ACTIVE

RAM

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Financial year 2025 · closed on 30/09/2025

Net result

273,4 k €

+6.2% YoY

Gross margin

487,9 k €

+2.9% YoY

Equity

2,9 M €

+10.3% YoY

What does RAM do?

RAM is a Public limited company incorporated in 2005. Its main activity is: Rental and operating of own or leased real estate. Its registered office is in Namur.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0876.540.401

Incorporation

07/10/2005

Legal form

Public limited company

Registered office

Rue Camille Godefroid(BL) 66
5001 Namur · WallonieSee on map

Contributed capital

1 060 592,00 €

Latest accounts

30/09/2025

Activities (NACE)

68203Rental and operating of own or leased real estate· main 68203Rental and operating of own or leased real estate 64200Activities of holding companies 64210Activities of holding companies 68201Rental and operating of own or leased real estate 68201Rental and operating of own or leased real estate

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDA

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✦ Verdict · Analyst summary

Financials

Trend over 19 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007
Income statement
Gross margin	487,9 k €	+2.9%	473,9 k €	+4.2%	454,6 k €	+7.2%	424,2 k €	-7.4%	458,3 k €	+2.0%	449,3 k €	-7.4%	485,5 k €	+129%	212,2 k €	-0.2%	212,6 k €	+84.3%	115,4 k €	+50.3%	76,8 k €	+5.9%	72,5 k €	-17.4%	87,7 k €	+185%	30,8 k €	+351%	6,8 k €	-95.9%	166,4 k €	+95.7%	85,1 k €	-35.7%	132,3 k €	+148%	53,4 k €
EBITDA	467 k €	+3.4%	451,7 k €	+5.9%	426,7 k €	+6.9%	399,1 k €	-10.6%	446,3 k €	+2.6%	435,2 k €	+231%	-333 k €	-266%	201,2 k €	-1.0%	203,2 k €	+86.4%	109 k €	+49.9%	72,7 k €	+6.1%	68,5 k €	-27.4%	94,4 k €	+221%	29,4 k €	+197%	9,9 k €	-93.8%	161,1 k €	+144%	65,9 k €	-46.5%	123,1 k €	+139%	51,5 k €
Operating result	368,4 k €	+4.3%	353,2 k €	+7.6%	328,2 k €	+9.2%	300,6 k €	-13.8%	348,6 k €	+3.3%	337,5 k €	+158%	-580,4 k €	-8431%	7 k €	+33.0%	5,2 k €	-87.8%	43 k €	-15.5%	50,9 k €	-0.7%	51,2 k €	-33.6%	77,1 k €	+742%	-12 k €	-576%	2,5 k €	-98.4%	153,7 k €	+204%	50,6 k €	-53.5%	108,8 k €	+349%	-43,7 k €
Net result	273,4 k €	+6.2%	257,4 k €	+5.9%	243 k €	+14.5%	212,2 k €	-32.7%	315,3 k €	-2.6%	323,8 k €	+154%	-596,4 k €	-5517%	11 k €	-55.2%	24,6 k €	-81.9%	135,9 k €	+256%	38,2 k €	-7.4%	41,2 k €	-54.2%	89,9 k €	+451%	16,3 k €	-22.7%	21,1 k €	-83.6%	129 k €	+99.6%	64,6 k €	-31.4%	94,1 k €	+260%	-59 k €
Balance sheet
Equity	2,9 M €	+10.3%	2,6 M €	+23.3%	2,1 M €	+12.8%	1,9 M €	+12.5%	1,7 M €	+22.9%	1,4 M €	+30.8%	1,1 M €	-36.2%	1,6 M €	+0.7%	1,6 M €	+1.5%	1,6 M €	+9.2%	1,5 M €	+2.7%	1,4 M €	+2.9%	1,4 M €	+6.9%	1,3 M €	+1.3%	1,3 M €	+1.7%	1,3 M €	+11.3%	1,1 M €	+6.0%	1,1 M €	+9.6%	983 k €
Total assets	6,7 M €	+4.3%	6,4 M €	+7.7%	6 M €	+11.4%	5,4 M €	+14.6%	4,7 M €	+6.1%	4,4 M €	+14.3%	3,9 M €	+8.2%	3,6 M €	+2.0%	3,5 M €	+28.4%	2,7 M €	+7.6%	2,5 M €	+4.4%	2,4 M €	+3.2%	2,4 M €	+5.4%	2,2 M €	+2.5%	2,2 M €	+0.7%	2,2 M €	+9.7%	2 M €	+5.2%	1,9 M €	+8.4%	1,7 M €
Cash	164,2 k €	+131%	71 k €	+14.3%	62,1 k €	-97.4%	2,4 M €	+41.9%	1,7 M €	+28.5%	1,3 M €	+101%	655,7 k €	+78.3%	367,7 k €	+212%	117,8 k €	-90.2%	1,2 M €	+60.2%	747,5 k €	+4.9%	712,5 k €	+2479%	27,6 k €	+255%	7,8 k €	-29.8%	11,1 k €	+193%	3,8 k €	-98.6%	265,7 k €	+782%	30,1 k €	-29.7%	42,8 k €
Debts	3,7 M €	-0.9%	3,8 M €	-1.5%	3,8 M €	+10.6%	3,5 M €	+15.8%	3 M €	-1.5%	3 M €	+8.0%	2,8 M €	+46.4%	1,9 M €	+3.1%	1,9 M €	+74.3%	1,1 M €	+5.5%	1 M €	+6.7%	948 k €	+2.9%	920,9 k €	+0.6%	915,6 k €	+8.5%	843,5 k €	-1.0%	852 k €	+7.6%	792,1 k €	+6.3%	745,4 k €	+5.4%	707,2 k €

