441 | €256,809 | - | - |
| Purchases600/8 | €136,465 | €165,049 | €224,441 | €256,809 | - | - |
| Services and other goods61 | €200,024 | €115,764 | €129,429 | €149,411 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €342,222 | €386,490 | €452,337 | €313,548 | €306,229 | ▼ 2.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | €23,337 | €0 | - | - | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | €10,000 | €0 | - | -€10,000 | - |
| Other operating charges640/8 | €75,239 | €74,189 | €81,298 | €86,571 | €18,337 | ▼ 78.8% |
| Gross operating margin9900 | - | - | - | - | €891,748 | - |
| Operating profit (loss)9901 | €212,683 | €195,088 | €332,742 | €729,302 | €577,182 | ▼ 20.9% |
| Financial income75/76B | €15 | €565 | €752 | €0 | €61 | ▲ 16,330% |
| Recurring financial income75 | €15 | €565 | €752 | €0 | €61 | ▲ 16,330% |
| Income from current assets751 | - | - | €750 | €0 | - | - |
| Other financial income752/9 | €15 | €565 | €2 | €0 | - | - |
| Financial charges65/66B | €102,495 | €97,218 | €250,082 | €260,523 | €170,765 | ▼ 34.5% |
| Recurring financial charges65 | €102,495 | €97,218 | €250,082 | €260,523 | €170,765 | ▼ 34.5% |
| Debt charges650 | €99,705 | €94,078 | €249,489 | €259,817 | - | - |
| Other financial charges652/9 | €2,790 | €3,140 | €593 | €706 | - | - |
| Profit (loss) for the period before taxes9903 | €110,202 | €98,436 | €83,412 | €468,780 | €406,478 | ▼ 13.3% |
| Income taxes67/77 | €266 | €12,570 | €37,939 | €95,592 | €125,975 | ▲ 31.8% |
| Taxes670/3 | €266 | €12,570 | €37,939 | €95,592 | - | - |
| Tax adjustments and reversals of tax provisions77 | €0 | - | - | - | - | - |
| Profit (loss) for the period9904 | €109,937 | €85,866 | €45,472 | €373,187 | €280,503 | ▼ 24.8% |
| Profit (loss) for the period to be appropriated9905 | €109,937 | €85,866 | €45,472 | €373,187 | €280,503 | ▼ 24.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €9.5m | €9.4m | €8.8m | €8.6m | €8.0m | ▼ 7.7% |
| Fixed assets21/28 | €7.8m | €8.0m | €7.6m | €7.4m | €7.2m | ▼ 2.7% |
| Tangible fixed assets22/27 | €7.8m | €8.0m | €7.6m | €7.4m | €7.2m | ▼ 2.7% |
| Land and buildings22 | €7.8m | €8.0m | €7.6m | €7.4m | €7.2m | ▼ 2.7% |
| Furniture and vehicles24 | €13,276 | €10,478 | €7,680 | €4,883 | €2,085 | ▼ 57.3% |
| Current assets29/58 | €1.7m | €1.4m | €1.2m | €1.3m | €811,800 | ▼ 36.6% |
| Stocks and contracts in progress3 | €0 | €0 | €0 | €0 | - | - |
| Amounts receivable within one year40/41 | €1.0m | €1.0m | €1.0m | €1.1m | €720,842 | ▼ 32.7% |
| Trade receivables40 | €33,804 | €25,483 | €38,414 | €58,775 | €203,539 | ▲ 246% |
| Other amounts receivable41 | €1.0m | €1.0m | €1.0m | €1.0m | €517,303 | ▼ 48.9% |
| Cash at bank and in hand54/58 | €578,412 | €327,162 | €125,406 | €161,397 | €44,216 | ▼ 72.6% |
| Deferred charges and accrued income490/1 | €65,245 | €50,515 | €48,613 | €47,590 | €46,743 | ▼ 1.8% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €9.5m | €9.4m | €8.8m | €8.6m | €8.0m | ▼ 7.7% |
| Equity10/15 | €2.7m | €2.8m | €2.8m | €3.0m | €3.3m | ▲ 9.3% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Revaluation surpluses12 | €5.9m | €5.9m | €5.9m | €5.9m | €5.9m | = |
| Reserves13 | €744 | €744 | €744 | €744 | €744 | = |
| Non-distributable reserves130/1 | €744 | €744 | €744 | €0 | - | - |
| Reserves not available under the articles1311 | €744 | €744 | €744 | €0 | - | - |
| Distributable reserves133 | - | - | - | €744 | €744 | = |
| Profit (loss) carried forward14 | -€3.3m | -€3.2m | -€3.1m | -€3.0m | -€2.7m | ▲ 9.5% |
| Provisions and deferred taxes16 | - | €10,000 | €10,000 | €10,000 | €0 | ▼ 100% |
| Provisions for liabilities and charges160/5 | - | €10,000 | €10,000 | €10,000 | €0 | ▼ 100% |
| Other liabilities and charges164/5 | - | €10,000 | €10,000 | €10,000 | €0 | ▼ 100% |
| Amounts payable17/49 | €6.8m | €6.6m | €6.0m | €5.6m | €4.7m | ▼ 16.7% |
| Amounts payable after more than one year17 | €5.5m | €5.3m | €4.8m | €184,689 | €141,837 | ▼ 23.2% |
| Financial debts170/4 | €5.4m | €5.3m | €4.8m | €171,444 | €128,592 | ▼ 25.0% |
| Credit institutions173 | €5.4m | €5.3m | €4.8m | €171,444 | - | - |
| Other amounts payable178/9 | €13,245 | €13,245 | €13,245 | €13,245 | €13,245 | = |
| Amounts payable within one year42/48 | €1.3m | €1.3m | €1.1m | €5.4m | €4.5m | ▼ 17.5% |
| Current portion of amounts payable after more than one year42 | €416,004 | €455,285 | €466,477 | €4.7m | €4.3m | ▼ 8.8% |
| Trade debts44 | €318,870 | €235,640 | €11,210 | €48,442 | €173,507 | ▲ 258% |
| Suppliers440/4 | €318,870 | €235,640 | €11,210 | €48,442 | €173,507 | ▲ 258% |
