de Refuge
ActiveSummary
de Refuge has been active since 1992 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €18.5m and a net result of €142,112. Equity remains stable across the filed financial years (±1.9% per year). Its solvency ranks better than 81% of 595 sector peers (NACE 87, financial year 2025). The computed 12-month bankruptcy probability is below 0.1% (very low).
Financials · financial year 2025, abbreviated format
Turnover
€14.6m▲ 5.2%
2024 · €13.9m
EBIT margin
1.6%▲ 0.1pp
2024 · 1.6%
Net result
€142,112▲ 14.5%
2024 · €124,113
Working capital
€669,917▲ 722%
2024 · €81,524
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result recovers in 2025; 2025 is 10% above 2024.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Turnover€14.6m
2025
Operating result€0.2m
2025
Net result€0.1m
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€25.5m
2025
Equity€18.5m
2025
Debt€6.6m
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital€0.7m
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
EBIT margin1.6%
2025
Return on assets (ROA)0.6%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency72.7%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio1.18
2025
Average staff in full-time equivalents (FTE).
Staff (FTE)162.8
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 87, Residential care activities: 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).
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€9.2m-€10.4m▲ 12.6%€10.8m▲ 4.2%€11.3m▲ 4.4%€12.4m▲ 9.4%€13.3m▲ 7.0%€13.9m▲ 4.7%€14.6m▲ 5.2%
Operating result-€0.03m-€0.6m€1.1m▲ 72.5%€0.8m▼ 20.8%€0.5m▼ 37.0%€0.4m▼ 24.3%€0.2m▼ 46.2%€0.2m▲ 10.0%
Net result-€0.2m-€0.4m€0.9mabove the sector's middle half▲ 108%€0.7mabove the sector's middle half▼ 22.4%€0.4mabove the sector's middle half▼ 42.5%€0.3mwithin the sector's middle half▼ 30.3%€0.1mwithin the sector's middle half▼ 56.8%€0.1mwithin the sector's middle half▲ 14.5%
EBIT margin-0.3%-5.9%▲ 6.2pp9.8%▲ 3.9pp7.5%▼ 2.4pp4.3%▼ 3.2pp3.0%▼ 1.3pp1.6%▼ 1.5pp1.6%▲ 0.1pp
Equity€16.4m-€16.7m▲ 1.9%€17.5mabove the sector's middle half▲ 4.8%€18.1mabove the sector's middle half▲ 3.4%€18.4mabove the sector's middle half▲ 1.8%€18.5mabove the sector's middle half▲ 0.8%€18.5mabove the sector's middle half=€18.5mabove the sector's middle half▲ 0.1%
Total assets€27.5m-€28.7m▲ 4.2%€28.2mabove the sector's middle half▼ 1.7%€28.1mabove the sector's middle half▼ 0.3%€28.1mabove the sector's middle half▲ 0.2%€25.5mabove the sector's middle half▼ 9.3%€25.6mabove the sector's middle half▲ 0.1%€25.5mabove the sector's middle half▼ 0.2%
Debt€10.9m-€11.9m▲ 8.7%€10.6m▼ 10.9%€9.9m▼ 6.6%€9.7m▼ 2.2%€6.9m▼ 28.5%€7.0m▲ 0.5%€6.6m▼ 5.5%
Working capital-€0.6m-€0.4m€1.2mwithin the sector's middle half▲ 195%€1.8mwithin the sector's middle half▲ 47.7%€1.6mwithin the sector's middle half▼ 6.7%-€0.08mbelow the sector's middle half€0.08mbelow the sector's middle half€0.7mwithin the sector's middle half▲ 722%
