Checked.be
Active
BE 0479.768.532Private limited company
ITREFLEX
Bogaardestraat 230B ·9990 Maldegem, Belgium· 23 yrs active
Sector: Computer programming
(62100)
Conclusion
ITREFLEX has been active since 2003 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €372k and a net result of €125k. Equity is growing by ~31.9% per year across the filed fiscal years. Its solvency ranks better than 37% of 2768 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Based on the State Gazette, CBE and 4 annual accounts.
Key figures
| Equity | €372k |
| Net result | €125k |
| Staff (FTE) | 2.1 |
| Better than sector | 37% |
Financial profile
80
/ 100
Exceptional profile, strong across almost every axis.
All 5 axes are computed from data Checked has read.
Health
61
Profitability
100
Solvency
63
Growth
78
Stability
100
Bankruptcy probability (12 mo)
Risk Assessment
0 / 100
Low riskTrust signals
Long-established
Founded in 2003, 23 years in business.
No legal incidents
No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.
Administrative Flags
No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
Checked score
61
/ 100
Healthy
Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.
Indicative credit limit
€23k
estimate, not credit advice
Score history
63
2022
81
2023
94
2024
61
2025
purely financial, excl. current insolvency signals
Score components
Liquidity
Current ratio 0.94 (< 1.0)
-10
Quick ratio
Quick ratio 0.44 (< 0.6)
-5
Leverage
Debt/equity 1.34 (< 2.0)
+3
Profitability
ROE 34% (≥ 10%)
+10
Interest coverage
Interest coverage 31.6× (≥ 3×)
+8
Profit trend
Net profit up YoY
+5
Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.
Financial overview
Annual accounts filed on 14-07-2026 with the NBB · fiscal year 2025 · micro schema
Trajectory (indicative)
Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.
growing
Equity: growth of ~31.9%/year over 4 fiscal years, indicative, assuming unchanged policy.
Solid line = filed figures · dashed = extended trend · area = indicative range.
How do we compute this?
The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.
The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.
A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).
Sector comparison
Fiscal year 2025 · NACE 62, Computer programming, consultancy and related activities · compared within the same schema type (micro schema)
| Metric | This company | Sector median | Position in the sector |
|---|---|---|---|
| Solvency | 42.3% | 62.1% | |
| Net result | €125k | €39k | |
| Equity | €372k | €62k | |
| Gross operating margin | €424k | €62k | |
| Staff costs | €141k | €17k |
€278k
+1.1%
22-25
€125k
+0.9%
22-25
€215k
+4.3%
22-25
€878k
+2.2%
22-25
€372k
-6.6%
22-25
€-16k
-
22-25
2
-30.0%
22-25
€141k
-0.2%
22-25
€58k
-7.7%
22-25
€141k
+1658.3%
22-25
€498k
+10.5%
22-25
€261k
+55.0%
22-25
€237k
-15.1%
22-25
0.94
-48.0%
22-25
0.44
-59.7%
22-25
42.3%
-8.7%
22-25
1.34
+18.4%
22-25
33.7%
+8.0%
22-25
14.3%
-1.3%
22-25
31.64
+3.2%
22-25
Figures by fiscal year and ratios
| Fiscal year | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Deposit | micro schema | micro schema | abbreviated schema | micro schema |
| Revenue | - | - | - | - |
| EBITDA | €278k | €275k | €226k | €184k |
| Net profit | €125k | €124k | €95k | €65k |
| Cash flow | €215k | €206k | €179k | €144k |
| Staff costs | €141k | €142k | €141k | €132k |
| Income taxes | €58k | €62k | €28k | €32k |
| Dividends | €141k | €8k | €12k | - |
| Total assets | €878k | €859k | €866k | €970k |
| Equity | €372k | €398k | €282k | €199k |
| Debt | €498k | €451k | €572k | €748k |
| of which ≤ 1y | €261k | €169k | €199k | €318k |
| of which > 1y | €237k | €279k | €374k | €429k |
| Working capital | €-16k | €135k | €97k | €32k |
| Employees (FTE) | 2.1 | 3.0 | 2.8 | 3.2 |
Note: these years are not on the same basis. The filed schemas differ (micro schema, abbreviated schema), so the columns are not directly comparable.