Estimate

Indicative valuation

As an indication, this company is worth

between 1 M€ and 2,5 M€

See the valuation

Governance

Board of directors

Seen on filing of 30/09/2025 · 2 active · 12 ended

Active mandates

Emmanuel HEINEN

Director · since 22 mars 2025 · until 21 mars 2031

Active

Rosalie HEINEN

Director · since 22 mars 2025 · until 21 mars 2031

Active

Ended mandates

Emmanuel HEINEN

Director · since 22 mars 2019 · until 21 mars 2025

Ended

Rosalie HEINEN

Director · since 22 mars 2019 · until 21 mars 2025

Ended

Rosalie HEINEN

Director · since 24 juillet 2018 · until 22 mars 2025

Ended

ROSALIE HEINEN

Director · since 24 juillet 2018 · until 24 juillet 2024

Ended

At this address

Other companies at this address

Company	CBE no.
HEINEN● Active	0779.608.695
MATINAM● Active	0882.063.560

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Micro model	Micro model	Abridged model	Abridged model	Abridged model	Abridged model
Start of the financial year	01/10/2024	01/10/2023	01/10/2022	01/10/2021	01/10/2020	01/10/2019
Closing of the financial year	30/09/2025	30/09/2024	30/09/2023	30/09/2022	30/09/2021	30/09/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	28/03/2026	24/03/2025	22/03/2024	21/03/2023	25/03/2022	12/04/2021
General meeting	12/03/2026	13/03/2025	14/03/2024	09/03/2023	10/03/2022	11/03/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Ratios

