RUBY INVEST
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 23-07-2026 at the NBB all 10 filings
Turnover
≈ €570,000
Estimated: probably between €360,000 and €860,000
Total assets
€11,618▼ 7.6%
2024 · €12,573
Net result
€54,142▼ 20.9%
2024 · €68,424
Working capital
-€101,972▲ 34.7%
2024 · -€156,114
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€54,466
▼ 20.6%
2025
20182025
Net result
€54,142
▼ 20.9%
2025
highest quarter of the sector
20182025
Equity
-€101,972
▲ 34.7%
2025
lowest quarter of the sector
20182025
Total assets
€11,618
▼ 7.6%
2025
lowest quarter of the sector
20182025
Debt
€113,590
▼ 32.7%
2025
20182025
Working capital
-€101,972
▲ 34.7%
2025
lowest quarter of the sector
20182025
Solvency
-877.7%
2025
lowest quarter of the sector
20182025
Current ratio
0.10
▲ 0.03
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
466.0%
▼ 78.2pp
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-€79,428--€97,279▼ 22.5%-€12,742▲ 86.9%-€40,575▼ 218%€34,553€6,758▼ 80.4%€68,578▲ 915%€54,466▼ 20.6%
Net result-€79,795--€97,623▼ 22.3%-€13,080below the sector's middle half▲ 86.6%-€40,979below the sector's middle half▼ 213%€34,251above the sector's middle half€6,604within the sector's middle half▼ 80.7%€68,424above the sector's middle half▲ 936%€54,142above the sector's middle half▼ 20.9%
Equity-€113,711--€211,334▼ 85.9%-€224,414below the sector's middle half▼ 6.2%-€265,393below the sector's middle half▼ 18.3%-€231,142below the sector's middle half▲ 12.9%-€224,538below the sector's middle half▲ 2.9%-€156,114below the sector's middle half▲ 30.5%-€101,972below the sector's middle half▲ 34.7%
Total assets€38,392-€152,002▲ 296%€188,203within the sector's middle half▲ 23.8%€136,238within the sector's middle half▼ 27.6%€56,616below the sector's middle half▼ 58.4%€27,357below the sector's middle half▼ 51.7%€12,573below the sector's middle half▼ 54.0%€11,618below the sector's middle half▼ 7.6%
Debt€152,103-€363,336▲ 139%€412,617▲ 13.6%€401,631▼ 2.7%€287,758▼ 28.4%€251,895▼ 12.5%€168,687▼ 33.0%€113,590▼ 32.7%
Working capital-€113,711--€292,546▼ 157%-€326,757below the sector's middle half▼ 11.7%-€349,751below the sector's middle half▼ 7.0%-€278,756below the sector's middle half▲ 20.3%-€235,100below the sector's middle half▲ 15.7%-€156,114below the sector's middle half▲ 33.6%-€101,972below the sector's middle half▲ 34.7%
Solvency-296.2%--139.0%▲ 157.2pp-119.2%below the sector's middle half▲ 19.8pp-194.8%below the sector's middle half▼ 75.6pp-408.3%below the sector's middle half▼ 213.5pp-820.8%below the sector's middle half▼ 412.5pp-877.7%below the sector's middle half
Current ratio0.25-0.19▼ 0.060.21below the sector's middle half▲ 0.010.13below the sector's middle half▼ 0.080.03below the sector's middle half▼ 0.100.07below the sector's middle half▲ 0.040.07below the sector's middle half▲ 0.010.10below the sector's middle half▲ 0.03
Return on assets (ROA)-207.8%--64.2%▲ 143.6pp-6.9%below the sector's middle half▲ 57.3pp-30.1%below the sector's middle half▼ 23.1pp60.5%above the sector's middle half▲ 90.6pp24.1%above the sector's middle half▼ 36.4pp544.2%above the sector's middle half▲ 520.1pp466.0%above the sector's middle half▼ 78.2pp
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 21% lower than in 2024.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Key figures and ratios
Debt ≤ 1 year
€113,590▼
2024 · €168,687
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 |
|---|---|---|---|---|---|
| Intangible fixed assets | €79,466 | €30,152 | - | - | - |
| Depreciation and write-downs of the year | €97,451 | €66,896 | €37,051 | €10,562 | - |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €40,605 | €70,963 | €97,451 | €66,896 | €37,051 | €10,562 | - | - |
| Other operating charges640/8 | - | - | - | €430 | €348 | €83 | €387 | €400 | ▲ 3.4% |
| Gross operating margin9900 | -€78,911 | -€54,215 | €61,203 | €57,306 | €101,797 | €43,892 | €79,527 | €54,866 | ▼ 31.0% |
| Operating profit (loss)9901 | -€79,428 | -€97,279 | -€12,742 | -€40,575 | €34,553 | €6,758 | €68,578 | €54,466 | ▼ 20.6% |
| Financial charges65/66B | - | - | - | €404 | €302 | €154 | €154 | €324 | ▲ 110% |
| Recurring financial charges65 | €367 | €344 | €338 | €404 | €302 | €154 | €154 | €324 | ▲ 110% |
| Profit (loss) for the period before taxes9903 | -€79,795 | -€97,623 | -€13,080 | -€40,979 | €34,251 | €6,604 | €68,424 | €54,142 | ▼ 20.9% |
| Profit (loss) for the period9904 | -€79,795 | -€97,623 | -€13,080 | -€40,979 | €34,251 | €6,604 | €68,424 | €54,142 | ▼ 20.9% |
