C-REF INDUSTRIES
ActiveSummary
C-REF INDUSTRIES has been active since 2010 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €46,590 and a net result of -€19,413. Equity is growing by ~17.9% per year across the filed fiscal years. Its solvency ranks better than 25% of 7868 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.1% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability6▼-61
Solvency49▼-4
Growth52=
Track record100
Bankruptcy probability, 12 months
1.1%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €1,500 at 30 days only on tighter terms
Liquidity tight (current ratio 1.29 against 1.31 in 2024; short-term debt: 75.4% and cash: 10% of total assets), and 75.8% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
24.2%
Return on assets
-10.1%
Age of the figures
15 mo
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
19202122232425
2019 to 2025 · latest year -€19,413
neutral · Filed after the deadline
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 28-02-2026, 28 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
28 d late
2024
4 d late
2023
253 d late
2022
183 d late
2021
37 d late
2020
26 d late
2019
148 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 97 days after the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-06-2026 and is due by 31-01-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
30-06-2026 close27-09-2026 today31-01-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€46,590▼ 29.4%
2024 · €66,003
Total assets
€192,672▼ 18.2%
2024 · €235,491
Net result
-€19,413▼ 420%
2024 · -€3,730
Working capital
€41,496▼ 21.3%
2024 · €52,700
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€17,081▲ 211%-€1,674€32,295€9,612▼ 70.2%-€19,286
Net result€16,524▲ 466%-€2,423€26,002-€3,730-€19,413▼ 420%
Equity€46,154▲ 55.8%€43,731▼ 5.3%€69,733▲ 59.5%€66,003▼ 5.3%€46,590▼ 29.4%
Total assets€128,877▲ 43.8%€214,892▲ 66.7%€244,276▲ 13.7%€235,491▼ 3.6%€192,672▼ 18.2%
Debt€82,722▲ 37.8%€171,161▲ 107%€174,543▲ 2.0%€169,488▼ 2.9%€146,082▼ 13.8%
Working capital€16,046▼ 21.3%€16,836▲ 4.9%€47,968▲ 185%€52,700▲ 9.9%€41,496▼ 21.3%
Staff (FTE)0.4
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €19,286 after €9,612 in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €192,672
Fixed assets
€5,994 ▼ 57.8%
Current assets
€186,678 ▼ 15.6%
Equity and liabilities €192,672
Equity
€46,590 ▼ 29.4%
Debt
€146,082 ▼ 13.8%
Debt's share of the balance-sheet total rises from 72.0% to 75.8%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€11,077▼
2024 · €18,073
Cash flow
-€11,205▼
2024 · €4,732
Current ratio
1.29▼
2024 · 1.31
Debt to equity
3.14▲
2024 · 2.57
ROE
-41.7%▼
2024 · -5.7%
ROA
-10.1%▼
2024 · -1.6%
Interest coverage
-87.18▼
2024 · 26.55
Debt ≤ 1 year
€145,182▼
2024 · €168,588
Staff costs
€108
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €26,736 | €52,356 | - | €108 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,618 | €10,212 | €8,497 | €8,462 | €8,209 | ▼ 3.0% |
| Other operating charges640/8 | - | €922 | €50 | €637 | €300 | ▼ 52.9% |
| Gross operating margin9900 | €27,299 | €36,196 | €93,198 | €18,711 | -€10,669 | ▼ 157% |
| Operating profit (loss)9901 | €17,081 | -€1,674 | €32,295 | €9,612 | -€19,286 | ▼ 301% |
| Financial income75/76B | - | €0 | €3,243 | - | - | - |
| Recurring financial income75 | €346 | €0 | €3,243 | - | - | - |
| Financial charges65/66B | - | €749 | €701 | €681 | €127 | ▼ 81.3% |
| Recurring financial charges65 | €440 | €749 | €701 | €681 | €127 | ▼ 81.3% |
| Profit (loss) for the period before taxes9903 | €16,987 | -€2,423 | €34,836 | €8,931 | -€19,413 | ▼ 317% |
| Income taxes67/77 | €463 | - | €8,834 | €12,661 | - | - |
| Profit (loss) for the period9904 | €16,524 | -€2,423 | €26,002 | -€3,730 | -€19,413 | ▼ 420% |
| Profit (loss) for the period to be appropriated9905 | €16,524 | -€2,423 | €26,002 | -€3,730 | -€19,413 | ▼ 420% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €128,877 | €214,892 | €244,276 | €235,491 | €192,672 | ▼ 18.2% |
| Fixed assets21/28 | €41,077 | €31,162 | €22,665 | €14,203 | €5,994 | ▼ 57.8% |
| Intangible fixed assets21 | €851 | €601 | €351 | €101 | €0 | ▼ 100% |
| Tangible fixed assets22/27 | €39,526 | €29,860 | €21,614 | €13,402 | €5,294 | ▼ 60.5% |
| Plant, machinery and equipment23 | - | €3,090 | €2,055 | €1,055 | €159 | ▼ 85.0% |
| Furniture and vehicles24 | - | €5,339 | €3,909 | €2,479 | €1,049 | ▼ 57.7% |
| Leasing and similar rights25 | - | €21,430 | €15,649 | €9,868 | €4,086 | ▼ 58.6% |
| Financial fixed assets28 | €700 | €700 | €700 | €700 | €700 | = |
| Current assets29/58 | €87,799 | €183,730 | €221,611 | €221,288 | €186,678 | ▼ 15.6% |
| Stocks and contracts in progress3 | €8,553 | €18,944 | €18,944 | - | - | - |
| Stocks30/36 | - | €18,944 | €18,944 | - | - | - |
| Amounts receivable within one year40/41 | €70,904 | €158,305 | €198,716 | €194,385 | €164,148 | ▼ 15.6% |
| Trade receivables40 | - | €131,735 | €151,836 | €143,329 | €114,168 | ▼ 20.3% |
| Other amounts receivable41 | - | €26,570 | €46,880 | €51,056 | €49,980 | ▼ 2.1% |
