RAYFERENCE
ActiveSummary
RAYFERENCE has been active since 2014 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €137,097 and a net result of €102,371. Equity fluctuates too strongly from year to year to read a trend from it. Its solvency ranks better than 38% of 272 sector peers (NACE 72, financial year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Overview
Overview
Official details
Source: KBO- Status
- Active since 10-01-2014 Normal situation
- Registered office
- 101 active companies are registered at this address 8 started in the 12 months before. Source: KBO register, as of 4 November 2026.
- Activity
- Other research and development on natural sciences NACE 72109and 1 other
- Joint committee
- 200 Aanvullend Paritair Comité voor de bedienden · annual accounts 2025
- Establishment units
- 2.225.516.629 1030 Schaarbeek, since 01-12-2013
- 2.282.601.624 1000 Brussel, since 01-08-2015
- Financial year end
- 31 December
- Peppol
- Reachable since 02-06-2026
Board and ownership
Board
- Leroy VincentManaging director
- Luffarelli MartaManaging director
- Govaerts YvesDirector · since 31-07-2023
Shareholders
- The Climate Observer Holding100%· score 952024 annual accounts of The Climate Observer Holding
Financial position
- Bankruptcy probabilitywithin 12 months
- 0.2%
Annual accounts 2025
- Gross margin
- €481,061
- ▲ 46.6%
- Turnover
- ≈ €1.1m
- estimated
- Profit
- €102,371
- ▲ 65.8%
- Equity
- €137,097
- ▲ 44.7%
- Total assets
- €496,805
- ▲ 56.8%
- Employees on 31-12-2025
- 5
- ▲ 66.7%
- 2025 accounts filed 28 days after the deadline
Score breakdownraises riskSize: 4.1 FTE, total assets €496,8052 establishment unitslowers riskLiquidity: current ratio 2.76, cash €123,369Figures for financial year 2025 (filed on 01-09-2026)Show the evidence
Checked score
Score 2025
92
/ 100
Excellent
Probability in this band: under 0.55%
Financially stronger than 62% of micro companies in research and development (NACE 72)
Financial strength · tick: 2024
Strong
Solvency
53-2
equity 27.6% of total assets
Liquidity
66-8
short-term debt 34.6% · cash 24.8%
Profitability
95+2
return on assets 20.6%
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: 0.3%
01-2025: 0.3%● unchanged vs 12-2024
02-2025: 0.3%● unchanged vs 01-2025
03-2025: 0.1%▼ -0.2 percentage points vs 02-2025
04-2025: 0.1%● unchanged vs 03-2025
05-2025: 0.1%● unchanged vs 04-2025lowest value
06-2025: 0.1%● unchanged vs 05-2025
07-2025: 0.1%● unchanged vs 06-2025
08-2025: 0.2%▲ +0.1 percentage points vs 07-2025
09-2025: 0.3%▲ +0.1 percentage points vs 08-2025
10-2025: 0.2%▼ -0.1 percentage points 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 07-2026highest value
09-2026: 0.2%▼ -0.2 percentage points vs 08-2026
10-2026: 0.2%● unchanged vs 09-2026
11-2026: 0.2%● unchanged vs 10-2026
Credit of up to €12,000 on 30-day terms is acceptable
Liquidity is ample, with a current ratio of 2.76 (2.26 in 2024), above the usual 1.5. Short-term debt is 34.6% and cash 24.8% of total assets. However, 72.4% of the assets are financed with debt and provisions.
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 (NACE 72, micro). It does better than 31% of them on solvency, 55% on liquidity, 75% on profitability and 86% on growth.
The bankruptcy probability was computed on 04-11-2026 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.
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).
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
Five signals.
lowers riskraises risk
raises risk · 2025 accounts filed 28 days late
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 28-08-2026, 28 days later. Nearly half (47%) of Belgian companies file late; of those that file 1 to 90 days late, 2.0% are now bankrupt, dissolved or in another special legal status, against 1.66% of all filers. A delay like this does not count in the score.
NBB · 10 filingsDeviation from the deadline
2025
28 days late
2024
28 days late
2023
26 days late
2022
31 days late
2021
2 days early
2020
31 days late
2019
103 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 35 days after the deadline. In the sector (NACE 72), the median for financial year 2024 was 13 days before the deadline, and 32% of those companies filed 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 28 August (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
04-11-2026 today31-12-2026 year end31-07-2027 deadline
Financials
Financials · financial year 2025, abbreviated format
2025 annual accounts filed 28 days after the deadline Filed on 28 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00479764.
