R-STREAM
ActiveSummary
The annual accounts of R-STREAM for fiscal year 2025 show a net loss of 57% of the equity at the start of that year. The 2025 annual accounts show equity of €131k and a net result of €-174k. Equity is shrinking by ~33.5% per year across the filed fiscal years. Its solvency ranks better than 32% of 179 sector peers (fiscal year 2025). The company has been active since 1989 and the Belgian State Gazette contains no insolvency or warning signals. The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
48
/ 100
Fair
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability0=
Solvency46▼-37
Growth22=
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €6k at 30 days only on tighter terms
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity short (current ratio 0.9 against 1.96 in 2024; short-term debt: 77.6% and cash: 19.5% of total assets), and 78.9% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Seven 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
Sector 74
lower
← fewer bankruptcies
more bankruptcies →
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
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 2025Solvency, return and age of the figures
Solvency
21.1%
Return on assets
-28.1%
Age of the figures
9 mo
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year €-174k
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 26-08-2026, 26 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
26 d late
2024
27 d late
2023
on the day
2022
47 d early
2021
41 d early
2020
61 d late
2019
92 d early
← 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
24-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
€2.56M▼ 60.5%
2022 · €6.48M
2018: €14.34M
2019: €9.04M
2020: €7.30M
2021: €7.72M
2022: €6.48M
2018 → 2023
EBIT margin
5.9%▲ 4.8pp
2022 · 1.0%
2018: 3.7%
2019: -7.2%
2020: -11.3%
2021: 0.9%
2022: 1.0%
2018 → 2023
Net result
€-174k▲ 63.7%
2024 · €-479k
2018: €301k
2019: €994k
2020: €-793k
2021: €56k
2022: €58k
2023: €146k
2024: €-479k
2018 → 2025
Working capital
€-47k
2024 · €215k
2018: €3.09M
2019: €4.26M
2020: €2.97M
2021: €2.49M
2022: €1.09M
2023: €778k
2024: €215k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Turnover€7.72M-€6.48M▼ 16.1%€2.56M▼ 60.5%
Equity€1.83M-€637k▼ 65.2%€784k▲ 22.9%€305k▼ 61.1%€131k▼ 57.0%
Operating result€66k-€68k▲ 2.2%€151k▲ 123%€-474k€-167k▲ 64.8%
Net result€56k-€58k▲ 2.6%€146k▲ 153%€-479k€-174k▲ 63.7%
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €167k in 2025 against €474k in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €620k
Fixed assets
€186k ▲ 105%
Current assets
€434k ▼ 1.3%
Equity and liabilities €620k
Equity
€131k ▼ 57.0%
Debt
€489k ▲ 117%
Debt's share of the balance-sheet total rises from 42.5% to 78.9%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€-132k▲
2024 · €-456k
Cash flow
€-140k▲
2024 · €-460k
Current ratio
0.90▼
2024 · 1.96
Debt to equity
3.73▲
2024 · 0.74
ROE
-132.7%▲
2024 · -156.9%
ROA
-28.1%▲
2024 · -90.3%
Interest coverage
-7.63▲
2024 · -57.06
Debt ≤ 1 year
€481k▲
2024 · €224k
Income taxes
€1k▼
2024 · €3k
Staff costs
€457k▲
2024 · €402k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 49 lines
Balance sheet
Code20242025
Assets
Total assets20/58€530k€620k▲
Fixed assets21/28€91k€186k▲
Intangible fixed assets21€82k€174k▲
Tangible fixed assets22/27€9k€12k▲
Plant, machinery and equipment23€5k€11k▲
Furniture and vehicles24€404€172▼
Other tangible fixed assets26€3k€1k▼
Financial fixed assets28€278€278=
Current assets29/58€439k€434k▼
Amounts receivable within one year40/41€222k€297k▲
Trade receivables40€222k€297k▲
Cash at bank and in hand54/58€200k€121k▼
Deferred charges and accrued income490/1€18k€15k▼
Equity and liabilities
Total equity and liabilities10/49€530k€620k▲
Equity10/15€305k€131k▼
Contributions10/11€62k€62k=
Capital10€62k€62k=
Issued capital100€62k€62k=
Reserves13€6k€6k=
Non-distributable reserves130/1€6k€6k=
Legal reserve130€6k€6k=
Profit (loss) carried forward14€237k€63k▼
Amounts payable17/49€225k€489k▲
Amounts payable within one year42/48€224k€481k▲
Trade debts44€138k€151k▲
Suppliers440/4€138k€151k▲
Taxes, remuneration and social security45€86k€80k▼
Taxes450/3€27k€26k▼
Remuneration and social security454/9€59k€54k▼
Other amounts payable47/48-€250k
Accrued charges and deferred income492/3€930€8k▲
Income statement
Code20242025
Remuneration, social security and pensions62€402k€457k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€18k€34k▲
Other operating charges640/8€202k€83k▼
Non-recurring operating charges66A€207-
Gross operating margin9900€148k€408k▲
Operating profit (loss)9901€-474k€-167k▲
Financial income75/76B€6k€11k▲
Recurring financial income75€1€24▲
Non-recurring financial income76B€6k€11k▲
Financial charges65/66B€8k€17k▲
Recurring financial charges65€8k€17k▲
Profit (loss) for the period before taxes9903€-476k€-173k▲
Income taxes67/77€3k€1k▼
Profit (loss) for the period9904€-479k€-174k▲
Profit (loss) for the period to be appropriated9905€-479k€-174k▲
Appropriation of the result
Profit (loss) to be appropriated9906€237k€63k▼
Profit (loss) brought forward from the previous period14P€715k€237k▼
Social balance
Average headcount (FTE)90874.710.4▲
The notes to these accounts (10 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
09-09
State Gazette act
Reappointments: STEPHANE BUISSERET, AIRPAR and TASTE CONSULT6 facts ▸
State Gazette act
Reappointments: STEPHANE BUISSERET, AIRPAR and TASTE CONSULT
6 facts ▸
- General meeting, 01-05-2025
- Director reappointment, STEPHANE BUISSERET (director)
- Director reappointment, AIRPAR (director)
- Director reappointment, TASTE CONSULT (director)
- Director reappointment, STEPHANE BUISSERET (managing director)
- Director reappointment, AIRPAR (managing director)
26-08
NBB filing
Annual accounts filed
fiscal year 2025 · full schema · 26 days late
2025
27-08
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 27 days late
2024
31-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
14-06
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
20-06
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
31-12
Financial
Back to profitnet €56k
Net result €56k after one loss-making year.
30-09
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 61 days late
2020
31-12
Financial
Weakest financial yearnet €-793k ▼180%
Net result drops to €-793k, the lowest in the series; recovery starts the following year.
30-04
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
31-12
Financial
Highest result since 2018net €994k ▲230%
Net result €994k, the highest in the series.
31-12
Financial
Liquidity doublescurrent ratio 4.31
Current ratio from 1.79 to 4.31; short-term debt falls from €3.90M to €1.29M.
Show earlier events
10-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
21-06
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
16-06
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
under verification
This board is reconstructed from a single act (26360089). A Gazette act generally publishes only CHANGES, not a full roll call, so directors unchanged since then may be missing here. The KBO register holds the complete list of function holders.
AIRPAR
CurrentDirector · Public limited company
STEPHANE BUISSERET
CurrentDirector · Private limited company
TASTE CONSULT
CurrentDirector · Private limited company
Location & real-estate footprint
Registered office, Watermaal-Bosvoorde · 1 establishment unit since 1989
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Terhulpsesteenweg 1851170 Watermaal-BosvoordeGround area
7,608 m²
Building footprint
1,019 m²
Volume, LiDAR
29,191 m³
Parcel 21652E0042/00H002, Brussels · tallest building 35.8 m, ±10 floors. Linked by address, not a title deed.
1 establishment unit
R-stream
since 19892.045.245.691
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21652E0042/00H002 | Brussels | 7,608 m² | 1 · 1,019 m² | 35.8 m · 10 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
1 of these parcels carry protected heritage (source: regional heritage registers, Onroerend Erfgoed / patrimoine.brussels).
Structure & network
Connections & network
2 connected companiesLinked via shared directors
Shared corporate director
→
Shared corporate director
→
Public money · subsidies and aid
European Union, budget
2021 to 2022 · 5 entries| Year | Entries | awarded |
|---|---|---|
| 2022 | 1 | 0 EUR |
| 2021 | 4 | 0 EUR |
Projects
COMMUNICATION CAMPAIGN ON THE UNION OF EQUALITY: STRATEGY FOR THE RIGHTS OF PERSONS WITH DISABILITIES 2021-2030 EASPRD
PROVISION OF SERVICES LINKED TO THE ORGANISATION CAMPAIGNS: " LAUNCH THE SINGLE DIGIT GATEWAY ON 12 DECEMBER 2020"
Similar companies · same sector, comparable size
SOMETHING ELS
BE 0881.139.882
Brussel · Eq €132,636
CHRISTIAEN LAEVENS
BE 0521.835.155
Kortrijk · Eq €129,455
DocWriter
BE 0642.930.054
Gent · Eq €129,182
BUREAU WIT
BE 0698.664.769
Antwerpen · Eq €128,971
RAMDAM DESIGN
BE 0887.075.490
Liège · Eq €128,596
Of 6,295 companies in sector 74120 we hold annual accounts for 1,011. 774 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded12-09-1989
Fiscal year end31-12
Abbreviation FR
AIRCA
Activities, NACEBEL 2025
73110Advertising agencies
74120Graphic design and visual communication
17250Manufacture of paper and paper products
74140Other specialised design activities
Sources
Crossroads Bank for EnterprisesNational Bank · 37 filingsAddress and cadastre registers
Scores and ratios are computed by Checked and are not a credit decision.