REFAI
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 40 days after the deadline Filed on 9 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00515284.
Annual accounts 2025 filed on 09-09-2026 at the NBB all 8 filings
Every figure per financial year
The operating result for 2025 is 76% lower than in 2024.
| Line | 2018 | 2019 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Turnover70 | €21,835 | - | - | €22,725 | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €21,939 | - | - | - | - |
| Other operating charges640/8 | - | - | €500 | €1,006 | - | €387 | €463 | ▲ 19.6% |
| Gross operating margin9900 | -€4,928 | -€2,838 | -€19,874 | €785 | €2,238 | €6,295 | €1,867 | ▼ 70.3% |
| Operating profit (loss)9901 | -€4,928 | -€2,838 | -€20,374 | -€221 | €2,238 | €5,908 | €1,404 | ▼ 76.2% |
| Financial income75/76B | - | - | €2,420 | €2,000 | €16,529 | - | - | - |
| Recurring financial income75 | - | - | €2,420 | €2,000 | €16,529 | - | - | - |
| Non-recurring financial income76B | - | - | €2,420 | €2,000 | €16,529 | - | - | - |
| Financial charges65/66B | - | - | €168 | €172 | €153 | €161 | €154 | ▼ 4.3% |
| Recurring financial charges65 | €142 | €137 | €168 | €172 | €153 | €161 | €154 | ▼ 4.3% |
| Profit (loss) for the period before taxes9903 | -€5,070 | -€2,975 | -€18,122 | €1,608 | €18,613 | €5,747 | €1,250 | ▼ 78.2% |
| Income taxes67/77 | - | - | - | - | €5,297 | - | - | - |
| Profit (loss) for the period9904 | -€5,070 | -€2,975 | -€18,122 | €1,608 | €13,317 | €5,747 | €1,250 | ▼ 78.2% |
| Profit (loss) for the period to be appropriated9905 | -€5,070 | -€2,975 | -€18,122 | €1,608 | €13,317 | €5,747 | €1,250 | ▼ 78.2% |
| Line | 2018 | 2019 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €477 | €217 | €562 | €244 | €2,919 | €2,097 | €2,725 | ▲ 30.0% |
| Current assets29/58 | €477 | €217 | €562 | €244 | €2,919 | €2,097 | €2,725 | ▲ 30.0% |
| Cash at bank and in hand54/58 | €477 | €217 | €562 | €244 | €2,919 | €2,097 | €2,725 | ▲ 30.0% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €477 | €217 | €562 | €244 | €2,919 | €2,097 | €2,725 | ▲ 30.0% |
| Equity10/15 | -€3,774 | -€6,749 | -€41,519 | -€39,911 | -€26,594 | -€20,847 | -€19,597 | ▲ 6.0% |
| Contributions10/11 | €12,410 | €12,410 | €12,410 | €12,410 | €12,410 | €12,410 | €12,410 | = |
| Capital10 | - | - | €12,410 | €12,410 | €12,410 | - | - | - |
| Issued capital100 | - | - | €18,600 | €18,600 | €12,410 | - | - | - |
| Uncalled capital101 | - | - | €6,190 | €6,190 | - | - | - | - |
| Contributions outside capital11 | - | - | - | - | - | €12,410 | - | - |
| Other1109/19 | - | - | - | - | - | €12,410 | - | - |
| Profit (loss) carried forward14 | -€16,184 | -€19,159 | -€53,928 | -€52,320 | -€39,004 | -€33,257 | -€32,006 | ▲ 3.8% |
| Amounts payable17/49 | €4,251 | €6,965 | €42,081 | €40,154 | €29,513 | €22,944 | €22,322 | ▼ 2.7% |
| Amounts payable within one year42/48 | €1,289 | €2,043 | €37,158 | €35,232 | €29,513 | €22,944 | €22,322 | ▼ 2.7% |
| Trade debts44 | €125 | €125 | €125 | €125 | €125 | €250 | €63 | ▼ 74.6% |
| Suppliers440/4 | - | - | €125 | €125 | €125 | €250 | €63 | ▼ 74.6% |
| Taxes, remuneration and social security45 | - | - | €10,653 | €5,807 | €6,950 | €7,335 | €6,900 | ▼ 5.9% |
| Taxes450/3 | - | - | €714 | €3,117 | €6,950 | €7,335 | €6,900 | ▼ 5.9% |
| Remuneration and social security454/9 | - | - | €9,939 | €2,690 | - | - | - | - |
| Other amounts payable47/48 | - | - | €26,380 | €29,300 | €22,439 | €15,359 | €15,359 | = |
| Accrued charges and deferred income492/3 | - | - | €4,923 | €4,923 | - | - | - | - |
| Line | 2018 | 2019 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€5,070 | -€2,975 | -€18,122 | €1,608 | €13,317 | €5,747 | €1,250 | ▼ 78.2% |
| Operating cash flow (approximation) | -€5,070 | -€2,975 | -€18,122 | €1,608 | €13,317 | €5,747 | €1,250 | ▼ 78.2% |
| Change in cash | - | -€261 | - | -€318 | €2,675 | -€822 | €628 | - |
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, 3,632 companies had the same profile as REFAI has now. Two years later, 91.8% were still going and 2.9% had gone bankrupt.
- Micro
- 10 to 20 years old
- negative equity
- a profit of 5% of the balance sheet or more
Another 0.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of REFAI itself: 0.9% within 12 months.
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 3,632 companies, not a prediction for REFAI. 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 (8)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 09-09-2026 | 2026-00515284 | |
| 31-12-2024 | micro format | 25-11-2025 | 2025-00572920 | |
| 31-12-2023 | micro format | 25-09-2024 | 2024-00471700 | |
| 31-12-2022 | micro format | 30-09-2023 | 2023-00475735 | |
| 31-12-2021 | full format | 28-10-2022 | 2022-20480419 | |
| 31-12-2019 | full format | 28-09-2020 | 2020-58500062 | |
| 31-12-2018 | full format | 30-08-2019 | 2019-61000541 | |
| 31-12-2017 | full format | 31-08-2018 | 2018-60600261 |