BELREF
ActiveSummary
BELREF has been active since 2017 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.9m and a net result of -€267,414. Equity is growing by about 6.6% per year across the filed financial years. Its solvency ranks better than 39% of 363 sector peers (NACE 23, financial year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Overview
- Staff
- 24.2 FTE
- Equity
- €1.9m
- Loss
- -€267,414
- Parent
- Société de Gestion Industrielle · 98.57%
- MYLEOSRLDirector · permanent representative RomainLEONE
- DomenicoLEONEDirector
- DominiqueJUNGDirector
Why 87raises riskLoss of €267,414, the second in a row (financial year 2025)lowers riskSector: Manufacture of other non-metallic mineral products (NACE 23)Figures for financial year 2025 (filed 22-05-2026)Legal form: public limited companyShow the evidence
Checked score
About 2 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
How it is calculated
The band follows from the bankruptcy probability, on a scale where 10 more points roughly halve it:
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 23, small): better than 44% on solvency, 38% on liquidity, 14% on profitability and 43% on growth.
The bankruptcy probability was computed on 25-10-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
Credit check for your own amount and term
Show the recommended maximum and see how the verdict changes with amount, term and advance.
Signals
This company filed its last 7 accounts on average 48 days before the deadline; the sector median (NACE 23) for financial year 2024 is 10 days before the deadline, and 34% of those companies filed late.
Searched, nothing found (2)
- Appointment: Domenico LEONE (présidence du conseil)Gazette deed
- Annual accounts filedfinancial year 2025 · full…
- Reappointments: 2C&B, DomenicoLEONE and DominiqueJUNGPermanent representatives: PhilippeBRILOT, OrianeLEONE and…
Financials · financial year 2025, full format
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result stays negative: a loss of €404,349 in 2025 against €758,233 in 2024; the loss shrinks.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Average staff in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 23, Manufacture of other non-metallic mineral products: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Peer companies
Historical observationOf the 929 companies that looked in July 2024 the way this one looks now, 1.7% went bankrupt within 24 months and 92.8% are still going.
- Small
- 5 to 10 years old
- solvency 30% or more
- a small loss
For this company itself Checked computes a lower bankruptcy probability: 0.2% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,475 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74.5% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 929 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €6.2m | €6.1m | €7.3m | €5.7m | €6.8m | ▲ 20.5% |
| Turnover70 | €9.6m | €7.8m | €7.7m | €6.1m | €6.4m | €6.7m | €6.0m | €6.3m | ▲ 5.4% |
| Change in stocks of work in progress, finished goods and contracts in progress71 | - | - | - | €0.08m | -€0.3m | €0.5m | -€0.4m | €0.4m | - |
| Own construction capitalised72 | - | - | - | - | - | €0.04m | €0.1m | - | - |
| Other operating income74 | - | - | - | €0.07m | €0.02m | €0.05m | €0.02m | €0.09m | ▲ 290% |
| Operating charges60/66A | - | - | - | €6.4m | €6.0m | €7.1m | €6.4m | €7.2m | ▲ 12.6% |
| Goods for resale, raw materials and consumables60 | - | - | - | €2.7m | €2.2m | €3.5m | €2.5m | €3.3m | ▲ 31.7% |
| Purchases600/8 | - | - | - | €2.5m | €2.3m | €3.0m | €2.5m | €3.0m | ▲ 21.1% |
| Change in stocks: decrease (increase)609 | - | - | - | €0.1m | -€0.1m | €0.4m | €0.02m | €0.3m | ▲ 12× |
| Services and other goods61 | - | - | - | €2.1m | €2.1m | €1.8m | €1.8m | €1.8m | ▲ 0.3% |
