#RTFW
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 07-07-2026 at the NBB all 8 filings
Equity
-€71,483▼ 13.3%
2024 · -€63,097
Total assets
€7,343▼ 17.9%
2024 · €8,942
Net result
-€8,386▲ 9.1%
2024 · -€9,222
Working capital
-€73,692▼ 11.0%
2024 · -€66,400
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€7,782
▲ 9.8%
2025
20182025
Net result
-€8,386
▲ 9.1%
2025
lowest quarter of the sector
20182025
Equity
-€71,483
▼ 13.3%
2025
lowest quarter of the sector
20182025
Total assets
€7,343
▼ 17.9%
2025
lowest quarter of the sector
20182025
Debt
€78,825
▲ 9.4%
2025
20182025
Working capital
-€73,692
▼ 11.0%
2025
lowest quarter of the sector
20182025
Solvency
-973.5%
▼ 267.9pp
2025
lowest quarter of the sector
20182025
Current ratio
0.07
▼ 0.01
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-114.2%
▼ 11.1pp
2025
lowest 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-€10,210-€4,858-€8,133-€14,356▼ 76.5%-€11,540▲ 19.6%-€16,088▼ 39.4%-€8,625▲ 46.4%-€7,782▲ 9.8%
Net result-€10,734-€3,528-€8,346below the sector's middle half-€15,646below the sector's middle half▼ 87.5%-€12,194below the sector's middle half▲ 22.1%-€16,682below the sector's middle half▼ 36.8%-€9,222below the sector's middle half▲ 44.7%-€8,386below the sector's middle half▲ 9.1%
Equity-€4,534--€1,006▲ 77.8%-€9,353below the sector's middle half▼ 829%-€24,999below the sector's middle half▼ 167%-€37,193below the sector's middle half▼ 48.8%-€53,875below the sector's middle half▼ 44.9%-€63,097below the sector's middle half▼ 17.1%-€71,483below the sector's middle half▼ 13.3%
Total assets€48,610-€66,066▲ 35.9%€42,101below the sector's middle half▼ 36.3%€29,777below the sector's middle half▼ 29.3%€14,707below the sector's middle half▼ 50.6%€6,357below the sector's middle half▼ 56.8%€8,942below the sector's middle half▲ 40.7%€7,343below the sector's middle half▼ 17.9%
Debt€53,144-€67,073▲ 26.2%€51,454▼ 23.3%€54,776▲ 6.5%€51,899▼ 5.3%€60,232▲ 16.1%€72,039▲ 19.6%€78,825▲ 9.4%
Working capital-€15,341--€18,021▼ 17.5%-€21,477below the sector's middle half▼ 19.2%-€32,232below the sector's middle half▼ 50.1%-€40,060below the sector's middle half▼ 24.3%-€53,875below the sector's middle half▼ 34.5%-€66,400below the sector's middle half▼ 23.2%-€73,692below the sector's middle half▼ 11.0%
Solvency-9.3%--1.5%▲ 7.8pp-22.2%below the sector's middle half▼ 20.7pp-84.0%below the sector's middle half▼ 61.7pp-252.9%below the sector's middle half▼ 168.9pp-847.5%below the sector's middle half▼ 594.6pp-705.6%below the sector's middle half▲ 141.8pp-973.5%below the sector's middle half▼ 267.9pp
Current ratio0.71-0.73▲ 0.020.58below the sector's middle half▼ 0.150.41below the sector's middle half▼ 0.170.23below the sector's middle half▼ 0.180.11below the sector's middle half▼ 0.120.08below the sector's middle half▼ 0.030.07below the sector's middle half▼ 0.01
Return on assets (ROA)-22.1%-5.3%▲ 27.4pp-19.8%below the sector's middle half▼ 25.2pp-52.5%below the sector's middle half▼ 32.7pp-82.9%below the sector's middle half▼ 30.4pp-262.4%below the sector's middle half▼ 179.5pp-103.1%below the sector's middle half▲ 159.3pp-114.2%below the sector's middle half▼ 11.1pp
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 a loss of €7,782, smaller than the loss of €8,625 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €7,343
Fixed assets
€2,209 ▼ 33.1%
Current assets
€5,134 ▼ 9.0%
Equity and liabilities
Equity-€71,483
Debt€78,825
Equity is negative. Debt (€78,825) exceeds the balance-sheet total (€7,343).
