RONA
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 13-06-2026 PDF all 10 filings
Turnover
≈ €340,000
Estimated: probably between €280,000 and €420,000
Total assets
€258,150▼ 34.4%
2024 · €393,274
Net result
€68,576▲ 72.7%
2024 · €39,708
Working capital
€172,836▲ 215%
2024 · €54,941
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€107,023
▲ 64.1%
2025
20182025
Net result
€68,576
▲ 72.7%
2025
highest quarter of the sector
20182025
Equity
€180,751
▲ 61.1%
2025
highest quarter of the sector
20182025
Total assets
€258,150
▼ 34.4%
2025
middle half of the sector
20182025
Debt
€68,437
▼ 75.7%
2025
20182025
Working capital
€172,836
▲ 215%
2025
highest quarter of the sector
20182025
Solvency
70.0%
▲ 41.5pp
2025
highest quarter of the sector
20182025
Current ratio
3.60
▲ 2.20
2025
highest quarter of the sector
20182025
Return on assets (ROA)
26.6%
▲ 16.5pp
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€17,302-€23,595▲ 36.4%-€3,730€10,045€36,731▲ 266%€15,138▼ 58.8%€65,226▲ 331%€107,023▲ 64.1%
Net result€10,189-€17,065▲ 67.5%-€9,348below the sector's middle half€6,060within the sector's middle half€24,910within the sector's middle half▲ 311%€7,460within the sector's middle half▼ 70.1%€39,708above the sector's middle half▲ 432%€68,576above the sector's middle half▲ 72.7%
Equity€26,321-€43,386▲ 64.8%€34,038within the sector's middle half▼ 21.5%€40,098within the sector's middle half▲ 17.8%€65,007within the sector's middle half▲ 62.1%€72,467within the sector's middle half▲ 11.5%€112,175within the sector's middle half▲ 54.8%€180,751above the sector's middle half▲ 61.1%
Total assets€60,270-€82,236▲ 36.4%€320,123above the sector's middle half▲ 289%€293,370within the sector's middle half▼ 8.4%€312,660above the sector's middle half▲ 6.6%€317,034above the sector's middle half▲ 1.4%€393,274above the sector's middle half▲ 24.0%€258,150within the sector's middle half▼ 34.4%
Debt€33,949-€38,850▲ 14.4%€286,085▲ 636%€253,272▼ 11.5%€247,652▼ 2.2%€244,566▼ 1.2%€281,099▲ 14.9%€68,437▼ 75.7%
Working capital€37,097-€47,106▲ 27.0%€3,079below the sector's middle half▼ 93.5%€12,280within the sector's middle half▲ 299%€19,971within the sector's middle half▲ 62.6%€24,289within the sector's middle half▲ 21.6%€54,941within the sector's middle half▲ 126%€172,836above the sector's middle half▲ 215%
Solvency43.7%-52.8%▲ 9.1pp10.6%below the sector's middle half▼ 42.1pp13.7%below the sector's middle half▲ 3.0pp20.8%below the sector's middle half▲ 7.1pp22.9%below the sector's middle half▲ 2.1pp28.5%within the sector's middle half▲ 5.7pp70.0%above the sector's middle half▲ 41.5pp
Current ratio2.98-2.49▼ 0.491.03below the sector's middle half▼ 1.461.18within the sector's middle half▲ 0.141.25within the sector's middle half▲ 0.071.27within the sector's middle half▲ 0.021.40within the sector's middle half▲ 0.123.60above the sector's middle half▲ 2.20
Return on assets (ROA)16.9%-20.8%▲ 3.8pp-2.9%below the sector's middle half▼ 23.7pp2.1%within the sector's middle half▲ 5.0pp8.0%within the sector's middle half▲ 5.9pp2.4%within the sector's middle half▼ 5.6pp10.1%within the sector's middle half▲ 7.7pp26.6%above the sector's middle half▲ 16.5pp
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 64% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
Turnover and EBIT margin are not published. The 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 €258,150
Fixed assets
€18,875 ▼ 90.6%
Current assets
€239,275 ▲ 24.0%
Equity and liabilities €258,150
Equity
€180,751 ▲ 61.1%
Provisions
€8,963
Debt
€68,437 ▼ 75.7%
Debt's share of the balance-sheet total falls from 71.5% to 26.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€109,270▲
2024 · €77,395
Cash flow
€70,823▲
2024 · €51,877
Quick ratio
1.22▲
2024 · 0.20
Debt to equity
0.38▼
2024 · 2.51
ROE
37.9%▲
2024 · 35.4%
Interest coverage
11.86▼
2024 · 13.61
Debt ≤ 1 year
