REFERENCE MEDIA
ActiveSummary
REFERENCE MEDIA has been active since 1995 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €123k and a net result of €81k. Equity is growing by ~13.3% per year across the filed fiscal years. Its solvency ranks better than 42% of 7058 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability100▲+24
Solvency69▼-31
Growth78=
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €10k at 30 days acceptable
Liquidity ample (current ratio 1.66 against 4.57 in 2024; short-term debt: 56.1% and cash: 81.2% of total assets), but 56.1% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
43.9%
Return on assets
28.8%
Age of the figures
9 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
31 d late
2024
29 d late
2023
29 d late
2022
31 d late
2021
72 d late
2020
61 d late
2019
31 d late
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€123k▲ 9.5%
2024 · €112k
2018: €25klowest in 8 years
2019: €32k▲ +27.9% vs 2018
2020: €61k▲ +92.0% vs 2019
2021: €123k▲ +101% vs 2020
2022: €145k▲ +17.6% vs 2021highest in 8 years
2023: €104k▼ -28.5% vs 2022
2024: €112k▲ +8.3% vs 2023
2025: €123k▲ +9.5% vs 2024
2018 → 2025
Total assets
€280k▲ 99.4%
2024 · €140k
2018: €54klowest in 8 years
2019: €58k▲ +7.6% vs 2018
2020: €81k▲ +40.0% vs 2019
2021: €213k▲ +164% vs 2020
2022: €223k▲ +4.6% vs 2021
2023: €141k▼ -36.8% vs 2022
2024: €140k▼ -0.1% vs 2023
2025: €280k▲ +99.4% vs 2024highest in 8 years
2018 → 2025
Net result
€81k▲ 837%
2024 · €9k
2018: €-38k
2019: €7k▲ +118% vs 2018
2020: €29k▲ +322% vs 2019
2021: €62k▲ +110% vs 2020
2022: €22k▼ -65.0% vs 2021
2023: €-41k▼ -290% vs 2022lowest in 8 years
2024: €9k▲ +121% vs 2023
2025: €81k▲ +837% vs 2024highest in 8 years
2018 → 2025
Working capital
€104k▲ 2.7%
2024 · €101k
2018: €7klowest in 8 years
2019: €18k▲ +155% vs 2018
2020: €48k▲ +174% vs 2019
2021: €117k▲ +143% vs 2020
2022: €135k▲ +15.5% vs 2021highest in 8 years
2023: €92k▼ -31.7% vs 2022
2024: €101k▲ +9.6% vs 2023
2025: €104k▲ +2.7% vs 2024
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€123k-€145k▲ 17.6%€104k▼ 28.5%€112k▲ 8.3%€123k▲ 9.5%
2021: €123k
2022: €145k▲ +17.6% vs 2021highest in 5 years
2023: €104k▼ -28.5% vs 2022lowest in 5 years
2024: €112k▲ +8.3% vs 2023
2025: €123k▲ +9.5% vs 2024
Operating result€78k-€36k▼ 54.3%€-40k€10k€113k▲ 1,040%
2021: €78k
2022: €36k▼ -54.3% vs 2021
2023: €-40k▼ -213% vs 2022lowest in 5 years
2024: €10k▲ +124% vs 2023
2025: €113k▲ +1040% vs 2024highest in 5 years
Net result€62k-€22k▼ 65.0%€-41k€9k€81k▲ 837%
2021: €62k
2022: €22k▼ -65.0% vs 2021
2023: €-41k▼ -290% vs 2022lowest in 5 years
2024: €9k▲ +121% vs 2023
2025: €81k▲ +837% vs 2024highest in 5 years
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 1,040% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €280k
Fixed assets
€19k ▲ 69.4%
Current assets
€261k ▲ 102%
Equity and liabilities €280k
Equity
€123k ▲ 9.5%
Debt
€157k ▲ 457%
Debt's share of the balance-sheet total rises from 20.1% to 56.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
€116k▲
2024 · €13k
Cash flow
€84k▲
2024 · €11k
Current ratio
1.66▼
2024 · 4.57
Debt to equity
1.28▲
2024 · 0.25
ROE
65.6%▲
2024 · 7.7%
ROA
28.8%▲
2024 · 6.1%
Interest coverage
125.49▲
2024 · 14.68
Debt ≤ 1 year
€157k▲
2024 · €28k
Income taxes
€31k▲
2024 · €429
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 43 lines
Balance sheet
Code20242025
Assets
Total assets20/58€140k€280k▲
Fixed assets21/28€11k€19k▲
Tangible fixed assets22/27€11k€19k▲
Plant, machinery and equipment23€9k€17k▲
Furniture and vehicles24€3k€2k▼
Current assets29/58€129k€261k▲
Amounts receivable within one year40/41€22k€33k▲
Trade receivables40€13k€20k▲
Other amounts receivable41€9k€12k▲
Cash at bank and in hand54/58€104k€227k▲