Ratios (computed)
| 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| Current ratio | 0.94 | 1.80 | 1.49 | 1.10 |
| Quick ratio | 0.44 | 1.09 | 0.97 | 0.64 |
| Working capital ratio | -1.9% | 15.8% | 11.2% | 3.3% |
| Solvency | 42.3% | 46.3% | 32.6% | 20.5% |
| Debt / equity | 1.34 | 1.13 | 2.03 | 3.77 |
| Long-term debt ratio | 0.64 | 0.70 | 1.32 | 2.16 |
| Interest coverage | 31.64 | 30.65 | 18.84 | 18.35 |
| Gross margin | - | - | - | - |
| Net margin | - | - | - | - |
| ROA | 14.3% | 14.5% | 11.0% | 6.7% |
| ROE | 33.7% | 31.2% | 33.7% | 32.8% |
| EBITDA margin | - | - | - | - |
| Days sales outstanding | - | - | - | - |
| Days payable outstanding | - | - | - | - |
| Inventory turnover | - | - | - | - |
| Days inventory (DSI) | - | - | - | - |
Balance-sheet composition 2025
Full annual accounts (26 line items)
Filed balance sheet and income statement, exactly as deposited with the NBB.
| Line item | Code | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Balance sheet, Assets | |||||
| TOTAL ASSETS | 20/58 | €878k | €859k | €866k | €970k |
| Fixed assets | 21/28 | €633k | €555k | €571k | €620k |
| Tangible fixed assets | 22/27 | €633k | €555k | €571k | €620k |
| Financial fixed assets | 28 | €25 | €25 | €25 | €25 |
| Current assets | 29/58 | €245k | €304k | €295k | €350k |
| Stocks & contracts in progress | 3 | €130k | €120k | €103k | €148k |
| Amounts receivable within one year | 40/41 | €22k | €30k | €37k | €133k |
| Cash & bank | 54/58 | €92k | €154k | €156k | €69k |
| Balance sheet, Equity & liabilities | |||||
| TOTAL EQUITY & LIABILITIES | 10/49 | €878k | €859k | €866k | €970k |
| Equity | 10/15 | €372k | €398k | €282k | €199k |
| Contributions / capital | 10/11 | €120 | €11k | €11k | €11k |
| Reserves | 13 | €372k | €387k | €271k | €187k |
| Accumulated profits (losses) | 14 | €0 | €0 | - | - |
| Provisions & deferred taxes | 16 | €8k | €10k | €12k | €23k |
| Amounts payable | 17/49 | €498k | €451k | €572k | €748k |
| Amounts payable after one year | 17 | €237k | €279k | €374k | €429k |
| Amounts payable within one year | 42/48 | €261k | €169k | €199k | €318k |
| Trade debts payable within one year | 44 | €61k | €9k | €8k | €21k |
| Income statement | |||||
| Gross operating margin | 9900 | €424k | €421k | €366k | €338k |
| Operating result | 9901 | €188k | €193k | €142k | €106k |
| Financial income | 75 | €1k | €667 | €0 | €159 |
| Financial charges | 65 | €9k | €9k | €12k | €10k |
| Result before taxes | 9903 | €181k | €185k | €130k | €96k |
| Income taxes | 67/77 | €58k | €62k | €28k | €32k |
| Net result for the period | 9904 | €125k | €124k | €95k | €65k |
| Result to be appropriated | 9905 | €133k | €132k | €70k | €69k |
Legal Structure
| NACE primary | Computer programming(62100) |
| Legal form | Private limited company(610) |
| Incorporation | 14-03-2003 |
| Status | Active |
| Postal code | 9990 |
Establishment units
ITREFLEX
since 20172.260.367.640
Vakebuurtstraat 310, 9990 Maldegem
since 20252.378.308.653
Real-estate footprint
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 43503F0103/00S003 | Flanders | 5,778 m² | 1 · 3,344 m² | 17.9 m |
| 43503H0336/00L000 | Flanders | 2,878 m² | 1 · 145 m² | - |
Methodology
via registered seat: 1 · via establishment units: 1
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Updates
Next filing, fiscal year 2026, expected by
2026
14-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Highest result since 2022net €125k ▲0.9%
Net result €125k, the highest in the series.
26-09
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 57 days late
2024
09-10
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 70 days late
2023
31-12
Financial
Equity above €200kEq €282k ▲42%
2 profitable years in a row build equity to €282k.
26-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
09-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 9 days late
2021
28-10
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 89 days late
2020
13-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 74 days late
2019
26-09
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 57 days late
2018
27-09
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 58 days late
2017
21-09
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 52 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Belgian State Gazette reading coverage
We know of 3 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
Credit advice
Company registry (CBE)
Activities
Computer programming, consultancy and related activities62010IT consultancy62020Computer programming62100Computer consultancy and computer facilities management622007210072220
Names & trade names
| Legal nameNL | ITREFLEX |
| Trade nameNL | CHAMELEON SOLUTIONS |
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