| Remuneration, social security and pensions62 | - | - | - | €1.3m | €1.3m | €1.5m | €1.5m | €1.4m | ▼ 3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.3m | €0.3m | €0.4m | €0.2m | €0.2m | €0.3m | €0.5m | €0.6m | ▲ 14.5% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | -€0.007m | - | - | - | - | - |
| Other operating charges640/8 | - | - | - | €0.2m | €0.1m | €0.1m | €0.2m | €0.2m | ▲ 0.9% |
| Operating profit (loss)9901 | €1.8m | €0.5m | €0.04m | -€0.2m | €0.1m | €0.1m | -€0.8m | -€0.4m | ▲ 46.7% |
| Financial income75/76B | - | - | - | €0.01m | €0.009m | €0.02m | €0.002m | €0.2m | ▲ 90× |
| Recurring financial income75 | €0.003m | €0.02m | €0.03m | €0.01m | €0.009m | €0.02m | €0.002m | €0.002m | ▲ 0.6% |
| Other financial income752/9 | - | - | - | €0.01m | €0.009m | €0.02m | €0.002m | €0.002m | ▲ 0.6% |
| Non-recurring financial income76B | - | - | - | - | - | - | - | €0.2m | - |
| Financial charges65/66B | - | - | - | €0.06m | €0.03m | €0.06m | €0.08m | €0.06m | ▼ 19.5% |
| Recurring financial charges65 | €0.07m | €0.06m | €0.05m | €0.06m | €0.03m | €0.06m | €0.08m | €0.06m | ▼ 19.5% |
| Debt charges650 | €0.07m | €0.05m | €0.05m | €0.04m | €0.03m | €0.04m | €0.07m | €0.06m | ▼ 19.1% |
| Other financial charges652/9 | - | - | - | €0.02m | €0.004m | €0.01m | €0.004m | €0.003m | ▼ 28.6% |
| Profit (loss) for the period before taxes9903 | €1.8m | €0.5m | €0.03m | -€0.2m | €0.07m | €0.1m | -€0.8m | -€0.3m | ▲ 68.1% |
| Income taxes67/77 | €0.5m | €0.2m | €0.02m | €225 | -€0.02m | €0.04m | €0.001m | €0.001m | ▲ 66.6% |
| Taxes670/3 | - | - | - | €308 | €0.03m | €0.04m | €0.001m | €0.001m | ▲ 66.6% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | €83 | €0.05m | - | - | - | - |
| Profit (loss) for the period9904 | €1.2m | €0.3m | €0.01m | -€0.2m | €0.1m | €0.06m | -€0.8m | -€0.3m | ▲ 68.0% |
| Profit (loss) for the period to be appropriated9905 | €1.2m | €0.3m | €0.01m | -€0.2m | €0.1m | €0.06m | -€0.8m | -€0.3m | ▲ 68.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €5.5m | €4.3m | €4.7m | €3.8m | €4.0m | €5.9m | €4.7m | €4.8m | ▲ 1.4% |
| Fixed assets21/28 | €1.0m | €0.9m | €0.6m | €0.5m | €0.7m | €1.7m | €1.9m | €1.5m | ▼ 21.0% |
| Intangible fixed assets21 | €0.3m | €0.2m | €0.03m | - | - | - | - | €0.006m | - |
| Tangible fixed assets22/27 | €0.4m | €0.4m | €0.4m | €0.4m | €0.6m | €1.6m | €1.8m | €1.4m | ▼ 22.6% |
| Plant, machinery and equipment23 | - | - | - | €0.3m | €0.5m | €1.2m | €1.7m | €1.3m | ▼ 23.6% |
| Furniture and vehicles24 | - | - | - | €0.03m | €0.09m | €0.02m | €0.05m | €0.04m | ▼ 17.5% |
| Other tangible fixed assets26 | - | - | - | €0.09m | €0.05m | €0.04m | €0.02m | €0.02m | ▲ 4.7% |
| Assets under construction and advance payments27 | - | - | - | - | - | €0.4m | - | €0.009m | - |
| Financial fixed assets28 | €0.3m | €0.3m | €0.2m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Other financial fixed assets284/8 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Amounts receivable and cash guarantees285/8 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Current assets29/58 | €4.5m | €3.4m | €4.1m | €3.4m | €3.3m | €4.1m | €2.9m | €3.3m | ▲ 16.0% |
| Stocks and contracts in progress3 | €1.8m | €1.7m | €1.8m | €1.8m | €1.5m | €1.7m | €1.2m | €1.4m | ▲ 12.6% |
| Stocks30/36 | - | - | - | €1.8m | €1.5m | €1.7m | €1.2m | €1.4m | ▲ 12.6% |
| Raw materials and consumables30/31 | - | - | - | €1.2m | €1.3m | €0.9m | €0.9m | €0.9m | ▼ 0.7% |
| Work in progress32 | - | - | - | €0.1m | €0.09m | €0.4m | €0.1m | €0.3m | ▲ 151% |
| Finished goods33 | - | - | - | €0.4m | €0.1m | €0.3m | €0.2m | €0.2m | ▲ 1.0% |
| Goods purchased for resale34 | - | - | - | €0.07m | €0.05m | €0.02m | €0.01m | €0.01m | ▲ 12.6% |
| Amounts receivable within one year40/41 | €2.3m | €1.5m | €1.8m | €1.3m | €1.1m | €2.0m | €1.5m | €1.3m | ▼ 17.6% |
| Trade receivables40 | - | - | - | €1.1m | €1.0m | €1.9m | €1.4m | €1.2m | ▼ 13.9% |
| Other amounts receivable41 | - | - | - | €0.1m | €0.08m | €0.2m | €0.2m | €0.07m | ▼ 51.7% |
