RIPAL
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 27-07-2026 at the NBB all 19 filings
Turnover
≈ €5.0m
Estimated: probably between €3.0m and €8.5m
Total assets
€4.7m▲ 13.4%
2024 · €4.1m
Net result
€693,624▼ 19.0%
2024 · €856,038
Working capital
€4.2m▲ 19.0%
2024 · €3.5m
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€894,361
▼ 23.9%
2025
20182025
Net result
€693,624
▼ 19.0%
2025
highest quarter of the sector
20182025
Equity
€4.4m
▲ 18.7%
2025
highest quarter of the sector
20182025
Total assets
€4.7m
▲ 13.4%
2025
highest quarter of the sector
20182025
Debt
€299,064
▼ 31.4%
2025
20182025
Working capital
€4.2m
▲ 19.0%
2025
highest quarter of the sector
20182025
Solvency
93.6%
▲ 4.2pp
2025
highest quarter of the sector
20182025
Current ratio
14.88
▲ 5.88
2025
highest quarter of the sector
20182025
Return on assets (ROA)
14.8%
▼ 5.9pp
2025
highest quarter of the sector
20182025
Staff (FTE)
3.7
▲ 15.6%
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.04m-€0.2m▲ 308%€0.3m▲ 82.3%€1.1m▲ 227%€2.0m▲ 78.9%€1.1m▼ 45.6%€1.2m▲ 10.3%€0.9m▼ 23.9%
Net result€0.04m-€0.1m▲ 240%€0.2mabove the sector's middle half▲ 76.9%€0.8mabove the sector's middle half▲ 252%€1.4mabove the sector's middle half▲ 74.6%€0.8mabove the sector's middle half▼ 44.2%€0.9mabove the sector's middle half▲ 5.7%€0.7mabove the sector's middle half▼ 19.0%
Equity€0.4m-€0.6m▲ 30.2%€0.8mwithin the sector's middle half▲ 41.0%€1.6mabove the sector's middle half▲ 102%€3.1mabove the sector's middle half▲ 88.3%€2.9mabove the sector's middle half▼ 7.8%€3.7mabove the sector's middle half▲ 30.0%€4.4mabove the sector's middle half▲ 18.7%
Total assets€0.9m-€1.0m▲ 19.5%€1.4mwithin the sector's middle half▲ 31.9%€2.3mwithin the sector's middle half▲ 69.1%€3.8mabove the sector's middle half▲ 64.5%€3.5mabove the sector's middle half▼ 8.0%€4.1mabove the sector's middle half▲ 17.9%€4.7mabove the sector's middle half▲ 13.4%
Debt€0.4m-€0.5m▲ 8.5%€0.6m▲ 20.7%€0.7m▲ 21.1%€0.7m▲ 6.7%€0.7m▼ 8.7%€0.4m▼ 34.1%€0.3m▼ 31.4%
Working capital€0.3m-€0.5m▲ 42.9%€0.7mabove the sector's middle half▲ 45.5%€1.5mabove the sector's middle half▲ 108%€3.0mabove the sector's middle half▲ 97.5%€2.7mabove the sector's middle half▼ 9.1%€3.5mabove the sector's middle half▲ 28.8%€4.2mabove the sector's middle half▲ 19.0%
Solvency50.8%-55.3%▲ 4.5pp59.1%within the sector's middle half▲ 3.8pp70.7%above the sector's middle half▲ 11.6pp81.0%above the sector's middle half▲ 10.3pp81.2%above the sector's middle half▲ 0.2pp89.5%above the sector's middle half▲ 8.3pp93.6%above the sector's middle half▲ 4.2pp
Current ratio1.86-2.15▲ 0.292.31within the sector's middle half▲ 0.163.27above the sector's middle half▲ 0.965.26above the sector's middle half▲ 1.995.11above the sector's middle half▼ 0.169.00above the sector's middle half▲ 3.9014.88above the sector's middle half▲ 5.88
Return on assets (ROA)4.5%-12.8%▲ 8.3pp17.2%above the sector's middle half▲ 4.4pp35.8%above the sector's middle half▲ 18.6pp38.0%above the sector's middle half▲ 2.2pp23.0%above the sector's middle half▼ 14.9pp20.7%above the sector's middle half▼ 2.4pp14.8%above the sector's middle half▼ 5.9pp
Staff (FTE)2.9-2.5▼ 13.8%2.5within the sector's middle half=2.5within the sector's middle half=2.6within the sector's middle half▲ 4.0%2.6within the sector's middle half=3.2within the sector's middle half▲ 23.1%3.7within the sector's middle half▲ 15.6%
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 24% lower than in 2024 and the lowest since 2021.
Turnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €4.7m
Fixed assets
€248,075 ▲ 14.3%
Current assets
€4.5m ▲ 13.4%
Equity and liabilities €4.7m
Equity
€4.4m ▲ 18.7%
Debt
€299,064 ▼ 31.4%
Debt's share of the balance-sheet total falls from 10.5% to 6.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€973,029▼
2024 · €1.2m
Cash flow
€772,291▼
2024 · €923,431
Quick ratio
14.74▲
2024 · 8.90
Debt to equity
0.07▼
2024 · 0.12
ROE
15.8%▼
2024 · 23.1%
Interest coverage
85.60▲
2024 · 31.83
Debt ≤ 1 year
€299,064▼
2024 · €436,159
Income taxes
€230,158▼
2024 · €280,712
Staff costs
€214,807▼
2024 · €224,736
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 3 | 3 | 3 | 3 | 3 |
| full-time | 2 | 2 | 2 | 3 | 3 |
| part-time | 1 | 1 | 1 | - | 0 |
| in full-time equivalents | 2.5 | 2.6 | 2.5 | 3 | 3 |
| Average over the year, in full-time equivalents | 2.5 | 2.6 | 2.6 | 3.2 | 3.7 |
| On a permanent contract | 3 | 3 | 3 | 3 | 3 |
| Joined | - | - | - | 3 | 1 |
| Left | - | - | - | 3 | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €103,025 | €29,704 | €46,898 | €141,819 | €97,641 |
| Intangible fixed assets | - | - | - | - | €13,715 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €47,492 | €41,628 | €38,564 | €67,393 | €78,668 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 · 1 entry · €353 awardedAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €0.001m | €0.05m | €0 | ▼ 100% |
| Remuneration, social security and pensions62 | - | - | - | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | ▼ 4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.06m | €0.07m | €0.04m | €0.05m | €0.04m | €0.04m | €0.07m | €0.08m | ▲ 16.7% |
| Other operating charges640/8 | - | - | - | €0.007m | €0.008m | €0.01m | €0.01m | €0.01m | ▲ 49.3% |
| Gross operating margin9900 | €0.3m | €0.4m | €0.5m | €1.3m | €2.1m | €1.3m | €1.5m | €1.2m | ▼ 18.6% |
| Operating profit (loss)9901 | €0.04m | €0.2m | €0.3m | €1.1m | €2.0m | €1.1m | €1.2m | €0.9m | ▼ 23.9% |
| Financial income75/76B | - | - | - | €0.03m | €0.002m | €0.05m | €0.001m | €0.04m | ▲ 50× |
| Recurring financial income75 | €0.01m | €0.006m | €0.002m | €0.03m | €0.002m | €0.05m | €0.001m | €0.04m | ▲ 50× |
| Financial charges65/66B | - | - | - | €0.01m | €0.01m | €0.02m | €0.04m | €0.01m | ▼ 70.9% |
| Recurring financial charges65 | €0.009m | €0.01m | €0.02m | €0.01m | €0.01m | €0.02m | €0.04m | €0.01m | ▼ 70.9% |
| Profit (loss) for the period before taxes9903 | €0.05m | €0.2m | €0.3m | €1.1m | €1.9m | €1.1m | €1.1m | €0.9m | ▼ 18.7% |
| Income taxes67/77 | €0.01m | €0.04m | €0.08m | €0.3m | €0.5m | €0.3m | €0.3m | €0.2m | ▼ 18.0% |
| Profit (loss) for the period9904 | €0.04m | €0.1m | €0.2m | €0.8m | €1.4m | €0.8m | €0.9m | €0.7m | ▼ 19.0% |
