RULAS
ActiveFinancials · financial year 2026, micro format
Annual accounts 2026 filed on 25-09-2026 at the NBB all 16 filings
Turnover
≈ €410,000
Estimated: probably between €340,000 and €570,000
Total assets
€1.3m▼ 7.4%
2025 · €1.4m
Net result
€167,129▼ 52.4%
2025 · €351,272
Working capital
€807,594▼ 18.6%
2025 · €992,399
In the rankings
#4 company by equity in Wuustwezel, Administrative and support services sector#6 company by total assets in Wuustwezel, Administrative and support services sector
Multi-year overview
2019 to 2026, 8 financial yearsOperating result
€252,746
▼ 50.4%
2026
20192026
Net result
€167,129
▼ 52.4%
2026
20192026
Equity
€904,400
▼ 18.9%
2026
20192026
Total assets
€1.3m
▼ 7.4%
2026
20192026
Debt
€391,904
▲ 38.1%
2026
20192026
Working capital
€807,594
▼ 18.6%
2026
20192026
Solvency
69.8%
▼ 10.0pp
2026
20192026
Current ratio
3.12
▼ 1.37
2026
20192026
Return on assets (ROA)
12.9%
▼ 12.2pp
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Operating result€0.3m-€0.2m▼ 43.1%€0.1m▼ 46.7%€0.3m▲ 159%€0.1m▼ 46.0%€0.4m▲ 160%€0.5m▲ 39.1%€0.3m▼ 50.4%
Net result€0.2m-€0.1m▼ 42.5%€0.07mabove the sector's middle half▼ 44.4%€0.2mabove the sector's middle half▲ 159%€0.1mabove the sector's middle half▼ 45.0%€0.3mabove the sector's middle half▲ 154%€0.4mabove the sector's middle half▲ 38.5%€0.2m▼ 52.4%
Equity€0.6m-€0.7m▲ 20.3%€0.8mabove the sector's middle half▲ 9.4%€0.9mabove the sector's middle half▲ 11.2%€0.9mabove the sector's middle half▼ 2.3%€1.0mabove the sector's middle half▲ 10.4%€1.1mabove the sector's middle half▲ 13.4%€0.9m▼ 18.9%
Total assets€0.7m-€0.8m▲ 17.3%€0.9mabove the sector's middle half▲ 9.5%€0.9mabove the sector's middle half▲ 0.8%€0.9mabove the sector's middle half▼ 3.0%€1.0mabove the sector's middle half▲ 13.2%€1.4mabove the sector's middle half▲ 36.3%€1.3m▼ 7.4%
Debt€0.1m-€0.1m▼ 1.6%€0.1m▲ 10.6%€0.02m▼ 78.6%€0.02m▼ 30.4%€0.04m▲ 167%€0.3m▲ 569%€0.4m▲ 38.1%
Working capital€0.4m-€0.5m▲ 41.3%€0.6mabove the sector's middle half▲ 15.5%€0.7mabove the sector's middle half▲ 17.2%€0.7mabove the sector's middle half▼ 0.3%€0.8mabove the sector's middle half▲ 15.3%€1.0mabove the sector's middle half▲ 17.9%€0.8m▼ 18.6%
Solvency86.4%-88.6%▲ 2.2pp88.5%above the sector's middle half▼ 0.1pp97.6%above the sector's middle half▲ 9.1pp98.2%above the sector's middle half▲ 0.7pp95.9%above the sector's middle half▼ 2.4pp79.7%above the sector's middle half▼ 16.1pp69.8%▼ 10.0pp
Current ratio4.89-6.77▲ 1.877.03above the sector's middle half▲ 0.2633.03above the sector's middle half▲ 26.0046.88above the sector's middle half▲ 13.8620.85above the sector's middle half▼ 26.034.50above the sector's middle half▼ 16.363.12▼ 1.37
Return on assets (ROA)30.4%-14.9%▼ 15.5pp7.6%within the sector's middle half▼ 7.3pp19.4%within the sector's middle half▲ 11.9pp11.0%within the sector's middle half▼ 8.4pp24.7%within the sector's middle half▲ 13.7pp25.1%within the sector's middle half▲ 0.4pp12.9%▼ 12.2pp
above
within
below
The sector band is the middle half of the companies in Office administrative, office support and other business support activities (NACE 82). 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 50% lower than in 2025.
