BELREF
ActiveBELREF has been active since 2017 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.86M and a net result of €-267k. Equity is growing by ~6.6% per year across the filed fiscal years. Its solvency ranks better than 39% of 284 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability5▲+5
Solvency69▼-9
Growth40▲+2
Stability100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €110k at 30 days acceptable
Liquidity tight (current ratio 1.39 against 1.49 in 2024), and 61.2% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Eight signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 23
Relative position
BE, all sectors
reference
Sector 23
lower
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
38.8%
Return on assets
-5.6%
Age of the figures
8 mo
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity fell accordingly. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year -€267k
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 20-05-2026, 72 days ahead of the deadline.
NBB · 9 filingsDeviation from the deadline
2025
72 d early
2024
26 d early
2023
46 d early
2022
56 d early
2021
62 d early
2020
51 d early
2019
24 d early
← before the deadline
after the deadline →
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
11-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
€6.28M▲ 5.4%
2024 · €5.96M
2018: €9.63M
2019: €7.85M
2020: €7.70M
2021: €6.09M
2022: €6.43M
2023: €6.65M
2024: €5.96M
2018 → 2025
EBIT margin
-6.4%▲ 6.3pp
2024 · -12.7%
2018: 18.9%
2019: 6.5%
2020: 0.5%
2021: -3.1%
2022: 1.5%
2023: 2.1%
2024: -12.7%
2018 → 2025
Net result
€-267k▲ 68.0%
2024 · €-836k
2018: €1.23M
2019: €336k
2020: €11k
2021: €-238k
2022: €96k
2023: €64k
2024: €-836k
2018 → 2025
Working capital
€937k▼ 0.5%
2024 · €942k
2018: €1.84M
2019: €1.79M
2020: €1.91M
2021: €1.45M
2022: €1.12M
2023: €1.00M
2024: €942k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Turnover€6.09M-€6.43M▲ 5.6%€6.65M▲ 3.5%€5.96M▼ 10.5%€6.28M▲ 5.4%
Equity€1.24M-€1.34M▲ 7.8%€2.17M▲ 62.3%€2.13M▼ 1.6%€1.86M▼ 12.5%
Operating result€-190k-€97k€141k▲ 45.1%€-758k€-404k▲ 46.7%
Net result€-238k-€96k€64k▼ 33.1%€-836k€-267k▲ 68.0%
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €404k in 2025 against €758k in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €4.81M
Fixed assets
€1.47M▼ 21.0%
Current assets
€3.34M▲ 16.0%
Equity and liabilities €4.81M
Equity
€1.86M▼ 12.5%
Debt
€2.95M▲ 12.9%
The debt ratio rises from 55.0% to 61.2%: debt grows while equity shrinks.
Key figures and ratios
EBITDA
€147k▲
2024 · €-277k
Cash flow
€284k▲
2024 · €-354k
Solvency
38.8%▼
2024 · 45.0%
Current ratio
1.39▼
2024 · 1.49
Quick ratio
0.83▼
2024 · 0.86
Debt / equity
1.58▲
2024 · 1.22
ROE
-14.3%▲
2024 · -39.2%
ROA
-5.6%▲
2024 · -17.6%
Interest coverage
2.43▲
2024 · -3.70
Debt
€2.95M▲
2024 · €2.61M
Debt ≤ 1 year
€2.40M▲
2024 · €1.94M
Debt > 1 year
€463k▼
2024 · €619k
Income taxes
€1k▲
2024 · €764
Staff costs
€1.44M▼
2024 · €1.50M
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€4.74M€4.81M▲
Fixed assets21/28€1.86M€1.47M▼
Intangible fixed assets21-€6k
Tangible fixed assets22/27€1.76M€1.37M▼
Plant, machinery and equipment23€1.69M€1.29M▼
Furniture and vehicles24€53k€43k▼
Other tangible fixed assets26€20k€21k▲
Assets under construction and advance payments27-€9k
Financial fixed assets28€100k€100k=
Other financial fixed assets284/8€100k€100k=
Amounts receivable and cash guarantees285/8€100k€100k=
Current assets29/58€2.88M€3.34M▲
Stocks and contracts in progress3€1.20M€1.36M▲
Stocks30/36€1.20M€1.36M▲
Raw materials and consumables30/31€881k€875k▼
Work in progress32€102k€256k▲
Finished goods33€208k€210k▲
Goods purchased for resale34€13k€15k▲
Amounts receivable within one year40/41€1.54M€1.27M▼
Trade receivables40€1.39M€1.20M▼
Other amounts receivable41€153k€74k▼
Cash at bank and in hand54/58€111k€577k▲
Deferred charges and accrued income490/1€22k€136k▲
Equity and liabilities
Total equity and liabilities10/49€4.74M€4.81M▲
Equity10/15€2.13M€1.86M▼
Contributions10/11€2.80M€2.80M=
Capital10€2.80M€2.80M=
Issued capital100€2.80M€2.80M=
Reserves13€61k€61k=
Non-distributable reserves130/1€61k€61k=
Legal reserve130€61k€61k=
Profit (loss) carried forward14€-729k€-996k▼
Amounts payable17/49€2.61M€2.95M▲
Amounts payable after more than one year17€619k€463k▼
Financial debts170/4€619k€463k▼
Credit institutions173€619k€463k▼
Amounts payable within one year42/48€1.94M€2.40M▲