Annual accounts 2025 filed on 28-08-2026 at the NBB all 10 filings
Turnover
≈ €1.1m
Estimated: probably between €680,000 and €1.9m
EBIT margin
Not included in this filing
Net result
€102,371▲ 65.8%
2024 · €61,740
Working capital
€303,043▲ 79.3%
2024 · €169,009
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€130,919
▲ 62.1%
2025
20182025
Net result
€102,371
▲ 65.8%
2025
middle half of the sector
20182025
Equity
€137,097
▲ 44.7%
2025
middle half of the sector
20182025
Total assets
€496,805
▲ 56.8%
2025
middle half of the sector
20182025
Debt
€359,708
▲ 62.0%
2025
20182025
Working capital
€303,043
▲ 79.3%
2025
middle half of the sector
20182025
Solvency
27.6%
▼ 2.3pp
2025
middle half of the sector
20182025
Current ratio
2.76
▲ 0.51
2025
middle half of the sector
20182025
Return on assets (ROA)
20.6%
▲ 1.1pp
2025
highest quarter of the sector
20182025
Staff (FTE)
4.1
▲ 20.6%
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€71,690-€120,282▲ 67.8%€225,093▲ 87.1%€193,995▼ 13.8%€141,370▼ 27.1%€73,279▼ 48.2%€80,753▲ 10.2%€130,919▲ 62.1%
Net result€58,977-€108,839▲ 84.5%€202,618above the sector's middle half▲ 86.2%€183,737above the sector's middle half▼ 9.3%€122,751above the sector's middle half▼ 33.2%€64,817within the sector's middle half▼ 47.2%€61,740within the sector's middle half▼ 4.7%€102,371within the sector's middle half▲ 65.8%
Equity€113,574-€222,412▲ 95.8%€425,031above the sector's middle half▲ 91.1%€578,768above the sector's middle half▲ 36.2%€707,669above the sector's middle half▲ 22.3%€207,986within the sector's middle half▼ 70.6%€94,726below the sector's middle half▼ 54.5%€137,097within the sector's middle half▲ 44.7%
Total assets€384,166-€302,531▼ 21.2%€652,562above the sector's middle half▲ 116%€743,132above the sector's middle half▲ 13.9%€907,675above the sector's middle half▲ 22.1%€377,784below the sector's middle half▼ 58.4%€316,753below the sector's middle half▼ 16.2%€496,805within the sector's middle half▲ 56.8%
Debt€270,592-€80,119▼ 70.4%€227,531▲ 184%€164,364▼ 27.8%€200,006▲ 21.7%€169,798▼ 15.1%€222,028▲ 30.8%€359,708▲ 62.0%
Working capital€122,994-€215,626▲ 75.3%€406,433above the sector's middle half▲ 88.5%€557,290above the sector's middle half▲ 37.1%€806,596above the sector's middle half▲ 44.7%€319,827within the sector's middle half▼ 60.3%€169,009within the sector's middle half▼ 47.2%€303,043within the sector's middle half▲ 79.3%
Solvency29.6%-73.5%▲ 44.0pp65.1%within the sector's middle half▼ 8.4pp77.9%within the sector's middle half▲ 12.7pp78.0%within the sector's middle half▲ 0.1pp55.1%within the sector's middle half▼ 22.9pp29.9%within the sector's middle half▼ 25.1pp27.6%within the sector's middle half▼ 2.3pp
Current ratio1.48-3.69▲ 2.212.79within the sector's middle half▼ 0.914.39within the sector's middle half▲ 1.6010.84above the sector's middle half▲ 6.458.47above the sector's middle half▼ 2.382.26within the sector's middle half▼ 6.212.76within the sector's middle half▲ 0.51
Return on assets (ROA)15.4%-36.0%▲ 20.6pp31.0%above the sector's middle half▼ 4.9pp24.7%above the sector's middle half▼ 6.3pp13.5%within the sector's middle half▼ 11.2pp17.2%above the sector's middle half▲ 3.6pp19.5%above the sector's middle half▲ 2.3pp20.6%above the sector's middle half▲ 1.1pp
Staff (FTE)2.9-3.9▲ 34.5%4.8above the sector's middle half▲ 23.1%5.8▲ 20.8%5.6▼ 3.4%3.9within the sector's middle half▼ 30.4%3.4within the sector's middle half▼ 12.8%4.1within the sector's middle half▲ 20.6%
above
within
below
The sector band is the middle half of the companies in Scientific research and development (NACE 72). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 62% higher than in 2024. It is the second rise in a row, after the fall in 2023.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €496,805
Fixed assets
€22,005 ▲ 64.2%
Current assets
€474,800 ▲ 56.5%
Equity and liabilities €496,805
Equity
€137,097 ▲ 44.7%
Debt
€359,708 ▲ 62.0%
Debt's share of the balance-sheet total rises from 70.1% to 72.4%. Equity and debt are higher.
