REFARMA
ActiveSummary
REFARMA has been active since 1989 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.3m and a net result of €10,918. Equity remains stable across the filed financial years (±0.7% per year). The computed 12-month bankruptcy probability is 0.4% (very low).
Overview
- Equity
- €1.3m
- Profit
- €10,918
Why 83raises riskLiquidity: current ratio 85.42, cash €0Last filed accounts filed 61 days late; 1 of the last 3 latelowers riskSize: total assets €1.3mFounded in 1989Show the evidence
Checked score
About 4 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
How it is calculated
The band follows from the bankruptcy probability, on a scale where 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 (no NACE code, micro): better than 81% on solvency, 37% on liquidity, 31% on profitability and 51% on growth.
The bankruptcy probability was computed on 28-10-2026 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. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
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Signals
This company filed its last 7 accounts on average 28 days after the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were late.
Searched, nothing found (2)
- Annual accounts filedfinancial year 2025 · abbreviated…
- Highest result from 2018 to 2025net €10,918 ▲11%
- Annual accounts filedfinancial year 2024 · micro…
Financials · financial year 2025, abbreviated format
2025 annual accounts filed late (61 days) Filed on 30 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00547619.
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result stays negative: a loss of €2,619 in 2025 against €3,053 in 2024; the loss shrinks.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Use the arrow keys on the chart for the figures per year.
Peer companies
Historical observationOf the 14,766 companies that looked in July 2024 the way this one looks now, 0.2% went bankrupt within 24 months and 96.1% are still going.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
A further 0.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.4% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,445 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74.5% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 14,766 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Other operating charges640/8 | - | - | - | €868 | €903 | €960 | €968 | €1,003 | ▲ 3.6% |
| Gross operating margin9900 | -€1,540 | -€1,657 | -€1,355 | -€1,446 | -€3,040 | -€3,853 | -€2,086 | -€1,616 | ▲ 22.5% |
| Operating profit (loss)9901 | -€2,419 | -€2,541 | -€2,223 | -€2,314 | -€3,943 | -€4,813 | -€3,053 | -€2,619 | ▲ 14.2% |
| Financial income75/76B | - | - | - | €15,919 | €16,317 | €16,725 | €16,725 | €17,561 | ▲ 5.0% |
| Recurring financial income75 | €14,782 | €15,152 | €15,530 | €15,919 | €16,317 | €16,725 | €16,725 | €17,561 | ▲ 5.0% |
| Financial charges65/66B | - | - | - | €260 | €272 | €212 | €150 | €49 | ▼ 67.6% |
| Recurring financial charges65 | €196 | €222 | - | €260 | €272 | €212 | €150 | €49 | ▼ 67.6% |
| Profit (loss) for the period before taxes9903 | €12,167 | €12,389 | €13,307 | €13,344 | €12,102 | €11,700 | €13,522 | €14,893 | ▲ 10.1% |
| Income taxes67/77 | €3,779 | €3,853 | €3,540 | €3,555 | €3,219 | €3,122 | €3,685 | €3,975 | ▲ 7.9% |
| Profit (loss) for the period9904 | €8,387 | €8,536 | €9,767 | €9,789 | €8,884 | €8,577 | €9,837 | €10,918 | ▲ 11.0% |
| Profit (loss) for the period to be appropriated9905 | €8,387 | €8,536 | €9,767 | €9,789 | €8,884 | €8,577 | €9,837 | €10,918 | ▲ 11.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.3m | €1.3m | €1.3m | €1.3m | €1.3m | €1.3m | €1.3m | €1.3m | ▲ 1.3% |
| Current assets29/58 | €1.3m | €1.3m | €1.3m | €1.3m | €1.3m | €1.3m | €1.3m | €1.3m | ▲ 1.3% |
| Amounts receivable within one year40/41 | €1.3m | €1.3m | €1.3m | €1.3m | €1.3m | €1.3m | €1.3m | €1.3m | ▲ 1.3% |
| Other amounts receivable41 | - | - | - | €1.3m | €1.3m | €1.3m | €1.3m | €1.3m | ▲ 1.3% |
| Current investments50/53 | - | €0 | €0 | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €0 | - | - | €155 | €0 | €0 | €0 | €0 | = |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | €200 | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.3m | €1.3m | €1.3m | €1.3m | €1.3m | €1.3m | €1.3m | €1.3m | ▲ 1.3% |
| Equity10/15 | €1.3m | €1.3m | €1.3m | €1.3m | €1.3m | €1.3m | €1.3m | €1.3m | ▲ 0.8% |
| Contributions10/11 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Capital10 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Issued capital100 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Reserves13 | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Non-distributable reserves130/1 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Legal reserve130 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Distributable reserves133 | - | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Profit (loss) carried forward14 | €0.5m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | ▲ 1.8% |
| Amounts payable17/49 | €0.005m | €0.008m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.02m | ▲ 60.7% |
| Amounts payable within one year42/48 | €0.005m | €0.008m | €0.01m | €0.01m | €0.01m | €0.01m | €0.008m | €0.02m | ▲ 84.7% |