Key figures and ratios
EBITDA
-€6,688▲
2024 · -€7,552
Cash flow
-€7,292▲
2024 · -€8,149
Quick ratio
0.03▼
2024 · 0.04
Interest coverage
-35.01▲
2024 · -41.56
Debt ≤ 1 year
€78,825▲
2024 · €72,039
Income taxes
€422▲
2024 · €416
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
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 | - | - | - | €4,376 | - |
| Depreciation and write-downs of the year | €4,891 | €4,366 | €2,867 | €1,073 | €1,094 |
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 | - | - | - | - | €136 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €235 | €4,891 | €4,891 | €4,891 | €4,366 | €2,867 | €1,073 | €1,094 | ▲ 2.0% |
| Other operating charges640/8 | - | - | - | €916 | €1,035 | €1,027 | €1,112 | €1,074 | ▼ 3.5% |
| Gross operating margin9900 | -€4,752 | €12,389 | -€2,266 | -€8,549 | -€6,139 | -€12,194 | -€6,439 | -€5,614 | ▲ 12.8% |
| Operating profit (loss)9901 | -€10,210 | €4,858 | -€8,133 | -€14,356 | -€11,540 | -€16,088 | -€8,625 | -€7,782 | ▲ 9.8% |
| Financial income75/76B | - | - | - | €13 | €36 | €6 | €1 | €10 | ▲ 847% |
| Recurring financial income75 | €69 | €23 | €9 | €13 | €36 | €6 | €1 | €10 | ▲ 847% |
| Financial charges65/66B | - | - | - | €529 | €303 | €202 | €182 | €191 | ▲ 5.1% |
| Recurring financial charges65 | €594 | €1,043 | €222 | €529 | €303 | €202 | €182 | €191 | ▲ 5.1% |
| Profit (loss) for the period before taxes9903 | -€10,734 | €3,838 | -€8,346 | -€14,872 | -€11,807 | -€16,285 | -€8,806 | -€7,964 | ▲ 9.6% |
| Income taxes67/77 | - | €311 | - | €775 | €387 | €398 | €416 | €422 | ▲ 1.6% |
| Profit (loss) for the period9904 | -€10,734 | €3,528 | -€8,346 | -€15,646 | -€12,194 | -€16,682 | -€9,222 | -€8,386 | ▲ 9.1% |
| Profit (loss) for the period to be appropriated9905 | -€10,734 | €3,528 | -€8,346 | -€15,646 | -€12,194 | -€16,682 | -€9,222 | -€8,386 | ▲ 9.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €48,610 | €66,066 | €42,101 | €29,777 | €14,707 | €6,357 | €8,942 | €7,343 | ▼ 17.9% |
| Formation expenses20 | €706 | €518 | €329 | €141 | - | - | - | - | - |
| Fixed assets21/28 | €10,101 | €16,497 | €11,794 | €7,092 | €2,867 | - | €3,303 | €2,209 | ▼ 33.1% |
| Tangible fixed assets22/27 | €10,101 | €16,497 | €11,794 | €7,092 | €2,867 | - | €3,303 | €2,209 | ▼ 33.1% |
| Plant, machinery and equipment23 | - | - | - | €1,357 | - | - | - | - | - |
| Furniture and vehicles24 | - | - | - | €5,734 | €2,867 | - | €3,303 | €2,209 | ▼ 33.1% |
| Current assets29/58 | €37,803 | €49,051 | €29,977 | €22,545 | €11,840 | €6,357 | €5,639 | €5,134 | ▼ 9.0% |
| Stocks and contracts in progress3 | €20,642 | €27,785 | €18,271 | €13,353 | €7,430 | €3,961 | €3,000 | €3,000 | = |
| Stocks30/36 | - | - | - | €13,353 | €7,430 | €3,961 | €3,000 | €3,000 | = |
| Amounts receivable within one year40/41 | €6,505 | €9,324 | €3,472 | €1,165 | €871 | €372 | €759 | €621 | ▼ 18.2% |
| Trade receivables40 | - | - | - | €46 | €287 | €157 | €157 | €157 | = |
| Other amounts receivable41 | - | - | - | €1,119 | €584 | €215 | €603 | €464 | ▼ 23.0% |
