R.AF · Checked.be

Summary

Conclusion

the dossier summarised in one paragraph

The computed 12-month bankruptcy probability of R.AF is 1.0% (low). The 2023 annual accounts show equity of €548k and a net result of €46. Equity is growing by ~36.6% per year across the filed fiscal years. Its solvency ranks better than 85% of 909 sector peers (fiscal year 2023). The company has been active since 2004 and the Belgian State Gazette contains no insolvency or warning signals.

Based on the State Gazette, CBE and 6 annual accounts.

Signals

3 signals · with evidence

Strong solvency vs sector

Solvency is in the sector's strongest quartile: better than 85% of 909 peers (2023). A comfortable equity buffer.

View the sector comparison

Consistently profitable

Positive net result in the two most recent financial years (2022 and 2023).

View the result trend

Growing equity

Equity grew over 2021-2023. Profits are largely retained rather than distributed.

View the equity trend

Signals are derived from the filed annual accounts and the sector comparison. No composite score: each signal is separately verifiable at the source.

Filing behaviour

From the deposit records, complete market-wide

Annual accounts not filed

The financial year that closed on 31-12-2024 was due at the National Bank by 31-07-2025. Nothing is on record today, 385 days later. 2 financial years are missing in total. Measured on financial year 2023: 41.75% of the companies that did not file are in an abnormal legal state today, against 1.66% of those that did.

Filed more than 90 days late

The financial year that closed on 31-12-2023 was due by 31-07-2024 and was filed on 31-12-2024, 153 days past the deadline. Measured on financial year 2023: companies more than 90 days late are in an abnormal legal state today in 5.61% of cases, against 1.66% across all filers.

How we compute the deadline

The year end is derived from 10 filed financial years, each closing on 31-12. The statutory deadline is seven months after the close of the financial year (art. 3:10 par. 1 CAC, art. 3:47 par. 7 for ASBL and foundations). Applied to the financial year that closed on 31-12-2023, that is 31-07-2024.

Deadline per financial year

Year closed	Due by	Filed	Variance	Reference
31-12-2025	31-07-2026	nothing on record	not filed	-
31-12-2024	31-07-2025	nothing on record	not filed	-
31-12-2023	31-07-2024	31-12-2024	153 d late	2024-00627650
31-12-2022	31-07-2023	30-12-2023	152 d late	2023-00540045
31-12-2021	31-07-2022	26-03-2023	238 d late	2023-00045228
31-12-2020	31-07-2021	29-10-2021	90 d late	2021-75500503
31-12-2019	31-07-2020	30-11-2020	122 d late	2020-74200483
31-12-2018	31-07-2019	19-09-2019	50 d late	2019-65000058
31-12-2017	31-07-2018	21-12-2018	143 d late	2018-75100415
31-12-2016	31-07-2017	08-08-2017	8 d late	2017-41900150
31-12-2015	31-07-2016	31-08-2016	31 d late	2016-51400227
31-12-2014	31-07-2015	18-12-2015	140 d late	2015-69200161

Source: the National Bank's deposit records. Those records are complete, including for years whose figures we have not read yet. Filing late covers nearly half the market and is therefore not scored; only not filing, being more than 90 days late and breaking a punctual record carry weight.

Trust signals

2 signals

Long-established

Founded in 2004, 22 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.

Bankruptcy probability (12 mo)

Checked model v1 · free for everyone

1.0% Low

0%0,5%1,5%4%10%≥25%

Higher-failure-rate sector +Long track record −Annual accounts: weaker financial profile +

Statistical estimate based on public sources, not credit advice nor a finding of fact. How do we compute this?

Financials

TurnoverNot published (abbreviated filing)

EBIT marginNot published (abbreviated filing)

Net result€46-100.0%

Working capital€238k+20.5%

CSV export

Annual accounts & ratios

Source: NBB · 2023

Annual accounts filed on 31-12-2024 with the NBB · fiscal year 2023 · verkort

Operating resultNet result

Trajectory (indicative)

Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.

growing Equity: growth of ~36.6%/year over 6 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 2023 · NACE 43, Specialised construction · compared within the same schema type (abbreviated schema)

Metric	This company	Sector median	Position in the sector
Solvency	66.2%	33.8%	better than 85% of 909 sector peers
Net result	€46	€28k	better than 20% of 909 sector peers
Equity	€548k	€130k	better than 82% of 909 sector peers
Gross operating margin	€33k	€198k	better than 24% of 907 sector peers
Total assets	€827k	€516k	better than 65% of 909 sector peers

Median and position computed from NBB annual accounts filed by sector peers; own figures from the latest filed accounts.

Sector position over time

Percentile per fiscal year versus peers that filed figures, computed year by year (a year without enough peers is absent).