Deferred charges and accrued income490/1€3k€478▼
Equity and liabilities
Total equity and liabilities10/49€140k€280k▲
Equity10/15€112k€123k▲
Contributions10/11€19k€19k=
Reserves13€22k€22k=
Distributable reserves133€22k€22k=
Profit (loss) carried forward14€72k€82k▲
Amounts payable17/49€28k€157k▲
Amounts payable within one year42/48€28k€157k▲
Trade debts44€27k€50k▲
Suppliers440/4€27k€50k▲
Taxes, remuneration and social security45€1k€58k▲
Taxes450/3€1k€58k▲
Other amounts payable47/48-€49k
Income statement
Code20242025
Non-recurring operating income76A-€9k
Remuneration, social security and pensions62€9k-
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€3k€3k▲
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4-€12k
Other operating charges640/8€2k€334▼
Gross operating margin9900€23k€128k▲
Operating profit (loss)9901€10k€113k▲
Financial income75/76B€2€0▼
Recurring financial income75€2€0▼
Financial charges65/66B€859€922▲
Recurring financial charges65€859€922▲
Profit (loss) for the period before taxes9903€9k€112k▲
Income taxes67/77€429€31k▲
Profit (loss) for the period9904€9k€81k▲
Profit (loss) for the period to be appropriated9905€9k€81k▲
Appropriation of the result
Profit (loss) to be appropriated9906€72k€152k▲
Profit (loss) brought forward from the previous period14P€63k€72k▲
Profit to be distributed694/7-€70k
Return on contributions (dividend)694-€70k
The notes to these accounts (6 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €9k | - |
| Remuneration, social security and pensions62 | €5k | €23k | €45k | €9k | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5k | €5k | €4k | €3k | €3k | ▲ 6.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €12k | - |
| Other operating charges640/8 | €3k | €2k | €1k | €2k | €334 | ▼ 78.3% |
| Gross operating margin9900 | €91k | €65k | €10k | €23k | €128k | ▲ 446% |
| Operating profit (loss)9901 | €78k | €36k | €-40k | €10k | €113k | ▲ 1,040% |
| Financial income75/76B | €0 | €0 | €10 | €2 | €0 | ▼ 93.3% |
| Recurring financial income75 | €0 | €0 | €10 | €2 | €0 | ▼ 93.3% |
| Financial charges65/66B | €651 | €621 | €766 | €859 | €922 | ▲ 7.3% |
| Recurring financial charges65 | €651 | €621 | €766 | €859 | €922 | ▲ 7.3% |
| Profit (loss) for the period before taxes9903 | €77k | €35k | €-41k | €9k | €112k | ▲ 1,138% |
| Income taxes67/77 | €16k | €13k | - | €429 | €31k | ▲ 7,172% |
| Profit (loss) for the period9904 | €62k | €22k | €-41k | €9k | €81k | ▲ 837% |
| Profit (loss) for the period to be appropriated9905 | €62k | €22k | €-41k | €9k | €81k | ▲ 837% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €213k | €223k | €141k | €140k | €280k | ▲ 99.4% |
| Fixed assets21/28 | €10k | €10k | €12k | €11k | €19k | ▲ 69.4% |
| Tangible fixed assets22/27 | €10k | €10k | €12k | €11k | €19k | ▲ 69.4% |
| Plant, machinery and equipment23 | €6k | €7k | €10k | €9k | €17k | ▲ 95.2% |
| Furniture and vehicles24 | €4k | €3k | €2k | €3k | €2k | ▼ 14.7% |
| Current assets29/58 | €203k | €212k | €129k | €129k | €261k | ▲ 102% |
| Amounts receivable within one year40/41 | €87k | €67k | €43k | €22k | €33k | ▲ 49.2% |
| Trade receivables40 | €87k | €67k | €35k | €13k | €20k | ▲ 60.5% |
| Other amounts receivable41 | €217 | €187 | €8k | €9k | €12k | ▲ 33.8% |
| Cash at bank and in hand54/58 | €115k | €140k | €85k | €104k | €227k | ▲ 118% |
| Deferred charges and accrued income490/1 | €971 | €6k | €1k | €3k | €478 | ▼ 83.8% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €213k | €223k | €141k | €140k | €280k | ▲ 99.4% |
| Equity10/15 | €123k | €145k | €104k | €112k | €123k | ▲ 9.5% |
| Contributions10/11 | €19k | €19k | €19k | €19k | €19k | = |
| Reserves13 | €2k | €22k | €22k | €22k | €22k | = |