| Transfer to tax-exempt reserves689 | - | - | - | - | - | €0.3m | €0.4m | €0.3m | ▼ 25.0% |
| Profit (loss) for the period to be appropriated9905 | €0.04m | €0.1m | €0.2m | €0.8m | €1.4m | €0.5m | €0.4m | €0.4m | ▼ 13.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.9m | €1.0m | €1.4m | €2.3m | €3.8m | €3.5m | €4.1m | €4.7m | ▲ 13.4% |
| Fixed assets21/28 | €0.1m | €0.1m | €0.09m | €0.1m | €0.1m | €0.1m | €0.2m | €0.2m | ▲ 14.3% |
| Intangible fixed assets21 | - | - | - | - | - | - | - | €0.01m | - |
| Tangible fixed assets22/27 | €0.1m | €0.1m | €0.09m | €0.1m | €0.1m | €0.1m | €0.2m | €0.2m | ▲ 9.1% |
| Land and buildings22 | - | - | - | €0.004m | €0 | - | - | - | - |
| Plant, machinery and equipment23 | - | - | - | €0.05m | €0.06m | €0.07m | €0.05m | €0.05m | ▲ 4.5% |
| Furniture and vehicles24 | - | - | - | €0.09m | €0.07m | €0.07m | €0.2m | €0.2m | ▲ 6.9% |
| Other tangible fixed assets26 | - | - | - | €452 | €40 | - | €0.02m | €0.02m | ▲ 44.7% |
| Financial fixed assets28 | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Current assets29/58 | €0.8m | €0.9m | €1.3m | €2.2m | €3.7m | €3.4m | €3.9m | €4.5m | ▲ 13.4% |
| Amounts receivable after more than one year29 | - | - | - | €0.03m | €0 | - | - | - | - |
| Other amounts receivable291 | - | - | - | €0.03m | €0 | - | - | - | - |
| Stocks and contracts in progress3 | €0.03m | €0.01m | €0.02m | €0.02m | €0.03m | €0.05m | €0.05m | €0.04m | ▼ 5.5% |
| Stocks30/36 | - | - | - | €0.02m | €0.03m | €0.05m | €0.05m | €0.04m | ▼ 5.5% |
| Amounts receivable within one year40/41 | €0.4m | €0.5m | €0.6m | €0.9m | €0.9m | €1.0m | €0.8m | €1.5m | ▲ 79.8% |
| Trade receivables40 | - | - | - | €0.9m | €0.9m | €0.5m | €0.3m | €0.8m | ▲ 132% |
| Other amounts receivable41 | - | - | - | €0 | - | €0.5m | €0.5m | €0.7m | ▲ 43.9% |
| Current investments50/53 | €0.08m | €0.04m | €0.1m | €0.09m | €1.4m | €1.3m | €2.4m | €2.5m | ▲ 6.1% |
| Cash at bank and in hand54/58 | €0.3m | €0.4m | €0.6m | €1.1m | €1.4m | €1.0m | €0.7m | €0.4m | ▼ 44.2% |
| Deferred charges and accrued income490/1 | - | - | - | €0.004m | €0.001m | €0.005m | €0.007m | €0.01m | ▲ 60.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.9m | €1.0m | €1.4m | €2.3m | €3.8m | €3.5m | €4.1m | €4.7m | ▲ 13.4% |
| Equity10/15 | €0.4m | €0.6m | €0.8m | €1.6m | €3.1m | €2.9m | €3.7m | €4.4m | ▲ 18.7% |
| Contributions10/11 | €0.01m | €0.01m | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Reserves13 | €0.4m | €0.6m | €0.8m | €1.6m | €3.1m | €2.8m | €3.7m | €4.4m | ▲ 18.8% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0 | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | - | - | €0.3m | €0.7m | €1.0m | ▲ 45.5% |
| Distributable reserves133 | - | - | - | €1.6m | €3.1m | €2.6m | €3.0m | €3.4m | ▲ 12.6% |
