RODECOM
ActiveFinancials · financial year 2025, full format
2025 annual accounts filed 11 days after the deadline Filed on 11 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00402953.
Annual accounts 2025 filed on 11-08-2026 at the NBB all 15 filings
Turnover
€1.1m▲ 17.2%
2024 · €949,554
EBIT margin
22.7%▼ 5.8pp
2024 · 28.5%
Net result
€112,303
2024 · -€158,190
Working capital
€708,117▼ 66.5%
2024 · €2.1m
Multi-year overview
2018 to 2025, 7 financial yearsTurnover
€1.1m
▲ 17.2%
2025
20182025
Operating result
€252,500
▼ 6.8%
2025
20182025
Net result
€112,303
2025
middle half of the sector
20182025
EBIT margin
22.7%
▼ 5.8pp
2025
20182025
Equity
€1.1m
▲ 11.3%
2025
middle half of the sector
20182025
Total assets
€3.8m
▼ 19.1%
2025
middle half of the sector
20182025
Debt
€2.7m
▼ 27.3%
2025
20182025
Working capital
€708,117
▼ 66.5%
2025
middle half of the sector
20182025
Solvency
29.2%
▲ 8.0pp
2025
middle half of the sector
20182025
Current ratio
2.28
▼ 5.67
2025
middle half of the sector
20182025
Return on assets (ROA)
3.0%
▲ 6.3pp
2025
middle half of the sector
20182025
Staff (FTE)
1
▼ 41.2%
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2018201920202021202220242025
Turnover€0.1m-€0.4m▲ 188%€0.4m▼ 7.2%€0.7m▲ 65.6%€1.1m▲ 63.9%€0.9m-€1.1m▲ 17.2%
Operating result€0.02m-€0.2m▲ 894%-€0.1m€0.08m€0.3m▲ 326%€0.3m-€0.3m▼ 6.8%
Net result€0.006m-€0.1m▲ 22×€0.3mabove the sector's middle half▲ 115%€0.06mwithin the sector's middle half▼ 76.6%€0.2mwithin the sector's middle half▲ 238%-€0.2mbelow the sector's middle half-€0.1mwithin the sector's middle half
EBIT margin13.5%-46.5%▲ 33.0pp-24.3%▼ 70.8pp11.9%▲ 36.2pp31.0%▲ 19.1pp28.5%-22.7%▼ 5.8pp
Equity€1.3m-€1.4m▲ 9.5%€1.7mwithin the sector's middle half▲ 18.6%€1.7mwithin the sector's middle half▲ 3.7%€8.5mabove the sector's middle half▲ 394%€1.0mwithin the sector's middle half-€1.1mwithin the sector's middle half▲ 11.3%
Total assets€1.4m-€2.0m▲ 44.0%€2.4mwithin the sector's middle half▲ 15.3%€2.3mwithin the sector's middle half▼ 1.1%€10.8mabove the sector's middle half▲ 363%€4.7mwithin the sector's middle half-€3.8mwithin the sector's middle half▼ 19.1%
Debt€0.1m-€0.6m▲ 353%€0.7m▲ 8.3%€0.6m▼ 12.4%€2.3m▲ 279%€3.7m-€2.7m▼ 27.3%
Working capital-€0.008m-€0.08m€0.5mabove the sector's middle half▲ 551%€0.4mwithin the sector's middle half▼ 18.9%€2.5mabove the sector's middle half▲ 469%€2.1mabove the sector's middle half-€0.7mwithin the sector's middle half▼ 66.5%
Solvency90.0%-68.4%▼ 21.6pp70.3%within the sector's middle half▲ 1.9pp73.7%within the sector's middle half▲ 3.4pp78.5%above the sector's middle half▲ 4.8pp21.3%within the sector's middle half-29.2%within the sector's middle half▲ 8.0pp
Current ratio0.91-1.38▲ 0.472.40within the sector's middle half▲ 1.022.22within the sector's middle half▼ 0.187.20above the sector's middle half▲ 4.987.96above the sector's middle half-2.28within the sector's middle half▼ 5.67
Return on assets (ROA)0.4%-5.9%▲ 5.5pp11.0%within the sector's middle half▲ 5.1pp2.6%within the sector's middle half▼ 8.4pp1.9%within the sector's middle half▼ 0.7pp-3.4%below the sector's middle half-3.0%within the sector's middle half▲ 6.3pp
Staff (FTE)0.21.6within the sector's middle half▲ 700%1.6within the sector's middle half=1.7within the sector's middle half▲ 6.3%1.7within the sector's middle half-1within the sector's middle half▼ 41.2%
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 7% lower than in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €3.8m
Fixed assets
€2.5m ▲ 11.7%
Current assets
€1.3m ▼ 47.9%
Equity and liabilities €3.8m