Key figures and ratios
EBITDA
€140,047▲
2024 · €90,132
Cash flow
€111,499▲
2024 · €71,118
Debt to equity
2.62▲
2024 · 2.34
ROE
74.7%▲
2024 · 65.2%
Interest coverage
79.08▲
2024 · 70.46
Debt ≤ 1 year
€171,757▲
2024 · €134,344
Income taxes
€27,096▲
2024 · €18,641
Staff costs
€340,614▲
2024 · €236,552
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 6 | 4 | 3 | 3 | 5 |
| full-time | 6 | 4 | 3 | 3 | 5 |
| part-time | - | 0 | 0 | 0 | 0 |
| in full-time equivalents | 6 | 4 | 3 | 3 | 5 |
| Average over the year, in full-time equivalents | 5.8 | 5.6 | 3.9 | 3.4 | 4.1 |
| On a permanent contract | 6 | 4 | 3 | 3 | 5 |
| Joined | 2 | 0 | 0 | 3 | 4 |
| Left | 0 | 2 | 1 | 3 | 2 |
| Training hours | - | - | - | - | 100 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €11,444 | €9,699 | €8,937 | €5,048 | €17,732 |
| Financial fixed assets | - | - | - | €2,040 | €0 |
| Depreciation and write-downs of the year | €8,555 | €12,043 | €12,945 | €9,378 | €9,128 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
European research
3 projects · €663,070 EU contributionProgrammes
Projects
Fidelity and Uncertainty in Climate data records from Earth Observations
Quality Assurance for Essential Climate Variables
Copernicus CAL/VAL Solution
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €344,716 | €376,845 | €268,418 | €236,552 | €340,614 | ▲ 44.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €20,103 | €5,520 | €3,563 | €8,555 | €12,043 | €12,945 | €9,378 | €9,128 | ▼ 2.7% |
| Other operating charges640/8 | - | - | - | €600 | €579 | €271 | €1,368 | €400 | ▼ 70.8% |
| Non-recurring operating charges66A | - | - | - | - | - | €0 | €0 | - | - |
| Gross operating margin9900 | €259,430 | €343,317 | €506,590 | €547,865 | €530,837 | €354,913 | €328,052 | €481,061 | ▲ 46.6% |
| Operating profit (loss)9901 | €71,690 | €120,282 | €225,093 | €193,995 | €141,370 | €73,279 | €80,753 | €130,919 | ▲ 62.1% |
| Financial income75/76B | - | - | - | €1 | - | - | €906 | €319 | ▼ 64.8% |
| Recurring financial income75 | €0 | - | €19 | €1 | - | - | €906 | €319 | ▼ 64.8% |
| Financial charges65/66B | - | - | - | €258 | €1,245 | €1,133 | €1,279 | €1,771 | ▲ 38.4% |
| Recurring financial charges65 | €899 | €44 | €67 | €258 | €1,245 | €1,133 | €1,279 | €1,771 | ▲ 38.4% |
| Profit (loss) for the period before taxes9903 | €70,792 | €120,238 | €225,045 | €193,737 | €140,125 | €72,146 | €80,380 | €129,467 | ▲ 61.1% |
| Income taxes67/77 | €11,815 | €11,399 | €22,426 | €10,000 | €17,374 | €7,328 | €18,641 | €27,096 | ▲ 45.4% |
| Profit (loss) for the period9904 | €58,977 | €108,839 | €202,618 | €183,737 | €122,751 | €64,817 | €61,740 | €102,371 | ▲ 65.8% |
| Profit (loss) for the period to be appropriated9905 | €58,977 | €108,839 | €202,618 | €183,737 | €122,751 | €64,817 | €61,740 | €102,371 | ▲ 65.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €384,166 | €302,531 | €652,562 | €743,132 | €907,675 | €377,784 | €316,753 | €496,805 | ▲ 56.8% |
| Fixed assets21/28 | €6,436 | €6,787 | €18,598 | €21,487 | €19,143 | €15,135 | €13,401 | €22,005 | ▲ 64.2% |
| Intangible fixed assets21 | - | - | - | - | €0 | - | - | - | - |
| Tangible fixed assets22/27 | €5,911 | €6,262 | €18,073 | €20,962 | €18,618 | €14,610 | €10,836 | €19,440 | ▲ 79.4% |
| Furniture and vehicles24 | - | - | - | €20,962 | €18,618 | €14,610 | €10,836 | €19,440 | ▲ 79.4% |
| Financial fixed assets28 | €525 | €525 | €525 | €525 | €525 | €525 | €2,565 | €2,565 | = |