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
2026 in colour, 2025 as the grey bar beneath
Assets €1.3m
Fixed assets
€108,268 ▼ 12.3%
Current assets
€1.2m ▼ 6.9%
Equity and liabilities €1.3m
Equity
€904,400 ▼ 18.9%
Debt
€391,904 ▲ 38.1%
Debt's share of the balance-sheet total rises from 20.3% to 30.2%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€267,868▼
2025 · €528,568
Cash flow
€182,250▼
2025 · €370,234
Debt to equity
0.43▲
2025 · 0.25
ROE
18.5%▼
2025 · 31.5%
Interest coverage
38.73▼
2025 · over 100
Debt ≤ 1 year
€380,442▲
2025 · €283,859
Income taxes
€78,700▼
2025 · €158,299
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €28,500 | €28,500 | €26,269 | €18,962 | €18,962 | €18,962 | €18,962 | €15,122 | ▼ 20.3% |
| Other operating charges640/8 | - | - | - | €2,336 | €2,950 | €2,560 | €2,882 | €2,970 | ▲ 3.0% |
| Gross operating margin9900 | €362,634 | €219,811 | €129,229 | €281,692 | €162,514 | €387,760 | €531,450 | €270,837 | ▼ 49.0% |
| Operating profit (loss)9901 | €331,806 | €188,882 | €100,624 | €260,394 | €140,602 | €366,238 | €509,606 | €252,746 | ▼ 50.4% |
| Financial income75/76B | - | - | - | - | - | €0 | €0 | - | - |
| Recurring financial income75 | - | - | - | - | - | €0 | €0 | - | - |
| Financial charges65/66B | - | - | - | €23 | €30 | €31 | €35 | €6,917 | ▲ 197× |
| Recurring financial charges65 | €15 | €3,028 | €3,446 | €23 | €30 | €31 | €35 | €6,917 | ▲ 197× |
| Profit (loss) for the period before taxes9903 | €331,791 | €185,854 | €97,178 | €260,371 | €140,571 | €366,208 | €509,571 | €245,829 | ▼ 51.8% |
| Income taxes67/77 | €112,004 | €59,429 | €26,875 | €78,581 | €40,568 | €112,641 | €158,299 | €78,700 | ▼ 50.3% |
| Profit (loss) for the period9904 | €219,787 | €126,425 | €70,303 | €181,789 | €100,003 | €253,567 | €351,272 | €167,129 | ▼ 52.4% |
| Profit (loss) for the period to be appropriated9905 | €219,787 | €126,425 | €70,303 | €181,789 | €100,003 | €253,567 | €351,272 | €167,129 | ▼ 52.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.7m | €0.8m | €0.9m | €0.9m | €0.9m | €1.0m | €1.4m | €1.3m | ▼ 7.4% |
| Fixed assets21/28 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | €0.1m | €0.1m | ▼ 12.3% |
| Tangible fixed assets22/27 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | €0.1m | €0.1m | ▼ 12.3% |
| Land and buildings22 | - | - | - | €0.2m | €0.2m | €0.1m | €0.1m | €0.1m | ▼ 12.3% |
| Current assets29/58 | €0.5m | €0.6m | €0.7m | €0.8m | €0.7m | €0.9m | €1.3m | €1.2m | ▼ 6.9% |
| Amounts receivable within one year40/41 | €0.4m | €0.5m | €0.7m | €0.4m | €0.5m | €0.4m | €1.0m | €1.2m | ▲ 20.7% |
| Trade receivables40 | - | - | - | €436 | €0.009m | €0.01m | €0.01m | €0.02m | ▲ 42.9% |
| Other amounts receivable41 | - | - | - | €0.4m | €0.4m | €0.4m | €1.0m | €1.1m | ▲ 20.4% |
| Cash at bank and in hand54/58 | €0.04m | €0.1m | €0.05m | €0.4m | €0.3m | €0.5m | €0.3m | €0.03m | ▼ 91.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.7m | €0.8m | €0.9m | €0.9m | €0.9m | €1.0m | €1.4m | €1.3m | ▼ 7.4% |