| Amounts payable17/49 | €0.4m | €0.5m | €0.6m | €0.7m | €0.7m | €0.7m | €0.4m | €0.3m | ▼ 31.4% |
| Amounts payable after more than one year17 | €0.02m | €0.03m | €0.006m | €0.01m | €0.02m | €0.002m | - | - | - |
| Financial debts170/4 | - | - | - | €0.01m | €0.02m | €0.002m | - | - | - |
| Amounts payable within one year42/48 | €0.4m | €0.4m | €0.6m | €0.7m | €0.7m | €0.7m | €0.4m | €0.3m | ▼ 31.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.02m | €0.03m | €0.02m | €0.002m | €0 | ▼ 100% |
| Trade debts44 | €0.3m | €0.3m | €0.3m | €0.4m | €0.6m | €0.3m | €0.1m | €0.2m | ▲ 62.7% |
| Suppliers440/4 | - | - | - | €0.4m | €0.6m | €0.3m | €0.1m | €0.2m | ▲ 62.7% |
| Taxes, remuneration and social security45 | - | - | - | €0.2m | €0.06m | €0.3m | €0.3m | €0.1m | ▼ 68.8% |
| Taxes450/3 | - | - | - | €0.2m | €0.05m | €0.3m | €0.3m | €0.08m | ▼ 73.7% |
| Remuneration and social security454/9 | - | - | - | €0.01m | €0.02m | €0.01m | €0.02m | €0.02m | ▼ 6.8% |
| Other amounts payable47/48 | - | - | - | €0.01m | €0.001m | €0.07m | €0.001m | €0.002m | ▲ 63.7% |
| Accrued charges and deferred income492/3 | - | - | - | €0.001m | €247 | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.04m | €0.1m | €0.2m | €0.8m | €1.4m | €0.8m | €0.9m | €0.7m | ▼ 19.0% |
| + Depreciation and write-downs630 | €0.06m | €0.07m | €0.04m | €0.05m | €0.04m | €0.04m | €0.07m | €0.08m | ▲ 16.7% |
| Operating cash flow (approximation) | €0.1m | €0.2m | €0.3m | €0.9m | €1.5m | €0.8m | €0.9m | €0.8m | ▼ 16.4% |
| Investment in fixed assets (approximation) | - | -€0.06m | -€0.03m | -€0.1m | -€0.03m | -€0.05m | -€0.1m | -€0.1m | ▲ 22.7% |
| Change in cash | - | €0.07m | €0.2m | €0.6m | €0.3m | -€0.4m | -€0.3m | -€0.3m | ▲ 15.7% |
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, 31,368 companies had the same profile as RIPAL has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of RIPAL itself: 0.1% 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 31,368 companies, not a prediction for RIPAL. 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 19 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 27-07-2026 | 2026-00379477 | |
| 31-12-2024 | abbreviated format | 08-07-2025 | 2025-00250179 | |
| 31-12-2023 | abbreviated format | 04-07-2024 | 2024-00215268 | |
| 31-12-2022 | abbreviated format | 01-09-2023 | 2023-00408707 | |
| 31-12-2021 | abbreviated format | 19-08-2022 | 2022-20295901 | |
| 31-12-2020 | abbreviated format | 29-10-2021 | 2021-74200561 | |
| 31-12-2019 | abbreviated format | 30-09-2020 | 2020-56700162 | |
| 31-12-2018 | abbreviated format | 30-09-2019 | 2019-66400032 | |
| 31-12-2017 | abbreviated format | 02-10-2018 | 2018-67100474 | |
| 31-12-2016 | abbreviated format | 08-11-2017 | 2017-69300302 |