Solvency59.4%-58.1%▼ 1.3pp62.0%within the sector's middle half▲ 3.9pp64.3%within the sector's middle half▲ 2.3pp65.3%within the sector's middle half▲ 1.0pp72.6%above the sector's middle half▲ 7.3pp72.5%above the sector's middle half▼ 0.1pp72.7%above the sector's middle half▲ 0.2pp
Current ratio0.82-1.10▲ 0.281.36within the sector's middle half▲ 0.261.54within the sector's middle half▲ 0.181.44within the sector's middle half▼ 0.100.98below the sector's middle half▼ 0.461.02below the sector's middle half▲ 0.041.18within the sector's middle half▲ 0.16
Return on assets (ROA)-0.7%-1.6%▲ 2.3pp3.3%within the sector's middle half▲ 1.7pp2.6%within the sector's middle half▼ 0.7pp1.5%within the sector's middle half▼ 1.1pp1.1%within the sector's middle half▼ 0.3pp0.5%within the sector's middle half▼ 0.6pp0.6%within the sector's middle half▲ 0.1pp
Staff (FTE)139.1-152.9▲ 9.9%162.8above the sector's middle half▲ 6.5%161.3above the sector's middle half▼ 0.9%162.2above the sector's middle half▲ 0.6%160.1above the sector's middle half▼ 1.3%160above the sector's middle half▼ 0.1%162.8above the sector's middle half▲ 1.8%
above
within
below
the middle half of NACE 87, Residential care activities: 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.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €25.5m
Fixed assets
€21.1m ▼ 2.9%
Current assets
€4.4m ▲ 14.7%
Equity and liabilities €25.5m
Equity
€18.5m ▲ 0.1%
Provisions
€393,162 ▲ 361%
Debt
€6.6m ▼ 5.5%
Debt's share of the balance-sheet total falls from 27.2% to 25.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€1.3m▲
2024 · €1.3m
Cash flow
€1.2m▲
2024 · €1.2m
Quick ratio
1.14▲
2024 · 0.98
Debt to equity
0.35▼
2024 · 0.38
ROE
0.8%▲
2024 · 0.7%
Interest coverage
15.30▲
2024 · 14.52
Debt ≤ 1 year
€3.7m▼
2024 · €3.8m
Debt > 1 year
€2.8m▼
2024 · €3.2m
Income taxes
€31,325▲
2024 · €30,789
Staff costs
€11.8m▲
2024 · €11.3m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 1,887 companies that looked in July 2024 the way this one looks now, 0.1% went bankrupt within 24 months and 97.9% are still going.
- Medium-sized
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
0.1%
went bankrupt
2.0%
stopped otherwise
97.9%
still going
For this company itself Checked computes a bankruptcy probability of < 0.1% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,470 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% | 1.0% |
| 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 1,887 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.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €13.8m | €14.9m | €15.9m | €16.5m | €17.4m | ▲ 5.2% |
| Turnover70 | €9.2m | €10.4m | €10.8m | €11.3m | €12.4m | €13.3m | €13.9m | €14.6m | ▲ 5.2% |
| Membership fees, donations, legacies and grants73 | - | - | - | €2.3m | €2.3m | €2.4m | €2.3m | €2.4m | ▲ 4.9% |
| Other operating income74 | - | - | - | €0.1m | €0.2m | €0.3m | €0.3m | €0.4m | ▲ 7.3% |