| Financial debts43 | - | - | - | - | €0 | €16 | €16 | €15 | ▼ 9.0% |
| Credit institutions430/8 | - | - | - | - | €0 | €16 | €16 | €15 | ▼ 9.0% |
| Trade debts44 | - | - | - | €0.001m | - | - | - | - | - |
| Suppliers440/4 | - | - | - | €0.001m | - | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.007m | €0.007m | €0.006m | €0.004m | €0.008m | ▲ 108% |
| Taxes450/3 | - | - | - | €0.007m | €0.007m | €0.006m | €0.004m | €0.008m | ▲ 108% |
| Other amounts payable47/48 | - | - | - | €0.005m | €0.005m | €0.005m | €0.005m | €0.008m | ▲ 67.3% |
| Accrued charges and deferred income492/3 | - | - | - | - | €0.001m | €0.002m | €0.002m | €0.001m | ▼ 35.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €8,387 | €8,536 | €9,767 | €9,789 | €8,884 | €8,577 | €9,837 | €10,918 | ▲ 11.0% |
| Operating cash flow (approximation) | €8,387 | €8,536 | €9,767 | €9,789 | €8,884 | €8,577 | €9,837 | €10,918 | ▲ 11.0% |
| Change in cash | - | - | - | - | -€155 | €0 | €0 | €0 | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 36 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | abbreviated format | 30-09-2026 | 2026-00547619 |
| 31-12-2024 | micro format | 28-08-2025 | 2025-00425504 |
| 31-12-2023 | micro format | 30-08-2024 | 2024-00425126 |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00406506 |
| 31-12-2021 | micro format | 14-06-2022 | 2022-20068055 |
| 31-12-2020 | micro format | 27-08-2021 | 2021-56800121 |
| 31-12-2019 | micro format | 05-10-2020 | 2020-59300500 |
| 31-12-2018 | abbreviated format | 05-08-2019 | 2019-43900339 |
| 31-12-2017 | abbreviated format | 27-08-2018 | 2018-51100483 |
| 31-12-2016 | abbreviated format | 24-08-2017 | 2017-46900498 |
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Not every act has been read: a resignation may still be missing
Mandate history
- Board
| Name | Functions and periods |
|---|---|
| Eduardus Reniers |
|
Owners and capital
Capital and shareholders
- 13-09-2023 Capital stated in the deed · €304,909 · 60 shares
Group and network
Connections & network
1 current directorThe network starts from this company’s directors. Other companies they run appear here as nodes.
History
Acts, filings and financial milestones
13-09
Gazette deed
Appointment: Eduardus Reniers (director)Amendment of the articles · Capital5 facts ▸
- General meeting, 30-08-2023
- Amendment of the articles (2 times)
- Other provision, “enige bestuurder” (deed in Dutch)
- Director appointment, Eduardus Reniers (director)
- Capital, €304,909
About the unread acts
Of the 4 Belgian Official Gazette deeds we know for this company, 1 has been read. The other 3 have not been read yet: what they contain is neither established nor disproved here.
Register details
No listing in the Peppol Directory under this enterprise or VAT number. That proves nothing: being listed there is voluntary.
What can you do?
Try sending from your invoicing software; if that fails, ask the customer whether they already receive via Peppol.
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If you follow this company, Checked tells you the day it appears in the Peppol register.
Register as of 28 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Recognitions · licences · registrations
Food safety, FASFC
1 siteEnvironmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.
Sites & property
1 establishment unit
2 parcels
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 24472F0370/00L000 | Flanders | 2,968 m² | 1 · 268 m² | 7.5 m · 2 |
| 24094D0492/00S002 | Flanders | 650 m² | 1 · 127 m² | 7.8 m · 2 |
How the parcels are linked
Articles of association
What the company does
- PurposeThe activities the company may carry out under its articles.
- “De magistrale bereiding van en kleinhandel in geneesmiddelen,allo- of homeopathisch; De aflevering van farmaceutische,parafarmaceutische en…” (deed in Dutch)
2 activities (deed in Dutch)
- De magistrale bereiding van en kleinhandel in geneesmiddelen,allo- of homeopathisch
- De aflevering van farmaceutische,parafarmaceutische en homeopathische producten,verbandstoffen,gezondheidsvoedingswaren,kindervoeding en dieetartikelen,producten en artikelen voor persoonsverzorging,schoonheidsproducten en de eraan verbonden zorgenverstrekking,parfumerieën en cosmetica,drogisterij-artikelen en optiek,dit alles in de ruimste zin
- DurationHow long the company exists; usually unlimited, so until it is dissolved.
- Unlimited
- Name clauseThe name the company operates under according to its articles.
- REFARMA
- Registered office clauseThe region of the registered office; it decides among other things the language of official documents.
- “Vlaams Gewest” (deed in Dutch)
Capital, shares and profit
- Kind of sharesWhich classes of shares exist and what rights each class carries.
- “Ieder aandeel geeft een gelijk recht in de winst en in het vereffeningsaldo” (deed in Dutch)
Meetings and financial year
- Annual meetingWhen the shareholders meet each year, among other things to approve the annual accounts.
- Second Monday of June at 15:00
Oversight and winding up
- Liquidation ruleHow assets are shared after dissolution: creditors first, then shareholders.
- “Na aanzuivering schulden,lasten,kosten of consignatie nodige sommen en,indien niet-volgestorte aandelen,herstelling evenwicht door…” (deed in Dutch)