Checked.be
Active
BE 0844.891.576Private limited company
RAS
Gebanne-Groezenstraat 3 ·3500 Hasselt, Belgium· 14 yrs active
Sector: Other building finishing work
(43350)
Conclusion
RAS has been active since 2012 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €193k and a net result of €38k. Equity is shrinking by ~3.8% per year across the filed fiscal years. Its solvency ranks better than 20% of 26547 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.8% (low).
Based on the State Gazette, CBE and 4 annual accounts.
Key figures
| Equity | €193k |
| Net result | €38k |
| Staff (FTE) | 7.1 |
| Better than sector | 20% |
Financial profile
67
/ 100
Strong profile, led by stability.
All 5 axes are computed from data Checked has read.
Health
76
Profitability
99
Solvency
28
Growth
32
Stability
100
Bankruptcy probability (12 mo)
Risk Assessment
0 / 100
Low riskTrust signals
Established
Founded in 2012, 14 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
76
/ 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
€15k
estimate, not credit advice
Score history
73
2022
94
2023
27
2024
76
2025
purely financial, excl. current insolvency signals
Score components
Liquidity
Current ratio 1.20 (≥ 1.0)
+5
Quick ratio
Quick ratio 1.20 (≥ 1.0)
+5
Leverage
Debt/equity 4.46 (> 3.0)
-10
Profitability
ROE 20% (≥ 10%)
+10
Interest coverage
Interest coverage 17.6× (≥ 3×)
+8
Profit trend
Net profit up YoY
+5
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 27-08-2026 with the NBB · fiscal year 2025 · micro schema
Trajectory (indicative)
Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.
declining
Equity: declining trend of ~3.8%/year over 4 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 43, Specialised construction activities · compared within the same schema type (micro schema)
| Metric | This company | Sector median | Position in the sector |
|---|---|---|---|
| Solvency | 18.3% | 47.4% | |
| Net result | €38k | €10k | |
| Equity | €193k | €60k | |
| Gross operating margin | €472k | €39k | |
| Staff costs | €374k | €40k |
€77k
+2764.0%
22-25
€38k
-
22-25
€61k
-
22-25
€1.05M
+16.9%
22-25
€193k
+1.0%
22-25
€170k
+2.8%
22-25
7
+10.9%
22-25
€374k
+27.6%
22-25
€14k
-86.0%
22-25
€36k
-48.3%
22-25
€859k
+21.1%
22-25
€839k
+21.7%
22-25
€20k
0.0%
22-25
1.20
-3.0%
22-25
1.20
-3.0%
22-25
18.3%
-13.6%
22-25
4.46
+19.9%
22-25
19.8%
-
22-25
3.6%
-
22-25
17.56
+1074.0%
22-25
Figures by fiscal year and ratios
| Fiscal year | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Deposit | micro schema | micro schema | abbreviated schema | abbreviated schema |
| Revenue | - | - | - | - |
| EBITDA | €77k | €3k | €152k | €140k |
| Net profit | €38k | €-124k | €105k | €86k |
| Cash flow | €61k | €-103k | €117k | €94k |
| Staff costs | €374k | €293k | €213k | €81k |
| Income taxes | €14k | €104k | €33k | €39k |
| Dividends | €36k | - | - | €70k |
| Total assets | €1.05M | €900k | €898k | €872k |
| Equity | €193k | €191k | €315k | €210k |
| Debt | €859k | €709k | €583k | €663k |
| of which ≤ 1y | €839k | €689k | €548k | €539k |
| of which > 1y | €20k | €20k | €35k | €35k |
| Working capital | €170k | €165k | €315k | €305k |
| Employees (FTE) | 7.1 | 6.4 | 4.4 | 1.4 |
Note: these years are not on the same basis. The filed schemas differ (micro schema, abbreviated schema), so the columns are not directly comparable.
