RUZZI
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-07-2026 at the NBB all 34 filings
Equity
€139,676▼ 35.4%
2024 · €216,142
Total assets
€1.5m▼ 2.8%
2024 · €1.5m
Net result
-€76,466
2024 · €9,183
Working capital
€318,095▼ 24.3%
2024 · €420,069
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€28,458
2025
20182025
Net result
-€76,466
2025
lowest quarter of the sector
20182025
Equity
€139,676
▼ 35.4%
2025
middle half of the sector
20182025
Total assets
€1.5m
▼ 2.8%
2025
highest quarter of the sector
20182025
Debt
€1.4m
▲ 2.5%
2025
20182025
Working capital
€318,095
▼ 24.3%
2025
highest quarter of the sector
20182025
Solvency
9.3%
▼ 4.7pp
2025
middle half of the sector
20182025
Current ratio
1.27
▼ 0.11
2025
middle half of the sector
20182025
Return on assets (ROA)
-5.1%
▼ 5.7pp
2025
lowest 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€0.07m-€0.2m▲ 149%€0.05m▼ 71.9%-€0.01m€0.03m-€0.3m€0.1m-€0.03m
Net result€0.003m-€0.08m▲ 26×€0.008mwithin the sector's middle half▼ 91.0%-€0.02mbelow the sector's middle half-€0.003mwithin the sector's middle half▲ 85.4%-€0.3mbelow the sector's middle half▼ 10,516%€0.009mwithin the sector's middle half-€0.08mbelow the sector's middle half
Equity€0.5m-€0.6m▲ 17.9%€0.6mwithin the sector's middle half▲ 1.4%€0.5mabove the sector's middle half▼ 3.8%€0.5mabove the sector's middle half▼ 0.6%€0.2mwithin the sector's middle half▼ 61.8%€0.2mwithin the sector's middle half▲ 4.4%€0.1mwithin the sector's middle half▼ 35.4%
Total assets€2.2m-€2.4m▲ 10.3%€2.6mwithin the sector's middle half▲ 9.1%€1.7mabove the sector's middle half▼ 34.1%€1.5mabove the sector's middle half▼ 12.7%€1.7mabove the sector's middle half▲ 11.5%€1.5mabove the sector's middle half▼ 8.3%€1.5mabove the sector's middle half▼ 2.8%
Debt€1.7m-€1.9m▲ 8.2%€2.1m▲ 11.4%€1.2m▼ 42.3%€1.0m▼ 18.2%€1.5m▲ 52.3%€1.3m▼ 10.1%€1.4m▲ 2.5%
Working capital€1.2m-€1.2m▲ 6.5%€1.5mabove the sector's middle half▲ 20.5%€1.4mabove the sector's middle half▼ 3.9%€0.9mabove the sector's middle half▼ 36.2%€0.4mabove the sector's middle half▼ 54.1%€0.4mabove the sector's middle half▲ 0.8%€0.3mabove the sector's middle half▼ 24.3%
Solvency21.7%-23.2%▲ 1.5pp21.5%within the sector's middle half▼ 1.6pp31.4%within the sector's middle half▲ 9.9pp35.7%within the sector's middle half▲ 4.4pp12.2%within the sector's middle half▼ 23.5pp13.9%within the sector's middle half▲ 1.7pp9.3%within the sector's middle half▼ 4.7pp
Current ratio2.12-2.05▼ 0.072.31within the sector's middle half▲ 0.265.92above the sector's middle half▲ 3.612.56within the sector's middle half▼ 3.361.33within the sector's middle half▼ 1.231.38within the sector's middle half▲ 0.041.27within the sector's middle half▼ 0.11
Return on assets (ROA)0.1%-3.5%▲ 3.4pp0.3%within the sector's middle half▼ 3.2pp-1.2%within the sector's middle half▼ 1.5pp-0.2%within the sector's middle half▲ 1.0pp-19.8%below the sector's middle half▼ 19.6pp0.6%within the sector's middle half▲ 20.4pp-5.1%below the sector's middle half▼ 5.7pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 a loss of €28,458, after a profit of €96,418 in 2024.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.5m
Fixed assets
€10,042 ▼ 23.2%
Current assets
€1.5m ▼ 2.6%
Equity and liabilities €1.5m
Equity
€139,676 ▼ 35.4%
Debt
€1.4m ▲ 2.5%
Debt's share of the balance-sheet total rises from 86.1% to 90.7%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€25,428▼
2024 · €98,108
Cash flow
-€73,436▼
2024 · €10,872
Quick ratio
0.46▼
2024 · 0.52
Debt to equity
9.78▲
2024 · 6.17
ROE
-54.7%▼
2024 · 4.2%
Interest coverage
-0.53▼
2024 · 1.17
Debt ≤ 1 year
€1.2m▲
2024 · €1.1m