| Advances received on contracts in progress46 | - | - | €65,063 | €0 | - | - |
| Taxes, remuneration and social security45 | €50,980 | €64,233 | €31,798 | €31,459 | €65,975 | ▲ 110% |
| Taxes450/3 | €50,980 | €64,233 | €31,798 | €31,459 | €65,975 | ▲ 110% |
| Other amounts payable47/48 | €515,000 | €515,000 | €500,000 | €700,000 | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | €29,243 | €46,544 | €44,416 | €0 | €56,358 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €109,937 | €85,866 | €45,472 | €373,187 | €280,503 | ▼ 24.8% |
| + Depreciation and write-downs630 | €342,222 | €386,490 | €452,337 | €313,548 | €306,229 | ▼ 2.3% |
| Operating cash flow (approximation) | €452,159 | €472,356 | €497,809 | €686,736 | €586,732 | ▼ 14.6% |
| Investment in fixed assets (approximation) | - | -€587,979 | -€28,369 | -€103,954 | -€105,275 | ▼ 1.3% |
| Change in cash | - | -€251,251 | -€201,755 | €35,991 | -€117,182 | ▼ 426% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
23-09
State Gazette act
Appointment: RSM INTERAUDIT (statutory auditor)Permanent representative: Jonas Uytterhaegen2 facts ▸
State Gazette act
Appointment: RSM INTERAUDIT (statutory auditor)
Permanent representative: Jonas Uytterhaegen2 facts ▸
- Auditor appointment, RSM INTERAUDIT (statutory auditor)
- Permanent representative, Jonas Uytterhaegen (permanent representative)
30-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
02-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Highest result since 2018net €373,187 ▲721%
Operating result €729,302, net result €373,187, both a record.
02-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
21-06
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
29-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
30-07
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
31-12
Financial
Liquidity times 5current ratio 1.82
Current ratio from 0.33 to 1.82; short-term debt falls from €6.7m to €633,278.
21-09
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 52 days late
2019
31-12
Financial
Back to profitnet €241,246
Net result €241,246 after one loss-making year.
31-12
Financial
Equity above €2mEq €2.5m
Equity rises from -€3.7m to €2.5m.
Show earlier events
30-10
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 91 days late
15-03
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 227 days late
2017
28-07
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 24 acts read
About the unread acts
Of the 24 Belgian State Gazette acts we know for this company, 1 has been read. The other 23 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
Statutory auditor 1
RSM INTERAUDIT
CurrentStatutory auditor · since 23-09-2026 · perm. rep.: Jonas Uytterhaegen
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
Location & real-estate footprint
Registered office, Menen · 1 establishment unit since 1999
Ground area
4.5 ha
Building footprint
1.1 ha
Volume, LiDAR
26,476 m³
2 parcels, Flanders · tallest building 24.1 m, ±2 floors. Linked by address, not a title deed.
11
companies at this address
See who is registered here
1 establishment unit
RICAN
since 19992.091.004.254
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 34372B0339/00A000 | Flanders | 3.8 ha | 1 · 6,781 m² | - |
| 13027A0023/00F004 | Flanders | 7,126 m² | 1 · 4,530 m² | 24.1 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Mandate history
1 person since 2026, 1 in office
- Statutory auditor
| Name | Functions and periods |
|---|---|
| RSM INTERAUDIT |
|
Structure & network
Part of the group
VALTECH
20 companies
Group, risk and exposure
Owners and holdings
2 ownersChain of control
- SILVERLINE PROPERTIES
- RICAN
Highest known parent: SILVERLINE PROPERTIES. The sources do not say who stands above it.
Owners 2
-
100%
- VALTECHparentSourceaccounts VALTECH 2025100%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Recognitions · licences · registrations
Legal Entity Identifier
894500VH39IIQRSKND84
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Of 12,042 companies in sector 68203 we hold annual accounts for 6,005. 3,144 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded04-01-1999
Fiscal year end31-12
Activities, NACEBEL 2025
68203Renting and operating of own or leased non-residential real estate, excluding land
64210Activities of holding companies
68110Buying and selling of own real estate
82990Other business support services
E-invoicing
Reachable via Peppol
Peppol ID
0208:0465158847
Also
9925:BE0465158847
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.