RMicon
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 29-06-2026 at the NBB all 10 filings
Turnover
≈ €61,000
Estimated: probably between €32,000 and €130,000
Total assets
€59,851▼ 3.4%
2024 · €61,959
Net result
€4,039▼ 73.2%
2024 · €15,089
Working capital
€20,410▲ 13.2%
2024 · €18,026
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€8,842
▼ 64.8%
2025
20182025
Net result
€4,039
▼ 73.2%
2025
middle half of the sector
20182025
Equity
€34,468
▲ 13.3%
2025
lowest quarter of the sector
20182025
Total assets
€59,851
▼ 3.4%
2025
lowest quarter of the sector
20182025
Debt
€25,383
▼ 19.5%
2025
20182025
Working capital
€20,410
▲ 13.2%
2025
middle half of the sector
20182025
Solvency
57.6%
▲ 8.5pp
2025
middle half of the sector
20182025
Current ratio
1.97
▲ 0.01
2025
middle half of the sector
20182025
Return on assets (ROA)
6.7%
▼ 17.6pp
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€15,999--€2,937-€14,280▼ 386%€4,438€5,629▲ 26.8%€25,865▲ 359%€25,144▼ 2.8%€8,842▼ 64.8%
Net result€8,719--€5,081-€15,088below the sector's middle half▼ 197%€3,253within the sector's middle half€2,387within the sector's middle half▼ 26.6%€14,902within the sector's middle half▲ 524%€15,089within the sector's middle half▲ 1.3%€4,039within the sector's middle half▼ 73.2%
Equity€14,968-€9,887▼ 33.9%-€5,201below the sector's middle half-€1,948below the sector's middle half▲ 62.5%€439below the sector's middle half€15,340below the sector's middle half▲ 35×€30,429below the sector's middle half▲ 98.4%€34,468below the sector's middle half▲ 13.3%
Total assets€30,815-€18,671▼ 39.4%€8,704below the sector's middle half▼ 53.4%€26,084below the sector's middle half▲ 200%€29,355below the sector's middle half▲ 12.5%€60,178below the sector's middle half▲ 105%€61,959below the sector's middle half▲ 3.0%€59,851below the sector's middle half▼ 3.4%
Debt€15,847-€8,784▼ 44.6%€13,905▲ 58.3%€28,032▲ 102%€28,916▲ 3.2%€44,838▲ 55.1%€31,530▼ 29.7%€25,383▼ 19.5%
Working capital€13,599-€9,046▼ 33.5%-€5,201within the sector's middle half-€7,217within the sector's middle half▼ 38.8%-€2,688within the sector's middle half▲ 62.8%€3,447within the sector's middle half€18,026within the sector's middle half▲ 423%€20,410within the sector's middle half▲ 13.2%
Solvency48.6%-53.0%▲ 4.4pp-59.8%below the sector's middle half▼ 112.7pp-7.5%below the sector's middle half▲ 52.3pp1.5%below the sector's middle half▲ 9.0pp25.5%within the sector's middle half▲ 24.0pp49.1%within the sector's middle half▲ 23.6pp57.6%within the sector's middle half▲ 8.5pp
Current ratio1.88-2.03▲ 0.150.63within the sector's middle half▼ 1.400.74within the sector's middle half▲ 0.110.90within the sector's middle half▲ 0.171.14within the sector's middle half▲ 0.241.96within the sector's middle half▲ 0.821.97within the sector's middle half▲ 0.01
Return on assets (ROA)28.3%--27.2%▼ 55.5pp-173.4%below the sector's middle half▼ 146.1pp12.5%above the sector's middle half▲ 185.8pp8.1%above the sector's middle half▼ 4.3pp24.8%above the sector's middle half▲ 16.6pp24.4%above the sector's middle half▼ 0.4pp6.7%above the sector's middle half▼ 17.6pp
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 65% lower than in 2024. It is the second fall in a row.
