Checked.be
Active
BE 0887.753.205Private limited company
REF TRADING
Vogelzang 52 ·1982 Zemst, Belgium· 19 yrs active
Sector: Retail sale of household furniture
(47551)
Conclusion
REF TRADING has been active since 2007 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €52k and a net result of €25k. Equity is growing by ~6.5% per year across the filed fiscal years. Its solvency ranks better than 52% of 26065 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.7% (low).
Based on the State Gazette, CBE and 4 annual accounts.
Key figures
| Equity | €52k |
| Net result | €25k |
| Better than sector | 52% |
| Active | 19 yrs |
Financial profile
90
/ 100
Exceptional profile, strong across almost every axis.
All 5 axes are computed from data Checked has read.
Health
94
Profitability
100
Solvency
77
Growth
78
Stability
100
Bankruptcy probability (12 mo)
Risk Assessment
0 / 100
Low riskTrust signals
Established
Founded in 2007, 19 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
94
/ 100
Excellent
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
€5k
estimate, not credit advice
Score history
35
2021
94
2022
32
2023
94
2024
purely financial, excl. current insolvency signals
Score components
Liquidity
Current ratio 4.51 (≥ 1.5)
+10
Quick ratio
Quick ratio 2.91 (≥ 1.0)
+5
Leverage
Debt/equity 1.88 (< 2.0)
+3
Profitability
ROE 48% (≥ 10%)
+10
Interest coverage
Interest coverage 7.6× (≥ 3×)
+8
Profit trend
Net profit up YoY
+5
Equity growth
Equity growing YoY
+3
Computed by Checked from the NBB filing for FY 2024. Indicative, not credit advice.
Financial overview
Annual accounts filed on 29-09-2025 with the NBB · fiscal year 2024 · micro schema
Trajectory (indicative)
Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.
growing
Equity: growth of ~6.5%/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 2024 · NACE 47, Retail trade · compared within the same schema type (micro schema)
| Metric | This company | Sector median | Position in the sector |
|---|---|---|---|
| Solvency | 34.8% | 32.3% | |
| Net result | €25k | €4k | |
| Equity | €52k | €39k | |
| Gross operating margin | €52k | €31k | |
| Total assets | €150k | €146k |
€45k
-
21-24
€25k
-
21-24
€40k
-
21-24
€150k
+0.6%
21-24
€52k
+92.5%
21-24
€78k
+19.0%
21-24
€300
+27.6%
21-24
€98k
-19.8%
21-24
€22k
-64.0%
21-24
€76k
+25.3%
21-24
4.51
+118.6%
21-24
2.91
+175.3%
21-24
34.8%
+91.4%
21-24
1.88
-58.3%
21-24
48.1%
-
21-24
16.7%
-
21-24
7.56
-
21-24
Figures by fiscal year and ratios
| Fiscal year | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|
| Deposit | micro schema | micro schema | micro schema | micro schema |
| Revenue | - | - | - | - |
| EBITDA | €45k | €-9k | €25k | €-70k |
| Net profit | €25k | €-26k | €20k | €-65k |
| Cash flow | €40k | €-13k | €33k | €-57k |
| Staff costs | - | - | - | - |
| Income taxes | €300 | €235 | €218 | €307 |
| Dividends | - | - | - | - |
| Total assets | €150k | €149k | €142k | €201k |
| Equity | €52k | €27k | €53k | €33k |
| Debt | €98k | €122k | €89k | €168k |
| of which ≤ 1y | €22k | €62k | €46k | €41k |
| of which > 1y | €76k | €60k | €43k | €127k |
| Working capital | €78k | €65k | €61k | €112k |
| Employees (FTE) | - | - | - | - |
Ratios (computed)
| 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|
| Current ratio | 4.51 | 2.06 | 2.33 | 3.75 |
| Quick ratio | 2.91 | 1.06 | 1.15 | 1.60 |
| Working capital ratio | 52.0% | 43.9% | 43.2% | 55.8% |
| Solvency | 34.8% | 18.2% | 37.4% | 16.6% |
| Debt / equity | 1.88 | 4.51 | 1.67 | 5.02 |
| Long-term debt ratio | 1.45 | 2.23 | 0.80 | 3.80 |
| Interest coverage | 7.56 | -2.46 | 5.59 | -14.69 |
| Gross margin | - | - | - | - |
| Net margin | - | - | - | - |
| ROA | 16.7% | -17.7% | 13.9% | -32.2% |
| ROE | 48.1% | -97.2% | 37.2% | -193.6% |
| EBITDA margin | - | - | - | - |
| Days sales outstanding | - | - | - | - |
| Days payable outstanding | - | - | - | - |
| Inventory turnover | - | - | - | - |
| Days inventory (DSI) | - | - | - | - |
Balance-sheet composition 2024
Full annual accounts (24 line items)
Filed balance sheet and income statement, exactly as deposited with the NBB.