| Non-recurring operating income76A | - | - | - | €0.05m | €82 | €0.001m | - | €0.003m | - |
| Operating charges60/66A | - | - | - | €12.9m | €14.4m | €15.5m | €16.3m | €17.2m | ▲ 5.2% |
| Goods for resale, raw materials and consumables60 | - | - | - | €1.4m | €1.5m | €1.7m | €1.7m | €1.7m | ▲ 1.6% |
| Purchases600/8 | - | - | - | €1.4m | €1.5m | €1.7m | €1.7m | €1.7m | ▼ 1.6% |
| Change in stocks: decrease (increase)609 | - | - | - | €0.003m | €0.02m | -€0.01m | -€0.02m | €0.04m | - |
| Services and other goods61 | - | - | - | €1.5m | €2.1m | €2.1m | €2.2m | €2.2m | ▼ 0.1% |
| Remuneration, social security and pensions62 | - | - | - | €9.0m | €9.7m | €10.6m | €11.3m | €11.8m | ▲ 4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.1m | €1.1m | €1.1m | ▲ 3.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | -€0.05m | -€0.02m | -€0.06m | - | -€0.002m | - |
| Other operating charges640/8 | - | - | - | €0.02m | €0.02m | €0.1m | €0.06m | €0.08m | ▲ 28.5% |
| Non-recurring operating charges66A | - | - | - | €0.03m | €0.001m | €0.008m | €0.02m | €0.003m | ▼ 89.0% |
| Operating profit (loss)9901 | -€0.03m | €0.6m | €1.1m | €0.8m | €0.5m | €0.4m | €0.2m | €0.2m | ▲ 10.0% |
| Financial income75/76B | - | - | - | €0.03m | €0.02m | €0.02m | €0.03m | €0.02m | ▼ 11.0% |
| Recurring financial income75 | €0.03m | €0.03m | €0.03m | €0.03m | €0.02m | €0.02m | €0.03m | €0.02m | ▼ 11.0% |
| Income from current assets751 | - | - | - | - | - | - | - | €0.004m | - |
| Other financial income752/9 | - | - | - | €0.03m | €0.02m | €0.02m | €0.03m | €0.02m | ▼ 26.0% |
| Financial charges65/66B | - | - | - | €0.1m | €0.1m | €0.1m | €0.09m | €0.09m | = |
| Recurring financial charges65 | €0.2m | €0.2m | €0.1m | €0.1m | €0.1m | €0.1m | €0.09m | €0.09m | = |
| Debt charges650 | €0.2m | €0.2m | €0.1m | €0.1m | €0.1m | €0.1m | €0.09m | €0.09m | ▼ 0.5% |
| Other financial charges652/9 | - | - | - | €0.001m | €0.001m | €0.001m | €0.002m | €0.002m | ▲ 30.6% |
| Profit (loss) for the period before taxes9903 | -€0.2m | €0.5m | €1.0m | €0.8m | €0.4m | €0.3m | €0.2m | €0.2m | ▲ 12.0% |
| Income taxes67/77 | - | - | €0.04m | €0.03m | €0.04m | €0.04m | €0.03m | €0.03m | ▲ 1.7% |
| Taxes670/3 | - | - | - | €0.03m | €0.04m | €0.04m | €0.03m | €0.03m | ▲ 1.7% |
| Profit (loss) for the period9904 | -€0.2m | €0.4m | €0.9m | €0.7m | €0.4m | €0.3m | €0.1m | €0.1m | ▲ 14.5% |
| Profit (loss) for the period to be appropriated9905 | -€0.2m | €0.4m | €0.9m | €0.7m | €0.4m | €0.3m | €0.1m | €0.1m | ▲ 14.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €27.5m | €28.7m | €28.2m | €28.1m | €28.1m | €25.5m | €25.6m | €25.5m | ▼ 0.2% |
| Fixed assets21/28 | €24.7m | €24.4m | €23.7m | €23.1m | €22.8m | €22.1m | €21.7m | €21.1m | ▼ 2.9% |
| Intangible fixed assets21 | €0.03m | €0.02m | €0.02m | €0.04m | €0.03m | €0.02m | €0.01m | €0.01m | ▼ 15.5% |
| Tangible fixed assets22/27 | €24.7m | €24.3m | €23.7m | €23.1m | €22.8m | €22.0m | €21.7m | €21.1m | ▼ 2.9% |
