RUITOR
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-07-2026 at the NBB all 5 filings
Turnover
≈ €200,000
Estimated: probably between €170,000 and €260,000
Total assets
€160,178▲ 60.2%
2024 · €99,990
Net result
€88,271
2024 · -€48,433
Working capital
€130,997▲ 109%
2024 · €62,802
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€99,286
▲ 511%
2025
20212025
Net result
€88,271
2025
middle half of the sector
20212025
Equity
€154,679
▲ 65.6%
2025
middle half of the sector
20212025
Total assets
€160,178
▲ 60.2%
2025
middle half of the sector
20212025
Debt
€5,499
▼ 16.4%
2025
20212025
Working capital
€130,997
▲ 109%
2025
middle half of the sector
20212025
Solvency
96.6%
▲ 3.1pp
2025
highest quarter of the sector
20212025
Current ratio
24.82
▲ 14.28
2025
highest quarter of the sector
20212025
Return on assets (ROA)
55.1%
▲ 103.5pp
2025
highest quarter of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€59,573-€69,798▲ 17.2%€53,105▼ 23.9%€16,246▼ 69.4%€99,286▲ 511%
Net result€43,278within the sector's middle half-€55,697within the sector's middle half▲ 28.7%€42,366within the sector's middle half▼ 23.9%-€48,433below the sector's middle half€88,271within the sector's middle half
Equity€43,778below the sector's middle half-€99,475within the sector's middle half▲ 127%€141,841within the sector's middle half▲ 42.6%€93,408within the sector's middle half▼ 34.1%€154,679within the sector's middle half▲ 65.6%
Total assets€62,504below the sector's middle half-€127,720below the sector's middle half▲ 104%€155,647within the sector's middle half▲ 21.9%€99,990below the sector's middle half▼ 35.8%€160,178within the sector's middle half▲ 60.2%
Debt€18,726-€28,244▲ 50.8%€13,805▼ 51.1%€6,582▼ 52.3%€5,499▼ 16.4%
Working capital€43,728within the sector's middle half-€99,425within the sector's middle half▲ 127%€133,340within the sector's middle half▲ 34.1%€62,802within the sector's middle half▼ 52.9%€130,997within the sector's middle half▲ 109%
Solvency70.0%within the sector's middle half-77.9%within the sector's middle half▲ 7.8pp91.1%above the sector's middle half▲ 13.2pp93.4%above the sector's middle half▲ 2.3pp96.6%above the sector's middle half▲ 3.1pp
Current ratio3.34within the sector's middle half-4.52within the sector's middle half▲ 1.1910.66above the sector's middle half▲ 6.1410.54above the sector's middle half▼ 0.1224.82above the sector's middle half▲ 14.28
Return on assets (ROA)69.2%above the sector's middle half-43.6%above the sector's middle half▼ 25.6pp27.2%within the sector's middle half▼ 16.4pp-48.4%below the sector's middle half▼ 75.7pp55.1%above the sector's middle half▲ 103.5pp
above
within
below
The sector band is the middle half of the companies in Human health activities (NACE 86). 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 6.1 times that of 2024 and the highest since 2021. It is a recovery after the fall 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.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €160,178
Fixed assets
€23,682 ▼ 22.6%
Current assets
€136,496 ▲ 96.7%
Equity and liabilities €160,178
Equity
€154,679 ▲ 65.6%
Debt
€5,499 ▼ 16.4%
Debt's share of the balance-sheet total falls from 6.6% to 3.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€106,211▲
2024 · €19,830
Cash flow
€95,195▲
2024 · -€44,849
Debt to equity
0.04▼
2024 · 0.07
ROE
57.1%▲
2024 · -51.9%
Interest coverage
over 100▲
2024 · 0.31
Debt ≤ 1 year
€5,499▼
2024 · €6,582
Income taxes
€10,718▲
2024 · €38
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 | - | - | €9,145 | €25,689 | - |
| Financial fixed assets | €50 | - | - | - | - |
| Depreciation and write-downs of the year | - | - | €694 | €3,584 | €6,925 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | €694 | €3,584 | €6,925 | ▲ 93.2% |
| Other operating charges640/8 | - | - | €384 | €387 | €400 | ▲ 3.2% |
