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RULAS

Active
Private limited companyfounded 2009active for 17 yearsBrechtseweg 175, 2990 Wuustwezel, BelgiumKBO/BCE: BE 0811.385.402

Financials · 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
Multi-year overview
2019 to 2026, 8 financial years
Operating 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
2026 value · change against 2025
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
Filed annual accounts As filed with the NBB · 2026 against 2025 · 41 lines
Balance sheet Code20252026
Assets
Total assets20/58€1.4m€1.3m▼
Fixed assets21/28€0.1m€0.1m▼
Tangible fixed assets22/27€0.1m€0.1m▼
Land and buildings22€0.1m€0.1m▼
Current assets29/58€1.3m€1.2m▼
Amounts receivable within one year40/41€1.0m€1.2m▲
Trade receivables40€0.01m€0.02m▲
Other amounts receivable41€1.0m€1.1m▲
Cash at bank and in hand54/58€0.3m€0.03m▼
Equity and liabilities
Total equity and liabilities10/49€1.4m€1.3m▼
Equity10/15€1.1m€0.9m▼
Contributions10/11€0.02m€0.02m=
Reserves13€1.1m€0.9m▼
Distributable reserves133€1.1m€0.9m▼
Profit (loss) carried forward14€0€0=
Amounts payable17/49€0.3m€0.4m▲
Amounts payable within one year42/48€0.3m€0.4m▲
Trade debts44€282€0▼
Suppliers440/4€282€0▼
Taxes, remuneration and social security45€0.06m€0.02m▼
Taxes450/3€0.06m€0.02m▼
Other amounts payable47/48€0.2m€0.4m▲
Accrued charges and deferred income492/3-€0.01m
Income statement Code20252026
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€0.02m€0.02m▼
Other operating charges640/8€0.003m€0.003m▲
Gross operating margin9900€0.5m€0.3m▼
Operating profit (loss)9901€0.5m€0.3m▼
Financial income75/76B€0-
Recurring financial income75€0-
Financial charges65/66B€35€0.007m▲
Recurring financial charges65€35€0.007m▲
Profit (loss) for the period before taxes9903€0.5m€0.2m▼
Income taxes67/77€0.2m€0.08m▼
Profit (loss) for the period9904€0.4m€0.2m▼
Profit (loss) for the period to be appropriated9905€0.4m€0.2m▼
Appropriation of the result
Profit (loss) to be appropriated9906€0.4m€0.2m▼
Transfer from equity791/2€0.2m€0.4m▲
Transfer to equity691/2€0.4m€0.2m▼
To other reserves6921€0.4m€0.2m▼
Profit to be distributed694/7€0.2m€0.4m▲
Return on contributions (dividend)694€0.2m€0.4m▲

The notes to these accounts have 5 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.

Source: Annual accounts 2026 at the NBB, filed on 25-09-2026.

Line20192020202120222023202420252026Change
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%
Line20192020202120222023202420252026Change
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-
Line20192020202120222023202420252026Change
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.

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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.

The companies in ten equal groups, from the lowest to the highest expected share
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 PDF
31-03-2025 micro format 03-10-2025 2025-00527941 PDF
31-03-2024 micro format 14-10-2024 2024-00505836 PDF
31-03-2023 micro format 13-10-2023 2023-00486653 PDF
31-03-2022 micro format 11-10-2022 2022-20457255 PDF
31-03-2021 micro format 14-10-2021 2021-71900288 PDF
31-03-2020 micro format 06-10-2020 2020-59200059 PDF
31-03-2019 micro format 25-10-2019 2019-71400088 PDF
31-03-2018 micro format 25-10-2018 2018-70200334 PDF
31-03-2017 micro format 29-11-2017 2017-70700581 PDF

Show all 16 filings

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