| Land and buildings22 | - | - | - | €21.5m | €21.1m | €20.5m | €20.2m | €19.7m | ▼ 2.8% |
| Plant, machinery and equipment23 | - | - | - | €1.1m | €1.2m | €1.2m | €1.1m | €1.1m | ▼ 2.5% |
| Furniture and vehicles24 | - | - | - | €0.5m | €0.5m | €0.4m | €0.4m | €0.3m | ▼ 10.4% |
| Current assets29/58 | €2.8m | €4.3m | €4.5m | €5.0m | €5.3m | €3.5m | €3.8m | €4.4m | ▲ 14.7% |
| Amounts receivable after more than one year29 | - | - | - | - | - | - | €0.008m | €0.004m | ▼ 52.2% |
| Other amounts receivable291 | - | - | - | - | - | - | €0.008m | €0.004m | ▼ 52.2% |
| Stocks and contracts in progress3 | €0.08m | €0.08m | €0.2m | €0.1m | €0.1m | €0.1m | €0.2m | €0.1m | ▼ 21.9% |
| Stocks30/36 | - | - | - | €0.1m | €0.1m | €0.1m | €0.2m | €0.1m | ▼ 21.9% |
| Raw materials and consumables30/31 | - | - | - | €0.1m | €0.1m | €0.1m | €0.2m | €0.1m | ▼ 21.9% |
| Amounts receivable within one year40/41 | €1.3m | €1.4m | €1.6m | €1.3m | €1.5m | €1.6m | €1.6m | €1.7m | ▲ 2.8% |
| Trade receivables40 | - | - | - | €1.1m | €1.2m | €1.3m | €1.4m | €1.4m | ▲ 0.3% |
| Other amounts receivable41 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▲ 15.2% |
| Cash at bank and in hand54/58 | €0.6m | €2.2m | €2.1m | €3.0m | €3.3m | €1.3m | €1.7m | €2.3m | ▲ 35.6% |
| Deferred charges and accrued income490/1 | - | - | - | €0.5m | €0.4m | €0.4m | €0.4m | €0.3m | ▼ 12.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €27.5m | €28.7m | €28.2m | €28.1m | €28.1m | €25.5m | €25.6m | €25.5m | ▼ 0.2% |
| Equity10/15 | €16.4m | €16.7m | €17.5m | €18.1m | €18.4m | €18.5m | €18.5m | €18.5m | ▲ 0.1% |
| Contributions10/11 | - | - | - | - | €14.6m | €14.6m | €14.6m | €14.6m | = |
| Capital10 | - | - | - | - | €14.6m | €14.6m | €14.6m | €14.6m | = |
| Reserves13 | - | - | - | €1.9m | €2.1m | €2.3m | €2.4m | €2.5m | ▲ 3.6% |
| Profit (loss) carried forward14 | €0.02m | €0.2m | €0.7m | €1.0m | €1.2m | €1.3m | €1.4m | €1.4m | ▲ 4.2% |
| Investment grants15 | - | - | - | €0.6m | €0.5m | €0.4m | €0.2m | €0.1m | ▼ 56.4% |
| Provisions and deferred taxes16 | €0.2m | €0.1m | €0.1m | €0.2m | €0.09m | €0.08m | €0.09m | €0.4m | ▲ 361% |
| Provisions for liabilities and charges160/5 | - | - | - | €0.2m | €0.09m | €0.08m | €0.09m | €0.4m | ▲ 361% |
| Pensions and similar obligations160 | - | - | - | €0.05m | €0.04m | €0.02m | €0.03m | €0.01m | ▼ 48.4% |
| Major repairs and maintenance162 | - | - | - | €0.06m | - | - | - | - | - |
| Other liabilities and charges164/5 | - | - | - | €0.05m | €0.06m | €0.06m | €0.06m | €0.4m | ▲ 534% |
| Amounts payable17/49 | €10.9m | €11.9m | €10.6m | €9.9m | €9.7m | €6.9m | €7.0m | €6.6m | ▼ 5.5% |
| Amounts payable after more than one year17 | €7.5m | €8.0m | €7.3m | €6.6m | €6.0m | €3.4m | €3.2m | €2.8m | ▼ 11.1% |
| Financial debts170/4 | - | - | - | €3.9m | €3.6m | €1.3m | €1.5m | €1.4m | ▼ 7.4% |
