RTC MENUISERIE
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 12-07-2026 at the NBB all 5 filings
Turnover
€719,946▼ 2.8%
2024 · €740,467
EBIT margin
2.8%▼ 4.7pp
2024 · 7.4%
Net result
€13,898▼ 66.7%
2024 · €41,702
Working capital
€123,792▲ 20.7%
2024 · €102,580
Multi-year overview
2021 to 2025, 5 financial yearsTurnover
€719,946
▼ 2.8%
2025
20212025
Operating result
€19,959
▼ 63.7%
2025
20212025
Net result
€13,898
▼ 66.7%
2025
middle half of the sector
20212025
EBIT margin
2.8%
▼ 4.7pp
2025
20212025
Equity
€130,929
▲ 11.9%
2025
middle half of the sector
20212025
Total assets
€177,151
▼ 2.5%
2025
middle half of the sector
20212025
Debt
€46,222
▼ 28.5%
2025
20212025
Working capital
€123,792
▲ 20.7%
2025
highest quarter of the sector
20212025
Solvency
73.9%
▲ 9.5pp
2025
highest quarter of the sector
20212025
Current ratio
3.68
▲ 1.08
2025
highest quarter of the sector
20212025
Return on assets (ROA)
7.8%
▼ 15.1pp
2025
middle half of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Turnover€740,467€719,946▼ 2.8%
Operating result€66,437-€16,141▼ 75.7%€15,500▼ 4.0%€54,963▲ 255%€19,959▼ 63.7%
Net result€52,029above the sector's middle half-€11,236within the sector's middle half▼ 78.4%€10,064within the sector's middle half▼ 10.4%€41,702above the sector's middle half▲ 314%€13,898within the sector's middle half▼ 66.7%
EBIT margin7.4%2.8%▼ 4.7pp
Equity€54,029within the sector's middle half-€65,265within the sector's middle half▲ 20.8%€75,329within the sector's middle half▲ 15.4%€117,031within the sector's middle half▲ 55.4%€130,929within the sector's middle half▲ 11.9%
Total assets€91,215within the sector's middle half-€96,753within the sector's middle half▲ 6.1%€143,383within the sector's middle half▲ 48.2%€181,689within the sector's middle half▲ 26.7%€177,151within the sector's middle half▼ 2.5%
Debt€37,186-€31,488▼ 15.3%€68,054▲ 116%€64,658▼ 5.0%€46,222▼ 28.5%
Working capital€30,504within the sector's middle half-€39,267within the sector's middle half▲ 28.7%€55,062within the sector's middle half▲ 40.2%€102,580above the sector's middle half▲ 86.3%€123,792above the sector's middle half▲ 20.7%
Solvency59.2%within the sector's middle half-67.5%above the sector's middle half▲ 8.2pp52.5%within the sector's middle half▼ 14.9pp64.4%within the sector's middle half▲ 11.9pp73.9%above the sector's middle half▲ 9.5pp
Current ratio1.82within the sector's middle half-2.25within the sector's middle half▲ 0.431.81within the sector's middle half▼ 0.442.60within the sector's middle half▲ 0.793.68above the sector's middle half▲ 1.08
Return on assets (ROA)57.0%above the sector's middle half-11.6%within the sector's middle half▼ 45.4pp7.0%within the sector's middle half▼ 4.6pp23.0%above the sector's middle half▲ 15.9pp7.8%within the sector's middle half▼ 15.1pp
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% lower than in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €177,151
Fixed assets
€7,137 ▼ 51.9%
Current assets
€170,014 ▲ 1.9%
Equity and liabilities €177,151
Equity
€130,929 ▲ 11.9%
Debt
€46,222 ▼ 28.5%
Debt's share of the balance-sheet total falls from 35.6% to 26.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€27,665▼
2024 · €62,345
Cash flow
€21,603▼
2024 · €49,083
Debt to equity
0.35▼
2024 · 0.55
ROE
10.6%▼
2024 · 35.6%
Interest coverage
94.36▼
2024 · over 100
Debt ≤ 1 year
€46,222▼
2024 · €64,267
Income taxes
€5,778▼
2024 · €13,079
Customer credit
48 days▲
2024 · 43 days
Supplier credit
2 days▼
2024 · 2 days
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 | €26,140 | €9,108 | €1,321 | €1,956 | - |
| Financial fixed assets | - | €164 | - | - | - |
| Depreciation and write-downs of the year | €2,614 | €6,800 | €7,052 | €7,381 | €7,705 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | - | - | - | €740,467 | €719,946 | ▼ 2.8% |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €675,682 | €690,800 | ▲ 2.2% |
| Remuneration, social security and pensions62 | - | €13,813 | -€53 | €338 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,614 | €6,800 | €7,052 | €7,381 | €7,705 | ▲ 4.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | -€160 | - | - | - |