| Profit (loss) for the period to be appropriated9905 | -€79,795 | -€97,623 | -€13,080 | -€40,979 | €34,251 | €6,604 | €68,424 | €54,142 | ▼ 20.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €38,392 | €152,002 | €188,203 | €136,238 | €56,616 | €27,357 | €12,573 | €11,618 | ▼ 7.6% |
| Fixed assets21/28 | - | €81,212 | €102,343 | €84,358 | €47,614 | €10,562 | - | - | - |
| Intangible fixed assets21 | - | €81,212 | €100,295 | €82,822 | €46,590 | €10,050 | - | - | - |
| Tangible fixed assets22/27 | - | - | €2,048 | €1,536 | €1,024 | €512 | - | - | - |
| Other tangible fixed assets26 | - | - | - | €1,536 | €1,024 | €512 | - | - | - |
| Current assets29/58 | €38,392 | €70,790 | €85,860 | €51,880 | €9,002 | €16,795 | €12,573 | €11,618 | ▼ 7.6% |
| Amounts receivable within one year40/41 | €30,993 | €64,465 | €64,250 | €51,852 | €8,414 | €14,362 | €12,537 | €5,605 | ▼ 55.3% |
| Trade receivables40 | - | - | - | €51,576 | €3,125 | €14,086 | €12,537 | - | - |
| Other amounts receivable41 | - | - | - | €276 | €5,289 | €276 | - | €5,605 | - |
| Cash at bank and in hand54/58 | €7,399 | €6,325 | €21,610 | €28 | €588 | €2,433 | €36 | €6,013 | ▲ 167× |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €38,392 | €152,002 | €188,203 | €136,238 | €56,616 | €27,357 | €12,573 | €11,618 | ▼ 7.6% |
| Equity10/15 | -€113,711 | -€211,334 | -€224,414 | -€265,393 | -€231,142 | -€224,538 | -€156,114 | -€101,972 | ▲ 34.7% |
| Contributions10/11 | €16,200 | €16,200 | €16,200 | €16,200 | €16,200 | €16,200 | €16,200 | €16,200 | = |
| Capital10 | - | - | - | €16,200 | - | - | - | - | - |
| Issued capital100 | - | - | - | €18,600 | - | - | - | - | - |
| Uncalled capital101 | - | - | - | €2,400 | - | - | - | - | - |
| Profit (loss) carried forward14 | -€129,911 | -€227,534 | -€240,614 | -€281,593 | -€247,342 | -€240,738 | -€172,314 | -€118,172 | ▲ 31.4% |
| Amounts payable17/49 | €152,103 | €363,336 | €412,617 | €401,631 | €287,758 | €251,895 | €168,687 | €113,590 | ▼ 32.7% |
| Amounts payable within one year42/48 | €152,103 | €363,336 | €412,617 | €401,631 | €287,758 | €251,895 | €168,687 | €113,590 | ▼ 32.7% |
| Financial debts43 | - | - | - | - | - | - | €345 | €414 | ▲ 20.0% |
| Credit institutions430/8 | - | - | - | - | - | - | €345 | €414 | ▲ 20.0% |
| Trade debts44 | €26,208 | €29,893 | €17,441 | €23,159 | €5,462 | €275 | €520 | €4,833 | ▲ 829% |
| Suppliers440/4 | - | - | - | €23,159 | €5,462 | €275 | €520 | €4,833 | ▲ 829% |
| Taxes, remuneration and social security45 | - | - | - | - | €122 | €3,387 | €5,721 | €375 | ▼ 93.4% |
| Taxes450/3 | - | - | - | - | €122 | €3,387 | €5,721 | €375 | ▼ 93.4% |
| Other amounts payable47/48 | - | - | - | €378,472 | €282,174 | €248,233 | €162,101 | €107,968 | ▼ 33.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€79,795 | -€97,623 | -€13,080 | -€40,979 | €34,251 | €6,604 | €68,424 | €54,142 | ▼ 20.9% |
| + Depreciation and write-downs630 | - | €40,605 | €70,963 | €97,451 | €66,896 | €37,051 | €10,562 | - | - |
| Operating cash flow (approximation) | -€79,795 | -€57,018 | €57,883 | €56,472 | €101,147 | €43,655 | €78,986 | €54,142 | ▼ 31.5% |
| Investment in fixed assets (approximation) | - | - | -€92,094 | -€79,466 | -€30,152 | €1 | - | - | - |
| Change in cash | - | -€1,074 | €15,285 | -€21,582 | €560 | €1,845 | -€2,397 | €5,977 | - |
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, 3,632 companies had the same profile as RUBY INVEST has now. Two years later, 91.8% were still going and 2.9% had gone bankrupt.
- Micro
- 10 to 20 years old
- negative equity
- a profit of 5% of the balance sheet or more
91.8%
was still going
4.8%
stopped otherwise
2.9%
went bankrupt
Another 0.4% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of RUBY INVEST itself is lower: 0.5% within 12 months. It rests on far more data about RUBY INVEST 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 3,632 companies, not a prediction for RUBY INVEST. 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 | 23-07-2026 | 2026-00330148 | |
| 31-12-2024 | micro format | 18-08-2025 | 2025-00386412 | |
| 31-12-2023 | micro format | 06-08-2024 | 2024-00333450 | |
| 31-12-2022 | micro format | 04-08-2023 | 2023-00317344 | |
| 31-12-2021 | micro format | 12-09-2022 | 2022-20428253 | |
| 31-12-2020 | micro format | 24-08-2021 | 2021-53000415 | |
| 31-12-2019 | micro format | 29-10-2020 | 2020-65300594 | |
| 31-12-2018 | micro format | 22-08-2019 | 2019-49300122 | |
| 31-12-2017 | micro format | 27-08-2018 | 2018-51000302 | |
| 31-12-2016 | micro format | 16-06-2017 | 2017-18500547 |