| Current assets29/58 | €377,729 | €295,745 | €633,964 | €721,646 | €888,532 | €362,649 | €303,352 | €474,800 | ▲ 56.5% |
| Amounts receivable within one year40/41 | €214,719 | €138,835 | €108,019 | €248,948 | €113,128 | €129,302 | €23,958 | €83,175 | ▲ 247% |
| Trade receivables40 | - | - | - | €225,000 | €86,561 | €114,579 | €6,046 | €48,934 | ▲ 709% |
| Other amounts receivable41 | - | - | - | €23,948 | €26,567 | €14,722 | €17,912 | €34,241 | ▲ 91.2% |
| Current investments50/53 | - | - | €100,000 | €49,975 | - | - | - | - | - |
| Cash at bank and in hand54/58 | €162,026 | €155,587 | €424,813 | €421,000 | €709,731 | €203,109 | €111,206 | €123,369 | ▲ 10.9% |
| Deferred charges and accrued income490/1 | - | - | - | €1,722 | €65,674 | €30,238 | €168,189 | €268,256 | ▲ 59.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €384,166 | €302,531 | €652,562 | €743,132 | €907,675 | €377,784 | €316,753 | €496,805 | ▲ 56.8% |
| Equity10/15 | €113,574 | €222,412 | €425,031 | €578,768 | €707,669 | €207,986 | €94,726 | €137,097 | ▲ 44.7% |
| Contributions10/11 | €12,400 | €12,400 | - | €12,400 | €18,550 | €18,550 | €20,405 | €20,405 | = |
| Reserves13 | €101,174 | €210,012 | €412,631 | €566,368 | €566,368 | €1,868 | €13 | €13 | = |
| Non-distributable reserves130/1 | - | - | - | €1,855 | €1,855 | €1,855 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,855 | €1,855 | €1,855 | - | - | - |
| Distributable reserves133 | - | - | - | €564,513 | €564,513 | €13 | €13 | €13 | = |
| Profit (loss) carried forward14 | - | - | - | - | €122,751 | €187,568 | €74,308 | €116,679 | ▲ 57.0% |
| Amounts payable17/49 | €270,592 | €80,119 | €227,531 | €164,364 | €200,006 | €169,798 | €222,028 | €359,708 | ▲ 62.0% |
| Amounts payable within one year42/48 | €254,735 | €80,119 | €227,531 | €164,355 | €81,936 | €42,822 | €134,344 | €171,757 | ▲ 27.8% |
| Financial debts43 | - | - | - | - | - | - | - | €1,005 | - |
| Credit institutions430/8 | - | - | - | - | - | - | - | €1,005 | - |
| Trade debts44 | €198,845 | €20,411 | €96,086 | €31,916 | €4,761 | €2,942 | €63,097 | €73,498 | ▲ 16.5% |
| Suppliers440/4 | - | - | - | €31,916 | €4,761 | €2,942 | €63,097 | €73,498 | ▲ 16.5% |
| Advances received on contracts in progress46 | - | - | - | €42,342 | €35,000 | €0 | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €48,443 | €41,724 | €39,671 | €21,175 | €32,384 | ▲ 52.9% |
| Taxes450/3 | - | - | - | €7,261 | €2,520 | €10,766 | €0 | €1,686 | - |
| Remuneration and social security454/9 | - | - | - | €41,182 | €39,204 | €28,905 | €21,175 | €30,698 | ▲ 45.0% |
| Other amounts payable47/48 | - | - | - | €41,654 | €450 | €210 | €50,072 | €64,870 | ▲ 29.6% |
| Accrued charges and deferred income492/3 | - | - | - | €9 | €118,070 | €126,975 | €87,684 | €187,951 | ▲ 114% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €58,977 | €108,839 | €202,618 | €183,737 | €122,751 | €64,817 | €61,740 | €102,371 | ▲ 65.8% |
| + Depreciation and write-downs630 | €20,103 | €5,520 | €3,563 | €8,555 | €12,043 | €12,945 | €9,378 | €9,128 | ▼ 2.7% |
| Operating cash flow (approximation) | €79,080 | €114,359 | €206,182 | €192,292 | €134,794 | €77,762 | €71,118 | €111,499 | ▲ 56.8% |
| Investment in fixed assets (approximation) | - | -€5,870 | -€15,375 | -€11,444 | -€9,699 | -€8,937 | -€7,645 | -€17,732 | ▼ 132% |
| Change in cash | - | -€6,439 | €269,226 | -€3,813 | €288,730 | -€506,621 | -€91,904 | €12,163 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 5,053 companies had the same profile as RAYFERENCE has now. Two years later, 95.8% were still going and 1.6% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
