Checked.be
Active
BE 0451.653.576Private limited company
De Boel Raphaël
Stationsstraat 42 ·2220 Heist-op-den-Berg, Belgium· 32 yrs active
Sector: Wholesale trade
(46391)
Conclusion
De Boel Raphaël has been active since 1993 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €967k and a net result of €199k. Equity is growing by ~26% per year across the filed fiscal years. Its solvency ranks better than 88% of 338 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Based on the State Gazette, CBE and 3 annual accounts.
Key figures
| Equity | €967k |
| Net result | €199k |
| Staff (FTE) | 8.6 |
| Better than sector | 88% |
Financial profile
89
/ 100
Exceptional profile, strong across almost every axis.
All 5 axes are computed from data Checked has read.
Health
93
Profitability
100
Solvency
100
Growth
52
Stability
100
Bankruptcy probability (12 mo)
Risk Assessment
0 / 100
Low riskTrust signals
Long-established
Founded in 1993, 32 years in business.
No legal incidents
No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.
Administrative Flags
No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
Checked score
93
/ 100
Excellent
Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.
Indicative credit limit
€90k
estimate, not credit advice
Score history
93
2023
100
2024
93
2025
purely financial, excl. current insolvency signals
Score components
Liquidity
Current ratio 5.53 (≥ 1.5)
+10
Quick ratio
Quick ratio 4.22 (≥ 1.0)
+5
Leverage
Debt/equity 0.21 (< 1.0)
+10
Profitability
ROE 21% (≥ 10%)
+10
Interest coverage
Interest coverage 1870.5× (≥ 3×)
+8
Profit trend
Net profit down YoY
-3
Equity growth
Equity growing YoY
+3
Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.
Financial overview
Annual accounts filed on 24-07-2026 with the NBB · fiscal year 2025 · abbreviated schema
Trajectory (indicative)
Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.
growing
Equity: growth of ~26%/year over 3 fiscal years, indicative, assuming unchanged policy.
Solid line = filed figures · dashed = extended trend · area = indicative range.
How do we compute this?
The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.
The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.
A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).
Sector comparison
Fiscal year 2025 · NACE 46, Wholesale trade · compared within the same schema type (abbreviated schema)
| Metric | This company | Sector median | Position in the sector |
|---|---|---|---|
| Solvency | 82.5% | 36.5% | |
| Net result | €199k | €44k | |
| Equity | €967k | €279k | |
| Gross operating margin | €690k | €244k | |
| Staff costs | €405k | €174k |
€281k
-19.4%
23-25
€199k
-19.5%
23-25
€212k
-17.1%
23-25
€1.17M
+11.2%
23-25
€967k
+23.7%
23-25
€931k
+23.3%
23-25
9
-5.5%
23-25
€405k
-1.6%
23-25
€94k
-20.0%
23-25
€14k
-46.0%
23-25
€206k
-24.6%
23-25
€206k
-24.6%
23-25
5.53
+46.6%
23-25
4.22
+49.0%
23-25
82.5%
+11.2%
23-25
0.21
-39.0%
23-25
20.5%
-34.9%
23-25
16.9%
-27.6%
23-25
1870.54
+7.5%
23-25
Figures by fiscal year and ratios
| Fiscal year | 2025 | 2024 | 2023 |
|---|---|---|---|
| Deposit | abbreviated schema | abbreviated schema | abbreviated schema |
| Revenue | - | - | - |
| EBITDA | €281k | €349k | €288k |
| Net profit | €199k | €247k | €206k |
| Cash flow | €212k | €255k | €218k |
| Staff costs | €405k | €412k | €467k |
| Income taxes | €94k | €118k | €97k |
| Dividends | €14k | €25k | €171k |
| Total assets | €1.17M | €1.05M | €984k |
| Equity | €967k | €782k | €560k |
| Debt | €206k | €273k | €423k |
| of which ≤ 1y | €206k | €273k | €423k |
| of which > 1y | - | - | - |
| Working capital | €931k | €756k | €533k |
| Employees (FTE) | 8.6 | 9.1 | 10.6 |
Ratios (computed)
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Current ratio | 5.53 | 3.77 | 2.26 |
| Quick ratio | 4.22 | 2.83 | 1.67 |
| Working capital ratio | 79.4% | 71.6% | 54.2% |
| Solvency | 82.5% | 74.1% | 57.0% |
| Debt / equity | 0.21 | 0.35 | 0.76 |
| Long-term debt ratio | - | - | - |
| Interest coverage | 1870.54 | 1739.30 | 214.42 |
| Gross margin | - | - | - |
| Net margin | - | - | - |
| ROA | 16.9% | 23.4% | 20.9% |
| ROE | 20.5% | 31.5% | 36.7% |
| EBITDA margin | - | - | - |
| Days sales outstanding | - | - | - |
| Days payable outstanding | - | - | - |
| Inventory turnover | - | - | - |
| Days inventory (DSI) | - | - | - |
Balance-sheet composition 2025
Full annual accounts (24 line items)
Filed balance sheet and income statement, exactly as deposited with the NBB.