| Line item | Code | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Balance sheet, Assets | |||||
| TOTAL ASSETS | 20/58 | €150k | €149k | €142k | €201k |
| Fixed assets | 21/28 | €50k | €22k | €35k | €48k |
| Tangible fixed assets | 22/27 | €50k | €22k | €35k | €48k |
| Current assets | 29/58 | €100k | €127k | €108k | €153k |
| Stocks & contracts in progress | 3 | €36k | €62k | €55k | €88k |
| Amounts receivable within one year | 40/41 | €9k | €12k | €24k | €11k |
| Cash & bank | 54/58 | €56k | €52k | €29k | €54k |
| Balance sheet, Equity & liabilities | |||||
| TOTAL EQUITY & LIABILITIES | 10/49 | €150k | €149k | €142k | €201k |
| Equity | 10/15 | €52k | €27k | €53k | €33k |
| Contributions / capital | 10/11 | €10k | €10k | €10k | €10k |
| Reserves | 13 | €2k | €2k | €2k | €2k |
| Accumulated profits (losses) | 14 | €40k | €15k | €41k | €22k |
| Amounts payable | 17/49 | €98k | €122k | €89k | €168k |
| Amounts payable after one year | 17 | €76k | €60k | €43k | €127k |
| Amounts payable within one year | 42/48 | €22k | €62k | €46k | €41k |
| Trade debts payable within one year | 44 | €6k | €46k | €25k | €12k |
| Income statement | |||||
| Gross operating margin | 9900 | €52k | €-8k | €26k | €-68k |
| Operating result | 9901 | €31k | €-23k | €12k | €-78k |
| Financial income | 75 | €747 | €61 | €13k | €18k |
| Financial charges | 65 | €6k | €4k | €4k | €5k |
| Result before taxes | 9903 | €25k | €-26k | €20k | €-65k |
| Income taxes | 67/77 | €300 | €235 | €218 | €307 |
| Net result for the period | 9904 | €25k | €-26k | €20k | €-65k |
| Result to be appropriated | 9905 | €25k | €-26k | €20k | €-65k |
Legal Structure
| NACE primary | Retail sale of household furniture(47551) |
| Legal form | Private limited company(610) |
| Incorporation | 07-03-2007 |
| Status | Active |
| Postal code | 1982 |
Establishment units
DAJASTONE
since 20072.162.740.902
Real-estate footprint
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 23092A0033/00Y000 | Flanders | 965 m² | 1 · 121 m² | 7.5 m · 2 fl. |
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.
Updates
2025
29-09
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 60 days late
2024
31-12
Financial
Back to profitnet €25k
Net result €25k after one loss-making year.
31-12
Financial
Liquidity doublescurrent ratio 4.51
Current ratio from 2.06 to 4.51; short-term debt falls from €62k to €22k.
13-10
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 74 days late
2023
28-11
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 120 days late
2022
31-12
Financial
Back to profitnet €20k
Net result €20k after one loss-making year.
17-11
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 109 days late
2021
30-09
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 61 days late
2020
30-10
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 91 days late
2019
30-09
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 61 days late
2018
30-08
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema · 30 days late
2017
21-06
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
2016
30-08
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema · 30 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 4 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
Retail sale of household furniture47551Retail trade4759152441Retail sale of electrical household appliances47540Retail sale of lighting equipment47552Retail trade475925244252450
Names & trade names
| Legal nameNL | REF TRADING |
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