RTF-ART
ActiveFinancials · financial year 2026, micro format
Annual accounts 2026 filed on 19-09-2026 at the NBB all 12 filings
Turnover
€265,566▲ 31.3%
2019 · €202,321
EBIT margin
4.2%▲ 3.3pp
2019 · 0.9%
Net result
€4,493▲ 27.7%
2025 · €3,517
Working capital
€10,509▼ 72.1%
2025 · €37,600
Multi-year overview
2019 to 2026, 8 financial yearsTurnover
no figure
2026
20192026
Operating result
€9,336
▲ 34.9%
2026
20192026
Net result
€4,493
▲ 27.7%
2026
20192026
EBIT margin
no figure
2026
20192026
Equity
€46,336
▲ 10.7%
2026
20192026
Total assets
€94,562
▲ 22.1%
2026
20192026
Debt
€48,226
▲ 35.4%
2026
20192026
Working capital
€10,509
▼ 72.1%
2026
20192026
Solvency
49.0%
▼ 5.0pp
2026
20192026
Current ratio
1.22
▼ 0.84
2026
20192026
Return on assets (ROA)
4.8%
▲ 0.2pp
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Turnover€202,321-€265,566
Operating result€1,808-€1,754▼ 3.0%€698▼ 60.2%€10,669▲ 15×€7,446▼ 30.2%€11,210▲ 50.6%€6,920▼ 38.3%€9,336▲ 34.9%
Net result€231-€740▲ 220%€309below the sector's middle half▼ 58.2%€5,628within the sector's middle half▲ 18×€4,297within the sector's middle half▼ 23.7%€7,023within the sector's middle half▲ 63.4%€3,517within the sector's middle half▼ 49.9%€4,493▲ 27.7%
EBIT margin0.9%-4.2%
Equity€23,528-€24,268▲ 3.1%€25,577below the sector's middle half▲ 5.4%€31,206within the sector's middle half▲ 22.0%€35,502within the sector's middle half▲ 13.8%€38,326within the sector's middle half▲ 8.0%€41,843within the sector's middle half▲ 9.2%€46,336▲ 10.7%
Total assets€49,047-€32,709▼ 33.3%€40,307below the sector's middle half▲ 23.2%€66,146below the sector's middle half▲ 64.1%€67,280within the sector's middle half▲ 1.7%€78,784within the sector's middle half▲ 17.1%€77,460within the sector's middle half▼ 1.7%€94,562▲ 22.1%
Debt€25,518-€8,441▼ 66.9%€14,730▲ 74.5%€34,940▲ 137%€31,778▼ 9.0%€40,459▲ 27.3%€35,617▼ 12.0%€48,226▲ 35.4%
Working capital€20,157-€17,794▼ 11.7%€15,999below the sector's middle half▼ 10.1%€1,162below the sector's middle half▼ 92.7%€25,565within the sector's middle half▲ 22×€33,846within the sector's middle half▲ 32.4%€37,600within the sector's middle half▲ 11.1%€10,509▼ 72.1%
Solvency48.0%-74.2%▲ 26.2pp63.5%above the sector's middle half▼ 10.7pp47.2%within the sector's middle half▼ 16.3pp52.8%within the sector's middle half▲ 5.6pp48.6%within the sector's middle half▼ 4.1pp54.0%within the sector's middle half▲ 5.4pp49.0%▼ 5.0pp
Current ratio2.08-4.13▲ 2.042.09within the sector's middle half▼ 2.041.03below the sector's middle half▼ 1.051.80within the sector's middle half▲ 0.771.84within the sector's middle half▲ 0.032.06within the sector's middle half▲ 0.221.22▼ 0.84
Return on assets (ROA)0.5%-2.3%▲ 1.8pp0.8%within the sector's middle half▼ 1.5pp8.5%within the sector's middle half▲ 7.7pp6.4%within the sector's middle half▼ 2.1pp8.9%within the sector's middle half▲ 2.5pp4.5%within the sector's middle half▼ 4.4pp4.8%▲ 0.2pp
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 2026 is 35% higher than in 2025. It is a recovery after the fall in 2025.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €94,562
Fixed assets
€35,827 ▲ 744%
Current assets
€58,735 ▼ 19.8%
Equity and liabilities €94,562
Equity
€46,336 ▲ 10.7%
Debt
€48,226 ▲ 35.4%
Debt's share of the balance-sheet total rises from 46.0% to 51.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
€14,030▲
2025 · €9,707
Cash flow
€9,187▲
2025 · €6,304
Quick ratio
0.78▼
2025 · 1.68
Debt to equity