Current portion of amounts payable after more than one year42€265k€279k▲
Trade debts44€590k€1.14M▲
Suppliers440/4€590k€1.14M▲
Taxes, remuneration and social security45€268k€181k▼
Taxes450/3€60k€12k▼
Remuneration and social security454/9€208k€169k▼
Other amounts payable47/48€812k€800k▼
Accrued charges and deferred income492/3€55k€81k▲
Income statement
Code20242025
Operating income70/76A€5.65M€6.81M▲
Turnover70€5.96M€6.28M▲
Change in stocks of work in progress, finished goods and contracts in progress71€-429k€444k▲
Own construction capitalised72€101k-
Other operating income74€24k€93k▲
Operating charges60/66A€6.41M€7.22M▲
Goods for resale, raw materials and consumables60€2.49M€3.28M▲
Purchases600/8€2.47M€2.99M▲
Change in stocks: decrease (increase)609€24k€292k▲
Services and other goods61€1.78M€1.79M▲
Remuneration, social security and pensions62€1.50M€1.44M▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€482k€552k▲
Other operating charges640/8€156k€158k▲
Operating profit (loss)9901€-758k€-404k▲
Financial income75/76B€2k€202k▲
Recurring financial income75€2k€2k▲
Other financial income752/9€2k€2k▲
Non-recurring financial income76B-€199k
Financial charges65/66B€79k€63k▼
Recurring financial charges65€79k€63k▼
Debt charges650€75k€61k▼
Other financial charges652/9€4k€3k▼
Profit (loss) for the period before taxes9903€-835k€-266k▲
Income taxes67/77€764€1k▲
Taxes670/3€764€1k▲
Profit (loss) for the period9904€-836k€-267k▲
Profit (loss) for the period to be appropriated9905€-836k€-267k▲
Appropriation of the result
Profit (loss) to be appropriated9906€-729k€-996k▼
Profit (loss) brought forward from the previous period14P€107k€-729k▼
Social balance
Average headcount (FTE)908725.724.2▼
The notes to these accounts (57 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
20-05
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
05-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Weakest financial yearnet €-836k ▼1396%
Net result drops to €-836k, the lowest in the series; recovery starts the following year.
15-06
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-12
Financial
Equity above €2MEq €2.17M ▲62.3%
2 profitable years in a row build equity to €2.17M.
05-06
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
31-12
Financial
Back to profitnet €96k
Net result €96k after one loss-making year.
30-05
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
10-06
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
07-07
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
18-06
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
06-06
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 11 acts read
About the unread acts
We know of 11 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
3 directors, last change in 2025
MYLEO SRL
CurrentDirector · since 07-07-2025 · Legal entity · perm. rep.: Romain LEONE
Dominique JUNG
CurrentDirector (executive) · since 13-06-2022
07-07-2025
MYLEO SRL: Appointed as Director
01-05-2025
S.G.I. S.A.: Appointed as Représentant permanent
30-04-2025
S.G.I. S.A.: Resigned as Représentant permanent
13-06-2022
Dominique JUNG: Appointed as Director (executive)
17-05-2022
Jean-Marc BUYDENS: Resigned as Director (executive)
Not every act has been read: a resignation may be missing here
11 of this company's 11 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Saint-Ghislain · 1 establishment unit since 2017
Ground area
12.2 ha
Building footprint
3.9 ha
Volume, LiDAR
317,343 m³
Parcel 53070A0246/00B000, Wallonia · tallest building 28.8 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
BELREF
since 20172.262.683.564
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 53070A0246/00B000 | Wallonia | 12.2 ha | 1 · 3.9 ha | 28.8 m · 3 fl. |
Linked by address, not proof of ownership
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.
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G.N.B. BETON
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Of 67 companies in sector 23200 we hold annual accounts for 48. 22 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded22-03-2017
Fiscal year end31-12
Activities, NACEBEL
23200Manufacture of other non-metallic mineral products
Sources
Crossroads Bank for EnterprisesNational Bank · 9 filingsAddress and cadastre registers
Data from official sources, last processed on 10-09-2026. Scores and ratios are computed by Checked and are not a credit decision.