Summary
RS Development is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €149,884 and a net result of €24,478. Equity is growing by about 16% per year across the filed financial years. Its solvency ranks better than 82% of 9,727 sector peers (NACE 64, financial year 2025). The company has been active since 2010 and the Belgian Official Gazette contains no insolvency or warning signals.
Financials · financial year 2025, micro format
Equity
€149,884▼ 18.1%
2024 · €182,973
Net result
€24,478▼ 70.1%
2024 · €81,998
Total assets
€179,218▼ 10.4%
2024 · €199,960
Solvency
83.6%▼ 7.9pp
2024 · 91.5%
Trend over the years
2021 to 2025, 5 financial years 2019 to 2025, 7 financial years
The operating result falls in 2025; 2025 is 68% below 2024.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result€36,248
2025
Net result€24,478
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€179,218
2025
Equity€149,884
2025
Debt€29,335
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital€56,557
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
Return on assets (ROA)13.7%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency83.6%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio3.03
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 64, Financial service activities, except insurance and pension funding: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Turnover€63,000
Operating result€13,964--€18,211€1,362€1,749▲ 28.5%€36,058▲ 21×€113,606▲ 215%€36,248▼ 68.1%
Net result€14,684--€18,592below the sector's middle half€1,026below the sector's middle half€1,618below the sector's middle half▲ 57.6%€29,417within the sector's middle half▲ 18×€81,998above the sector's middle half▲ 179%€24,478within the sector's middle half▼ 70.1%
Equity€87,515-€68,923within the sector's middle half▼ 21.2%€69,949within the sector's middle half▲ 1.5%€71,567within the sector's middle half▲ 2.3%€100,984within the sector's middle half▲ 41.1%€182,973within the sector's middle half▲ 81.2%€149,884within the sector's middle half▼ 18.1%
Total assets€87,831-€69,255below the sector's middle half▼ 21.1%€72,153below the sector's middle half▲ 4.2%€72,954below the sector's middle half▲ 1.1%€125,349below the sector's middle half▲ 71.8%€199,960within the sector's middle half▲ 59.5%€179,218within the sector's middle half▼ 10.4%
Debt€316-€333▲ 5.3%€2,204▲ 563%€1,387▼ 37.1%€24,365▲ 18×€16,987▼ 30.3%€29,335▲ 72.7%
Working capital€87,397-€8,239within the sector's middle half▼ 90.6%€7,092within the sector's middle half▼ 13.9%€8,948within the sector's middle half▲ 26.2%€38,801within the sector's middle half▲ 334%€121,011within the sector's middle half▲ 212%€56,557within the sector's middle half▼ 53.3%
Solvency99.6%-99.5%above the sector's middle half▼ 0.1pp96.9%above the sector's middle half▼ 2.6pp98.1%above the sector's middle half▲ 1.2pp80.6%above the sector's middle half▼ 17.5pp91.5%above the sector's middle half▲ 10.9pp83.6%above the sector's middle half▼ 7.9pp
Current ratio25.77above the sector's middle half4.22above the sector's middle half▼ 21.557.45above the sector's middle half▲ 3.232.59within the sector's middle half▼ 4.868.12above the sector's middle half▲ 5.533.03within the sector's middle half▼ 5.09
Return on assets (ROA)16.7%--26.8%below the sector's middle half▼ 43.6pp1.4%within the sector's middle half▲ 28.3pp2.2%within the sector's middle half▲ 0.8pp23.5%within the sector's middle half▲ 21.2pp41.0%above the sector's middle half▲ 17.5pp13.7%within the sector's middle half▼ 27.3pp
above
within
below
the middle half of NACE 64, Financial service activities, except insurance and pension funding: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €179,218
Fixed assets
€94,831 ▲ 53.0%
Current assets
€84,387 ▼ 38.8%
Equity and liabilities €179,218
Equity
€149,884 ▼ 18.1%
Debt
€29,335 ▲ 72.7%
Debt's share of the balance-sheet total rises from 8.5% to 16.4%. Equity is lower and debt is higher.
Key figures and ratios
ROE
16.3%▼
2024 · 44.8%
Debt ≤ 1 year
€27,831▲
2024 · €16,987
Income taxes
€11,545▼
2024 · €31,936
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | - | - | €63,000 | - | - | - |
| Non-recurring operating income76A | - | - | - | - | - | €0 | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | - | €25,345 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €950 | €138 | €738 | €977 | €1,250 | €1,441 | €2,868 | ▲ 99.0% |
| Other operating charges640/8 | - | - | €472 | - | €348 | €446 | €522 | ▲ 16.9% |
| Gross operating margin9900 | €15,324 | -€17,726 | €2,571 | €2,726 | €37,655 | €115,493 | €39,638 | ▼ 65.7% |
| Operating profit (loss)9901 | €13,964 | -€18,211 | €1,362 | €1,749 | €36,058 | €113,606 | €36,248 | ▼ 68.1% |
| Financial income75/76B | - | - | - | - | €999 | €450 | €753 | ▲ 67.4% |
| Recurring financial income75 | €1,253 | €1 | - | - | €999 | €450 | €753 | ▲ 67.4% |
| Financial charges65/66B | - | - | €79 | €61 | €117 | €121 | €978 | ▲ 706% |
| Recurring financial charges65 | €379 | €179 | €79 | €61 | €117 | €121 | €978 | ▲ 706% |
| Profit (loss) for the period before taxes9903 | €14,838 | -€18,389 | €1,283 | €1,689 | €36,939 | €113,934 | €36,023 | ▼ 68.4% |
| Income taxes67/77 | €154 | €203 | €256 | €71 | €7,523 | €31,936 | €11,545 | ▼ 63.9% |
| Profit (loss) for the period9904 | €14,684 | -€18,592 | €1,026 | €1,618 | €29,417 | €81,998 | €24,478 | ▼ 70.1% |
| Profit (loss) for the period to be appropriated9905 | €14,684 | -€18,592 | €1,026 | €1,618 | €29,417 | €81,998 | €24,478 | ▼ 70.1% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €87,831 | €69,255 | €72,153 | €72,954 | €125,349 | €199,960 | €179,218 | ▼ 10.4% |
| Fixed assets21/28 | €118 | €60,684 | €62,857 | €62,619 | €62,183 | €61,962 | €94,831 | ▲ 53.0% |
| Tangible fixed assets22/27 | €118 | €683 | €2,856 | €2,618 | €2,183 | €1,962 | €34,831 | ▲ 18× |
| Plant, machinery and equipment23 | - | - | €449 | €793 | €940 | €1,301 | €2,180 | ▲ 67.6% |
| Furniture and vehicles24 | - | - | €2,408 | €1,825 | €1,243 | €661 | €32,651 | ▲ 49× |
| Financial fixed assets28 | - | €60,001 | €60,001 | €60,001 | €60,000 | €60,000 | €60,000 | = |
| Current assets29/58 | €87,713 | €8,571 | €9,296 | €10,335 | €63,166 | €137,998 | €84,387 | ▼ 38.8% |
| Amounts receivable within one year40/41 | €905 | €655 | - | €9,680 | - | €60,655 | €40,555 | ▼ 33.1% |
| Trade receivables40 | - | - | - | €9,680 | - | €60,595 | €40,555 | ▼ 33.1% |
| Other amounts receivable41 | - | - | - | - | - | €60 | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €24,808 | €7,917 | €8,551 | €655 | €63,150 | €77,343 | €41,411 | ▼ 46.5% |
| Deferred charges and accrued income490/1 | - | - | €744 | - | €16 | €0 | €2,422 | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €87,831 | €69,255 | €72,153 | €72,954 | €125,349 | €199,960 | €179,218 | ▼ 10.4% |
| Equity10/15 | €87,515 | €68,923 | €69,949 | €71,567 | €100,984 | €182,973 | €149,884 | ▼ 18.1% |
| Contributions10/11 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Capital10 | - | - | €12,400 | €12,400 | - | - | - | - |
| Issued capital100 | - | - | €18,600 | €18,600 | - | - | - | - |
| Uncalled capital101 | - | - | €6,200 | €6,200 | - | - | - | - |
| Reserves13 | €60,431 | €60,431 | €60,431 | €60,431 | €89,848 | €170,573 | €137,484 | ▼ 19.4% |
| Non-distributable reserves130/1 | - | - | €1,860 | €1,860 | €1,860 | €0 | - | - |
| Legal reserve130 | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | - | €1,860 | €0 | - | - |
| Distributable reserves133 | - | - | €58,571 | €58,571 | €87,988 | €170,573 | €137,484 | ▼ 19.4% |
| Profit (loss) carried forward14 | €14,684 | -€3,909 | -€2,882 | -€1,264 | -€1,264 | €0 | €0 | - |
| Amounts payable17/49 | €316 | €333 | €2,204 | €1,387 | €24,365 | €16,987 | €29,335 | ▲ 72.7% |
| Amounts payable within one year42/48 | €316 | €333 | €2,204 | €1,387 | €24,365 | €16,987 | €27,831 | ▲ 63.8% |
| Trade debts44 | €162 | €81 | €1,447 | - | - | €128 | €3,623 | ▲ 28× |
| Suppliers440/4 | - | - | €1,447 | - | - | €128 | €3,623 | ▲ 28× |
| Taxes, remuneration and social security45 | - | - | €757 | €1,387 | €24,365 | €16,859 | €3,282 | ▼ 80.5% |
| Taxes450/3 | - | - | €757 | €1,387 | €24,365 | €16,859 | €3,282 | ▼ 80.5% |
| Other amounts payable47/48 | - | - | - | - | - | - | €20,926 | - |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €1,504 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €14,684 | -€18,592 | €1,026 | €1,618 | €29,417 | €81,998 | €24,478 | ▼ 70.1% |
| + Depreciation and write-downs630 | €950 | €138 | €738 | €977 | €1,250 | €1,441 | €2,868 | ▲ 99.0% |
| Operating cash flow (approximation) | €15,634 | -€18,455 | €1,765 | €2,595 | €30,667 | €83,439 | €27,347 | ▼ 67.2% |
| Investment in fixed assets (approximation) | - | -€60,704 | -€2,912 | -€738 | -€814 | -€1,220 | -€35,738 | ▼ 2,829% |
| Change in cash | - | -€16,891 | €635 | -€7,896 | €62,494 | €14,194 | -€35,932 | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 14 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 30-09-2025 | micro format | 28-04-2026 | 2026-00089799 |
| 30-09-2024 | micro format | 01-04-2025 | 2025-00059917 |
| 30-09-2023 | micro format | 02-04-2024 | 2024-00053719 |
| 30-09-2022 | micro format | 01-04-2023 | 2023-00051264 |
| 30-09-2021 | micro format | 04-04-2022 | 2022-20000035 |
| 30-09-2020 | micro format | 06-04-2021 | 2021-09500344 |
| 30-09-2019 | micro format | 23-06-2020 | 2020-19100307 |
| 30-09-2018 | micro format | 29-04-2019 | 2019-11700157 |
| 30-09-2017 | micro format | 04-04-2018 | 2018-09400316 |
| 30-09-2016 | abbreviated format | 03-04-2017 | 2017-08700497 |
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Of the 24,459 active companies whose main activity is activities of holding companies (NACE 64210), figures are known for 20,049. 13,440 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.