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 €59,851
Fixed assets
€18,402 ▼ 26.8%
Current assets
€41,450 ▲ 12.5%
Equity and liabilities €59,851
Equity
€34,468 ▲ 13.3%
Debt
€25,383 ▼ 19.5%
Debt's share of the balance-sheet total falls from 50.9% to 42.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€16,614▼
2024 · €32,629
Cash flow
€11,811▼
2024 · €22,574
Debt to equity
0.74▼
2024 · 1.04
ROE
11.7%▼
2024 · 49.6%
Interest coverage
7.90▼
2024 · 11.61
Debt ≤ 1 year
€21,040▲
2024 · €18,803
Debt > 1 year
€4,343▼
2024 · €12,727
Income taxes
€3,663▼
2024 · €7,923
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 | €7,744 | - | €36,610 | - | €1,043 |
| Depreciation and write-downs of the year | €1,936 | €1,936 | €3,995 | €7,485 | €7,772 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €841 | €841 | €841 | €1,936 | €1,936 | €3,995 | €7,485 | €7,772 | ▲ 3.8% |
| Other operating charges640/8 | - | - | - | €1,569 | €1,519 | €2,120 | €2,010 | €870 | ▼ 56.7% |
| Non-recurring operating charges66A | - | - | - | - | - | €2,967 | - | - | - |
| Gross operating margin9900 | €18,215 | -€1,033 | -€12,570 | €7,944 | €9,085 | €34,946 | €34,639 | €17,484 | ▼ 49.5% |
| Operating profit (loss)9901 | €15,999 | -€2,937 | -€14,280 | €4,438 | €5,629 | €25,865 | €25,144 | €8,842 | ▼ 64.8% |
| Financial income75/76B | - | - | - | €4 | - | - | €677 | €963 | ▲ 42.3% |
| Recurring financial income75 | - | - | - | €4 | - | - | €677 | €963 | ▲ 42.3% |
| Financial charges65/66B | - | - | - | €851 | €2,736 | €2,975 | €2,809 | €2,103 | ▼ 25.1% |
| Recurring financial charges65 | €908 | €738 | €437 | €851 | €2,736 | €2,975 | €2,809 | €2,103 | ▼ 25.1% |
| Profit (loss) for the period before taxes9903 | €15,091 | -€3,675 | -€14,717 | €3,592 | €2,893 | €22,890 | €23,011 | €7,702 | ▼ 66.5% |
| Income taxes67/77 | €6,372 | €1,406 | €371 | €338 | €507 | €7,988 | €7,923 | €3,663 | ▼ 53.8% |
| Profit (loss) for the period9904 | €8,719 | -€5,081 | -€15,088 | €3,253 | €2,387 | €14,902 | €15,089 | €4,039 | ▼ 73.2% |
| Profit (loss) for the period to be appropriated9905 | €8,719 | -€5,081 | -€15,088 | €3,253 | €2,387 | €14,902 | €15,089 | €4,039 | ▼ 73.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €30,815 | €18,671 | €8,704 | €26,084 | €29,355 | €60,178 | €61,959 | €59,851 | ▼ 3.4% |
| Fixed assets21/28 | €1,682 | €841 | - | €5,808 | €3,872 | €32,615 | €25,130 | €18,402 | ▼ 26.8% |
| Tangible fixed assets22/27 | €1,682 | €841 | - | €5,808 | €3,872 | €32,615 | €25,130 | €18,402 | ▼ 26.8% |
| Furniture and vehicles24 | - | - | - | €5,808 | €3,872 | €32,615 | €25,130 | €18,402 | ▼ 26.8% |
| Current assets29/58 | €29,133 | €17,830 | €8,704 | €20,277 | €25,483 | €27,563 | €36,829 | €41,450 | ▲ 12.5% |
| Amounts receivable within one year40/41 | €11,344 | €6,328 | €1,720 | €13,347 | €13,613 | €20,434 | €29,344 | €37,164 | ▲ 26.6% |
| Trade receivables40 | - | - | - | €13,347 | €13,613 | €13,320 | €14,808 | €16,479 | ▲ 11.3% |
| Other amounts receivable41 | - | - | - | - | - | €7,114 | €14,536 | €20,684 | ▲ 42.3% |
| Cash at bank and in hand54/58 | €17,789 | €11,502 | €179 | €6,930 | €11,870 | €7,129 | €6,808 | €3,323 | ▼ 51.2% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | €677 | €962 | ▲ 42.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €30,815 | €18,671 | €8,704 | €26,084 | €29,355 | €60,178 | €61,959 | €59,851 | ▼ 3.4% |