Equity
€1.1m ▲ 11.3%
Debt
€2.7m ▼ 27.3%
Debt's share of the balance-sheet total falls from 78.7% to 70.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€413,903▲
2024 · €369,617
Cash flow
€273,706▲
2024 · -€59,376
Quick ratio
2.00▼
2024 · 7.46
Debt to equity
2.42▼
2024 · 3.70
ROE
10.1%▲
2024 · -15.9%
Interest coverage
3.01▼
2024 · 4.89
Debt ≤ 1 year
€552,887▲
2024 · €304,089
Debt > 1 year
€2.1m▼
2024 · €3.4m
Income taxes
€1,019▼
2024 · €1,099
Customer credit
128 days▲
2024 · 122 days
Supplier credit
4716 days▼
2024 · 4938 days
Staff costs
€94,227▼
2024 · €163,637
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 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 2 | 2 | 2 |
| full-time | 1 | 1 | 1 | 1 |
| part-time | 1 | 1 | 1 | 1 |
| in full-time equivalents | 1.6 | 1.6 | 1.6 | 1.6 |
| Average over the year, in full-time equivalents | 1.6 | 1.7 | 1.7 | 1 |
| On a permanent contract | 2 | 2 | 2 | 2 |
| Joined | - | 1 | - | - |
| Left | - | 1 | - | - |
| Training hours | 7 | - | - | 0 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2024 | 2025 |
|---|---|---|---|---|
| Debts secured on the company's own assets | - | - | €1.7m | €1.6m |
| Mortgages, amount registered | - | - | €80,000 | €80,000 |
| Mortgage mandates | - | - | €2.1m | €2.1m |
| Carrying value of the mortgaged assets | - | - | €1.7m | €1.8m |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €149,598 | €49,197 | €580,992 | €435,662 |
| Depreciation and write-downs of the year | €47,850 | €40,612 | €98,815 | €161,403 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2024 · 5 entries · €24,217 awarded · €16,763 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2024 | 1 | €0 | €11,696 |
| 2023 | 3 | €19,151 | €3,188 |
| 2022 | 1 | €5,066 | €1,879 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €0.7m | €1.1m | €1.0m | €1.2m | ▲ 17.9% |
| Turnover70 | €0.1m | €0.4m | €0.4m | €0.7m | €1.1m | €0.9m | €1.1m | ▲ 17.2% |
| Other operating income74 | - | - | - | €0.003m | €0.006m | €0.06m | €0.08m | ▲ 28.6% |
| Non-recurring operating income76A | - | - | - | €0 | €0.03m | - | - | - |
| Operating charges60/66A | - | - | - | €0.6m | €0.8m | €0.7m | €0.9m | ▲ 26.9% |
| Goods for resale, raw materials and consumables60 | - | - | - | €0.02m | -€0.009m | €0.007m | €0.02m | ▲ 118% |
| Purchases600/8 | - | - | - | €0.08m | €0.05m | €0.001m | €0.02m | ▲ 22× |
| Change in stocks: decrease (increase)609 | - | - | - | -€0.06m | -€0.06m | €0.006m | -€0.001m | - |
| Services and other goods61 | - | - | - | €0.4m | €0.6m | €0.5m | €0.7m | ▲ 39.8% |
| Remuneration, social security and pensions62 | - | - | - | €0.1m | €0.1m | €0.2m | €0.09m | ▼ 42.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.03m | €0.04m | €0.03m | €0.05m | €0.04m | €0.1m | €0.2m | ▲ 63.3% |
| Other operating charges640/8 | - | - | - | €0.001m | €0.002m | €0.002m | €0.004m | ▲ 81.5% |
| Non-recurring operating charges66A | - | - | - | €0 | €0.04m | - | €0.009m | - |
| Operating profit (loss)9901 | €0.02m | €0.2m | -€0.1m | €0.08m | €0.3m | €0.3m | €0.3m | ▼ 6.8% |
| Financial income75/76B | - | - | - | €0.001m | €0.001m | €0.003m | €0.001m | ▼ 74.0% |
| Recurring financial income75 | €0.001m | €0.001m | €0.003m | €0.001m | €0.001m | €0.003m | €0.001m | ▼ 74.0% |
| Income from current assets751 | - | - | - | €0.001m | €0.001m | €0.003m | €459 | ▼ 82.4% |
| Other financial income752/9 | - | - | - | €82 | €0 | €0 | €220 | ▲ 7,327× |
| Non-recurring financial income76B | - | - | - | €0 | - | - | - | - |
| Financial charges65/66B | - | - | - | €0.02m | €0.06m | €0.4m | €0.1m | ▼ 67.5% |