Ratios (computed)
| 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| Current ratio | 1.20 | 1.24 | 1.58 | 1.57 |
| Quick ratio | 1.20 | 1.24 | 1.58 | 1.57 |
| Working capital ratio | 16.1% | 18.4% | 35.1% | 35.0% |
| Solvency | 18.3% | 21.2% | 35.1% | 24.1% |
| Debt / equity | 4.46 | 3.72 | 1.85 | 3.16 |
| Long-term debt ratio | 0.10 | 0.10 | 0.11 | 0.17 |
| Interest coverage | 17.56 | 1.50 | 86.39 | 8.27 |
| Gross margin | - | - | - | - |
| Net margin | - | - | - | - |
| ROA | 3.6% | -13.8% | 11.7% | 9.9% |
| ROE | 19.8% | -65.1% | 33.4% | 41.2% |
| 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 | 2022 |
|---|---|---|---|---|---|
| Balance sheet, Assets | |||||
| TOTAL ASSETS | 20/58 | €1.05M | €900k | €898k | €872k |
| Fixed assets | 21/28 | €43k | €46k | €35k | €28k |
| Intangible fixed assets | 21 | €218 | €478 | €739 | €999 |
| Tangible fixed assets | 22/27 | €43k | €45k | €34k | €27k |
| Current assets | 29/58 | €1.01M | €855k | €863k | €845k |
| Amounts receivable within one year | 40/41 | €828k | €639k | €555k | €675k |
| Cash & bank | 54/58 | €159k | €212k | €308k | €167k |
| Balance sheet, Equity & liabilities | |||||
| TOTAL EQUITY & LIABILITIES | 10/49 | €1.05M | €900k | €898k | €872k |
| Equity | 10/15 | €193k | €191k | €315k | €210k |
| Contributions / capital | 10/11 | €13k | €13k | €13k | €13k |
| Reserves | 13 | €176k | €175k | €175k | €175k |
| Accumulated profits (losses) | 14 | €3k | €3k | €128k | €22k |
| Amounts payable | 17/49 | €859k | €709k | €583k | €663k |
| Amounts payable after one year | 17 | €20k | €20k | €35k | €35k |
| Amounts payable within one year | 42/48 | €839k | €689k | €548k | €539k |
| Trade debts payable within one year | 44 | €739k | €520k | €403k | €397k |
| Income statement | |||||
| Gross operating margin | 9900 | €472k | €321k | €472k | €240k |
| Operating result | 9901 | €54k | €-19k | €140k | €132k |
| Financial income | 75 | €3k | €111 | €74 | €3k |
| Financial charges | 65 | €4k | €2k | €2k | €17k |
| Result before taxes | 9903 | €53k | €-21k | €139k | €126k |
| Income taxes | 67/77 | €14k | €104k | €33k | €39k |
| Net result for the period | 9904 | €38k | €-124k | €105k | €86k |
| Result to be appropriated | 9905 | €38k | €-124k | €105k | €86k |
Legal Structure
| NACE primary | Other building finishing work(43350) |
| Legal form | Private limited company(610) |
| Incorporation | 28-03-2012 |
| Status | Active |
| Postal code | 3500 |
Establishment units
RAS
since 20122.208.391.872
Real-estate footprint
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 71323C0597/00C000 | Flanders | 928 m² | 1 · 115 m² | 19.2 m · 3 fl. |
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
27-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 27 days late
2025
31-12
Financial
Back to profitnet €38k
Net result €38k after one loss-making year.
26-09
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 57 days late
2024
31-12
Financial
Weakest financial yearnet €-124k ▼218%
Net result drops to €-124k, the lowest in the series; recovery starts the following year.
23-09
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 54 days late
2023
31-12
Financial
Highest result since 2022net €105k ▲21.9%
Operating result €140k, net result €105k, both a record.
09-10
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 70 days late
2022
02-12
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 124 days late
2021
14-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 14 days late
2020
26-11
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 118 days late
2019
20-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 20 days late
2018
15-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 15 days late
2017
21-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 21 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Belgian State Gazette reading coverage
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.
Credit advice
Company registry (CBE)
Activities
General construction of residential buildings41001Other building finishing work43350Rental and leasing activities77221
Names & trade names
| Legal nameNL | RAS |
| AbbreviationNL | R.A.S. |
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