Summary
RUSCH is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €71k and a net result of €269k. Equity is shrinking by ~23.8% per year across the filed fiscal years. Its solvency ranks better than 18% of 2444 sector peers (fiscal year 2025). The company has been active since 2014 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Outside the general model
Model not applicable to financial institutions
The health score weighs liquidity, leverage and margins against norms for trading and manufacturing companies. A bank, insurer or financial holding has a fundamentally different balance-sheet structure, so those ratios, and hence the score, carry no meaning here. That is why we show no financial axes either.
Credit check for your own amount and term
Signals
Three signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 18% of 2444 sector peers (2025).
NBB · sector comparisonPosition among 2444 sector peers
Solvency
better than 18%
← weakest
strongest →
lowers risk · Growing equity
Reported equity is higher than in 2023 and did not fall compared with 2024. These amounts do not establish the cause of the change.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year €71k
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 13-07-2026, 18 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
18 d early
2024
1 d early
2023
30 d late
2022
32 d late
2021
3 d early
2020
30 d late
2019
91 d late
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€71k▲ 198%
2024 · €24k
Net result
€269k▲ 76.0%
2024 · €153k
Total assets
€652k▲ 21.3%
2024 · €537k
Solvency
11.0%▲ 6.5pp
2024 · 4.5%
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€95k▲ 615%€205k▲ 116%€359k▲ 75.0%€268k▼ 25.3%€362k▲ 35.0%
Net result€61k▲ 10,640%€147k▲ 141%€293k▲ 100%€153k▼ 47.8%€269k▲ 76.0%
Equity€76k▲ 16.6%€28k▼ 63.5%€21k▼ 25.0%€24k▲ 14.7%€71k▲ 198%
Total assets€667k▼ 4.9%€758k▲ 13.7%€768k▲ 1.3%€537k▼ 30.0%€652k▲ 21.3%
Debt€591k▼ 7.1%€730k▲ 23.6%€747k▲ 2.3%€513k▼ 31.3%€581k▲ 13.1%
Working capital€-47k▼ 74.6%€-104k▼ 121%€-117k▼ 12.7%€-104k▲ 11.6%€-157k▼ 50.9%
Solvency11.4%▲ 2.1pp3.7%▼ 7.8pp2.7%▼ 1.0pp4.5%▲ 1.7pp11.0%▲ 6.5pp
Staff (FTE)4.2▲ 13.5%4.4
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 35% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €652k
Fixed assets
€458k ▲ 28.3%
Current assets
€194k ▲ 7.5%
Equity and liabilities €652k
Equity
€71k ▲ 198%
Debt
€581k ▲ 13.1%
Debt's share of the balance-sheet total falls from 95.5% to 89.0%. Equity and debt are higher.
Key figures and ratios
ROE
377.3%▼
2024 · 638.8%
ROA
41.3%▲
2024 · 28.5%
Debt ≤ 1 year
€351k▲
2024 · €284k
Debt > 1 year
€230k▲
2024 · €229k
Income taxes
€87k▼
2024 · €113k
Staff costs
€322k▼
2024 · €360k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €246k | €256k | €273k | €360k | €322k | ▼ 10.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €84k | €87k | €94k | €94k | €80k | ▼ 15.6% |
| Other operating charges640/8 | €6k | €3k | €6k | €8k | €7k | ▼ 15.1% |
| Gross operating margin9900 | €431k | €551k | €733k | €731k | €771k | ▲ 5.6% |
| Operating profit (loss)9901 | €95k | €205k | €359k | €268k | €362k | ▲ 35.0% |
| Financial income75/76B | €44 | €197 | €193 | €9k | €2k | ▼ 79.9% |
| Recurring financial income75 | €44 | €197 | €193 | €4k | €2k | ▼ 50.4% |
| Non-recurring financial income76B | - | - | - | €6k | €0 | ▼ 100% |
| Financial charges65/66B | €10k | €9k | €8k | €12k | €7k | ▼ 38.0% |
| Recurring financial charges65 | €10k | €9k | €8k | €12k | €7k | ▼ 38.0% |
| Non-recurring financial charges66B | - | €0 | €155 | - | - | - |
| Profit (loss) for the period before taxes9903 | €86k | €197k | €352k | €266k | €357k | ▲ 34.3% |
| Income taxes67/77 | €25k | €50k | €59k | €113k | €87k | ▼ 22.4% |
| Profit (loss) for the period9904 | €61k | €147k | €293k | €153k | €269k | ▲ 76.0% |
| Profit (loss) for the period to be appropriated9905 | €61k | €147k | €293k | €153k | €269k | ▲ 76.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €667k | €758k | €768k | €537k | €652k | ▲ 21.3% |
| Fixed assets21/28 | €545k | €538k | €450k | €357k | €458k | ▲ 28.3% |
| Intangible fixed assets21 | €250k | €200k | €150k | €100k | €50k | ▼ 50.0% |
| Tangible fixed assets22/27 | €295k | €338k | €300k | €257k | €311k | ▲ 21.1% |
| Land and buildings22 | €218k | €211k | €205k | €198k | €192k | ▼ 3.3% |
| Plant, machinery and equipment23 | €21k | €73k | €62k | €43k | €26k | ▼ 40.1% |
| Furniture and vehicles24 | €57k | €53k | €34k | €15k | €5k | ▼ 69.4% |