| Recurring financial charges65 | €0.003m | €0.01m | €0.02m | €0.02m | €0.06m | €0.4m | €0.1m | ▼ 67.5% |
| Debt charges650 | €0.002m | €0.01m | €0.02m | €0.02m | €0.03m | €0.08m | €0.1m | ▲ 81.9% |
| Other financial charges652/9 | - | - | - | €0.001m | €0.03m | €0.4m | €0.002m | ▼ 99.4% |
| Non-recurring financial charges66B | - | - | - | - | - | €0 | - | - |
| Profit (loss) for the period before taxes9903 | €0.02m | €0.2m | €0.3m | €0.06m | €0.3m | -€0.2m | €0.1m | - |
| Income taxes67/77 | €0.01m | €0.06m | €0.004m | €0.001m | €0.07m | €0.001m | €0.001m | ▼ 7.3% |
| Taxes670/3 | - | - | - | €0.001m | €0.07m | €0.001m | €0.001m | ▼ 7.3% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | €2 | €59 | - | - | - |
| Profit (loss) for the period9904 | €0.006m | €0.1m | €0.3m | €0.06m | €0.2m | -€0.2m | €0.1m | - |
| Profit (loss) for the period to be appropriated9905 | €0.006m | €0.1m | €0.3m | €0.06m | €0.2m | -€0.2m | €0.1m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €1.4m | €2.0m | €2.4m | €2.3m | €10.8m | €4.7m | €3.8m | ▼ 19.1% |
| Fixed assets21/28 | €1.3m | €1.7m | €1.4m | €1.5m | €7.9m | €2.3m | €2.5m | ▲ 11.7% |
| Tangible fixed assets22/27 | €0.1m | €0.2m | €0.2m | €0.3m | €0.2m | €1.8m | €2.1m | ▲ 14.6% |
| Land and buildings22 | - | - | - | €0.005m | €0.03m | €1.7m | €1.8m | ▲ 5.5% |
| Plant, machinery and equipment23 | - | - | - | €0.04m | €0.03m | €0.01m | €0.006m | ▼ 54.4% |
| Furniture and vehicles24 | - | - | - | €0.2m | €0.02m | €0.06m | €0.2m | ▲ 219% |
| Leasing and similar rights25 | - | - | - | €0.08m | €0.05m | €0.03m | €0.08m | ▲ 157% |
| Other tangible fixed assets26 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | ▼ 2.5% |
| Financial fixed assets28 | €1.2m | €1.6m | €1.2m | €1.2m | €7.8m | €0.4m | €0.4m | = |
| Affiliated companies280/1 | - | - | - | €0.8m | €7.4m | €0 | - | - |
| Participating interests280 | - | - | - | €0.8m | €7.4m | €0 | - | - |
| Companies linked by participating interests282/3 | - | - | - | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Participating interests282 | - | - | - | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Amounts receivable283 | - | - | - | €0.03m | €0.03m | - | - | - |
| Other financial fixed assets284/8 | - | - | - | €46 | €0.02m | €0.02m | €0.02m | = |
| Amounts receivable and cash guarantees285/8 | - | - | - | €46 | €0.02m | €0.02m | €0.02m | = |
| Current assets29/58 | €0.08m | €0.3m | €0.9m | €0.8m | €2.9m | €2.4m | €1.3m | ▼ 47.9% |
| Stocks and contracts in progress3 | - | €0 | €0.007m | €0.07m | €0.1m | €0.2m | €0.2m | ▲ 0.7% |
| Stocks30/36 | - | - | - | €0.07m | €0.1m | €0.2m | €0.2m | ▲ 0.7% |
| Goods purchased for resale34 | - | - | - | €0.07m | €0.1m | €0.2m | €0.2m | ▲ 0.7% |
| Amounts receivable within one year40/41 | €0.03m | €0.2m | €0.3m | €0.2m | €0.5m | €0.6m | €0.5m | ▼ 16.2% |
| Trade receivables40 | - | - | - | €0.1m | €0.4m | €0.3m | €0.4m | ▲ 22.3% |
| Other amounts receivable41 | - | - | - | €0.06m | €0.09m | €0.3m | €0.2m | ▼ 53.8% |
| Current investments50/53 | - | - | €0.1m | €0.4m | €0.2m | €0.3m | €0.4m | ▲ 17.4% |
| Other investments51/53 | - | - | - | €0.4m | €0.2m | €0.3m | €0.4m | ▲ 17.4% |
| Cash at bank and in hand54/58 | €0.006m | €0.02m | €0.5m | €0.2m | €2.0m | €1.3m | €0.2m | ▼ 85.5% |
| Deferred charges and accrued income490/1 | - | - | - | €0.006m | €0.04m | €0.04m | €0.007m | ▼ 84.1% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €1.4m | €2.0m | €2.4m | €2.3m | €10.8m | €4.7m | €3.8m | ▼ 19.1% |