1.04▲
2025 · 0.85
ROE
9.7%▲
2025 · 8.4%
Interest coverage
12.80▼
2025 · 16.20
Debt ≤ 1 year
€48,226▲
2025 · €35,617
Income taxes
€3,750▲
2025 · €2,828
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 | 30-06-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | €30,890 | €380 | €3,364 | €2,550 | €36,278 |
| Depreciation and write-downs of the year | €10,425 | €11,365 | €8,821 | €2,787 | €4,694 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €202,321 | - | - | - | - | €265,566 | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | - | - | €252,643 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,381 | €7,493 | €6,566 | €10,425 | €11,365 | €8,821 | €2,787 | €4,694 | ▲ 68.4% |
| Other operating charges640/8 | - | - | - | €1,209 | €1,318 | €1,437 | €1,431 | €1,239 | ▼ 13.5% |
| Gross operating margin9900 | €9,081 | €10,086 | €8,475 | €22,303 | €20,129 | €21,468 | €11,138 | €15,269 | ▲ 37.1% |
| Operating profit (loss)9901 | €1,808 | €1,754 | €698 | €10,669 | €7,446 | €11,210 | €6,920 | €9,336 | ▲ 34.9% |
| Financial income75/76B | - | - | - | €603 | €0 | €5 | €25 | €3 | ▼ 86.9% |
| Recurring financial income75 | - | €403 | €912 | €603 | €0 | €5 | €25 | €3 | ▼ 86.9% |
| Financial charges65/66B | - | - | - | €898 | €254 | €381 | €599 | €1,096 | ▲ 82.8% |
| Recurring financial charges65 | €1,070 | €769 | €486 | €898 | €254 | €381 | €599 | €1,096 | ▲ 82.8% |
| Profit (loss) for the period before taxes9903 | €738 | €1,388 | €1,125 | €10,375 | €7,192 | €10,834 | €6,345 | €8,243 | ▲ 29.9% |
| Income taxes67/77 | €507 | €648 | €816 | €4,746 | €2,895 | €3,811 | €2,828 | €3,750 | ▲ 32.6% |
| Profit (loss) for the period9904 | €231 | €740 | €309 | €5,628 | €4,297 | €7,023 | €3,517 | €4,493 | ▲ 27.7% |
| Profit (loss) for the period to be appropriated9905 | €231 | €740 | €309 | €5,628 | €4,297 | €7,023 | €3,517 | €4,493 | ▲ 27.7% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €49,047 | €32,709 | €40,307 | €66,146 | €67,280 | €78,784 | €77,460 | €94,562 | ▲ 22.1% |
| Fixed assets21/28 | €10,275 | €9,224 | €9,579 | €30,043 | €9,937 | €4,480 | €4,243 | €35,827 | ▲ 744% |
| Tangible fixed assets22/27 | €10,038 | €8,987 | €9,342 | €29,806 | €9,700 | €4,242 | €4,006 | €35,590 | ▲ 788% |
| Plant, machinery and equipment23 | - | - | - | €2,533 | €1,644 | €714 | €474 | €164 | ▼ 65.4% |
| Furniture and vehicles24 | - | - | - | €27,273 | €8,056 | €3,529 | €3,532 | €7,760 | ▲ 120% |
| Leasing and similar rights25 | - | - | - | - | - | - | - | €27,666 | - |
| Financial fixed assets28 | €237 | €237 | €237 | €237 | €237 | €237 | €237 | €237 | = |
| Current assets29/58 | €38,772 | €23,484 | €30,729 | €36,102 | €57,343 | €74,305 | €73,217 | €58,735 | ▼ 19.8% |
| Stocks and contracts in progress3 | - | - | - | - | - | €15,000 | €13,250 | €21,100 | ▲ 59.2% |
| Stocks30/36 | - | - | - | - | - | €15,000 | €13,250 | €21,100 | ▲ 59.2% |
| Amounts receivable within one year40/41 | €30,005 | €12,668 | €20,486 | €28,974 | €49,035 | €54,209 | €53,934 | €32,047 | ▼ 40.6% |
| Trade receivables40 | - | - | - | €15,287 | €45,782 | €50,595 | €50,406 | €28,082 | ▼ 44.3% |
| Other amounts receivable41 | - | - | - | €13,687 | €3,253 | €3,614 | €3,528 | €3,965 | ▲ 12.4% |
| Cash at bank and in hand54/58 | €7,734 | €10,020 | €8,134 | €4,683 | €5,854 | €2,491 | €3,527 | €3,497 | ▼ 0.8% |
| Deferred charges and accrued income490/1 | - | - | - | €2,446 | €2,454 | €2,605 | €2,506 | €2,092 | ▼ 16.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €49,047 | €32,709 | €40,307 | €66,146 | €67,280 | €78,784 | €77,460 | €94,562 | ▲ 22.1% |