Debt > 1 year
€186,464▼
2024 · €210,332
Income taxes
€0▼
2024 · €3,629
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 | - | €1,794 | - | €9,395 | - |
| Financial fixed assets | €6,855 | €750 | - | - | €0 |
| Depreciation and write-downs of the year | €1,950 | €1,608 | €1,802 | €1,689 | €3,030 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €6,437 | €560 | €0 | ▼ 100% |
| Remuneration, social security and pensions62 | - | - | - | €30,339 | €30,141 | €0 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,865 | €2,400 | €2,016 | €1,950 | €1,608 | €1,802 | €1,689 | €3,030 | ▲ 79.3% |
| Other operating charges640/8 | - | - | - | €2,398 | €19,915 | €1,357 | €1,328 | €2,498 | ▲ 88.0% |
| Non-recurring operating charges66A | - | - | - | - | - | €612,528 | €0 | €8,337 | - |
| Gross operating margin9900 | €148,326 | €206,798 | €80,665 | €22,168 | €78,874 | €309,767 | €99,436 | -€14,594 | - |
| Operating profit (loss)9901 | €67,797 | €168,879 | €47,396 | -€12,518 | €27,211 | -€305,920 | €96,418 | -€28,458 | - |
| Financial income75/76B | - | - | - | €10 | €69 | €8 | €0 | €0 | ▼ 100% |
| Recurring financial income75 | €16 | €2 | €46 | €10 | €69 | €8 | €0 | €0 | ▼ 100% |
| Financial charges65/66B | - | - | - | €9,089 | €30,434 | €29,009 | €83,607 | €48,008 | ▼ 42.6% |
| Recurring financial charges65 | €50,298 | €36,860 | €10,906 | €9,089 | €30,434 | €29,009 | €83,607 | €48,008 | ▼ 42.6% |
| Profit (loss) for the period before taxes9903 | €17,515 | €132,022 | €36,536 | -€21,597 | -€3,155 | -€334,921 | €12,812 | -€76,466 | - |
| Income taxes67/77 | €14,264 | €47,081 | €28,869 | - | - | - | €3,629 | €0 | ▼ 100% |
| Profit (loss) for the period9904 | €3,251 | €84,940 | €7,667 | -€21,597 | -€3,155 | -€334,921 | €9,183 | -€76,466 | - |
| Profit (loss) for the period to be appropriated9905 | €3,251 | €84,940 | €7,667 | -€21,597 | -€3,155 | -€334,921 | €9,183 | -€76,466 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €2.2m | €2.4m | €2.6m | €1.7m | €1.5m | €1.7m | €1.5m | €1.5m | ▼ 2.8% |
| Fixed assets21/28 | €0.005m | €0.02m | €0.02m | €0.03m | €0.03m | €0.02m | €0.01m | €0.01m | ▼ 23.2% |
| Tangible fixed assets22/27 | €0.004m | €0.01m | €0.009m | €0.007m | €0.007m | €0.005m | €0.01m | €0.01m | ▼ 23.9% |
| Land and buildings22 | - | - | - | €0.001m | €480 | €0 | €0 | - | - |
| Plant, machinery and equipment23 | - | - | - | - | €426 | €0 | - | - | - |
| Furniture and vehicles24 | - | - | - | €497 | €0.002m | €0.001m | €0.01m | €0.007m | ▼ 23.6% |
| Other tangible fixed assets26 | - | - | - | €0.005m | €0.005m | €0.004m | €0.003m | €0.002m | ▼ 25.0% |
| Financial fixed assets28 | €0.001m | €0.004m | €0.01m | €0.02m | €0.02m | €0.02m | €400 | €400 | = |
| Current assets29/58 | €2.2m | €2.4m | €2.6m | €1.7m | €1.5m | €1.7m | €1.5m | €1.5m | ▼ 2.6% |
| Stocks and contracts in progress3 | €1.4m | €0.4m | €0.1m | €0.1m | €0.2m | €1.1m | €1.0m | €1.0m | ▼ 0.3% |
| Stocks30/36 | - | - | - | €0.1m | €0.2m | €1.1m | €1.0m | €1.0m | ▼ 0.3% |
| Amounts receivable within one year40/41 | €0.4m | €2.0m | €2.4m | €1.6m | €0.9m | €0.6m | €0.6m | €0.5m | ▼ 6.0% |
| Trade receivables40 | - | - | - | €1.4m | €0.9m | €0.2m | €0.2m | €0.2m | ▲ 2.2% |
| Other amounts receivable41 | - | - | - | €0.2m | €0.04m | €0.4m | €0.4m | €0.4m | ▼ 9.2% |
| Cash at bank and in hand54/58 | €0.3m | €0.05m | €0.09m | €0.006m | €0.4m | €0.003m | €0.004m | €439 | ▼ 89.0% |
| Deferred charges and accrued income490/1 | - | - | - | €0.001m | €0.001m | €0 | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €2.2m | €2.4m | €2.6m | €1.7m | €1.5m | €1.7m | €1.5m | €1.5m | ▼ 2.8% |
| Equity10/15 | €0.5m | €0.6m | €0.6m | €0.5m | €0.5m | €0.2m | €0.2m | €0.1m | ▼ 35.4% |
| Contributions10/11 | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Reserves13 | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.2m | €0.2m | €0.1m | ▼ 36.4% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €0.5m | €0.5m | €0.2m | €0.2m | €0.1m | ▼ 36.4% |
| Profit (loss) carried forward14 | -€0.07m | €0.02m | €0.02m | €0.001m | -€0.002m | €0 | - | - | - |
| Amounts payable17/49 | €1.7m | €1.9m | €2.1m | €1.2m | €1.0m | €1.5m | €1.3m | €1.4m | ▲ 2.5% |
| Amounts payable after more than one year17 | €0.7m | €0.7m | €0.9m | €0.9m | €0.4m | €0.2m | €0.2m | €0.2m | ▼ 11.3% |
| Financial debts170/4 | - | - | - | €0.9m | €0.4m | €0.2m | €0.2m | €0.2m | ▼ 11.3% |
| Amounts payable within one year42/48 | €1.0m | €1.2m | €1.1m | €0.3m | €0.6m | €1.3m | €1.1m | €1.2m | ▲ 5.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.08m | €0.04m | €0.02m | €0.02m | €0.02m | ▲ 1.9% |
| Financial debts43 | - | - | - | - | - | €0.6m | €0.7m | €0.7m | ▲ 8.3% |
| Credit institutions430/8 | - | - | - | - | - | €0.6m | €0.7m | €0.7m | ▲ 8.3% |
| Trade debts44 | €0.3m | €0.6m | €0.6m | €0.2m | €0.5m | €0.3m | €0.2m | €0.2m | ▼ 7.4% |
| Suppliers440/4 | - | - | - | €0.2m | €0.5m | €0.3m | €0.2m | €0.2m | ▼ 7.4% |
| Advances received on contracts in progress46 | - | - | - | - | - | - | €0.01m | €0.01m | = |
| Taxes, remuneration and social security45 | - | - | - | €0.03m | €0.002m | €0.002m | €0.004m | €0.004m | = |
| Taxes450/3 | - | - | - | €0.03m | - | - | €0.004m | €0.004m | = |
| Remuneration and social security454/9 | - | - | - | - | €0.002m | €0.002m | €0 | - | - |
| Other amounts payable47/48 | - | - | - | €0.01m | €0.06m | €0.3m | €0.2m | €0.2m | ▲ 11.4% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €0.007m | €0.002m | ▼ 70.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3,251 | €84,940 | €7,667 | -€21,597 | -€3,155 | -€334,921 | €9,183 | -€76,466 | - |
| + Depreciation and write-downs630 | €1,865 | €2,400 | €2,016 | €1,950 | €1,608 | €1,802 | €1,689 | €3,030 | ▲ 79.3% |
| Operating cash flow (approximation) | €5,116 | €87,341 | €9,683 | -€19,647 | -€1,547 | -€333,118 | €10,872 | -€73,436 | - |
| Investment in fixed assets (approximation) | - | -€12,609 | -€7,478 | -€6,855 | -€2,544 | €429 | €9,365 | €0 | ▼ 100% |
| Change in cash | - | -€302,875 | €44,119 | -€83,396 | €359,890 | -€362,586 | €536 | -€3,571 | - |
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, 1,104 companies had the same profile as RUZZI has now. Two years later, 94.3% were still going and 1.8% had gone bankrupt.
- Small
- 20 years or older
- solvency under 10%
- a small loss
94.3%
was still going
3.5%
stopped otherwise
1.8%
went bankrupt
Another 0.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of RUZZI itself: 1.9% 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 1,104 companies, not a prediction for RUZZI. 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 34 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-07-2026 | 2026-00375701 | |
| 31-12-2024 | micro format | 01-07-2025 | 2025-00224464 | |
| 31-12-2023 | micro format | 30-10-2024 | 2024-00526166 | |
| 31-12-2022 | micro format | 28-09-2023 | 2023-00457107 | |
| 31-12-2021 | micro format | 26-09-2022 | 2022-20435109 | |
| 31-12-2020 | abbreviated format | 30-08-2021 | 2021-60500582 | |
| 31-12-2019 | abbreviated format | 28-10-2020 | 2020-64100087 | |
| 31-12-2018 | abbreviated format | 03-10-2019 | 2019-68200297 | |
| 31-12-2017 | abbreviated format | 24-09-2018 | 2018-64100024 | |
| 31-12-2016 | abbreviated format | 26-09-2017 | 2017-62900192 |