| Cash at bank and in hand54/58 | €0.3m | €0.1m | €0.4m | €0.3m | €0.6m | €0.4m | €0.1m | €0.6m | ▲ 421% |
| Deferred charges and accrued income490/1 | - | - | - | €0.06m | €0.08m | €0.04m | €0.02m | €0.1m | ▲ 514% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €5.5m | €4.3m | €4.7m | €3.8m | €4.0m | €5.9m | €4.7m | €4.8m | ▲ 1.4% |
| Equity10/15 | €1.3m | €1.5m | €1.5m | €1.2m | €1.3m | €2.2m | €2.1m | €1.9m | ▼ 12.5% |
| Contributions10/11 | €0.4m | €1.2m | €1.2m | €1.2m | €1.2m | €2.0m | €2.8m | €2.8m | = |
| Capital10 | - | - | - | €1.2m | €1.2m | €2.0m | €2.8m | €2.8m | = |
| Issued capital100 | - | - | - | €1.2m | €1.2m | €2.0m | €2.8m | €2.8m | = |
| Reserves13 | €0.04m | €0.05m | €0.05m | €0.05m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Non-distributable reserves130/1 | - | - | - | €0.05m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Legal reserve130 | - | - | - | €0.05m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Profit (loss) carried forward14 | €0.9m | €0.2m | €0.2m | -€0.01m | €0.08m | €0.1m | -€0.7m | -€1.0m | ▼ 36.7% |
| Provisions and deferred taxes16 | €0.07m | €0.007m | €0.007m | - | - | - | - | - | - |
| Amounts payable17/49 | €4.1m | €2.8m | €3.2m | €2.6m | €2.7m | €3.7m | €2.6m | €2.9m | ▲ 12.9% |
| Amounts payable after more than one year17 | €1.4m | €1.2m | €1.0m | €0.6m | €0.5m | €0.5m | €0.6m | €0.5m | ▼ 25.2% |
| Financial debts170/4 | - | - | - | €0.6m | €0.5m | €0.5m | €0.6m | €0.5m | ▼ 25.2% |
| Leasing and similar obligations172 | - | - | - | €0.008m | - | - | - | - | - |
| Credit institutions173 | - | - | - | €0.6m | €0.5m | €0.5m | €0.6m | €0.5m | ▼ 25.2% |
| Amounts payable within one year42/48 | €2.6m | €1.6m | €2.1m | €1.9m | €2.2m | €3.1m | €1.9m | €2.4m | ▲ 24.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.4m | €0.4m | €0.4m | €0.3m | €0.3m | ▲ 5.3% |
| Trade debts44 | €0.9m | €0.7m | €1.4m | €1.3m | €1.6m | €1.9m | €0.6m | €1.1m | ▲ 93.5% |
| Suppliers440/4 | - | - | - | €1.3m | €1.6m | €1.9m | €0.6m | €1.1m | ▲ 93.5% |
| Advances received on contracts in progress46 | - | - | - | - | - | €0.07m | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.2m | €0.2m | €0.3m | €0.3m | €0.2m | ▼ 32.7% |
| Taxes450/3 | - | - | - | €0.02m | €0.04m | €0.05m | €0.06m | €0.01m | ▼ 80.4% |
| Remuneration and social security454/9 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 19.0% |
| Other amounts payable47/48 | - | - | - | - | - | €0.5m | €0.8m | €0.8m | ▼ 1.5% |
| Accrued charges and deferred income492/3 | - | - | - | €0.06m | €0.05m | €0.03m | €0.06m | €0.08m | ▲ 46.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1.2m | €0.3m | €0.01m | -€0.2m | €0.1m | €0.06m | -€0.8m | -€0.3m | ▲ 68.0% |
| + Depreciation and write-downs630 | €0.3m | €0.3m | €0.4m | €0.2m | €0.2m | €0.3m | €0.5m | €0.6m | ▲ 14.5% |
| Operating cash flow (approximation) | €1.5m | €0.7m | €0.4m | -€0.004m | €0.3m | €0.3m | -€0.4m | €0.3m | - |
| Investment in fixed assets (approximation) | - | -€0.2m | -€0.1m | -€0.07m | -€0.4m | -€1.3m | -€0.6m | -€0.2m | ▲ 74.1% |
| Change in cash | - | -€0.2m | €0.3m | -€0.1m | €0.3m | -€0.2m | -€0.3m | €0.5m | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Filings with the National Bank (9)
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | full format | 20-05-2026 | 2026-00117392 |
| 31-12-2024 | full format | 05-07-2025 | 2025-00245220 |
| 31-12-2023 | full format | 15-06-2024 | 2024-00139695 |
| 31-12-2022 | full format | 05-06-2023 | 2023-00110342 |
| 31-12-2021 | full format | 30-05-2022 | 2022-20040516 |
| 31-12-2020 | full format | 10-06-2021 | 2021-18700320 |
| 31-12-2019 | full format | 07-07-2020 | 2020-27300528 |
| 31-12-2018 | full format | 18-06-2019 | 2019-19700033 |
| 31-12-2017 | full format | 06-06-2018 | 2018-16100421 |
Similar companies · same sector, comparable size
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Board 3