95.8%
was still going
2.4%
stopped otherwise
1.6%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of RAYFERENCE itself is lower: 0.2% within 12 months. It rests on far more data about RAYFERENCE than the profile alone.
Test of the method
The method was tested on the 497,446 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 5,053 companies, not a prediction for RAYFERENCE. 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.
Filings with the National Bank (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 28-08-2026 | 2026-00479764 | |
| 31-12-2024 | full format | 28-08-2025 | 2025-00441499 | |
| 31-12-2023 | full format | 26-08-2024 | 2024-00386191 | |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00423724 | |
| 31-12-2021 | micro format | 29-07-2022 | 2022-20247870 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-62600151 | |
| 31-12-2019 | micro format | 11-11-2020 | 2020-69900405 | |
| 31-12-2018 | micro format | 07-10-2019 | 2019-69000451 | |
| 31-12-2017 | micro format | 20-07-2018 | 2018-36500126 | |
| 31-12-2016 | micro format | 31-07-2017 | 2017-39900479 |
Board & ownership
Directors
Directors
3 directors, 2 in day-to-day management, last change in 2023
Board 3
Govaerts Yves
Current
Director (not named in the articles) · since 31-07-2023 · listed in the 2025 annual accounts, filed on 28-08-2026
Leroy Vincent
Current
Director (not named in the articles) · current term since 31-07-2023 · term without a fixed end · also on the board of 1 other company · listed in the 2025 annual accounts, filed on 28-08-2026
Luffarelli Marta
Current
Director (not named in the articles) · current term since 31-07-2023 · term without a fixed end · also on the board of 1 other company · listed in the 2025 annual accounts, filed on 28-08-2026
Day-to-day management 2
Leroy Vincent
Current
Managing director · appointed in the act of 14-08-2023
Luffarelli Marta
Current
Managing director · appointed in the act of 14-08-2023
Owners and capital
Shareholders
1 ownerChain of control
- The Climate Observer Holding
- RAYFERENCE
Owners 1
- Equity €691,441 Profit of €102,389 in 2025 (profit of €32,765 in 2024) Checked score 95100%
Capital transactions
Capital over time
- 14-08-2023 Converted to unavailable equity
Mandate history
3 people, 3 in office
- Board
- Day-to-day management
- mandate already running before its first mention
| Name | Functions and periods |
|---|---|
| Govaerts Yves |
|
| Leroy Vincent |
|
| Luffarelli Marta |
|
Network & group
Companies at the same address
100 other companies- Differdange, Esther (sole trader) Establishment · since 2026 1044504512
- Villa, Lelia (sole trader) Establishment · since 2026 1044102357
- bighouse Registered office · since 2026 1043178184
- Barthes, Anaïs (sole trader) Establishment · since 2026 1038099344
- Al Hasnaoui, Ayoub (sole trader) Establishment · since 2026 1036148357
- LayAdam Registered office · since 2026 1034037618
- FLAIR STUDIO Registered office · since 2026 1033166794
- Easy Work Services Registered office · since 2025 1032167892
- Chicot, Anthony (sole trader) Establishment · since 2025 1028983324
- Donck, Julie (sole trader) Establishment · since 2025 1024658510
Connections & network
3 current directorsThe board mandates are listed under Board mandates elsewhere. The network lets you explore the same ties.