€66,439▼
2024 · €138,020
Debt > 1 year
€0▼
2024 · €141,291
Income taxes
€17,353▼
2024 · €19,881
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 | - | €13,270 | €3,015 | €1,510 | €11,093 |
| Financial fixed assets | €500 | - | - | €6,750 | €0 |
| Depreciation and write-downs of the year | €16,344 | €11,843 | €12,728 | €12,169 | €2,247 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | - | €45,026 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,888 | €4,941 | €26,573 | €16,344 | €11,843 | €12,728 | €12,169 | €2,247 | ▼ 81.5% |
| Other operating charges640/8 | - | - | - | €891 | €1,527 | €1,010 | €1,032 | €1,649 | ▲ 59.9% |
| Gross operating margin9900 | €23,910 | €29,372 | €23,813 | €27,279 | €50,101 | €28,877 | €78,427 | €110,919 | ▲ 41.4% |
| Operating profit (loss)9901 | €17,302 | €23,595 | -€3,730 | €10,045 | €36,731 | €15,138 | €65,226 | €107,023 | ▲ 64.1% |
| Financial income75/76B | - | - | - | €147 | €347 | €407 | €48 | €61 | ▲ 28.2% |
| Recurring financial income75 | €113 | €304 | €226 | €147 | €347 | €407 | €48 | €61 | ▲ 28.2% |
| Financial charges65/66B | - | - | - | €3,457 | €3,302 | €4,923 | €5,685 | €12,193 | ▲ 114% |
| Recurring financial charges65 | €199 | €174 | €3,570 | €3,457 | €3,302 | €4,923 | €5,685 | €9,216 | ▲ 62.1% |
| Non-recurring financial charges66B | - | - | - | - | - | - | - | €2,977 | - |
| Profit (loss) for the period before taxes9903 | €14,216 | €23,724 | -€7,074 | €6,735 | €33,776 | €10,622 | €59,589 | €94,891 | ▲ 59.2% |
| Transfer from deferred taxes780 | - | - | - | - | - | - | - | €42 | - |
| Transfer to deferred taxes680 | - | - | - | - | - | - | - | €9,005 | - |
| Income taxes67/77 | €4,027 | €6,659 | €2,274 | €675 | €8,866 | €3,162 | €19,881 | €17,353 | ▼ 12.7% |
| Profit (loss) for the period9904 | €10,189 | €17,065 | -€9,348 | €6,060 | €24,910 | €7,460 | €39,708 | €68,576 | ▲ 72.7% |
| Transfer from tax-exempt reserves789 | - | - | - | - | - | - | - | €169 | - |
| Transfer to tax-exempt reserves689 | - | - | - | - | - | - | - | €36,021 | - |
| Profit (loss) for the period to be appropriated9905 | €10,189 | €17,065 | -€9,348 | €6,060 | €24,910 | €7,460 | €39,708 | €32,724 | ▼ 17.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €60,270 | €82,236 | €320,123 | €293,370 | €312,660 | €317,034 | €393,274 | €258,150 | ▼ 34.4% |
| Fixed assets21/28 | €4,474 | €3,530 | €228,352 | €212,508 | €213,935 | €204,222 | €200,313 | €18,875 | ▼ 90.6% |
| Tangible fixed assets22/27 | €4,474 | €3,530 | €228,352 | €212,008 | €213,435 | €203,722 | €193,063 | €12,125 | ▼ 93.7% |
| Land and buildings22 | - | - | - | €209,560 | €211,662 | €201,073 | €190,484 | €700 | ▼ 99.6% |
| Plant, machinery and equipment23 | - | - | - | €1,599 | €799 | - | €1,510 | €1,208 | ▼ 20.0% |
| Furniture and vehicles24 | - | - | - | €849 | €973 | €2,649 | €1,069 | €269 | ▼ 74.8% |
| Other tangible fixed assets26 | - | - | - | - | - | - | - | €9,948 | - |
| Financial fixed assets28 | - | - | - | €500 | €500 | €500 | €7,250 | €6,750 | ▼ 6.9% |
| Current assets29/58 | €55,796 | €78,706 | €91,771 | €80,862 | €98,725 | €112,812 | €192,961 | €239,275 | ▲ 24.0% |
| Stocks and contracts in progress3 | €48,690 | €45,945 | €55,713 | €55,582 | €62,261 | €81,657 | €165,685 | €158,460 | ▼ 4.4% |
| Stocks30/36 | - | - | - | €55,582 | €62,261 | €81,657 | €165,685 | €158,460 | ▼ 4.4% |
| Amounts receivable within one year40/41 | €5,401 | €16,364 | €4,254 | €7,426 | €3,589 | €24,133 | €9,558 | €42,201 | ▲ 342% |
| Trade receivables40 | - | - | - | €1,851 | €1,632 | €24,101 | €9,558 | €34,933 | ▲ 265% |
| Other amounts receivable41 | - | - | - | €5,575 | €1,957 | €32 | - | €7,268 | - |
| Cash at bank and in hand54/58 | €1,578 | €16,341 | €31,805 | €17,797 | €32,818 | €5,212 | €15,126 | €36,006 | ▲ 138% |