| Cash at bank and in hand54/58 | €3,585 | €5,569 | €3,023 | €3,980 | €535 | €206 | €2 | €88 | ▲ 46× |
| Deferred charges and accrued income490/1 | - | - | - | €4,046 | €3,003 | €1,818 | €1,878 | €1,425 | ▼ 24.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €48,610 | €66,066 | €42,101 | €29,777 | €14,707 | €6,357 | €8,942 | €7,343 | ▼ 17.9% |
| Equity10/15 | -€4,534 | -€1,006 | -€9,353 | -€24,999 | -€37,193 | -€53,875 | -€63,097 | -€71,483 | ▼ 13.3% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Profit (loss) carried forward14 | -€10,734 | -€7,206 | -€15,553 | -€31,199 | -€43,393 | -€60,075 | -€69,297 | -€77,683 | ▼ 12.1% |
| Amounts payable17/49 | €53,144 | €67,073 | €51,454 | €54,776 | €51,899 | €60,232 | €72,039 | €78,825 | ▲ 9.4% |
| Amounts payable within one year42/48 | €53,144 | €67,073 | €51,454 | €54,776 | €51,899 | €60,232 | €72,039 | €78,825 | ▲ 9.4% |
| Trade debts44 | €25,017 | €495 | €1,700 | €527 | €1,030 | €597 | €704 | €780 | ▲ 10.9% |
| Suppliers440/4 | - | - | - | €527 | €1,030 | €597 | €704 | €780 | ▲ 10.9% |
| Taxes, remuneration and social security45 | - | - | - | €762 | €764 | €775 | €793 | €1,215 | ▲ 53.3% |
| Taxes450/3 | - | - | - | €762 | €764 | €775 | €793 | €1,215 | ▲ 53.3% |
| Other amounts payable47/48 | - | - | - | €53,487 | €50,105 | €58,861 | €70,542 | €76,830 | ▲ 8.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€10,734 | €3,528 | -€8,346 | -€15,646 | -€12,194 | -€16,682 | -€9,222 | -€8,386 | ▲ 9.1% |
| + Depreciation and write-downs630 | €235 | €4,891 | €4,891 | €4,891 | €4,366 | €2,867 | €1,073 | €1,094 | ▲ 2.0% |
| Operating cash flow (approximation) | -€10,499 | €8,419 | -€3,455 | -€10,755 | -€7,828 | -€13,815 | -€8,149 | -€7,292 | ▲ 10.5% |
| Investment in fixed assets (approximation) | - | -€11,287 | -€188 | -€188 | -€141 | - | - | €0 | - |
| Change in cash | - | €1,984 | -€2,546 | €957 | -€3,445 | -€329 | -€204 | €86 | - |
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, 6,008 companies had the same profile as #RTFW has now. Two years later, 83.0% were still going and 7.9% had gone bankrupt.
- Micro
- 5 to 10 years old
- negative equity
- a loss of 10% of the balance sheet or more
83.0%
was still going
8.4%
stopped otherwise
7.9%
went bankrupt
Another 0.8% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of #RTFW itself is lower: 1.2% within 12 months. It rests on far more data about #RTFW 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 6,008 companies, not a prediction for #RTFW. 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 (8)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 07-07-2026 | 2026-00281630 | |
| 31-12-2024 | micro format | 21-08-2025 | 2025-00396704 | |
| 31-12-2023 | micro format | 29-08-2024 | 2024-00403860 | |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00435399 | |
| 31-12-2021 | micro format | 30-07-2022 | 2022-20262948 | |
| 31-12-2020 | micro format | 30-08-2021 | 2021-57400449 | |
| 31-12-2019 | micro format | 08-11-2020 | 2020-69300275 | |
| 31-12-2018 | micro format | 23-08-2019 | 2019-49600540 |