Losses
-€753,005 in nine years
Every financial year from 2017 to 2025 closed with a loss. 2020 was the heaviest.
GREFA CONSULTING
Lifetime
20 annual accounts with figures on one time axis, 24 filings since 2002peak €200,054 (2008)
€17,451▼ 37.8%
lowest -€116,196 (2020)
-€107,252▼ €9,126
peak €1.8m (2020)
€1.2m▼ 8.1%
€441,451▼ 7.3%
peak 0 FTE (2023)
0 FTE
Board3 names since 2020
1 directorMILLUX
Owners
Documentsfilings and deeds
26-06-202635 days before the deadline
2025abbreviated format
Gross margin from €28,068 to €17,451Loss of €107,252Cash from €19,886 to €12,451
Key points
from the 2025 annual accountsChecked score
89
Excellent
Financially stronger than 38% of micro companies without a NACE code
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
0.2% Very low
0%0.5%1.5%4%10%≥ 25%
About 2 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.1%lowest value
01-2025: 0.1%● unchanged vs 12-2024
02-2025: 0.1%● unchanged vs 01-2025
03-2025: 0.1%● unchanged vs 02-2025
04-2025: 0.1%● unchanged vs 03-2025
05-2025: 0.1%● unchanged vs 04-2025
06-2025: 0.1%● unchanged vs 05-2025
07-2025: 0.2%▲ +0.1 percentage points vs 06-2025
08-2025: 0.2%● unchanged vs 07-2025
09-2025: 0.2%● unchanged vs 08-2025
10-2025: 0.2%● unchanged vs 09-2025
11-2025: 0.2%● unchanged vs 10-2025
12-2025: 0.2%● unchanged vs 11-2025
01-2026: 0.2%● unchanged vs 12-2025
02-2026: 0.2%● unchanged vs 01-2026
03-2026: 0.2%● unchanged vs 02-2026
04-2026: 0.2%● unchanged vs 03-2026
05-2026: 0.2%● unchanged vs 04-2026
06-2026: 0.2%● unchanged vs 05-2026
07-2026: 0.2%● unchanged vs 06-2026
08-2026: 0.4%▲ +0.2 percentage points vs 07-2026
09-2026: 0.4%● unchanged vs 08-2026highest value
10-2026: 0.2%▼ -0.2 percentage points vs 09-2026
11-2026: 0.2%● unchanged vs 10-2026
Financial strengthStrong
Score breakdown
raises risk
Loss of €107,252, the second in a row (financial year 2025)
Liquidity: current ratio 0.12, cash €12,451
lowers risk
Size: total assets €1.7m
Equity €1.2m (73.3% of total assets)
Calculation
The band follows from the bankruptcy probability. 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 (no NACE code, micro). It does better than 61% of them on solvency, 30% on liquidity, 36% on profitability and 26% on growth.
The bankruptcy probability was computed on 06-11-2026 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.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Comparable companies, two years later
In July 2024, 8,617 companies had the same profile as GREFA CONSULTING has now. Each dot stands for 22 companies, two years later.
94.2%
were still trading
5.2%
stopped another way
0.4%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of GREFA CONSULTING itself: 0.2% within 12 months.
Test of the method
The method was tested on the 497,447 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| 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% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 8,617 companies, not a prediction for GREFA CONSULTING. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Credit verdict
Credit of up to €100,000 on 30-day terms is acceptable
Liquidity is insufficient, with a current ratio of 0.12 (0.22 in 2024), below 1. Short-term debt is 15.6% and cash 0.8% of total assets. 26.7% of the assets are financed with debt and provisions.
Credit check for an amount and term of your choice
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
lowers riskraises riskneutral
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
1819202122232425
2018 to 2025 · latest year -€107,252
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 26-06-2026, 35 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
35 days early
2024
36 days early
2023
40 days early
2022
26 days early
2021
13 days early
2020
17 days early
2019
30 days late
← before the deadline
after the deadline →
tick = median of all Belgian filings
The company filed its last 7 accounts on average 20 days before the deadline. The Belgian median for financial year 2024 was 4 days before the deadline, and 38% of all filings were late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 26 June (5 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
07-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
- MILLUX 100%score 94equity €3.7m (2025) · 2025 annual accounts of MILLUX
- MILLUX SRLannual accounts 2025
Recent changes
Left the Peppol Directory
1 director appointed, 2 resignations
Resignations: Grégory LEROO and Fabienne CARRETTE · Appointment: MILLUX (director) · Permanent representative: Frédéric LABIS · General meeting of 23-12-2020 · Gazette deed
Demerger: GREFA CONSULTING splits off to FAGRE
Capital increase of €728,576.11 · 734 new shares · General meeting of 23-12-2020 · Gazette deed
Capital increase of €733,760.52 to €1,031,760.52
Capital from €298,000 to €1,031,760.52, 734 new shares · Capital contribution: apport en nature · General meeting of 20-11-2020 · Gazette deed
Official details
Source: KBO- Status
- Active since 20-09-2001Normal situation
- Activity
- “Toutes activités mobilières et immobilières (achat,transformation,vente,mise en location,lotissement,etc…)” (deed in French)From the articles, 12 activitiesNo NACE code in the KBO yet
- Establishment unit
- 2.098.728.5237700 Mouscron, since 16-01-2001
- Financial year end
- 31 December
- Peppol
- Left the register on 20-10-2026
Annual accounts 2025
- €1.7m▼ 7.9%
- Filing
- Filed on 26-06-2026, 35 days before the end of the filing period
Insights on GREFA CONSULTING
GREFA CONSULTING files the abbreviated format. That format states no turnover. The gross margin fell from €161,744 in 2006 to €17,451 in 2025.
The balance sheet grew most in 2020 through fixed assets.
MILLUX holds all the shares.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about GREFA CONSULTING
- What is the company number of GREFA CONSULTING?
- The company number of GREFA CONSULTING is 0475.576.746. The VAT number is the same number with BE in front: BE 0475.576.746.
- Where is GREFA CONSULTING based?
- The registered office is at Hoogvlaktestraat 40, 7700 Mouscron.Company details
- What is the legal form of GREFA CONSULTING?
- GREFA CONSULTING is a private limited company (BV).
- When was GREFA CONSULTING founded?
- GREFA CONSULTING was founded on 20-09-2001.
- Is GREFA CONSULTING still active?
- Yes, GREFA CONSULTING is an active enterprise in the KBO register.
- What is the turnover of GREFA CONSULTING?
- The turnover in financial year 2025 is ≈ €120,000. This figure is estimated from the gross margin of €17,451 and 2,724 comparable companies of the same size. It probably lies between €49,000 and €290,000. It is a rough estimate.Financials
- Is GREFA CONSULTING profitable?
- In financial year 2025, GREFA CONSULTING made a loss of €107,252.
- Where can I find the annual accounts of GREFA CONSULTING?
- GREFA CONSULTING filed 24 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of GREFA CONSULTING due?
- GREFA CONSULTING must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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