RISO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 25-11-2025 PDF all 27 filings
Turnover
≈ €160,000
Estimated: probably between €87,000 and €350,000
Total assets
€246,394▼ 1.8%
2024 · €250,840
Net result
€28,334▼ 31.5%
2024 · €41,349
Working capital
€100,638▲ 33.3%
2024 · €75,492
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€42,510
▼ 31.8%
2025
20192025
Net result
€28,334
▼ 31.5%
2025
middle half of the sector
20192025
Equity
€217,345
▲ 15.0%
2025
middle half of the sector
20192025
Total assets
€246,394
▼ 1.8%
2025
middle half of the sector
20192025
Debt
€29,049
▼ 53.0%
2025
20192025
Working capital
€100,638
▲ 33.3%
2025
middle half of the sector
20192025
Solvency
88.2%
▲ 12.9pp
2025
highest quarter of the sector
20192025
Current ratio
8.45
▲ 5.42
2025
highest quarter of the sector
20192025
Return on assets (ROA)
11.5%
▼ 5.0pp
2025
highest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€15,877-€15,174▼ 4.4%-€18,642€25,098€29,919▲ 19.2%€62,297▲ 108%€42,510▼ 31.8%
Net result€7,747-€8,488within the sector's middle half▲ 9.6%-€19,821below the sector's middle half€23,154within the sector's middle half€21,198within the sector's middle half▼ 8.4%€41,349above the sector's middle half▲ 95.1%€28,334within the sector's middle half▼ 31.5%
Equity€134,781-€143,269within the sector's middle half▲ 6.3%€123,448within the sector's middle half▼ 13.8%€146,602within the sector's middle half▲ 18.8%€147,662within the sector's middle half▲ 0.7%€189,011within the sector's middle half▲ 28.0%€217,345within the sector's middle half▲ 15.0%
Total assets€345,358-€312,137below the sector's middle half▼ 9.6%€267,284below the sector's middle half▼ 14.4%€270,634within the sector's middle half▲ 1.3%€226,278within the sector's middle half▼ 16.4%€250,840within the sector's middle half▲ 10.9%€246,394within the sector's middle half▼ 1.8%
Debt€210,577-€168,868▼ 19.8%€143,836▼ 14.8%€124,032▼ 13.8%€78,615▼ 36.6%€61,829▼ 21.4%€29,049▼ 53.0%
Working capital-€77,112--€41,438within the sector's middle half▲ 46.3%-€38,656within the sector's middle half▲ 6.7%€21,443within the sector's middle half€27,616within the sector's middle half▲ 28.8%€75,492within the sector's middle half▲ 173%€100,638within the sector's middle half▲ 33.3%
Solvency39.0%-45.9%within the sector's middle half▲ 6.9pp46.2%within the sector's middle half▲ 0.3pp54.2%within the sector's middle half▲ 8.0pp65.3%above the sector's middle half▲ 11.1pp75.4%above the sector's middle half▲ 10.1pp88.2%above the sector's middle half▲ 12.9pp
Current ratio0.47-0.63within the sector's middle half▲ 0.160.59within the sector's middle half▼ 0.041.26within the sector's middle half▲ 0.661.60within the sector's middle half▲ 0.343.03above the sector's middle half▲ 1.438.45above the sector's middle half▲ 5.42
Return on assets (ROA)2.2%-2.7%within the sector's middle half▲ 0.5pp-7.4%below the sector's middle half▼ 10.1pp8.6%above the sector's middle half▲ 16.0pp9.4%above the sector's middle half▲ 0.8pp16.5%above the sector's middle half▲ 7.1pp11.5%above the sector's middle half▼ 5.0pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 32% lower than in 2024.
Turnover and EBIT margin are not published. The abbreviated or micro 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 €246,394
Fixed assets
€132,257 ▼ 4.3%
Current assets
€114,137 ▲ 1.4%
Equity and liabilities €246,394
Equity
€217,345 ▲ 15.0%
Debt
€29,049 ▼ 53.0%
Debt's share of the balance-sheet total falls from 24.6% to 11.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€60,302▼
2024 · €79,364
Cash flow
€46,126▼
2024 · €58,416
Debt to equity
0.13▼
2024 · 0.33
ROE
13.0%▼
2024 · 21.9%
Interest coverage
84.65▼
2024 · 98.13
Debt ≤ 1 year
€13,500▼
2024 · €37,121
Debt > 1 year
€15,549▼
2024 · €23,858
Income taxes
€13,853▼
2024 · €20,193
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | €4,350 | €2,751 | €11,822 |
| Depreciation and write-downs of the year | €26,300 | €17,534 | €17,067 | €17,792 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €34,908 | €34,912 | €34,313 | €26,300 | €17,534 | €17,067 | €17,792 | ▲ 4.3% |
| Other operating charges640/8 | - | - | - | €2,232 | €4,591 | €4,097 | €4,409 | ▲ 7.6% |
| Non-recurring operating charges66A | - | - | - | €654 | €0 | - | - | - |
| Gross operating margin9900 | €52,427 | €51,911 | €17,389 | €54,285 | €52,044 | €83,461 | €64,711 | ▼ 22.5% |
| Operating profit (loss)9901 | €15,877 | €15,174 | -€18,642 | €25,098 | €29,919 | €62,297 | €42,510 | ▼ 31.8% |
| Financial income75/76B | - | - | - | €0 | - | €54 | €389 | ▲ 623% |
| Recurring financial income75 | €20 | €0 | €0 | €0 | - | €54 | €389 | ▲ 623% |
| Financial charges65/66B | - | - | - | €1,122 | €1,001 | €809 | €712 | ▼ 11.9% |
| Recurring financial charges65 | €6,066 | €4,466 | €1,179 | €1,122 | €1,001 | €809 | €712 | ▼ 11.9% |
| Profit (loss) for the period before taxes9903 | €9,830 | €10,709 | -€19,821 | €23,976 | €28,918 | €61,542 | €42,187 | ▼ 31.5% |
| Income taxes67/77 | €2,083 | €2,220 | €0 | €822 | €7,720 | €20,193 | €13,853 | ▼ 31.4% |
| Profit (loss) for the period9904 | €7,747 | €8,488 | -€19,821 | €23,154 | €21,198 | €41,349 | €28,334 | ▼ 31.5% |
| Profit (loss) for the period to be appropriated9905 | €7,747 | €8,488 | -€19,821 | €23,154 | €21,198 | €41,349 | €28,334 | ▼ 31.5% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €345,358 | €312,137 | €267,284 | €270,634 | €226,278 | €250,840 | €246,394 | ▼ 1.8% |
| Fixed assets21/28 | €275,981 | €241,069 | €210,626 | €165,726 | €152,543 | €138,227 | €132,257 | ▼ 4.3% |
| Tangible fixed assets22/27 | €257,245 | €222,333 | €191,890 | €165,590 | €152,406 | €138,091 | €132,120 | ▼ 4.3% |
| Land and buildings22 | - | - | - | €163,359 | €150,858 | €136,868 | €128,580 | ▼ 6.1% |
| Plant, machinery and equipment23 | - | - | - | €358 | €0 | - | €920 | - |
| Furniture and vehicles24 | - | - | - | €1,874 | €1,548 | €1,223 | €2,620 | ▲ 114% |
| Financial fixed assets28 | €18,736 | €18,736 | €18,736 | €136 | €136 | €136 | €136 | = |
| Current assets29/58 | €69,377 | €71,067 | €56,658 | €104,907 | €73,735 | €112,612 | €114,137 | ▲ 1.4% |
| Amounts receivable within one year40/41 | €18,148 | €64,038 | €54,817 | €83,786 | €47,124 | €46,743 | €23,726 | ▼ 49.2% |
| Trade receivables40 | - | - | - | €45,395 | €10,061 | €9,680 | €5,445 | ▼ 43.8% |
| Other amounts receivable41 | - | - | - | €38,391 | €37,063 | €37,063 | €18,281 | ▼ 50.7% |
| Current investments50/53 | €84 | €133 | €133 | €133 | €133 | €133 | €133 | = |
| Cash at bank and in hand54/58 | €49,899 | €6,156 | €602 | €19,047 | €24,548 | €63,758 | €89,971 | ▲ 41.1% |
| Deferred charges and accrued income490/1 | - | - | - | €1,941 | €1,931 | €1,979 | €307 | ▼ 84.5% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €345,358 | €312,137 | €267,284 | €270,634 | €226,278 | €250,840 | €246,394 | ▼ 1.8% |