Financial ratios

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Filings

Annual accounts filings

19 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Micro model	30/09/2025	12/03/2026	28/03/2026	French	PDF
Micro model	30/09/2024	13/03/2025	24/03/2025	French	PDF
Abridged model	30/09/2023	14/03/2024	22/03/2024	French	PDF
Abridged model	30/09/2022	09/03/2023	21/03/2023	French	PDF
Abridged model	30/09/2021	10/03/2022	25/03/2022	French	PDF
Abridged model	30/09/2020	11/03/2021	12/04/2021	French	PDF
Abridged model	30/09/2019	12/03/2020	31/08/2020	French	PDF
Abridged model	31/03/2018	20/09/2018	29/11/2018	French	PDF
Micro model	31/03/2017	21/09/2017	17/11/2017	French	PDF
Abridged model	31/03/2016	15/09/2016	21/12/2016	French	PDF
Abridged model	31/03/2015	17/09/2015	23/11/2015	French	PDF
Abridged model	31/03/2014	18/09/2014	20/01/2015	French	PDF
Abridged model	31/03/2013	19/09/2013	18/10/2013	French	PDF
Abridged model	31/03/2012	20/09/2012	17/10/2012	French	PDF
Abridged model	31/03/2011	15/09/2011	27/09/2011	French	PDF
Abridged model	31/03/2010	16/09/2010	28/10/2010	French	PDF
Abridged model	31/03/2009	17/09/2009	06/10/2009	French	PDF
Abridged model	31/03/2008	18/09/2008	02/10/2008	French	PDF
Abridged model	31/03/2007	20/09/2007	27/09/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 1 M€ and 2,5 M€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 30/09/2025 · 2 active · 12 ended

Active mandates

Emmanuel HEINEN

Director · since 22 mars 2025 · until 21 mars 2031

Active

Rosalie HEINEN

Director · since 22 mars 2025 · until 21 mars 2031

Active

Ended mandates

Emmanuel HEINEN

Director · since 22 mars 2019 · until 21 mars 2025

Ended

Rosalie HEINEN

Director · since 22 mars 2019 · until 21 mars 2025

Ended

Rosalie HEINEN

Director · since 24 juillet 2018 · until 22 mars 2025

Ended

ROSALIE HEINEN

Director · since 24 juillet 2018 · until 24 juillet 2024

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Other28/05/2026
DIVERS
PDF
Other30/03/2026
DIVERS
PDF
Other23/08/2024
DIVERS
PDF
Other29/05/2024
DIVERS
PDF
Restructuring10/05/2022
DEMISSIONS, NOMINATIONS - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - RUBRIQUE RESTRUCTURATION (FUSION, SCISSION, TRANSFERT PATRIMOINE, ETC...)
PDF
Restructuring11/03/2022
RUBRIQUE RESTRUCTURATION (FUSION, SCISSION, TRANSFERT PATRIMOINE, ETC...) - CAPITAL, ACTIONS
PDF
Mandates15/09/2021
DEMISSIONS, NOMINATIONS
PDF
Mandates04/04/2019
DEMISSIONS, NOMINATIONS - ANNEE COMPTABLE
PDF

Source: Belgian Official Gazette

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

2025
Annual accounts 2025273,4 k €↑
2024
Annual accounts 2024257,4 k €↑
2023
Annual accounts 2023243 k €↑
2022
Annual accounts 2022212,2 k €↓
2021
Annual accounts 2021315,3 k €↓
2020
Annual accounts 2020323,8 k €↑
2019
Annual accounts 2019-596,4 k €↓
2018
Annual accounts 201811 k €↓
2017
Annual accounts 201724,6 k €↓
2016
Annual accounts 2016135,9 k €↑
2015
Annual accounts 201538,2 k €↓
2014
Annual accounts 201441,2 k €↓
2013
Annual accounts 201389,9 k €↑
2012
Annual accounts 201216,3 k €↓
2011
Annual accounts 201121,1 k €↓
2010
Annual accounts 2010129 k €↑
2009
Annual accounts 200964,6 k €↓
2008
Annual accounts 200894,1 k €↑
2007
Annual accounts 2007-59 k €
07/10/2005
IncorporationPublic limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

RAM

Overview

What does RAM do?

Trend over 19 financial years

Indicative valuation

Board of directors

Other companies at this address

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline