THANS RAF
ActiveSummary
THANS RAF has been active since 2010 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €101,138 and a net result of -€17,906. Equity is growing by ~4.5% per year across the filed fiscal years. Its solvency ranks better than 42% of 4345 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2024
Axes · tick = 2023
Profitability10▼-62
Solvency66▼-34
Growth32▼-20
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €5,000 at 30 days acceptable
Liquidity short (current ratio 0.45 against 35.96 in 2023; short-term debt: 58.9% and cash: 4.9% of total assets), and 58.9% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 74
Relative position
BE, all sectors
reference
Other professional, scientific and technical activities (NACE 74)
about 48% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
41.1%
Return on assets
-7.3%
Age of the figures
21 mo
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 25-06-2025, 36 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
36 d early
2023
36 d early
2022
31 d early
2021
34 d early
2020
58 d early
2019
38 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 39 days before the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 38% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, micro schema
Equity
€101,138▼ 27.8%
2023 · €140,145
Total assets
€246,036▲ 70.7%
2023 · €144,114
Net result
-€17,906
2023 · €3,689
Working capital
-€79,275
2023 · €138,783
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 74, Other professional, scientific and technical activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Operating result€31,599▲ 27.4%€89,914▲ 185%-€553€3,836-€17,250
Net result€24,125within the sector's middle half▲ 125%€64,239within the sector's middle half▲ 166%€1,291within the sector's middle half▼ 98.0%€3,689within the sector's middle half▲ 186%-€17,906below the sector's middle half
Equity€139,126within the sector's middle half▲ 21.0%€177,465within the sector's middle half▲ 27.6%€160,956within the sector's middle half▼ 9.3%€140,145above the sector's middle half▼ 12.9%€101,138within the sector's middle half▼ 27.8%
Total assets€254,973within the sector's middle half▲ 3.2%€190,231within the sector's middle half▼ 25.4%€169,016within the sector's middle half▼ 11.2%€144,114within the sector's middle half▼ 14.7%€246,036above the sector's middle half▲ 70.7%
Debt€115,847▼ 12.3%€12,766▼ 89.0%€8,060▼ 36.9%€3,969▼ 50.8%€144,897▲ 3,550%
Working capital€109,299within the sector's middle half▲ 14.5%€174,207within the sector's middle half▲ 59.4%€158,646within the sector's middle half▼ 8.9%€138,783above the sector's middle half▼ 12.5%-€79,275below the sector's middle half
Solvency54.6%within the sector's middle half▲ 8.0pp93.3%above the sector's middle half▲ 38.7pp95.2%above the sector's middle half▲ 1.9pp97.2%above the sector's middle half▲ 2.0pp41.1%within the sector's middle half▼ 56.1pp
Current ratio12.45above the sector's middle half▲ 5.9914.65above the sector's middle half▲ 2.2020.68above the sector's middle half▲ 6.0435.96above the sector's middle half▲ 15.280.45below the sector's middle half▼ 35.51
Return on assets (ROA)9.5%within the sector's middle half▲ 5.1pp33.8%above the sector's middle half▲ 24.3pp0.8%within the sector's middle half▼ 33.0pp2.6%within the sector's middle half▲ 1.8pp-7.3%below the sector's middle half▼ 9.8pp
above
within
below
the middle half (P25 to P75) of NACE 74, Other professional, scientific and technical activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2024: a loss of €17,250 after €3,836 in 2023, the lowest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €246,036
Fixed assets
€180,414 ▲ 13,148%
Current assets
€65,622 ▼ 54.0%
Equity and liabilities €246,036
Equity
€101,138 ▼ 27.8%
Debt
€144,897 ▲ 3,550%
Debt's share of the balance-sheet total rises from 2.8% to 58.9%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€16,301▼
2023 · €4,784
Cash flow
-€16,958▼
2023 · €4,637
Debt to equity
1.43▲
2023 · 0.03
ROE
-17.7%▼
2023 · 2.6%
Interest coverage
-6.39▼
2023 · 11.96
Debt ≤ 1 year
€144,897▲
2023 · €3,969
Income taxes
€277▼
2023 · €2,221
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 6,915 companies that looked in July 2024 the way this one looks now, 1.1% went bankrupt within 24 months and 91% are still going.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a small loss
1.1%
went bankrupt
7.8%
stopped otherwise
91%
still going
A further 0.4% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.3% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 6,915 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €42,822 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,744 | €948 | €948 | €948 | €948 | = |
| Other operating charges640/8 | - | €812 | €485 | €1,830 | €535 | ▼ 70.7% |
| Non-recurring operating charges66A | - | - | - | - | €21,600 | - |
| Gross operating margin9900 | €35,262 | €91,674 | €881 | €6,614 | €5,834 | ▼ 11.8% |
| Operating profit (loss)9901 | €31,599 | €89,914 | -€553 | €3,836 | -€17,250 | ▼ 550% |
| Financial income75/76B | - | €5,453 | €3,351 | €2,474 | €2,173 | ▼ 12.1% |
| Recurring financial income75 | €6,168 | €5,453 | €3,351 | €2,474 | €2,173 | ▼ 12.1% |
| Financial charges65/66B | - | €545 | €435 | €400 | €2,553 | ▲ 538% |
| Recurring financial charges65 | €783 | €545 | €435 | €400 | €2,553 | ▲ 538% |
| Profit (loss) for the period before taxes9903 | €36,984 | €94,822 | €2,363 | €5,909 | -€17,629 | ▼ 398% |
| Income taxes67/77 | €12,859 | €30,583 | €1,073 | €2,221 | €277 | ▼ 87.5% |
| Profit (loss) for the period9904 | €24,125 | €64,239 | €1,291 | €3,689 | -€17,906 | ▼ 585% |
| Profit (loss) for the period to be appropriated9905 | €24,125 | €64,239 | €1,291 | €3,689 | -€17,906 | ▼ 585% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €254,973 | €190,231 | €169,016 | €144,114 | €246,036 | ▲ 70.7% |
| Fixed assets21/28 | €136,124 | €3,258 | €2,310 | €1,362 | €180,414 | ▲ 13,148% |
| Tangible fixed assets22/27 | €136,124 | €3,258 | €2,310 | €1,362 | €180,414 | ▲ 13,148% |
| Land and buildings22 | - | - | - | - | €180,000 | - |
| Plant, machinery and equipment23 | - | €1,756 | €1,278 | €800 | €322 | ▼ 59.7% |
| Furniture and vehicles24 | - | €1,502 | €1,032 | €562 | €91 | ▼ 83.7% |
| Current assets29/58 | €118,849 | €186,973 | €166,706 | €142,752 | €65,622 | ▼ 54.0% |
| Amounts receivable within one year40/41 | €61,890 | €56,062 | €37,846 | €22,223 | €3,613 | ▼ 83.7% |
| Trade receivables40 | - | €18,079 | €4,169 | €14,017 | €1,578 | ▼ 88.7% |
| Other amounts receivable41 | - | €37,982 | €33,677 | €8,206 | €2,035 | ▼ 75.2% |
| Current investments50/53 | - | - | €10,000 | €34,000 | €50,000 | ▲ 47.1% |
| Cash at bank and in hand54/58 | €56,428 | €129,906 | €117,339 | €86,301 | €12,009 | ▼ 86.1% |
| Deferred charges and accrued income490/1 | - | €1,006 | €1,521 | €228 | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €254,973 | €190,231 | €169,016 | €144,114 | €246,036 | ▲ 70.7% |
| Equity10/15 | €139,126 | €177,465 | €160,956 | €140,145 | €101,138 | ▼ 27.8% |
| Contributions10/11 | - | €8,060 | €8,060 | €8,060 | €8,060 | = |
| Reserves13 | €130,000 | €168,300 | €151,700 | €130,800 | €109,700 | ▼ 16.1% |
| Distributable reserves133 | - | €168,300 | €151,700 | €130,800 | €109,700 | ▼ 16.1% |
| Profit (loss) carried forward14 | €1,066 | €1,105 | €1,196 | €1,285 | -€16,622 | ▼ 1,394% |
| Amounts payable17/49 | €115,847 | €12,766 | €8,060 | €3,969 | €144,897 | ▲ 3,550% |
| Amounts payable after more than one year17 | €106,298 | - | - | - | - | - |
| Amounts payable within one year42/48 | €9,550 | €12,766 | €8,060 | €3,969 | €144,897 | ▲ 3,550% |
| Financial debts43 | - | - | - | - | €135,000 | - |
| Credit institutions430/8 | - | - | - | - | €135,000 | - |
| Trade debts44 | €94 | €1,302 | €8,060 | €3,114 | €597 | ▼ 80.8% |
| Suppliers440/4 | - | €1,302 | €8,060 | €3,114 | €597 | ▼ 80.8% |
| Taxes, remuneration and social security45 | - | €11,464 | - | €855 | - | - |
| Taxes450/3 | - | €11,464 | - | €855 | - | - |
| Other amounts payable47/48 | - | - | - | - | €9,301 | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €24,125 | €64,239 | €1,291 | €3,689 | -€17,906 | ▼ 585% |
| + Depreciation and write-downs630 | €2,744 | €948 | €948 | €948 | €948 | = |
| Operating cash flow (approximation) | €26,868 | €65,187 | €2,239 | €4,637 | -€16,958 | ▼ 466% |
| Investment in fixed assets (approximation) | - | €131,918 | €0 | €0 | -€180,000 | - |
| Change in cash | - | €73,478 | -€12,567 | -€31,038 | -€74,291 | ▼ 139% |
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
2025
25-06
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Weakest financial yearnet -€17,906
Net result drops to -€17,906, the lowest in the series.
25-06
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
30-06
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
27-06
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-12
Financial
Highest result since 2018net €64,239 ▲166%
Operating result €89,914, net result €64,239, both a record.
31-12
Financial
Equity above €150,000Eq €177,465 ▲27.6%
4 profitable years in a row build equity to €177,465.
03-06
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
23-06
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
24-06
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
09-07
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
05-07
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
2016
16-06
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 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
3 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, Bree · 1 establishment unit since 2010
Ground area
906 m²
Building footprint
184 m²
Volume, LiDAR
942 m³
Parcel 72402B0687/00W000, Flanders · tallest building 6.7 m, ±2 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
Thans Raf
since 20102.188.370.181
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 72402B0687/00W000 | Flanders | 906 m² | 1 · 184 m² | 6.7 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.
Public money · subsidies and aid
Flemish government
2025 · 1 entry · 172 EUR awarded · 172 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 172 EUR | 172 EUR |
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Of 4,561 companies in sector 74999 we hold annual accounts for 1,936. 1,557 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
Founded07-04-2010
Fiscal year end31-12
Activities, NACEBEL 2025
74999Other professional, scientific and technical activities
70200Business and other management consultancy
71111Activities of building architects
71113Urban planning and landscape architecture
E-invoicing
Reachable via Peppol
Peppol ID
0208:0824726068
Registered
05-11-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.