| Gross operating margin9900 | €59,573 | €69,798 | €54,183 | €20,217 | €106,611 | ▲ 427% |
| Operating profit (loss)9901 | €59,573 | €69,798 | €53,105 | €16,246 | €99,286 | ▲ 511% |
| Financial charges65/66B | €66 | €145 | €140 | €64,641 | €298 | ▼ 99.5% |
| Recurring financial charges65 | €66 | €145 | €140 | €64,641 | €298 | ▼ 99.5% |
| Profit (loss) for the period before taxes9903 | €59,508 | €69,653 | €52,965 | -€48,395 | €98,988 | - |
| Income taxes67/77 | €16,229 | €13,955 | €10,600 | €38 | €10,718 | ▲ 279× |
| Profit (loss) for the period9904 | €43,278 | €55,697 | €42,366 | -€48,433 | €88,271 | - |
| Profit (loss) for the period to be appropriated9905 | €43,278 | €55,697 | €42,366 | -€48,433 | €88,271 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €62,504 | €127,720 | €155,647 | €99,990 | €160,178 | ▲ 60.2% |
| Fixed assets21/28 | €50 | €50 | €8,501 | €30,606 | €23,682 | ▼ 22.6% |
| Tangible fixed assets22/27 | - | - | €8,451 | €30,556 | €23,632 | ▼ 22.7% |
| Furniture and vehicles24 | - | - | €3,053 | €25,699 | €19,314 | ▼ 24.8% |
| Other tangible fixed assets26 | - | - | €5,398 | €4,858 | €4,317 | ▼ 11.1% |
| Financial fixed assets28 | €50 | €50 | €50 | €50 | €50 | = |
| Current assets29/58 | €62,454 | €127,670 | €147,146 | €69,384 | €136,496 | ▲ 96.7% |
| Amounts receivable within one year40/41 | - | - | €77,150 | €18,630 | €40,415 | ▲ 117% |
| Other amounts receivable41 | - | - | €77,150 | €18,630 | €40,415 | ▲ 117% |
| Cash at bank and in hand54/58 | €61,864 | €127,670 | €69,996 | €28,344 | €73,336 | ▲ 159% |
| Deferred charges and accrued income490/1 | €590 | - | - | €22,409 | €22,745 | ▲ 1.5% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €62,504 | €127,720 | €155,647 | €99,990 | €160,178 | ▲ 60.2% |
| Equity10/15 | €43,778 | €99,475 | €141,841 | €93,408 | €154,679 | ▲ 65.6% |
| Contributions10/11 | €500 | €500 | €500 | €500 | €500 | = |
| Reserves13 | €43,278 | €43,278 | €43,278 | €43,278 | €43,278 | = |
| Distributable reserves133 | €43,278 | €43,278 | €43,278 | €43,278 | €43,278 | = |
| Profit (loss) carried forward14 | - | €55,697 | €98,063 | €49,630 | €110,901 | ▲ 123% |
| Amounts payable17/49 | €18,726 | €28,244 | €13,805 | €6,582 | €5,499 | ▼ 16.4% |
| Amounts payable within one year42/48 | €18,726 | €28,244 | €13,805 | €6,582 | €5,499 | ▼ 16.4% |
| Trade debts44 | €12,973 | €5,547 | €3,206 | €1,043 | €448 | ▼ 57.1% |
| Suppliers440/4 | €12,973 | €5,547 | €3,206 | €1,043 | €448 | ▼ 57.1% |
| Taxes, remuneration and social security45 | €3,229 | €17,185 | €10,600 | €5,538 | €5,051 | ▼ 8.8% |
| Taxes450/3 | €3,229 | €17,185 | €10,600 | €5,538 | €5,051 | ▼ 8.8% |
| Other amounts payable47/48 | €2,524 | €5,512 | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €43,278 | €55,697 | €42,366 | -€48,433 | €88,271 | - |
| + Depreciation and write-downs630 | - | - | €694 | €3,584 | €6,925 | ▲ 93.2% |
| Operating cash flow (approximation) | €43,278 | €55,697 | €43,060 | -€44,849 | €95,195 | - |
| Investment in fixed assets (approximation) | - | €0 | -€9,145 | -€25,689 | €0 | - |
| Change in cash | - | €65,805 | -€57,674 | -€41,651 | €44,992 | - |
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 RUITOR 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.
The bankruptcy probability of RUITOR itself is lower: < 0.1% within 12 months. It rests on far more data about RUITOR 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 26,972 companies, not a prediction for RUITOR. 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 | 29-07-2026 | 2026-00357398 | |
| 31-12-2024 | micro format | 28-08-2025 | 2025-00427232 | |
| 31-12-2023 | micro format | 26-08-2024 | 2024-00372935 | |
| 31-12-2022 | micro format | 02-08-2023 | 2023-00311545 | |
| 31-12-2021 | micro format | 20-08-2022 | 2022-20303530 |