| Equity10/15 | €1.3m | €1.4m | €1.7m | €1.7m | €8.5m | €1.0m | €1.1m | ▲ 11.3% |
| Contributions10/11 | €1.3m | €1.3m | - | €1.3m | €1.3m | €0.8m | €0.8m | = |
| Revaluation surpluses12 | - | - | - | - | €6.6m | - | - | - |
| Reserves13 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.01m | €0.01m | = |
| Distributable reserves133 | - | - | - | €0.02m | €0.02m | €0.01m | €0.01m | = |
| Profit (loss) carried forward14 | -€0.03m | €0.09m | €0.4m | €0.4m | €0.6m | €0.2m | €0.3m | ▲ 48.7% |
| Amounts payable17/49 | €0.1m | €0.6m | €0.7m | €0.6m | €2.3m | €3.7m | €2.7m | ▼ 27.3% |
| Amounts payable after more than one year17 | €0.05m | €0.4m | €0.3m | €0.3m | €1.7m | €3.4m | €2.1m | ▼ 37.1% |
| Financial debts170/4 | - | - | - | €0.3m | €1.7m | €3.4m | €2.1m | ▼ 37.1% |
| Leasing and similar obligations172 | - | - | - | €0.05m | €0.03m | €0.02m | €0.05m | ▲ 248% |
| Credit institutions173 | - | - | - | €0.03m | €0.01m | €1.6m | €1.5m | ▼ 7.5% |
| Other loans174 | - | - | - | €0.2m | €1.7m | €1.8m | €0.6m | ▼ 66.1% |
| Amounts payable within one year42/48 | €0.09m | €0.2m | €0.4m | €0.4m | €0.4m | €0.3m | €0.6m | ▲ 81.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | ▲ 9.5% |
| Trade debts44 | €0.006m | €0.01m | €0.03m | €0.04m | €0.1m | €0.1m | €0.2m | ▲ 109% |
| Suppliers440/4 | - | - | - | €0.04m | €0.1m | €0.1m | €0.2m | ▲ 109% |
| Advances received on contracts in progress46 | - | - | - | - | - | €0.03m | €0.03m | = |
| Taxes, remuneration and social security45 | - | - | - | €0.05m | €0.1m | €0.05m | €0.04m | ▼ 19.0% |
| Taxes450/3 | - | - | - | €0.02m | €0.08m | €0.04m | €0.03m | ▼ 24.8% |
| Remuneration and social security454/9 | - | - | - | €0.03m | €0.02m | €0.009m | €0.01m | ▲ 6.3% |
| Other amounts payable47/48 | - | - | - | €0.1m | €0.04m | €0 | €0.1m | - |
| Accrued charges and deferred income492/3 | - | - | - | €0 | €0.2m | €0 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.006m | €0.1m | €0.3m | €0.06m | €0.2m | -€0.2m | €0.1m | - |
| + Depreciation and write-downs630 | €0.03m | €0.04m | €0.03m | €0.05m | €0.04m | €0.1m | €0.2m | ▲ 63.3% |
| Operating cash flow (approximation) | €0.04m | €0.2m | €0.3m | €0.1m | €0.2m | -€0.06m | €0.3m | - |
| Investment in fixed assets (approximation) | - | -€0.5m | €0.3m | -€0.1m | -€6.4m | - | -€0.4m | - |
| Change in cash | - | €0.01m | €0.4m | -€0.3m | €1.8m | - | -€1.1m | - |
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, 4,508 companies had the same profile as RODECOM has now. Two years later, 96.9% were still going and 1.4% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
96.9%
was still going
1.6%
stopped otherwise
1.4%
went bankrupt
The bankruptcy probability of RODECOM itself is lower: 0.1% within 12 months. It rests on far more data about RODECOM than the profile alone.
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 4,508 companies, not a prediction for RODECOM. 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 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 11-08-2026 | 2026-00402953 | |
| 31-12-2024 | full format | 29-08-2025 | 2025-00476530 | |
| 31-12-2023 | full format | 26-06-2024 | 2024-00169021 | |
| 31-12-2022 | full format | 11-07-2023 | 2023-00234640 | |
| 31-12-2021 | full format | 28-07-2022 | 2022-20249578 | |
| 31-12-2020 | full format | 31-08-2021 | 2021-64200458 | |
| 31-12-2019 | full format | 29-07-2020 | 2020-36200106 | |
| 31-12-2018 | full format | 24-02-2020 | 2020-05500481 | |
| 31-12-2017 | abbreviated format | 13-07-2018 | 2018-33100034 | |
| 31-12-2016 | abbreviated format | 31-08-2017 | 2017-57700022 |