Solvency P85

Improving position over 2020-2023 · n=446-909

Net result P20

Weakening position over 2020-2023 · n=446-909

Equity P82

Improving position over 2020-2023 · n=446-909

Gross operating margin P24

Stable position over 2020-2023 · n=445-907

Describes the position versus peers, not a forecast.

EBITDA

€22k

-95.7% 18-23

Net profit

€46

-100.0% 18-23

Cash flow

€24k

-93.7% 18-23

Total assets

€827k

+3.7% 18-23

Equity

€548k

0.0% 18-23

Working capital

€238k

+20.5% 18-23

Employees (FTE)

2

+42.9% 18-23

Staff costs

€8k

-91.8% 18-23

Show 11 other metrics

Income taxes

€2k

-72.6% 18-23

Debt

€165k

+27.6% 18-23

Debt ≤ 1y

€133k

+3.0% 18-23

Debt > 1y

€32k

-80.7% 18-23

Current ratio

2.79

+10.3% 18-23

Quick ratio

2.67

+8.5% 18-23

Solvency

66.2%

-3.6% 18-23

Debt / equity

0.30

+27.6% 18-23

ROE

0.0%

-100.0% 18-23

ROA

0.0%

-100.0% 18-23

Interest coverage

9.58

-92.0% 18-23

Figures by fiscal year

Highlight YoY changes (±10%)

Fiscal year	2023
Deposit	verkort
Revenue	-
EBITDA	€22k
Net profit	€46
Cash flow	€24k
Staff costs	-
Income taxes	€2k
Dividends	-
Total assets	€827k
Equity	€548k
Debt	€165k
of which ≤ 1y	€133k
of which > 1y	€32k
Working capital	€238k
Employees (FTE)	-

Ratios (computed)

	2023
Current ratio	2.79
Quick ratio	2.67
Working capital ratio	28.8%
Solvency	66.2%
Debt / equity	0.30
Long-term debt ratio	0.06
Interest coverage	9.58
Gross margin	-
Net margin	-
ROA	0.0%
ROE	0.0%
EBITDA margin	-
Days sales outstanding	-
Days payable outstanding	-
Inventory turnover	-
Days inventory (DSI)	-

Balance-sheet composition 2023

Assets

Fixed assets €456k · 55.1% Current assets €371k · 44.9%

Equity & liabilities

Equity €548k · 66.2% Provisions €114k · 13.8% Debt €165k · 20.0%

Full annual accounts (26 line items)

Filed balance sheet and income statement, exactly as deposited with the NBB.

Line item	Code	2023
Balance sheet, Assets
TOTAL ASSETS	20/58	€827k
Fixed assets	21/28	€456k
Tangible fixed assets	22/27	€454k
Financial fixed assets	28	€1k
Current assets	29/58	€371k
Stocks & contracts in progress	3	€15k
Amounts receivable within one year	40/41	€356k
Cash & bank	54/58	€491
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES	10/49	€827k
Equity	10/15	€548k
Contributions / capital	10/11	€19k
Reserves	13	€452k
Accumulated profits (losses)	14	€77k
Provisions & deferred taxes	16	€114k
Amounts payable	17/49	€165k
Amounts payable after one year	17	€32k
Amounts payable within one year	42/48	€133k
Trade debts payable within one year	44	€36k
Income statement
Gross operating margin	9900	€33k
Operating result	9901	€-2k
Financial income	75	€274
Financial charges	65	€2k
Result before taxes	9903	€-4k
Income taxes	67/77	€2k
Net result for the period	9904	€46
Result to be appropriated	9905	€19k

This table shows the latest fiscal year. 4 prior years, with figures and ratios, belong to a paid plan. See plans →

Ratios computed by Checked.

Health barometer

FY 2023 · computed

86 / 100 Excellent

050100

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.

The full score breakdown, per-year score history and the indicative credit limit are in Kantoor S.

See plans →

Computed by Checked from the NBB filing for FY 2023. Indicative, not credit advice.

Structure & network

Locations & real estate

Registered office

on the map · from the address register

exact location from the address register On OpenStreetMap

Establishment units

1 location

BVBA R.AF

De Lange Beemden Z/N, 3550 Heusden-Zolderde montage van buiten- en binnenschrijnwerk van hout of van kunststof : deuren, vensters, kozijnen, trappen, muurkasten, inbouwkeukens, winkelinrichtingen, enz.

since 20042.136.965.824

Physical sites registered in the Crossroads Bank for Enterprises (CBE).

Parcels2

Ground area4,521 m²

Buildings2

Building footprint1,811 m²

Volume (LiDAR)2,001 m³

Tallest building14.0 m · ±4 fl.

Real-estate footprint

Source: CBE × cadastre · address linking

Parcels linked to this company through its CBE addresses (seat, establishment units, branches), cross-referenced with the cadastral parcel plan. This shows where the company operates, not a deeds register.

Flanders 2 (100%)