| Other operating charges640/8 | €398 | €1,524 | €2,434 | €2,102 | €1,481 | ▼ 29.5% |
| Gross operating margin9900 | €69,448 | €38,277 | €24,773 | €64,785 | €29,146 | ▼ 55.0% |
| Operating profit (loss)9901 | €66,437 | €16,141 | €15,500 | €54,963 | €19,959 | ▼ 63.7% |
| Financial income75/76B | €1 | €14 | - | €0 | €10 | ▲ 34× |
| Recurring financial income75 | €1 | €14 | - | €0 | €10 | ▲ 34× |
| Financial charges65/66B | - | €449 | €1,179 | €183 | €293 | ▲ 60.0% |
| Recurring financial charges65 | - | €449 | €1,179 | €183 | €293 | ▲ 60.0% |
| Profit (loss) for the period before taxes9903 | €66,438 | €15,706 | €14,321 | €54,780 | €19,676 | ▼ 64.1% |
| Income taxes67/77 | €14,409 | €4,470 | €4,258 | €13,079 | €5,778 | ▼ 55.8% |
| Profit (loss) for the period9904 | €52,029 | €11,236 | €10,064 | €41,702 | €13,898 | ▼ 66.7% |
| Profit (loss) for the period to be appropriated9905 | €52,029 | €11,236 | €10,064 | €41,702 | €13,898 | ▼ 66.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €91,215 | €96,753 | €143,383 | €181,689 | €177,151 | ▼ 2.5% |
| Fixed assets21/28 | €23,526 | €25,998 | €20,267 | €14,842 | €7,137 | ▼ 51.9% |
| Tangible fixed assets22/27 | €23,526 | €25,834 | €20,103 | €14,678 | €6,973 | ▼ 52.5% |
| Furniture and vehicles24 | €23,526 | €25,834 | €20,103 | €14,678 | €6,973 | ▼ 52.5% |
| Financial fixed assets28 | - | €164 | €164 | €164 | €164 | = |
| Current assets29/58 | €67,690 | €70,755 | €123,116 | €166,847 | €170,014 | ▲ 1.9% |
| Amounts receivable within one year40/41 | €44,437 | €62,660 | €109,433 | €86,249 | €95,018 | ▲ 10.2% |
| Trade receivables40 | €42,918 | €59,311 | €100,997 | €86,249 | €95,018 | ▲ 10.2% |
| Other amounts receivable41 | €1,519 | €3,349 | €8,435 | - | - | - |
| Cash at bank and in hand54/58 | €23,252 | €8,096 | €11,200 | €76,241 | €69,160 | ▼ 9.3% |
| Deferred charges and accrued income490/1 | - | - | €2,484 | €4,357 | €5,835 | ▲ 33.9% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €91,215 | €96,753 | €143,383 | €181,689 | €177,151 | ▼ 2.5% |
| Equity10/15 | €54,029 | €65,265 | €75,329 | €117,031 | €130,929 | ▲ 11.9% |
| Contributions10/11 | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Profit (loss) carried forward14 | €52,029 | €63,265 | €73,329 | €115,031 | €128,929 | ▲ 12.1% |
| Amounts payable17/49 | €37,186 | €31,488 | €68,054 | €64,658 | €46,222 | ▼ 28.5% |
| Amounts payable within one year42/48 | €37,186 | €31,488 | €68,054 | €64,267 | €46,222 | ▼ 28.1% |
| Trade debts44 | €214 | €1,401 | €50,638 | €3,993 | €3,483 | ▼ 12.8% |
| Suppliers440/4 | €214 | €1,401 | €50,638 | €3,993 | €3,483 | ▼ 12.8% |
| Taxes, remuneration and social security45 | €14,409 | €18,939 | €11,072 | €41,327 | €26,206 | ▼ 36.6% |
| Taxes450/3 | €14,409 | €18,879 | €11,072 | €41,327 | €26,206 | ▼ 36.6% |
| Remuneration and social security454/9 | - | €60 | - | - | - | - |
| Other amounts payable47/48 | €22,563 | €11,148 | €6,344 | €18,946 | €16,533 | ▼ 12.7% |
| Accrued charges and deferred income492/3 | - | - | - | €391 | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €52,029 | €11,236 | €10,064 | €41,702 | €13,898 | ▼ 66.7% |
| + Depreciation and write-downs630 | €2,614 | €6,800 | €7,052 | €7,381 | €7,705 | ▲ 4.4% |
| Operating cash flow (approximation) | €54,643 | €18,036 | €17,116 | €49,083 | €21,603 | ▼ 56.0% |
| Investment in fixed assets (approximation) | - | -€9,272 | -€1,321 | -€1,956 | €0 | - |
| Change in cash | - | -€15,157 | €3,104 | €65,041 | -€7,080 | - |
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, 26,972 companies had the same profile as RTC MENUISERIE has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of RTC MENUISERIE 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 26,972 companies, not a prediction for RTC MENUISERIE. 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 (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 12-07-2026 | 2026-00282629 | |
| 31-12-2024 | micro format | 15-07-2025 | 2025-00270752 | |
| 31-12-2023 | micro format | 03-07-2024 | 2024-00202051 | |
| 31-12-2022 | micro format | 26-06-2023 | 2023-00157296 | |
| 31-12-2021 | micro format | 27-06-2022 | 2022-20146415 |