Permanent representatives 1
Statutory auditor 1
Other functions 1
Not every act has been read: a resignation may still be missing
Mandate history
- Board
- Statutory auditor
- Other function
- began earlier
| Name | Functions and periods |
|---|---|
| DomenicoLEONE |
|
| DominiqueJUNG |
|
| MYLEOSRL |
|
| 2C&B |
|
| Domenico LEONE |
|
| S.G.I. S.A. |
|
Owners and capital
Owners
1 ownerChain of control
Highest known parent: Société de Gestion Industrielle. The sources do not say who stands above it.
Owners 1
-
98.57%
Sources: the companies' annual accounts, the acts in the Belgian Official Gazette and the LEI register. Annual accounts state the shareholders that notified the company under article 7:225 of the Code of Companies and Associations and the parent companies that consolidate it. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not include these statements in its annual accounts, or does not have to, is not listed.
Capital and shareholders
- 06-06-2024 Capital increase of €800,000 · to €2,800,000 · in cash
Group and network
Connections & network
3 current directorsThe network starts from this company’s directors. Other companies they run appear here as nodes.
History
Acts, filings and financial milestones
08-07
Gazette deed
Appointment: Domenico LEONE (présidence du conseil)4 facts ▸
- Board meeting, 03-03-2026
- Director appointment, Domenico LEONE (présidence du conseil)
- Other provision, “gestion journalière ainsi que la représentation de la société en ce qui concerne cette gestion, délégation de la gestion journalière et de la représentation” (deed in French)
- Other provision, 20-05-2025, “ratification expresse de tous les actes posés dans le cadre de la gestion journalière” (deed in French)
07-07
Gazette deed
Reappointments: 2C&B, DomenicoLEONE and DominiqueJUNGPermanent representatives: PhilippeBRILOT, OrianeLEONE and 2 others · Resignation: S.G.I.S.A. (director) · Appointment: MYLEOSRL (director)14 facts ▸
- General meeting, 20-05-2025
- Auditor reappointment, 2C&B (commissaireauxcomptes)
- Permanent representative, PhilippeBRILOT (représentantpermanentdumandatd'administrateur)
- Permanent representative, OrianeLEONE (représentantpermanent)
- Director resignation, S.G.I.S.A. (director)
- Director reappointment, DomenicoLEONE (director)
- Director reappointment, DominiqueJUNG (director)
- Director appointment, MYLEOSRL (director)
- Permanent representative, RomainLEONE (representative)
- Board composition, DomenicoLEONE (président,administrateuretadministrateurdélégué)
- Board composition, DominiqueJUNG (director)
- Board composition, MYLEOSRL (director)
- +2 further facts in this act
06-06
Gazette deed
Capital & sharesIncorporation · Capital increase · Capital contribution11 facts ▸
- General meeting, 29-05-2024
- Incorporation, 22-03-2017
- Other provision, “renonciation aux rapports article 7:179, article 7:179 §3 du Code des Sociétés et des Associations” (deed in French)
- Capital increase, €800,000
- Capital contribution
- Bank account, 800000, “versement en espèces” (deed in French)
- Capital, €2,800,000
- Amendment of the articles, 5
- Amendment of the articles, “5bis” (deed in French)
- Power of attorney
- Power of attorney, Benoit DE SMET
Show earlier events
About the unread acts
Of the 11 Belgian Official Gazette deeds we know for this company, 3 have been read. The other 8 have not been read yet: what they contain is neither established nor disproved here.
Register details
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 26 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Recognitions · licences · registrations
Legal Entity Identifier
Environmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.
Sites & property
1 establishment unit
1 parcel
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 53070A0246/00B000 | Wallonia | 12.2 ha | 1 · 3.9 ha | 28.8 m · 3 |