RIZI
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 61 days after the deadline Filed on 30 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00539757.
Annual accounts 2025 filed on 30-09-2026 at the NBB all 17 filings
Turnover
€83,787▲ 10.5%
2023 · €75,852
EBIT margin
6.3%▲ 5.1pp
2023 · 1.2%
Net result
€5,140
2024 · -€9,552
Working capital
€33,405▲ 59.8%
2024 · €20,900
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€83,787
2025
20182025
Operating result
€5,292
2025
20182025
Net result
€5,140
2025
middle half of the sector
20182025
EBIT margin
6.3%
2025
20182025
Equity
€42,398
▲ 13.8%
2025
middle half of the sector
20182025
Total assets
€55,685
▲ 37.9%
2025
lowest quarter of the sector
20182025
Debt
€13,287
▲ 326%
2025
20182025
Working capital
€33,405
▲ 59.8%
2025
middle half of the sector
20182025
Solvency
76.1%
▼ 16.1pp
2025
highest quarter of the sector
20182025
Current ratio
3.51
▼ 4.18
2025
highest quarter of the sector
20182025
Return on assets (ROA)
9.2%
▲ 32.9pp
2025
middle half of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€52,019€32,524▼ 37.5%€46,522▲ 43.0%€33,321▼ 28.4%€75,852▲ 128%€83,787
Operating result€2,913-€5,022▲ 72.4%€4,523▼ 9.9%€24,644▲ 445%-€1,277€895-€9,103€5,292
Net result€1,600-€3,318▲ 107%€4,135within the sector's middle half▲ 24.6%€22,876above the sector's middle half▲ 453%-€1,611below the sector's middle half€535within the sector's middle half-€9,552below the sector's middle half€5,140within the sector's middle half
EBIT margin9.7%13.9%▲ 4.3pp53.0%▲ 39.1pp-3.8%▼ 56.8pp1.2%▲ 5.0pp6.3%
Equity€17,557-€20,875▲ 18.9%€25,010within the sector's middle half▲ 19.8%€47,886within the sector's middle half▲ 91.5%€46,275within the sector's middle half▼ 3.4%€46,810within the sector's middle half▲ 1.2%€37,258within the sector's middle half▼ 20.4%€42,398within the sector's middle half▲ 13.8%
Total assets€21,912-€22,543▲ 2.9%€26,056below the sector's middle half▲ 15.6%€48,274within the sector's middle half▲ 85.3%€48,781within the sector's middle half▲ 1.0%€55,090within the sector's middle half▲ 12.9%€40,379below the sector's middle half▼ 26.7%€55,685below the sector's middle half▲ 37.9%
Debt€4,355-€1,668▼ 61.7%€1,046▼ 37.3%€388▼ 62.9%€2,506▲ 545%€8,280▲ 230%€3,121▼ 62.3%€13,287▲ 326%
Working capital€13,069-€19,477▲ 49.0%€23,786within the sector's middle half▲ 22.1%€46,661within the sector's middle half▲ 96.2%€34,517within the sector's middle half▼ 26.0%€38,797within the sector's middle half▲ 12.4%€20,900within the sector's middle half▼ 46.1%€33,405within the sector's middle half▲ 59.8%
Solvency80.1%-92.6%▲ 12.5pp96.0%above the sector's middle half▲ 3.4pp99.2%above the sector's middle half▲ 3.2pp94.9%above the sector's middle half▼ 4.3pp85.0%above the sector's middle half▼ 9.9pp92.3%above the sector's middle half▲ 7.3pp76.1%above the sector's middle half▼ 16.1pp
Current ratio4.00-14.06▲ 10.0628.34above the sector's middle half▲ 14.2814.77above the sector's middle half5.69above the sector's middle half▼ 9.097.70above the sector's middle half▲ 2.013.51above the sector's middle half▼ 4.18
Return on assets (ROA)7.3%-14.7%▲ 7.4pp15.9%above the sector's middle half▲ 1.2pp47.4%above the sector's middle half▲ 31.5pp-3.3%below the sector's middle half▼ 50.7pp1.0%within the sector's middle half▲ 4.3pp-23.7%below the sector's middle half▼ 24.6pp9.2%within the sector's middle half▲ 32.9pp
Staff (FTE)1.1
above
within
below
The sector band is the middle half of the companies in Land transport and transport via pipelines (NACE 49). 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 a profit of €5,292, after a loss of €9,103 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €55,685
Fixed assets
€8,993 ▼ 45.0%
Current assets
€46,692 ▲ 94.4%
Equity and liabilities €55,685
Equity
€42,398 ▲ 13.8%
Debt
€13,287 ▲ 326%
Debt's share of the balance-sheet total rises from 7.7% to 23.9%. Equity and debt are higher.
Key figures and ratios
EBITDA
€12,657▲
2024 · -€3,958
Cash flow
€12,505▲
2024 · -€4,407
Debt to equity
0.31▲
2024 · 0.08
ROE
12.1%▲
2024 · -25.6%
Interest coverage
83.37▲
2024 · -25.69
Debt ≤ 1 year
€13,287▲
2024 · €3,121
Customer credit
89 days
Supplier credit
9 days
Staff costs
€40,210▲
2024 · €24,008
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €14,277 | - | €13,489 | - |
| Depreciation and write-downs of the year | €175 | €3,744 | €3,744 | €5,145 | €7,365 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | €52,019 | €32,524 | €46,522 | €33,321 | €75,852 | - | €83,787 | - |
| Non-recurring operating income76A | - | - | - | €23,750 | - | - | - | €27,719 | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €18,512 | €20,357 | €38,154 | - | €55,835 | - |
| Remuneration, social security and pensions62 | - | - | - | €2,719 | €9,510 | €30,227 | €24,008 | €40,210 | ▲ 67.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,487 | €4,663 | €175 | €175 | €3,744 | €3,744 | €5,145 | €7,365 | ▲ 43.2% |
| Other operating charges640/8 | - | - | - | €473 | €987 | €2,831 | €1,399 | €2,804 | ▲ 100% |
| Gross operating margin9900 | €30,594 | €26,407 | €12,587 | €28,010 | €12,964 | €37,698 | €21,450 | €55,671 | ▲ 160% |
| Operating profit (loss)9901 | €2,913 | €5,022 | €4,523 | €24,644 | -€1,277 | €895 | -€9,103 | €5,292 | - |
| Financial income75/76B | - | - | - | €0 | €11 | - | €0 | - | - |
| Recurring financial income75 | - | - | - | €0 | €11 | - | €0 | - | - |
| Non-recurring financial income76B | - | - | - | €0 | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €275 | €345 | €157 | €154 | €152 | ▼ 1.5% |
| Recurring financial charges65 | €653 | €403 | €388 | €275 | €345 | €157 | €154 | €152 | ▼ 1.5% |
| Profit (loss) for the period before taxes9903 | €2,260 | €4,619 | €4,135 | €24,370 | -€1,611 | €739 | -€9,257 | €5,140 | - |
| Income taxes67/77 | €660 | €1,301 | - | €1,494 | - | €203 | €296 | - | - |
| Profit (loss) for the period9904 | €1,600 | €3,318 | €4,135 | €22,876 | -€1,611 | €535 | -€9,552 | €5,140 | - |
| Profit (loss) for the period to be appropriated9905 | €1,600 | €3,318 | €4,135 | €22,876 | -€1,611 | €535 | -€9,552 | €5,140 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €21,912 | €22,543 | €26,056 | €48,274 | €48,781 | €55,090 | €40,379 | €55,685 | ▲ 37.9% |
| Fixed assets21/28 | €4,488 | €1,575 | €1,400 | €1,225 | €11,758 | €8,014 | €16,358 | €8,993 | ▼ 45.0% |
| Tangible fixed assets22/27 | €4,488 | €1,575 | €1,400 | €1,225 | €11,758 | €8,014 | €16,358 | €8,993 | ▼ 45.0% |
| Plant, machinery and equipment23 | - | - | - | €1,225 | €1,050 | €875 | €700 | - | - |
| Furniture and vehicles24 | - | - | - | - | €10,708 | €7,139 | €15,658 | €8,993 | ▼ 42.6% |
| Current assets29/58 | €17,424 | €20,968 | €24,656 | €47,049 | €37,023 | €47,077 | €24,021 | €46,692 | ▲ 94.4% |
| Amounts receivable within one year40/41 | €205 | €1,319 | €3,124 | €19,482 | €3,086 | €2,493 | €2,593 | €23,007 | ▲ 787% |
| Trade receivables40 | - | - | - | - | - | - | - | €20,414 | - |
| Other amounts receivable41 | - | - | - | €19,482 | €3,086 | €2,493 | €2,593 | €2,593 | = |
| Cash at bank and in hand54/58 | €17,202 | €19,649 | €21,532 | €27,568 | €33,923 | €44,584 | €21,428 | €13,908 | ▼ 35.1% |
| Deferred charges and accrued income490/1 | - | - | - | - | €14 | - | - | €9,777 | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €21,912 | €22,543 | €26,056 | €48,274 | €48,781 | €55,090 | €40,379 | €55,685 | ▲ 37.9% |
| Equity10/15 | €17,557 | €20,875 | €25,010 | €47,886 | €46,275 | €46,810 | €37,258 | €42,398 | ▲ 13.8% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Capital10 | - | - | - | - | - | - | - | €6,200 | - |
| Issued capital100 | - | - | - | - | - | - | - | €6,200 | - |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €9,497 | €12,815 | €16,950 | €39,826 | €38,215 | €38,750 | €29,198 | €34,338 | ▲ 17.6% |
| Amounts payable17/49 | €4,355 | €1,668 | €1,046 | €388 | €2,506 | €8,280 | €3,121 | €13,287 | ▲ 326% |
| Amounts payable within one year42/48 | €4,355 | €1,491 | €870 | €388 | €2,506 | €8,280 | €3,121 | €13,287 | ▲ 326% |
| Trade debts44 | €1,935 | - | - | - | €420 | €147 | €639 | €1,333 | ▲ 109% |
| Suppliers440/4 | - | - | - | - | €420 | €147 | €639 | €1,333 | ▲ 109% |
| Taxes, remuneration and social security45 | - | - | - | €388 | €2,086 | €8,133 | €2,482 | €11,954 | ▲ 382% |
| Taxes450/3 | - | - | - | €140 | €770 | €1,547 | €1,073 | €2,615 | ▲ 144% |
| Remuneration and social security454/9 | - | - | - | €249 | €1,316 | €6,586 | €1,410 | €9,339 | ▲ 563% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1,600 | €3,318 | €4,135 | €22,876 | -€1,611 | €535 | -€9,552 | €5,140 | - |
| + Depreciation and write-downs630 | €4,487 | €4,663 | €175 | €175 | €3,744 | €3,744 | €5,145 | €7,365 | ▲ 43.2% |
| Operating cash flow (approximation) | €6,087 | €7,981 | €4,310 | €23,051 | €2,133 | €4,280 | -€4,407 | €12,505 | - |
| Investment in fixed assets (approximation) | - | -€1,750 | €0 | €0 | -€14,277 | €0 | -€13,489 | €0 | - |
| Change in cash | - | €2,447 | €1,883 | €6,036 | €6,355 | €10,661 | -€23,155 | -€7,520 | ▲ 67.5% |
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, 34,693 companies had the same profile as RIZI has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of RIZI itself: 0.6% 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 34,693 companies, not a prediction for RIZI. 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 |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 30-09-2026 | 2026-00539757 | |
| 31-12-2024 | micro format | 30-07-2025 | 2025-00327067 | |
| 31-12-2023 | micro format | 29-08-2024 | 2024-00391577 | |
| 31-12-2022 | micro format | 08-08-2023 | 2023-00319376 | |
| 31-12-2021 | micro format | 18-08-2022 | 2022-20297953 | |
| 31-12-2020 | micro format | 30-08-2021 | 2021-60000415 | |
| 31-12-2019 | micro format | 21-05-2021 | 2021-14900306 | |
| 31-12-2018 | micro format | 29-11-2019 | 2019-74800488 | |
| 31-12-2017 | full format | 28-09-2018 | 2018-66800254 | |
| 31-12-2016 | full format | 30-04-2018 | 2018-11500431 |