FUSIREF REFRACTORIES
ActiveFUSIREF REFRACTORIES has been active since 1987 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €6.50M and a net result of €644k. Equity is growing by ~6.1% per year across the filed fiscal years. Its solvency ranks better than 40% of 284 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
89
/ 100
Excellent▲ +8 vs 2024
The score combines four axes. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability42▲+10
Solvency76▲+8
Growth45=
Stability100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €600k at 30 days acceptable
Liquidity ample (current ratio 1.66 against 1.56 in 2024), but 60.4% 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 · 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
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
39.6%
Return on assets
3.9%
Age of the figures
8 mo
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 →
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 11-07-2026, 20 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
20 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
14-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
€32.26M▼ 0.6%
2024 · €32.45M
2018: €33.98M
2019: €30.87M
2020: €24.98M
2021: €28.49M
2022: €33.39M
2023: €35.40M
2024: €32.45M
2018 → 2025
EBIT margin
3.9%▲ 1.2pp
2024 · 2.8%
2018: 6.7%
2019: 4.3%
2020: 3.8%
2021: 2.3%
2022: 5.2%
2023: 5.5%
2024: 2.8%
2018 → 2025
Net result
€644k▲ 53.5%
2024 · €419k
2018: €1.70M
2019: €-747k
2020: €900k
2021: €407k
2022: €953k
2023: €1.25M
2024: €419k
2018 → 2025
Working capital
€4.88M▲ 5.4%
2024 · €4.63M
2018: €3.92M
2019: €3.07M
2020: €4.26M
2021: €4.61M
2022: €5.14M
2023: €5.05M
2024: €4.63M
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Turnover€28.49M-€33.39M▲ 17.2%€35.40M▲ 6.0%€32.45M▼ 8.3%€32.26M▼ 0.6%
Equity€5.13M-€5.61M▲ 9.3%€6.23M▲ 11.2%€6.34M▲ 1.7%€6.50M▲ 2.5%
Operating result€655k-€1.74M▲ 166%€1.96M▲ 12.9%€900k▼ 54.2%€1.27M▲ 40.8%
Net result€407k-€953k▲ 134%€1.25M▲ 31.4%€419k▼ 66.5%€644k▲ 53.5%
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 41% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €16.41M
Fixed assets
€4.12M▼ 14.6%
Current assets
€12.29M▼ 4.9%
Equity and liabilities €16.41M
Equity
€6.50M▲ 2.5%
Debt
€9.92M▼ 13.1%
The debt ratio falls from 64.3% to 60.4%: equity grows while debt is paid down.
Key figures and ratios
EBITDA
€2.70M▲
2024 · €2.07M
Cash flow
€2.07M▲
2024 · €1.59M
Solvency
39.6%▲
2024 · 35.7%
Current ratio
1.66▲
2024 · 1.56
Quick ratio
1.40▲
2024 · 1.38
Debt / equity
1.53▼
2024 · 1.80
ROE
9.9%▲
2024 · 6.6%
ROA
3.9%▲
2024 · 2.4%
Interest coverage
11.13▲
2024 · 7.67
Debt
€9.92M▼
2024 · €11.42M
Debt ≤ 1 year
€7.41M▼
2024 · €8.29M
Debt > 1 year
€2.03M▼
2024 · €2.64M
Income taxes
€334k▲
2024 · €230k
Staff costs
€15.89M▲
2024 · €15.49M
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€17.75M€16.41M▼
Fixed assets21/28€4.83M€4.12M▼
Intangible fixed assets21€75k€72k▼
Tangible fixed assets22/27€4.70M€4.00M▼
Land and buildings22€1.74M€1.58M▼
Plant, machinery and equipment23€942k€916k▼
Furniture and vehicles24€379k€230k▼
Leasing and similar rights25€1.36M€1.12M▼
Other tangible fixed assets26€217k€155k▼
Assets under construction and advance payments27€57k-
Financial fixed assets28€54k€49k▼
Other financial fixed assets284/8€54k€49k▼
Amounts receivable and cash guarantees285/8€54k€49k▼
Current assets29/58€12.92M€12.29M▼
Stocks and contracts in progress3€1.50M€1.91M▲
Stocks30/36€1.50M€1.44M▼
Raw materials and consumables30/31€1.50M€1.44M▼
Contracts in progress37-€471k
Amounts receivable within one year40/41€10.66M€9.85M▼
Trade receivables40€10.29M€9.66M▼
Other amounts receivable41€370k€193k▼
Cash at bank and in hand54/58€686k€453k▼
Deferred charges and accrued income490/1€81k€80k▼
Equity and liabilities
Total equity and liabilities10/49€17.75M€16.41M▼
Equity10/15€6.34M€6.50M▲
Contributions10/11€3.00M€3.00M=
Capital10€3.00M€3.00M=
Issued capital100€3.00M€3.00M=
Reserves13€672k€672k=
Non-distributable reserves130/1€300k€300k=
Legal reserve130€300k€300k=
Tax-exempt reserves132€186k-
Distributable reserves133€186k€372k▲
Profit (loss) carried forward14€2.66M€2.82M▲
Amounts payable17/49€11.42M€9.92M▼
Amounts payable after more than one year17€2.64M€2.03M▼
Financial debts170/4€2.64M€2.03M▼
Leasing and similar obligations172€410k€160k▼
Credit institutions173€2.23M€1.87M▼
Amounts payable within one year42/48€8.29M€7.41M▼
Current portion of amounts payable after more than one year42€1.55M€1.30M▼