| Cash at bank and in hand54/58 | €3,400 | €3,847 | €1,716 | €24,987 | €19,348 | ▼ 22.6% |
| Deferred charges and accrued income490/1 | - | €2,635 | €2,236 | €1,916 | €3,181 | ▲ 66.1% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €128,877 | €214,892 | €244,276 | €235,491 | €192,672 | ▼ 18.2% |
| Equity10/15 | €46,154 | €43,731 | €69,733 | €66,003 | €46,590 | ▼ 29.4% |
| Contributions10/11 | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Capital10 | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Issued capital100 | - | €18,550 | €18,550 | €18,550 | €18,550 | = |
| Uncalled capital101 | - | €12,350 | €12,350 | €12,350 | €12,350 | = |
| Reserves13 | €35,264 | €35,264 | €35,264 | €35,264 | €35,264 | = |
| Non-distributable reserves130/1 | - | €1,855 | €1,855 | €1,855 | €1,855 | = |
| Legal reserve130 | - | €1,855 | €1,855 | €1,855 | €1,855 | = |
| Distributable reserves133 | - | €33,409 | €33,409 | €33,409 | €33,409 | = |
| Profit (loss) carried forward14 | €4,691 | €2,267 | €28,270 | €24,540 | €5,126 | ▼ 79.1% |
| Amounts payable17/49 | €82,722 | €171,161 | €174,543 | €169,488 | €146,082 | ▼ 13.8% |
| Amounts payable after more than one year17 | €10,101 | €3,367 | - | - | - | - |
| Financial debts170/4 | - | €3,367 | - | - | - | - |
| Amounts payable within one year42/48 | €71,753 | €166,894 | €173,643 | €168,588 | €145,182 | ▼ 13.9% |
| Current portion of amounts payable after more than one year42 | - | €6,734 | €3,367 | - | - | - |
| Financial debts43 | - | €3,385 | €631 | - | - | - |
| Credit institutions430/8 | - | €3,385 | €631 | - | - | - |
| Trade debts44 | €60,860 | €128,580 | €119,665 | €134,362 | €119,981 | ▼ 10.7% |
| Suppliers440/4 | - | €128,580 | €119,665 | €134,362 | €119,981 | ▼ 10.7% |
| Taxes, remuneration and social security45 | - | €20,353 | €39,423 | €22,659 | €11,048 | ▼ 51.2% |
| Taxes450/3 | - | €463 | €12,267 | €15,778 | €11,048 | ▼ 30.0% |
| Remuneration and social security454/9 | - | €19,890 | €27,156 | €6,881 | - | - |
| Other amounts payable47/48 | - | €7,842 | €10,557 | €11,567 | €14,153 | ▲ 22.4% |
| Accrued charges and deferred income492/3 | - | €900 | €900 | €900 | €900 | = |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €16,524 | -€2,423 | €26,002 | -€3,730 | -€19,413 | ▼ 420% |
| + Depreciation and write-downs630 | €5,618 | €10,212 | €8,497 | €8,462 | €8,209 | ▼ 3.0% |
| Operating cash flow (approximation) | €22,143 | €7,789 | €34,499 | €4,732 | -€11,205 | ▼ 337% |
| Investment in fixed assets (approximation) | - | -€297 | €0 | €0 | €0 | - |
| Change in cash | - | €447 | -€2,130 | €23,270 | -€5,638 | ▼ 124% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
28-02
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 28 days late
2025
30-06
Financial
Weakest financial yearnet -€19,413
Net result drops to -€19,413, the lowest in the series.
04-02
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 4 days late
2024
10-10
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 253 days late
2023
02-08
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 183 days late
30-06
Financial
Back to profitnet €26,002
Net result €26,002 after one loss-making year.
2022
09-03
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 37 days late
2021
26-02
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 26 days late
2020
27-06
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 148 days late
2019
02-10
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 244 days late
2018
12-03
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema · 40 days late
2017
24-11
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 297 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 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
2 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Merelbeke-Melle · 1 establishment unit since 2010
Ground area
1,666 m²
Building footprint
235 m²
Volume, LiDAR
1,484 m³
2 parcels, Flanders · tallest building 9.7 m, ±2 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
C-REF INDUSTRIES
since 20102.193.308.372
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44412C0552/00E002 | Flanders | 1,291 m² | 1 · 142 m² | 7.1 m · 2 fl. |
| 44402A0438/00G014 | Flanders | 375 m² | 1 · 93 m² | 9.7 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Similar companies · same sector, comparable size
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FAG CONSTRUCT
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AANNEMINGEN NOYENS
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Of 15,521 companies in sector 43990 we hold annual accounts for 7,420. 6,039 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company (pre-2019)
Founded23-04-2010
Fiscal year end30-06
Activities, NACEBEL 2025
43990Other specialised construction activities
43221Plumbing work
43222Installation of electric heating, air conditioning, cooling and ventilation
E-invoicing
Reachable via Peppol
Peppol ID
0208:0825314701
Also
9925:BE0825314701
Registered
31-12-2025
Register as of 26 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.