RF-INVEST
InactiveInactive; last annual accounts for fiscal year 2025. Dissolved without liquidation on 19-12-2025.
Signals
1 signal. The signal on the left, the evidence on the right.
+raises risk
raises risk · Filed more than 90 days late
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 19-05-2026, 108 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.
NBB · 10 filingsDeviation from the deadline
2025
108 d late
2024
50 d early
2023
30 d early
2022
34 d early
2021
33 d early
2020
36 d early
2019
24 d early
← before the deadline
after the deadline →
Checked, nothing found (1)
Financials · fiscal year 2025, abbreviated schema
Turnover
€867k▼ 48.2%
2024 · €1.67M
2018: €984k
2024: €1.67M
2018 → 2025
EBIT margin
54.6%▲ 0.3pp
2024 · 54.3%
2018: 55.9%
2024: 54.3%
2018 → 2025
Net result
€141k▼ 79.0%
2024 · €669k
2018: €259k
2019: €279k
2020: €295k
2021: €251k
2022: €446k
2023: €623k
2024: €669k
2018 → 2025
Working capital
€-12.61M▲ 3.2%
2024 · €-13.03M
2018: €-94k
2019: €176k
2020: €-2.92M
2021: €-14.56M
2023: €-12.51M
2024: €-13.03M
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Turnover€1.67M€867k▼ 48.2%
Equity€2.71M-€3.16M▲ 16.5%€3.78M▲ 19.7%€2.88M▼ 23.7%€3.03M▲ 4.9%
Operating result€526k-€674k▲ 28.0%€869k▲ 28.9%€907k▲ 4.5%€473k▼ 47.8%
Net result€251k-€446k▲ 78.0%€623k▲ 39.6%€669k▲ 7.5%€141k▼ 79.0%
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 48% below 2024 and is the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €16.97M
Fixed assets
€15.78M ▼ 1.9%
Current assets
€1.20M ▲ 219%
Equity and liabilities €16.97M
Equity
€3.03M ▲ 4.9%
Debt
€13.95M ▲ 2.7%
Debt's share of the balance-sheet total falls from 82.5% to 82.2%. Equity and debt are higher.
Key figures and ratios
EBITDA
€780k▼
2024 · €1.53M
Cash flow
€448k▼
2024 · €1.29M
Current ratio
0.09▲
2024 · 0.03
Debt to equity
4.61▼
2024 · 4.71
ROE
4.7%▼
2024 · 23.2%
ROA
0.8%▼
2024 · 4.1%
Interest coverage
2.73▼
2024 · 14.81
Debt ≤ 1 year
€13.81M▲
2024 · €13.41M
Income taxes
€47k▼
2024 · €223k
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 · 45 lines
Balance sheet
Code20242025
Assets
Total assets20/58€16.46M€16.97M▲
Fixed assets21/28€16.08M€15.78M▼
Tangible fixed assets22/27€16.08M€15.78M▼
Land and buildings22€16.08M€15.78M▼
Current assets29/58€375k€1.20M▲
Amounts receivable within one year40/41€170k€80k▼
Trade receivables40€143k€52k▼
Other amounts receivable41€27k€28k▲
Cash at bank and in hand54/58€24k€21k▼
Deferred charges and accrued income490/1€182k€1.09M▲
Equity and liabilities
Total equity and liabilities10/49€16.46M€16.97M▲
Equity10/15€2.88M€3.03M▲
Contributions10/11€2.06M€2.06M=
Capital10€2.06M€2.06M=
Issued capital100€2.06M€2.06M=
Reserves13€187k€194k▲
Non-distributable reserves130/1€187k€194k▲
Legal reserve130€187k€194k▲
Profit (loss) carried forward14€636k€770k▲
Amounts payable17/49€13.57M€13.95M▲
Amounts payable within one year42/48€13.41M€13.81M▲
Trade debts44€7k€4k▼
Suppliers440/4€7k€4k▼
Other amounts payable47/48€13.40M€13.80M▲
Accrued charges and deferred income492/3€166k€140k▼
Income statement
Code20242025
Turnover70€1.67M€867k▼
Goods, raw materials, services and sundry goods60/61€144k€72k▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€619k€307k▼
Other operating charges640/8€968€68k▲
Gross operating margin9900€1.53M€849k▼
Operating profit (loss)9901€907k€473k▼
Financial income75/76B€88k-
Recurring financial income75€88k-
Financial charges65/66B€103k€286k▲
Recurring financial charges65€103k€286k▲
Profit (loss) for the period before taxes9903€893k€188k▼
Income taxes67/77€223k€47k▼
Profit (loss) for the period9904€669k€141k▼
Profit (loss) for the period to be appropriated9905€669k€141k▼
Appropriation of the result
Profit (loss) to be appropriated9906€2.23M€777k▼
Profit (loss) brought forward from the previous period14P€1.56M€636k▼
Transfer to equity691/2€33k€7k▼
To the legal reserve6920€33k€7k▼
Profit to be distributed694/7€1.56M-
Return on contributions (dividend)694€1.56M-
The notes to these accounts (3 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
2026
19-05
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 108 days late
24-03
State Gazette act
Restructuring · End & cessationMerger · Dissolution · Accounting effect7 facts ▸
State Gazette act
Restructuring · End & cessation
Merger · Dissolution · Accounting effect7 facts ▸
- General meeting, 11/12/2025
- Merger, absorption, 19/12/2025
- Dissolution, 19-12-2025
- Accounting effect, 01/07/2025
- Power of attorney, Stefaan GIELENS
- Power of attorney, ADMINCO
- Merger consideration, geen aandelen toegekend
2025
30-06
Financial
Weakest financial yearnet €141k ▼79%
Net result drops to €141k, the lowest in the series.
11-06
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Highest result since 2018net €669k ▲7.5%
Operating result €907k, net result €669k, both a record.
01-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
27-06
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
28-06
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
25-06
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
07-07
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
26-06
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
13-06
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
06-07
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.
Structure & network
Acquisitions and mergers
1 transactionTaken over by:AEDIFICA