| Equity10/15 | €14,968 | €9,887 | -€5,201 | -€1,948 | €439 | €15,340 | €30,429 | €34,468 | ▲ 13.3% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €8,060 | €8,060 | €8,060 | = |
| Reserves13 | €8,768 | €8,768 | €8,768 | €8,768 | €8,768 | €7,280 | €22,369 | €26,408 | ▲ 18.1% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €6,908 | €6,908 | €7,280 | €22,369 | €26,408 | ▲ 18.1% |
| Profit (loss) carried forward14 | - | -€5,081 | -€20,169 | -€16,916 | -€14,529 | - | - | - | - |
| Amounts payable17/49 | €15,847 | €8,784 | €13,905 | €28,032 | €28,916 | €44,838 | €31,530 | €25,383 | ▼ 19.5% |
| Amounts payable after more than one year17 | - | - | - | - | - | €20,722 | €12,727 | €4,343 | ▼ 65.9% |
| Financial debts170/4 | - | - | - | - | - | €20,722 | €12,727 | €4,343 | ▼ 65.9% |
| Amounts payable within one year42/48 | €15,534 | €8,784 | €13,905 | €27,493 | €28,170 | €24,116 | €18,803 | €21,040 | ▲ 11.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | €7,624 | €7,995 | €8,384 | ▲ 4.9% |
| Financial debts43 | - | - | - | - | - | - | - | €1,667 | - |
| Credit institutions430/8 | - | - | - | - | - | - | - | €1,667 | - |
| Trade debts44 | €1,531 | €989 | €735 | €280 | €539 | €609 | €3,381 | €5,487 | ▲ 62.3% |
| Suppliers440/4 | - | - | - | €280 | €539 | €609 | €3,381 | €5,487 | ▲ 62.3% |
| Taxes, remuneration and social security45 | - | - | - | €6,997 | €5,781 | €15,883 | €7,427 | €5,503 | ▼ 25.9% |
| Taxes450/3 | - | - | - | €6,997 | €5,781 | €15,883 | €7,427 | €5,503 | ▼ 25.9% |
| Other amounts payable47/48 | - | - | - | €20,217 | €21,850 | - | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €539 | €746 | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €8,719 | -€5,081 | -€15,088 | €3,253 | €2,387 | €14,902 | €15,089 | €4,039 | ▼ 73.2% |
| + Depreciation and write-downs630 | €841 | €841 | €841 | €1,936 | €1,936 | €3,995 | €7,485 | €7,772 | ▲ 3.8% |
| Operating cash flow (approximation) | €9,560 | -€4,240 | -€14,247 | €5,189 | €4,323 | €18,896 | €22,574 | €11,811 | ▼ 47.7% |
| Investment in fixed assets (approximation) | - | €0 | - | - | €0 | -€32,738 | €0 | -€1,043 | - |
| Change in cash | - | -€6,287 | -€11,323 | €6,751 | €4,941 | -€4,741 | -€321 | -€3,485 | ▼ 986% |
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 RMicon 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 RMicon itself: 0.3% 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 RMicon. 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.
Filings with the National Bank (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 29-06-2026 | 2026-00211103 | |
| 31-12-2024 | abbreviated format | 29-06-2025 | 2025-00192853 | |
| 31-12-2023 | abbreviated format | 30-06-2024 | 2024-00204595 | |
| 31-12-2022 | abbreviated format | 02-07-2023 | 2023-00187175 | |
| 31-12-2021 | abbreviated format | 29-06-2022 | 2022-20107605 | |
| 31-12-2020 | abbreviated format | 16-07-2021 | 2021-36300166 | |
| 31-12-2019 | abbreviated format | 01-07-2020 | 2020-25600352 | |
| 31-12-2018 | abbreviated format | 17-06-2019 | 2019-18900571 | |
| 31-12-2017 | abbreviated format | 21-06-2018 | 2018-21400446 | |
| 31-12-2016 | abbreviated format | 06-06-2017 | 2017-15100417 |