| Line item | Code | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Balance sheet, Assets | ||||
| TOTAL ASSETS | 20/58 | €1.17M | €1.05M | €984k |
| Fixed assets | 21/28 | €35k | €26k | €27k |
| Tangible fixed assets | 22/27 | €35k | €26k | €26k |
| Financial fixed assets | 28 | €650 | €650 | €650 |
| Current assets | 29/58 | €1.14M | €1.03M | €957k |
| Stocks & contracts in progress | 3 | €268k | €255k | €251k |
| Amounts receivable within one year | 40/41 | €322k | €261k | €380k |
| Cash & bank | 54/58 | €548k | €513k | €325k |
| Balance sheet, Equity & liabilities | ||||
| TOTAL EQUITY & LIABILITIES | 10/49 | €1.17M | €1.05M | €984k |
| Equity | 10/15 | €967k | €782k | €560k |
| Contributions / capital | 10/11 | €19k | €19k | €19k |
| Reserves | 13 | €849k | €664k | €442k |
| Accumulated profits (losses) | 14 | €100k | €100k | €100k |
| Amounts payable | 17/49 | €206k | €273k | €423k |
| Amounts payable within one year | 42/48 | €206k | €273k | €423k |
| Trade debts payable within one year | 44 | €93k | €156k | €144k |
| Income statement | ||||
| Gross operating margin | 9900 | €690k | €763k | €757k |
| Operating result | 9901 | €268k | €340k | €276k |
| Financial income | 75 | €25k | €25k | €28k |
| Financial charges | 65 | €150 | €201 | €1k |
| Result before taxes | 9903 | €293k | €365k | €303k |
| Income taxes | 67/77 | €94k | €118k | €97k |
| Net result for the period | 9904 | €199k | €247k | €206k |
| Result to be appropriated | 9905 | €199k | €247k | €206k |
Directors & mandates
Current directors & mandates
-
De Boel Raphaël Baptist LeonardusDirectorState Gazette act 23460378 (18-12-2023)Current18-12-2023 → present
Legal Structure
| NACE primary | Wholesale trade(46391) |
| Legal form | Private limited company(610) |
| Incorporation | 20-12-1993 |
| Status | Active |
| Postal code | 2220 |
Establishment units
DE BOEL RAPHAEL VAN HOOF
since 19942.065.148.014
Real-estate footprint
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 12322I0459/00H004 | Flanders | 104 m² | - | - |
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.
Updates
Next filing, fiscal year 2026, expected by
2026
24-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Weakest financial yearnet €199k ▼19.5%
Net result drops to €199k, the lowest in the series.
29-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Highest result since 2023net €247k ▲19.9%
Operating result €340k, net result €247k, both a record.
23-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
18-12
State Gazette act
Statutes amendment
v3.2
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 31 days late
2022
30-08
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 30 days late
2021
30-08
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 30 days late
2020
16-10
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 77 days late
2019
23-08
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 23 days late
2018
30-08
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema · 30 days late
2017
28-08
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 28 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Belgian State Gazette reading coverage
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
Belgisch Staatsblad, acts
All acts · 1
updated 2 years ago
2023
18-12-2023 Articles of association amended
Summary:
v3.2
Technical details
{
"schema": "v3.2",
"act_meta": {
"extractor": "qwen3-30b-a3b"
},
"name_change": {
"new": "",
"old": "",
"changed": false
},
"seat_change": {
"changed": false
},
"object_change": {
"changed": false
},
"subject_company": {
"kbo": "0451.653.576",
"name_full": "De Boel Raphael"
},
"legal_form_change": {
"new": "BV",
"old": "SPRL",
"changed": false
}
}Credit advice
Company registry (CBE)
Activities
Wholesale trade463915139151392Non-specialised wholesale46392
Names & trade names
| Legal nameNL | De Boel Raphaël |
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