| Credit institutions173 | - | - | - | €3.9m | €3.6m | €1.3m | €1.5m | €1.4m | ▼ 7.4% |
| Other amounts payable178/9 | - | - | - | €2.8m | €2.4m | €2.1m | €1.7m | €1.5m | ▼ 14.3% |
| Amounts payable within one year42/48 | €3.4m | €3.9m | €3.3m | €3.3m | €3.7m | €3.6m | €3.8m | €3.7m | ▼ 0.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.7m | €0.7m | €0.4m | €0.5m | €0.4m | ▼ 22.3% |
| Trade debts44 | €0.5m | €0.7m | €0.6m | €0.5m | €0.6m | €0.5m | €0.6m | €0.5m | ▼ 7.5% |
| Suppliers440/4 | - | - | - | €0.5m | €0.6m | €0.5m | €0.6m | €0.5m | ▼ 7.5% |
| Advances received on contracts in progress46 | - | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.5m | ▲ 6.2% |
| Taxes, remuneration and social security45 | - | - | - | €1.7m | €2.1m | €2.2m | €2.3m | €2.4m | ▲ 3.8% |
| Taxes450/3 | - | - | - | €0.2m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 0.2% |
| Remuneration and social security454/9 | - | - | - | €1.5m | €1.8m | €1.9m | €2.0m | €2.1m | ▲ 4.4% |
| Accrued charges and deferred income492/3 | - | - | - | €0.004m | €0.004m | €0.004m | €0.003m | €0.003m | ▼ 11.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.2m | €0.4m | €0.9m | €0.7m | €0.4m | €0.3m | €0.1m | €0.1m | ▲ 14.5% |
| + Depreciation and write-downs630 | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.1m | €1.1m | €1.1m | ▲ 3.8% |
| Operating cash flow (approximation) | €0.8m | €1.4m | €1.9m | €1.7m | €1.5m | €1.4m | €1.2m | €1.2m | ▲ 4.9% |
| Investment in fixed assets (approximation) | - | -€0.6m | -€0.3m | -€0.4m | -€0.7m | -€0.4m | -€0.7m | -€0.5m | ▲ 35.1% |
| Change in cash | - | €1.5m | -€0.04m | €0.9m | €0.2m | -€1.9m | €0.4m | €0.6m | ▲ 67.9% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 20 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | abbreviated format | 22-06-2026 | 2026-00182372 |
| 31-12-2024 | abbreviated format | 20-06-2025 | 2025-00161941 |
| 31-12-2023 | abbreviated format | 24-06-2024 | 2024-00161833 |
| 31-12-2022 | abbreviated format | 22-06-2023 | 2023-00146458 |
| 31-12-2021 | abbreviated format | 29-06-2022 | 2022-20109825 |
| 31-12-2020 | abbreviated format | 18-06-2021 | 2021-22000354 |
| 31-12-2019 | abbreviated format | 25-06-2020 | 2020-20600598 |
| 31-12-2018 | abbreviated format | 20-06-2019 | 2019-20800225 |
| 31-12-2017 | abbreviated format | 21-06-2018 | 2018-21400195 |
| 31-12-2016 | abbreviated format | 16-06-2017 | 2017-19000459 |
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Of the 590 active companies whose main activity is residential care activities (NACE 87301), figures are known for 491. 190 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector
Subsidies and aid
Flemish government
2022 to 2025 · 25 entries · €8.7m awarded · €8.7m paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 7 | €7.5m | €7.5m |
| 2024 | 6 | €0.3m | €0.4m |
| 2023 | 5 | €0.4m | €0.4m |
| 2022 | 7 | €0.4m | €0.4m |
Schemes
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.