This company
Company
Director
Shareholding
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Timeline
Acts, filings and financial milestones
Deadline for the 2026 accounts:
2026
28-08
abbreviated format · 28 days late
2025
31-12
Financial
Equity above €100,000equity €137,097 ▲44.7%
With a profit in every financial year since 2018, equity grows to €137,097.
28-08
full format · 28 days late
2024
26-08
full format · 26 days late
2023
31-08
micro format · 31 days late
14-08
Gazette deed
4 directors appointed, 1 reappointedReappointment: Govaerts Yves (director) · Appointments: Luffarelli Marta (director) and Leroy Vincent (director) · Director discharge: Govaerts Yves7 points ▸
Gazette deed
4 directors appointed, 1 reappointed
Reappointment: Govaerts Yves (director) · Appointments: Luffarelli Marta (director) and Leroy Vincent (director) · Director discharge: Govaerts Yves7 points ▸
- Director reappointment, Govaerts Yves (director (not named in the articles))
- Director discharge, Govaerts Yves
- Director appointment, Luffarelli Marta (director (not named in the articles))
- Director appointment, Leroy Vincent (director (not named in the articles))
- Director appointment, Leroy Vincent (managing director)
- Director appointment, Luffarelli Marta (managing director)
- Registered office clause, Rue d'Alost 7, 1000 Bruxelles
- The act holds 5 more points.
28-02
Gazette deed
Registered office moved to BrusselsNew seat: rue d'Alost 7 à 1000 Bruxelles · Appointments: Vincent LEROY (director) and Marta LUFFARELLI (director) · Reappointment: Yves GOVAERTS (director)8 points ▸
Gazette deed
Registered office moved to Brussels
New seat: rue d'Alost 7 à 1000 Bruxelles · Appointments: Vincent LEROY (director) and Marta LUFFARELLI (director) · Reappointment: Yves GOVAERTS (director)8 points ▸
- General meeting, 28-11-2022
- Director appointment, Vincent LEROY (director (not named in the articles))
- Director appointment, Marta LUFFARELLI (director (not named in the articles))
- Director reappointment, Yves GOVAERTS (director)
- Board meeting, 28-11-2022
- Power of attorney, Vincent LEROY
- Power of attorney, Marta LUFFARELLI
- Registered-office move, rue d'Alost 7 à 1000 Bruxelles
- The act holds 2 more points.
2022
31-12
Financial
Liquidity more than doubledcurrent ratio 10.84
The current ratio rises from 4.39 to 10.84. Short-term debt falls from €164,355 to €81,936.
29-07
micro format · 2 days before the deadline
2021
31-12
Financial
Equity above €500,000equity €578,768 ▲36.2%
With a profit in every financial year since 2018, equity grows to €578,768.
31-08
micro format · 31 days late
2020
31-12
Financial
Highest result from 2018 to 2025net €202,618 ▲86.2%
The operating result of €225,093 and the net result of €202,618 are both a record.
Show earlier events
11-11
micro format · 103 days late
2019
31-12
Financial
Liquidity more than doubledcurrent ratio 3.69
The current ratio rises from 1.48 to 3.69. Short-term debt falls from €254,735 to €80,119.
31-12
Financial
Equity above €200,000equity €222,412 ▲95.8%
With a profit in every financial year since 2018, equity grows to €222,412.
07-10
micro format · 68 days late
2018
20-07
micro format · 11 days before the deadline
2017
31-07
micro format · on the deadline day
2014
21-01
Financial milestoneGazette deedNBB filingFinancial milestones sit on the financial year-end date, not the filing date.
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordName
RAYFERENCE in French
Enterprise number
0543.981.938
Legal form
Private limited company
Status
Active, normale toestand
Founded
10-01-2014
Entity type
Legal entity
DurationMost companies exist for an unlimited period, until they are dissolved.
Unlimited
deed of 14-08-2023 (in French)Registered office clauseThe articles name the region of the registered office. The language of official documents depends on that region, among other things.