Financial debts43€1.75M€1.25M▼
Credit institutions430/8€1.75M€1.25M▼
Trade debts44€3.31M€2.95M▼
Suppliers440/4€3.31M€2.95M▼
Taxes, remuneration and social security45€1.37M€1.42M▲
Taxes450/3€82k€93k▲
Remuneration and social security454/9€1.29M€1.33M▲
Other amounts payable47/48€316k€484k▲
Accrued charges and deferred income492/3€485k€473k▼
Income statement
Code20242025
Operating income70/76A€33.20M€33.85M▲
Turnover70€32.45M€32.26M▼
Change in stocks of work in progress, finished goods and contracts in progress71€-218k€471k▲
Other operating income74€973k€1.12M▲
Operating charges60/66A€32.30M€32.58M▲
Goods for resale, raw materials and consumables60€8.13M€8.02M▼
Purchases600/8€8.38M€7.96M▼
Change in stocks: decrease (increase)609€-246k€64k▲
Services and other goods61€7.36M€7.08M▼
Remuneration, social security and pensions62€15.49M€15.89M▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€1.17M€1.43M▲
Other operating charges640/8€147k€159k▲
Operating profit (loss)9901€900k€1.27M▲
Financial income75/76B€32k€8k▼
Recurring financial income75€32k€8k▼
Income from current assets751€4k€3k▼
Other financial income752/9€28k€5k▼
Financial charges65/66B€282k€297k▲
Recurring financial charges65€282k€271k▼
Debt charges650€270k€242k▼
Other financial charges652/9€12k€28k▲
Non-recurring financial charges66B-€27k
Profit (loss) for the period before taxes9903€649k€978k▲
Income taxes67/77€230k€334k▲
Taxes670/3€230k€334k▲
Profit (loss) for the period9904€419k€644k▲
Transfer from tax-exempt reserves789€186k€186k=
Profit (loss) for the period to be appropriated9905€605k€830k▲
Appropriation of the result
Profit (loss) to be appropriated9906€3.17M€3.49M▲
Profit (loss) brought forward from the previous period14P€2.56M€2.66M▲
Transfer to equity691/2€186k€186k=
To other reserves6921€186k€186k=
Profit to be distributed694/7€316k€484k▲
Return on contributions (dividend)694€316k€484k▲
Social balance
Average headcount (FTE)9087209.0196.0▼
The notes to these accounts (87 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
11-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
05-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
15-06
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
05-06
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
30-05
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
31-12
Financial
Equity above €5MEq €5.13M ▲4.2%
2 profitable years in a row build equity to €5.13M.
10-06
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
31-12
Financial
Back to profitnet €900k
Net result €900k after one loss-making year.
07-07
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
31-12
Financial
Weakest financial yearnet €-747k ▼144%
Net result drops to €-747k, the lowest in the series; recovery starts the following year.
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
2017
28-07
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
15 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, Bernissart · 1 establishment unit since 1987
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Rue de l'Industrie(HAR) 1a7321 BernissartGround area
4,387 m²
Building footprint
1,148 m²
Volume, LiDAR
5,445 m³
Parcel 51472A0375/00D000, Wallonia · tallest building 7.1 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
FUSIREF
since 19872.031.781.103
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 51472A0375/00D000 | Wallonia | 4,387 m² | 1 · 1,148 m² | 7.1 m · 2 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.
Structure & network
Group per the LEI register
1 parent companyParent company:SOCIÉTÉ DE GESTION INDUSTRIELLE SA
Recognitions · licences · registrations
Legal Entity Identifier
5493000PQN6JKETZUY40
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Of 20 companies in sector 23430 we hold annual accounts for 13. 7 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded23-11-1987
Fiscal year end31-12
Activities, NACEBEL
23430Manufacture of other non-metallic mineral products
43990Other specialised construction activities
43999Specialised construction activities
45250
41003General construction of other non-residential buildings
45213
Sources
Crossroads Bank for EnterprisesNational Bank · 38 filingsAddress and cadastre registers
Data from official sources, last processed on 14-09-2026. Scores and ratios are computed by Checked and are not a credit decision.
Contact details
3 entriesE-mail:info@fusiref.com
Phone:069/59.04.59
Fax:069/56.14.77