| Equity10/15 | €23,528 | €24,268 | €25,577 | €31,206 | €35,502 | €38,326 | €41,843 | €46,336 | ▲ 10.7% |
| Contributions10/11 | €6,200 | €6,200 | - | €7,200 | €7,200 | €7,200 | €7,200 | €7,200 | = |
| Contributions outside capital11 | - | - | - | €7,200 | - | - | - | - | - |
| Other1109/19 | - | - | - | €7,200 | - | - | - | - | - |
| Reserves13 | €6,060 | €6,060 | €6,060 | €11,560 | €15,560 | €18,360 | €21,860 | €26,260 | ▲ 20.1% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €9,700 | €13,700 | €16,500 | €20,000 | €24,400 | ▲ 22.0% |
| Profit (loss) carried forward14 | €11,268 | €12,008 | €12,317 | €12,446 | €12,742 | €12,766 | €12,783 | €12,876 | ▲ 0.7% |
| Amounts payable17/49 | €25,518 | €8,441 | €14,730 | €34,940 | €31,778 | €40,459 | €35,617 | €48,226 | ▲ 35.4% |
| Amounts payable after more than one year17 | €6,904 | €2,751 | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €18,615 | €5,690 | €14,730 | €34,940 | €31,778 | €40,459 | €35,617 | €48,226 | ▲ 35.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | - | - | €27,458 | - |
| Trade debts44 | €8,772 | €508 | €9,035 | €22,901 | €21,204 | €36,856 | €21,128 | €10,130 | ▼ 52.1% |
| Suppliers440/4 | - | - | - | €22,901 | €21,204 | €36,856 | €21,128 | €10,130 | ▼ 52.1% |
| Taxes, remuneration and social security45 | - | - | - | €12,039 | €5,340 | €2,343 | €7,780 | €7,530 | ▼ 3.2% |
| Taxes450/3 | - | - | - | €4,038 | €890 | €793 | €350 | - | - |
| Remuneration and social security454/9 | - | - | - | €8,002 | €4,450 | €1,550 | €7,430 | €7,530 | ▲ 1.3% |
| Other amounts payable47/48 | - | - | - | - | €5,234 | €1,259 | €6,709 | €3,108 | ▼ 53.7% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €231 | €740 | €309 | €5,628 | €4,297 | €7,023 | €3,517 | €4,493 | ▲ 27.7% |
| + Depreciation and write-downs630 | €6,381 | €7,493 | €6,566 | €10,425 | €11,365 | €8,821 | €2,787 | €4,694 | ▲ 68.4% |
| Operating cash flow (approximation) | €6,612 | €8,233 | €6,876 | €16,053 | €15,662 | €15,845 | €6,304 | €9,187 | ▲ 45.7% |
| Investment in fixed assets (approximation) | - | -€6,443 | -€6,921 | -€30,890 | €8,741 | -€3,364 | -€2,550 | -€36,278 | ▼ 1,323% |
| Change in cash | - | €2,287 | -€1,886 | -€3,452 | €1,171 | -€3,363 | €1,035 | -€30 | - |
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, 10,904 companies had the same profile as RTF-ART has now. Two years later, 95.1% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.1%
was still going
4.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of RTF-ART itself: 0.4% 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 10,904 companies, not a prediction for RTF-ART. 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 12 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2026 | micro format | 19-09-2026 | 2026-00517180 | |
| 30-06-2025 | micro format | 31-10-2025 | 2025-00558171 | |
| 30-06-2024 | micro format | 28-11-2024 | 2024-00607468 | |
| 30-06-2023 | micro format | 29-12-2023 | 2024-00542024 | |
| 30-06-2022 | micro format | 08-12-2022 | 2022-20535020 | |
| 30-06-2021 | full format | 23-12-2021 | 2021-81700189 | |
| 30-06-2020 | full format | 22-01-2021 | 2021-01400565 | |
| 30-06-2019 | full format | 26-11-2019 | 2019-74400300 | |
| 30-06-2018 | full format | 17-12-2018 | 2018-74700538 | |
| 30-06-2017 | full format | 15-02-2018 | 2018-05100133 |