“Région de Bruxelles-Capitale”
deed of 14-08-2023 (in French)Registered office and establishments
Registered office
Aalststraat 7, 1000 Brussel, Belgium
Establishment units
Paul Deschanellaan 247, 1030 Schaarbeek since 01-12-2013 · unit number 2.225.516.629
Rayference, Aalststraat 7, 1000 Brussel since 01-08-2015 · unit number 2.282.601.624
Activities
NACEBEL 2025VAT activities
72109
Other research and development on natural sciences main activity
Social security (RSZ) activities
62100
Computer programming main activity
Codes under NACEBEL 2008
VAT activities
72190
Scientific research and development main activity
Social security (RSZ) activities
62010
Computer programming, consultancy and related activities main activity
Joint committee
200 Aanvullend Paritair Comité voor de bedienden annual accounts 2025
PurposeThe purpose describes the activities the company may carry out under its articles.
deed of 14-08-2023 (in French)
“La prestation de tous les services liés à l'étude de l'environnement et du climat,sa modélisation,son observation,l'élaboration de services…”
15 activities
- La prestation de tous les services liés à l'étude de l'environnement et du climat,sa modélisation,son observation,l'élaboration de services liés à l'environnement,au climat,l'adaptation aux changements climatiques et la recherche de partenaires dans ces domaines
- Toutes les activités se rapportant directement ou indirectement à la recherche dans le domaine du transfert radiatif,la modélisation,l'acquisition d'images,le développement de méthodes numériques pour le traitement de données acquises par satellites ou autres moyens de télédétection y compris appareils de photographie,l'étalonnage d'appareils de mesure optique et d'éclairage
- Toutes activités en rapport au déploiement de moyens informatiques avancés et développement de prestations web liés à l'élaboration de services pour l'environnement et le climat ou autres activités commerciales
- Toutes opérations se rapportant directement ou indirectement aux opérations relatives à la promotion et la vente d'huiles essentielles,y compris l'exploitation et la diffusion et commercialisation de celles-ci
- Le développement,l'achat,la vente,la prise de licences ou l'octroi de licences,de brevets,de marques,de know-how dans les domaines énumérés ci-dessous
- La promotion sous toutes ces formes possibles,l'enseignement et l'activité de conseil dans ces matières et matières associées ainsi que l'organisation de toutes formations,séminaires,conférences et training
- La prestation de services de coaching,de formation,de consultance,d'encadrement et d'assistance sous quelque forme que ce soit dans les domaines énumérés ci-dessous
- Toutes opérations se rapportant directement ou indirectement aux opérations relatives à l'activité de rénovation de biens mobiliers,y compris les opérations d'élaboration,de production,de promotion et de vente
- Acheter,prendre ou donner à bail,louer,construire,vendre ou échanger tous biens meubles,matériels et installations
- Effectuer toutes affaires immobilières,en Belgique et à l'étranger,au sens le plus large du terme et,notamment acheter,vendre,échanger,gérer,administrer,entretenir,améliorer,diviser,lotir,prendre ou donner à bail ou en emphytéose,louer tous biens immeubles ou partie d'immeuble,construits ou non,les restaurer,les transformer ou les aménager et,d'une manière générale,les mettre en valeur,négocier et promouvoir toutes opérations immobilières
- La gestion pour son compte propre ou pour compte d'autrui,de biens immeubles,en Belgique et à l'étranger
- La détention et la gestion de participations dans d'autres sociétés,de droit belges ou étranger,quelle que soit leur forme juridique,ainsi que la prestation de services de consultance ou d'encadrement en rapport avec la détention ou la gestion de ces participations
- La société peut accepter tout mandat de gestion et d'administration,dans toute société et association quelconque et se porter caution pour toute personnes liée ou non liée en vue de faciliter la réalisation de l'objet
- Elle peut exercer toute activité de conseil en gestion d'affaires et en direction d'entreprises,ainsi que la prestation de tous services s'y rapportant
- La société peut également exercer les fonctions d'administrateur,de gérant d'autres sociétés
Invoicing and payment
VAT number
BE 0543.981.938
Financial year and general meeting
Accounts at the NBBFinancial year end
31-12
Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
Second Thursday of June
deed of 14-08-2023 (in French)Sites & property
Location
Buildings and parcels at the addresses
Ground area
2,825 m²
Building footprint
2,250 m²
Building volume
31,768 m³
Tallest building: 25.2 m.
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 21811M0166/00D000 | Brussels | 2,302 m² | 1 · 1,952 m² | 19.6 m · 5 |
| 21906D0094/00S005 | Brussels | 523 m² | 1 · 298 m² | 25.2 m · 6 |
1 of these parcels carries protected heritage. Expect extra rules on renovation or sale.