RADA · Checked.be

Summary

Conclusion

the dossier summarised in one paragraph

The computed 12-month bankruptcy probability of RADA is 0.1% (very low). The 2024 annual accounts show equity of €76k and a net result of €8k. Equity is growing by ~5.5% per year across the filed fiscal years. Its solvency ranks better than 22% of 4818 sector peers (fiscal year 2024). The company has been active since 2008 and the Belgian State Gazette contains no insolvency or warning signals.

Based on the State Gazette, CBE and 7 annual accounts.

Signals

1 signal · with evidence

Weak solvency vs sector

Solvency (equity / total assets) is in the sector's weakest quartile: better than 22% of 4818 sector peers (2024).

View the sector comparison

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

Deadline passed, not yet counted as missing

The deadline for the year that closed on 31-12-2025 passed on 31-07-2026, 14 days ago. Our copy of the deposit register trails the National Bank (measured: median 14 days, p99 45 days), so we only call this filing missing from 45 days past the deadline.

Filed after the deadline

The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 30-09-2025, 61 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.

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 31-12-2024, that is 31-07-2025.

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	30-09-2025	61 d late	2025-00520991
31-12-2023	31-07-2024	17-04-2025	260 d late	2025-00071099
31-12-2022	31-07-2023	31-08-2023	31 d late	2023-00440004
31-12-2021	31-07-2022	26-08-2022	26 d late	2022-20331589
31-12-2020	31-07-2021	11-08-2021	11 d late	2021-49000123
31-12-2019	31-07-2020	12-10-2020	73 d late	2020-61200549
31-12-2018	31-07-2019	12-12-2019	134 d late	2019-76300479
31-12-2017	31-07-2018	28-09-2018	59 d late	2018-67500562
31-12-2016	31-07-2017	25-08-2017	25 d late	2017-55000083
31-12-2015	31-07-2016	15-12-2016	137 d late	2016-70100537

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

Established

Founded in 2008, 18 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

0.1% Very low

0%0,5%1,5%4%10%≥25%

Lower-failure-rate sector −Long track record −

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€8k

Working capital€23k-65.2%

CSV export

Annual accounts & ratios

Source: NBB · 2024

Annual accounts filed on 30-09-2025 with the NBB · fiscal year 2024 · micro

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 ~5.5%/year over 7 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 2024 · NACE 69, Legal & accounting · compared within the same schema type (micro schema)

Metric	This company	Sector median	Position in the sector
Solvency	28.3%	61.0%	better than 22% of 4818 sector peers
Net result	€8k	€34k	better than 16% of 4815 sector peers
Equity	€76k	€59k	better than 59% of 4818 sector peers
Gross operating margin	€34k	€56k	better than 29% of 4813 sector peers
Staff costs	€6k	€29k	higher than 25% of 752 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 P22

Weakening position over 2020-2024 · n=558-4818

Net result P16

Weakening position over 2020-2024 · n=558-4815

Equity P59

Stable position over 2020-2024 · n=559-4818

Gross operating margin P29

Stable position over 2020-2024 · n=557-4813

Describes the position versus peers, not a forecast.

EBITDA

€23k

- 18-24

Net profit

€8k

- 18-24

Cash flow

€21k

- 18-24

Total assets

€267k

+79.5% 18-24

Equity

€76k

+11.8% 18-24

Working capital

€23k

-65.2% 18-24

Employees (FTE)

1

0.0% 18-24

Staff costs

€6k

+12.8% 18-24

Income taxes

€-1k

+74.2% 18-24

Debt

€191k

+136.2% 18-24

Debt ≤ 1y

€191k

+136.2% 18-24

Current ratio

1.12

-38.6% 18-24

Quick ratio

1.12

-38.6% 18-24

Solvency

28.3%

-37.8% 18-24

Debt / equity

2.53

+111.3% 18-24

ROE

10.5%

- 18-24

ROA

3.0%

- 18-24

Interest coverage

11.58

- 18-24

Figures by fiscal year

Highlight YoY changes (±10%)

Fiscal year	2024
Deposit	micro
Revenue	-
EBITDA	€23k
Net profit	€8k
Cash flow	€21k
Staff costs	€6k
Income taxes	-
Dividends	-
Total assets	€267k
Equity	€76k
Debt	€191k
of which ≤ 1y	€191k
of which > 1y	-
Working capital	€23k
Employees (FTE)	-

Ratios (computed)

	2024
Current ratio	1.12
Quick ratio	1.12
Working capital ratio	8.7%
Solvency	28.3%
Debt / equity	2.53
Long-term debt ratio	-
Interest coverage	11.58
Gross margin	-
Net margin	-
ROA	3.0%
ROE	10.5%
EBITDA margin	-
Days sales outstanding	-
Days payable outstanding	-
Inventory turnover	-
Days inventory (DSI)	-

Balance-sheet composition 2024

Assets

Fixed assets €52k · 19.6% Current assets €215k · 80.4%

Equity & liabilities

Equity €76k · 28.3% Debt €191k · 71.7%

Full annual accounts

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

Line item	Code	2024
Balance sheet, Assets
TOTAL ASSETS	20/58	€267k
Fixed assets	21/28	€52k
Tangible fixed assets	22/27	€52k
Current assets	29/58	€215k
Amounts receivable within one year	40/41	€176k
Cash & bank	54/58	€39k
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES	10/49	€267k
Equity	10/15	€76k
Contributions / capital	10/11	€24k
Reserves	13	€52k
Amounts payable	17/49	€191k
Amounts payable within one year	42/48	€191k
Trade debts payable within one year	44	€184k
Income statement
Gross operating margin	9900	€34k
Operating result	9901	€10k
Financial charges	65	€2k
Result before taxes	9903	€8k
Net result for the period	9904	€8k
Result to be appropriated	9905	€8k

You are seeing the latest fiscal year only. 4 prior years (figures + ratios) are in a paid plan. See plans →

Ratios computed by Checked.

Health barometer

FY 2024 · 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 2024. Indicative, not credit advice.

Locations & real estate

Registered office

on the map · from the address register

approximate (street level) On OpenStreetMap

Parcels1

Ground area2.1 ha

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 1 (100%)