| Equity10/15 | €0.6m | €0.7m | €0.8m | €0.9m | €0.9m | €1.0m | €1.1m | €0.9m | ▼ 18.9% |
| Contributions10/11 | €0.02m | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.6m | €0.7m | €0.8m | €0.9m | €0.9m | €1.0m | €1.1m | €0.9m | ▼ 19.3% |
| Non-distributable reserves130/1 | - | - | - | €0.007m | €0.007m | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.007m | €0.007m | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €0.9m | €0.9m | €1.0m | €1.1m | €0.9m | ▼ 19.3% |
| Profit (loss) carried forward14 | - | - | - | - | - | €0 | €0 | €0 | - |
| Amounts payable17/49 | €0.1m | €0.1m | €0.1m | €0.02m | €0.02m | €0.04m | €0.3m | €0.4m | ▲ 38.1% |
| Amounts payable within one year42/48 | €0.1m | €0.09m | €0.1m | €0.02m | €0.02m | €0.04m | €0.3m | €0.4m | ▲ 34.0% |
| Trade debts44 | €0.001m | €355 | €0.002m | €147 | €0.001m | €72 | €282 | €0 | ▼ 100% |
| Suppliers440/4 | - | - | - | €147 | €0.001m | €72 | €282 | €0 | ▼ 100% |
| Taxes, remuneration and social security45 | - | - | - | €0.02m | €0.01m | €0.03m | €0.06m | €0.02m | ▼ 60.6% |
| Taxes450/3 | - | - | - | €0.02m | €0.01m | €0.03m | €0.06m | €0.02m | ▼ 60.6% |
| Other amounts payable47/48 | - | - | - | - | €0.001m | €0.008m | €0.2m | €0.4m | ▲ 57.6% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | - | €0.01m | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €219,787 | €126,425 | €70,303 | €181,789 | €100,003 | €253,567 | €351,272 | €167,129 | ▼ 52.4% |
| + Depreciation and write-downs630 | €28,500 | €28,500 | €26,269 | €18,962 | €18,962 | €18,962 | €18,962 | €15,122 | ▼ 20.3% |
| Operating cash flow (approximation) | €248,287 | €154,925 | €96,572 | €200,751 | €118,965 | €272,529 | €370,234 | €182,250 | ▼ 50.8% |
| Investment in fixed assets (approximation) | - | €0 | -€13,310 | €0 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | €54,754 | -€47,192 | €304,537 | -€63,709 | €176,789 | -€154,592 | -€287,274 | ▼ 85.8% |
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, 17,811 companies had the same profile as RULAS has now. Two years later, 96.5% were still going and 0.3% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.5%
was still going
3.1%
stopped otherwise
0.3%
went bankrupt
That fits the bankruptcy probability of RULAS itself: 0.1% 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 17,811 companies, not a prediction for RULAS. 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 16 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | micro format | 25-09-2026 | 2026-00523651 | |
| 31-03-2025 | micro format | 03-10-2025 | 2025-00527941 | |
| 31-03-2024 | micro format | 14-10-2024 | 2024-00505836 | |
| 31-03-2023 | micro format | 13-10-2023 | 2023-00486653 | |
| 31-03-2022 | micro format | 11-10-2022 | 2022-20457255 | |
| 31-03-2021 | micro format | 14-10-2021 | 2021-71900288 | |
| 31-03-2020 | micro format | 06-10-2020 | 2020-59200059 | |
| 31-03-2019 | micro format | 25-10-2019 | 2019-71400088 | |
| 31-03-2018 | micro format | 25-10-2018 | 2018-70200334 | |
| 31-03-2017 | micro format | 29-11-2017 | 2017-70700581 |