Summary
Conclusion
the dossier summarised in one paragraphThe computed 12-month bankruptcy probability of REFAL is 2.2% (moderate). The 2023 annual accounts show equity of €16k and a net result of €2k. Equity is growing by ~26.4% per year across the filed fiscal years. Its solvency ranks better than 30% of 2970 sector peers (fiscal year 2023). The company has been active since 2020 and the Belgian State Gazette contains no insolvency or warning signals.
Based on the State Gazette, CBE and 3 annual accounts.
Signals
2 signals · with evidenceSignals are derived from the filed annual accounts and the sector comparison. No composite score: each signal is separately verifiable at the source.
Trust signals
3 signalsAdministrative Flags
0 eventsBankruptcy probability (12 mo)
Checked model v1 · free for everyoneStatistical estimate based on public sources, not credit advice nor a finding of fact. How do we compute this?
Financials
Annual accounts & ratios
Source: NBB · 2023How 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).
| Metric | This company | Sector median | Position in the sector |
|---|---|---|---|
| Solvency | 6.0% | 25.2% | |
| Net result | €2k | €4k | |
| Equity | €16k | €20k | |
| Gross operating margin | €3k | €18k | |
| Total assets | €272k | €102k |
| Fiscal year | 2023 |
|---|---|
| Revenue | €210k |
| EBITDA | - |
| Net profit | €2k |
| Cash flow | - |
| Staff costs | - |
| Income taxes | - |
| Dividends | - |
| Total assets | €272k |
| Equity | €16k |
| Debt | €255k |
| of which ≤ 1y | €255k |
| of which > 1y | - |
| Working capital | €16k |
| Employees (FTE) | - |
| 2023 | |
|---|---|
| Current ratio | 1.06 |
| Quick ratio | 1.06 |
| Working capital ratio | 6.0% |
| Solvency | 6.0% |
| Debt / equity | 15.57 |
| Long-term debt ratio | - |
| Interest coverage | - |
| Gross margin | 1.4% |
| Net margin | 0.7% |
| ROA | 0.6% |
| ROE | 9.4% |
| EBITDA margin | - |
| Days sales outstanding | 453d |
| Days payable outstanding | 120d |
| Inventory turnover | - |
| Days inventory (DSI) | - |
| Line item | Code | 2023 |
|---|---|---|
| Balance sheet, Assets | ||
| TOTAL ASSETS | 20/58 | €272k |
| Current assets | 29/58 | €272k |
| Amounts receivable within one year | 40/41 | €265k |
| Cash & bank | 54/58 | €6k |
| Balance sheet, Equity & liabilities | ||
| TOTAL EQUITY & LIABILITIES | 10/49 | €272k |
| Equity | 10/15 | €16k |
| Contributions / capital | 10/11 | €3k |
| Accumulated profits (losses) | 14 | €13k |
| Amounts payable | 17/49 | €255k |
| Amounts payable within one year | 42/48 | €255k |
| Trade debts payable within one year | 44 | €68k |
| Income statement | ||
| Turnover | 70 | €210k |
| Gross operating margin | 9900 | €3k |
| Operating result | 9901 | €3k |
| Financial charges | 65 | €1k |
| Result before taxes | 9903 | €2k |
| Net result for the period | 9904 | €2k |
| Result to be appropriated | 9905 | €2k |
Health barometer
FY 2023 · computedUnlock the full score breakdown, per-year score history and the indicative credit limit with Plus.
See plans →Structure & network
Locations & real estate
Establishment units
1 locationReal-estate footprint
Source: CBE × cadastre · address linkingParcels linked to this company through its CBE addresses (seat, establishment units, branches), cross-referenced with the cadastral parcel plan. This shows where the company operates, not a deeds register.
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11810K1626/00B004 | Flanders | 949 m² | 1 · 948 m² | 20.4 m · 5 fl. |
Analysis
Snowflake analysis
financial profile on 5 axesMixed profile: strong on stability, weaker on solvency.
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Credit advice
verdict per customer and amountSimilar
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Company registry (CBE)
Crossroads Bank| Legal nameNL | REFAL |