| Other tangible fixed assets26 | - | - | - | - | €89k | - |
| Financial fixed assets28 | - | - | - | - | €97k | - |
| Current assets29/58 | €121k | €221k | €318k | €180k | €194k | ▲ 7.5% |
| Amounts receivable within one year40/41 | €10k | €14k | €33k | €5k | €94k | ▲ 1,776% |
| Trade receivables40 | €60 | - | €4k | - | €47k | - |
| Other amounts receivable41 | €10k | €14k | €29k | €5k | €46k | ▲ 828% |
| Cash at bank and in hand54/58 | €98k | €205k | €272k | €162k | €9k | ▼ 94.4% |
| Deferred charges and accrued income490/1 | €13k | €1k | €12k | €13k | €91k | ▲ 610% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €667k | €758k | €768k | €537k | €652k | ▲ 21.3% |
| Equity10/15 | €76k | €28k | €21k | €24k | €71k | ▲ 198% |
| Contributions10/11 | €19k | €19k | €19k | €19k | €20k | ▲ 10.0% |
| Reserves13 | €2k | €2k | €2k | €2k | - | - |
| Non-distributable reserves130/1 | €2k | €2k | €2k | €2k | - | - |
| Reserves not available under the articles1311 | €2k | €2k | €2k | €2k | - | - |
| Profit (loss) carried forward14 | €56k | €7k | €429 | €4k | €51k | ▲ 1,354% |
| Amounts payable17/49 | €591k | €730k | €747k | €513k | €581k | ▲ 13.1% |
| Amounts payable after more than one year17 | €422k | €405k | €312k | €229k | €230k | ▲ 0.3% |
| Financial debts170/4 | €422k | €405k | €312k | €229k | €230k | ▲ 0.3% |
| Amounts payable within one year42/48 | €169k | €325k | €435k | €284k | €351k | ▲ 23.4% |
| Current portion of amounts payable after more than one year42 | €73k | €88k | €90k | €88k | €97k | ▲ 9.6% |
| Trade debts44 | - | €5k | - | €3k | €5k | ▲ 48.9% |
| Suppliers440/4 | - | €5k | - | €3k | €5k | ▲ 48.9% |
| Taxes, remuneration and social security45 | €53k | €67k | €89k | €43k | €127k | ▲ 198% |
| Taxes450/3 | €28k | €40k | €57k | €13k | €66k | ▲ 400% |
| Remuneration and social security454/9 | €25k | €26k | €32k | €29k | €61k | ▲ 106% |
| Other amounts payable47/48 | €43k | €166k | €255k | €150k | €122k | ▼ 18.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €61k | €147k | €293k | €153k | €269k | ▲ 76.0% |
| + Depreciation and write-downs630 | €84k | €87k | €94k | €94k | €80k | ▼ 15.6% |
| Operating cash flow (approximation) | €145k | €234k | €388k | €247k | €349k | ▲ 41.1% |
| Investment in fixed assets (approximation) | - | €-79k | €-7k | €-1k | €-181k | ▼ 14,967% |
| Change in cash | - | €107k | €67k | €-110k | €-153k | ▼ 39.7% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
13-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
30-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
30-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 30 days late
2023
31-12
Financial
Highest result since 2018net €293k ▲100%
Net result €293k, the highest in the series.
01-09
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 32 days late
2022
28-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
30-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 30 days late
2020
31-12
Financial
Back to profitnet €567
Net result €567 after one loss-making year.
30-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 91 days late
2019
31-12
Financial
Weakest financial yearnet €-43k
Net result drops to €-43k, the lowest in the series; recovery starts the following year.
30-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 30 days late
2018
31-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 31 days late
2017
30-08
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 30 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 6 acts read
About the unread acts
We know of 6 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
6 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Liège · 1 establishment unit since 2017
Ground area
525 m²
Building footprint
258 m²
Volume, LiDAR
1,603 m³
Parcel 62302C0515/00X000, Wallonia · tallest building 9.2 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Rue Fraischamps 114, 4030 Liège
since 20172.265.441.532
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 62302C0515/00X000 | Wallonia | 525 m² | 1 · 258 m² | 9.2 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 1,682 companies in sector 66191 we hold annual accounts for 1,230. 983 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded17-09-2014
Fiscal year end31-12
Activities, NACEBEL 2025
66191Agents and brokers in banking services
Scores and ratios are computed by Checked and are not a credit decision.