| Non-distributable reserves130/1 | €2k | €2k | - | - | - | - |
| Reserves not available under the articles1311 | €2k | €2k | - | - | - | - |
| Distributable reserves133 | - | €20k | €22k | €22k | €22k | = |
| Profit (loss) carried forward14 | €103k | €104k | €63k | €72k | €82k | ▲ 14.9% |
| Amounts payable17/49 | €90k | €78k | €37k | €28k | €157k | ▲ 457% |
| Amounts payable within one year42/48 | €87k | €78k | €37k | €28k | €157k | ▲ 457% |
| Trade debts44 | €46k | €28k | €23k | €27k | €50k | ▲ 86.3% |
| Suppliers440/4 | €46k | €28k | €23k | €27k | €50k | ▲ 86.3% |
| Taxes, remuneration and social security45 | €40k | €43k | €14k | €1k | €58k | ▲ 4,442% |
| Taxes450/3 | €39k | €41k | €12k | €1k | €58k | ▲ 4,442% |
| Remuneration and social security454/9 | €768 | €2k | €2k | - | - | - |
| Other amounts payable47/48 | €1k | €7k | - | - | €49k | - |
| Accrued charges and deferred income492/3 | €3k | - | €145 | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €62k | €22k | €-41k | €9k | €81k | ▲ 837% |
| + Depreciation and write-downs630 | €5k | €5k | €4k | €3k | €3k | ▲ 6.5% |
| Operating cash flow (approximation) | €67k | €27k | €-37k | €11k | €84k | ▲ 638% |
| Investment in fixed assets (approximation) | - | €-6k | €-6k | €-2k | €-11k | ▼ 369% |
| Change in cash | - | €25k | €-55k | €19k | €123k | ▲ 534% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
31-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 31 days late
2025
31-12
Financial
Highest result since 2018net €81k ▲837%
Operating result €113k, net result €81k, both a record.
29-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 29 days late
2024
31-12
Financial
Back to profitnet €9k
Net result €9k after one loss-making year.
29-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 29 days late
2023
31-12
Financial
Weakest financial yearnet €-41k
Net result drops to €-41k, the lowest in the series; recovery starts the following year.
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 31 days late
2022
11-10
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 72 days late
2021
31-12
Financial
Equity above €100kEq €123k ▲101%
3 profitable years in a row build equity to €123k.
30-09
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 61 days late
2020
31-12
Financial
Liquidity doublescurrent ratio 3.50
Current ratio from 1.69 to 3.50; short-term debt falls from €26k to €19k.
31-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 31 days late
Show earlier events
2019
31-12
Financial
Back to profitnet €7k
Net result €7k after one loss-making year.
30-09
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 61 days late
2018
18-06
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
19-06
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
2 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Trooz · 1 establishment unit since 1995
Ground area
6,170 m²
Building footprint
302 m²
Volume, LiDAR
1,084 m³
2 parcels, Wallonia · tallest building 6.2 m, ±1 floor. Linked by address, not a title deed.
1 establishment unit
Rue des Faweux 79, 4610 Beyne-Heusay
since 19952.070.711.755
2 parcels
Wallonia
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 62040F0402/00Z000 | Wallonia | 3,536 m² | 1 · 97 m² | 4.2 m · 1 fl. |
| 62082C0033/00D000 | Wallonia | 2,634 m² | 1 · 204 m² | 6.2 m · 1 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 13,417 companies in sector 73300 we hold annual accounts for 6,898. 5,536 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded07-02-1995
Fiscal year end31-12
Activities, NACEBEL 2025
73300Public relations and communication consultancy
73110Advertising agencies
Scores and ratios are computed by Checked and are not a credit decision.