| Equity10/15 | €134,781 | €143,269 | €123,448 | €146,602 | €147,662 | €189,011 | €217,345 | ▲ 15.0% |
| Contributions10/11 | €136,341 | €136,341 | €136,341 | €136,341 | €136,341 | €136,341 | €136,341 | = |
| Capital10 | - | - | - | €136,341 | €136,341 | €136,341 | €136,341 | = |
| Issued capital100 | - | - | - | €136,341 | €136,341 | €136,341 | €136,341 | = |
| Reserves13 | €1,274 | €1,557 | €1,557 | €10,261 | €11,321 | €52,669 | €81,003 | ▲ 53.8% |
| Non-distributable reserves130/1 | - | - | - | €10,261 | €11,321 | €13,634 | €13,634 | = |
| Legal reserve130 | - | - | - | €10,261 | €11,321 | €13,634 | €13,634 | = |
| Distributable reserves133 | - | - | - | - | - | €39,035 | €67,369 | ▲ 72.6% |
| Profit (loss) carried forward14 | -€2,835 | €5,371 | -€14,450 | €0 | €0 | €0 | - | - |
| Amounts payable17/49 | €210,577 | €168,868 | €143,836 | €124,032 | €78,615 | €61,829 | €29,049 | ▼ 53.0% |
| Amounts payable after more than one year17 | €63,639 | €55,912 | €48,072 | €40,118 | €32,047 | €23,858 | €15,549 | ▼ 34.8% |
| Financial debts170/4 | - | - | - | €40,118 | €32,047 | €23,858 | €15,549 | ▼ 34.8% |
| Amounts payable within one year42/48 | €146,488 | €112,506 | €95,314 | €83,464 | €46,119 | €37,121 | €13,500 | ▼ 63.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €7,954 | €8,071 | €8,189 | €8,309 | ▲ 1.5% |
| Financial debts43 | - | - | - | €1,000 | €1,000 | €0 | - | - |
| Other loans439 | - | - | - | €1,000 | €1,000 | €0 | - | - |
| Trade debts44 | €1,617 | €2,060 | €688 | €1,266 | €2,208 | €12,599 | €2,681 | ▼ 78.7% |
| Suppliers440/4 | - | - | - | €1,266 | €2,208 | €12,599 | €2,681 | ▼ 78.7% |
| Taxes, remuneration and social security45 | - | - | - | €63 | €14,270 | €16,316 | €2,510 | ▼ 84.6% |
| Taxes450/3 | - | - | - | €63 | €14,270 | €16,316 | €2,510 | ▼ 84.6% |
| Other amounts payable47/48 | - | - | - | €73,181 | €20,569 | €18 | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | - | - | - | €450 | €450 | €850 | €0 | ▼ 100% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €7,747 | €8,488 | -€19,821 | €23,154 | €21,198 | €41,349 | €28,334 | ▼ 31.5% |
| + Depreciation and write-downs630 | €34,908 | €34,912 | €34,313 | €26,300 | €17,534 | €17,067 | €17,792 | ▲ 4.3% |
| Operating cash flow (approximation) | €42,655 | €43,400 | €14,492 | €49,454 | €38,731 | €58,416 | €46,126 | ▼ 21.0% |
| Investment in fixed assets (approximation) | - | €0 | -€3,870 | €18,600 | -€4,350 | -€2,751 | -€11,822 | ▼ 330% |
| Change in cash | - | -€43,743 | -€5,554 | €18,445 | €5,501 | €39,211 | €26,212 | ▼ 33.2% |
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 RISO 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 RISO 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 RISO. 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 27 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 25-11-2025 | 2025-00570004 | |
| 30-06-2024 | micro format | 18-12-2024 | 2024-00618613 | |
| 30-06-2023 | micro format | 26-01-2024 | 2024-00007032 | |
| 30-06-2022 | micro format | 23-01-2023 | 2023-00001419 | |
| 30-06-2021 | abbreviated format | 26-01-2022 | 2022-01900539 | |
| 30-06-2020 | abbreviated format | 19-01-2021 | 2021-01100501 | |
| 30-06-2019 | abbreviated format | 19-12-2019 | 2019-76600211 | |
| 30-06-2018 | abbreviated format | 20-12-2018 | 2018-75200319 | |
| 30-06-2017 | abbreviated format | 19-12-2017 | 2017-72200295 | |
| 30-06-2016 | abbreviated format | 21-02-2017 | 2017-04800247 |