| Deferred charges and accrued income490/1 | - | - | - | €57 | €57 | €1,811 | €2,592 | €2,608 | ▲ 0.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €60,270 | €82,236 | €320,123 | €293,370 | €312,660 | €317,034 | €393,274 | €258,150 | ▼ 34.4% |
| Equity10/15 | €26,321 | €43,386 | €34,038 | €40,098 | €65,007 | €72,467 | €112,175 | €180,751 | ▲ 61.1% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Contributions outside capital11 | - | - | - | €6,200 | €6,200 | - | - | - | - |
| Other1109/19 | - | - | - | €6,200 | €6,200 | - | - | - | - |
| Reserves13 | €10,000 | €26,000 | €26,000 | €32,000 | €56,900 | €64,350 | €105,975 | €174,551 | ▲ 64.7% |
| Tax-exempt reserves132 | - | - | - | - | - | - | - | €35,852 | - |
| Distributable reserves133 | - | - | - | €32,000 | €56,900 | €64,350 | €105,975 | €138,699 | ▲ 30.9% |
| Profit (loss) carried forward14 | €10,121 | €11,186 | €1,838 | €1,898 | €1,907 | €1,917 | - | - | - |
| Provisions and deferred taxes16 | - | - | - | - | - | - | - | €8,963 | - |
| Deferred taxes168 | - | - | - | - | - | - | - | €8,963 | - |
| Amounts payable17/49 | €33,949 | €38,850 | €286,085 | €253,272 | €247,652 | €244,566 | €281,099 | €68,437 | ▼ 75.7% |
| Amounts payable after more than one year17 | €15,250 | €7,250 | €197,393 | €184,690 | €167,774 | €154,647 | €141,291 | €0 | ▼ 100% |
| Financial debts170/4 | - | - | - | €184,690 | €167,774 | €154,647 | €141,291 | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €18,699 | €31,600 | €88,692 | €68,582 | €78,754 | €88,523 | €138,020 | €66,439 | ▼ 51.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | €13,127 | €13,356 | €0 | ▼ 100% |
| Financial debts43 | - | - | - | €12,703 | €12,917 | - | - | - | - |
| Credit institutions430/8 | - | - | - | €12,703 | €12,917 | - | - | - | - |
| Trade debts44 | €2,337 | €13,936 | €5,450 | €2,033 | - | €17,190 | €16,121 | €40,560 | ▲ 152% |
| Suppliers440/4 | - | - | - | €2,033 | - | €17,190 | €16,121 | €40,560 | ▲ 152% |
| Advances received on contracts in progress46 | - | - | - | - | - | - | €42,153 | €5,000 | ▼ 88.1% |
| Taxes, remuneration and social security45 | - | - | - | €2,142 | €17,773 | €13,188 | €25,048 | €12,524 | ▼ 50.0% |
| Taxes450/3 | - | - | - | €2,142 | €17,773 | €13,188 | €25,048 | €12,524 | ▼ 50.0% |
| Other amounts payable47/48 | - | - | - | €51,704 | €48,064 | €45,018 | €41,342 | €8,355 | ▼ 79.8% |
| Accrued charges and deferred income492/3 | - | - | - | - | €1,124 | €1,396 | €1,788 | €1,997 | ▲ 11.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €10,189 | €17,065 | -€9,348 | €6,060 | €24,910 | €7,460 | €39,708 | €68,576 | ▲ 72.7% |
| + Depreciation and write-downs630 | €5,888 | €4,941 | €26,573 | €16,344 | €11,843 | €12,728 | €12,169 | €2,247 | ▼ 81.5% |
| Operating cash flow (approximation) | €16,076 | €22,006 | €17,225 | €22,404 | €36,753 | €20,188 | €51,877 | €70,823 | ▲ 36.5% |
| Investment in fixed assets (approximation) | - | -€3,997 | -€251,395 | -€500 | -€13,270 | -€3,015 | -€8,260 | €179,190 | - |
| Change in cash | - | €14,763 | €15,464 | -€14,008 | €15,020 | -€27,606 | €9,914 | €20,881 | ▲ 111% |
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 RONA 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 RONA itself: 0.2% 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 RONA. 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 | micro format | 13-06-2026 | 2026-00158235 | |
| 31-12-2024 | micro format | 11-06-2025 | 2025-00130419 | |
| 31-12-2023 | micro format | 03-06-2024 | 2024-00106719 | |
| 31-12-2022 | micro format | 26-06-2023 | 2023-00181618 | |
| 31-12-2021 | micro format | 18-06-2022 | 2022-20076282 | |
| 31-12-2020 | micro format | 29-06-2021 | 2021-28400307 | |
| 31-12-2019 | micro format | 18-06-2020 | 2020-18300248 | |
| 31-12-2018 | micro format | 19-06-2019 | 2019-20100225 | |
| 31-12-2017 | micro format | 29-06-2018 | 2018-26800299 | |
| 31-12-2016 | abbreviated format | 26-06-2017 | 2017-21600446 |