Refined
ActiveSummary
Refined has been active since 2022 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €109k and a net result of €30k. Equity is growing by ~30.6% per year across the filed fiscal years. Its solvency ranks better than 30% of 31791 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability79▼-21
Solvency54▼-46
Growth52=
Track record94
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €7k at 30 days acceptable
Liquidity tight (current ratio 1.23 against 3.17 in 2024; short-term debt: 21.3% and cash: 4.5% of total assets), and 70.7% 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 · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 70
Relative position
BE, all sectors
reference
Activities of head offices; management consultancy activities (NACE 70)
about 69% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
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
29.3%
Return on assets
8.2%
Age of the figures
9 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 10-06-2026, 51 days ahead of the deadline.
NBB · 4 filingsDeviation from the deadline
2025
51 d early
2024
42 d early
2023
29 d early
2022
14 d early
← 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
€109k▲ 5.1%
2024 · €103k
2022: €37klowest in 4 years
2023: €73k▲ +96.1% vs 2022
2024: €103k▲ +41.3% vs 2023
2025: €109k▲ +5.1% vs 2024highest in 4 years
2022 → 2025
Total assets
€371k▲ 216%
2024 · €117k
2022: €56klowest in 4 years
2023: €101k▲ +79.4% vs 2022
2024: €117k▲ +16.6% vs 2023
2025: €371k▲ +216% vs 2024highest in 4 years
2022 → 2025
Net result
€30k▲ 0.3%
2024 · €30k
2022: €34k
2023: €36k▲ +4.5% vs 2022highest in 4 years
2024: €30k▼ -15.8% vs 2023lowest in 4 years
2025: €30k▲ +0.3% vs 2024
2022 → 2025
Working capital
€18k▼ 38.3%
2024 · €30k
2022: €36k
2023: €72k▲ +101% vs 2022highest in 4 years
2024: €30k▼ -58.6% vs 2023
2025: €18k▼ -38.3% vs 2024lowest in 4 years
2022 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line2022202320242025Trend
Equity€37k-€73k▲ 96.1%€103k▲ 41.3%€109k▲ 5.1%
2022: €37klowest in 4 years
2023: €73k▲ +96.1% vs 2022
2024: €103k▲ +41.3% vs 2023
2025: €109k▲ +5.1% vs 2024highest in 4 years
Operating result€43k-€46k▲ 5.7%€39k▼ 14.4%€43k▲ 10.8%
2022: €43k
2023: €46k▲ +5.7% vs 2022highest in 4 years
2024: €39k▼ -14.4% vs 2023lowest in 4 years
2025: €43k▲ +10.8% vs 2024
Net result€34k-€36k▲ 4.5%€30k▼ 15.8%€30k▲ 0.3%
2022: €34k
2023: €36k▲ +4.5% vs 2022highest in 4 years
2024: €30k▼ -15.8% vs 2023lowest in 4 years
2025: €30k▲ +0.3% vs 2024
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 11% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €371k
Fixed assets
€274k ▲ 270%
Current assets
€97k ▲ 124%
Equity and liabilities €371k
Equity
€109k ▲ 5.1%
Debt
€263k ▲ 1,778%
Debt's share of the balance-sheet total rises from 11.9% to 70.7%. Equity and debt are higher.
Key figures and ratios
EBITDA
€45k▲
2024 · €43k
Cash flow
€32k▼
2024 · €34k
Current ratio
1.23▼
2024 · 3.17
Debt to equity
2.42▲
2024 · 0.14
ROE
27.9%▼
2024 · 29.2%
ROA
8.2%▼
2024 · 25.7%
Interest coverage
11.96▼
2024 · 86.60
Debt ≤ 1 year
€79k▲
2024 · €14k
Debt > 1 year
€184k▲
2024 · €305
Income taxes
€9k▲
2024 · €8k
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€117k€371k▲
Fixed assets21/28€74k€274k▲
Tangible fixed assets22/27€61k€261k▲
Land and buildings22€18k€18k=
Furniture and vehicles24€7k€5k▼
Assets under construction and advance payments27€37k€239k▲
Financial fixed assets28€13k€13k=
Current assets29/58€43k€97k▲
Amounts receivable within one year40/41€32k€80k▲
Trade receivables40€30k€76k▲
Other amounts receivable41€2k€4k▲
Cash at bank and in hand54/58€11k€17k▲
Deferred charges and accrued income490/1€219€810▲
Equity and liabilities
Total equity and liabilities10/49€117k€371k▲
Equity10/15€103k€109k▲
Contributions10/11€3k€3k=
Profit (loss) carried forward14€100k€106k▲
Amounts payable17/49€14k€263k▲
Amounts payable after more than one year17€305€184k▲
Financial debts170/4€305€184k▲
Amounts payable within one year42/48€14k€79k▲
Current portion of amounts payable after more than one year42€4k€305▼
Trade debts44€2k€48k▲
Suppliers440/4€2k€48k▲
Taxes, remuneration and social security45€8k€9k▲
Taxes450/3€8k€9k▲
Other amounts payable47/48-€21k
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€4k€2k▼
Other operating charges640/8€118€521▲
Gross operating margin9900€43k€46k▲
Operating profit (loss)9901€39k€43k▲
Financial income75/76B-€0
Recurring financial income75-€0
Financial charges65/66B€499€4k▲
Recurring financial charges65€499€4k▲
Profit (loss) for the period before taxes9903€38k€39k▲
Income taxes67/77€8k€9k▲
Profit (loss) for the period9904€30k€30k▲
Profit (loss) for the period to be appropriated9905€30k€30k▲
Appropriation of the result
Profit (loss) to be appropriated9906€100k€131k▲
Profit (loss) brought forward from the previous period14P€70k€100k▲
Profit to be distributed694/7-€25k
Return on contributions (dividend)694-€25k
The notes to these accounts (7 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €235 | €582 | €4k | €2k | ▼ 56.1% |
| Other operating charges640/8 | - | €109 | €118 | €521 | ▲ 342% |
| Gross operating margin9900 | €43k | €46k | €43k | €46k | ▲ 5.1% |
| Operating profit (loss)9901 | €43k | €46k | €39k | €43k | ▲ 10.8% |
| Financial income75/76B | - | - | - | €0 | - |
| Recurring financial income75 | - | - | - | €0 | - |
| Financial charges65/66B | €39 | €168 | €499 | €4k | ▲ 655% |
| Recurring financial charges65 | €39 | €168 | €499 | €4k | ▲ 655% |
| Profit (loss) for the period before taxes9903 | €43k | €45k | €38k | €39k | ▲ 2.4% |
| Income taxes67/77 | €9k | €10k | €8k | €9k | ▲ 10.3% |
| Profit (loss) for the period9904 | €34k | €36k | €30k | €30k | ▲ 0.3% |
| Profit (loss) for the period to be appropriated9905 | €34k | €36k | €30k | €30k | ▲ 0.3% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €56k | €101k | €117k | €371k | ▲ 216% |
| Fixed assets21/28 | €2k | €1k | €74k | €274k | ▲ 270% |
| Tangible fixed assets22/27 | €2k | €1k | €61k | €261k | ▲ 325% |
| Land and buildings22 | - | - | €18k | €18k | = |
| Furniture and vehicles24 | €2k | €1k | €7k | €5k | ▼ 27.4% |
| Assets under construction and advance payments27 | - | - | €37k | €239k | ▲ 550% |
| Financial fixed assets28 | - | - | €13k | €13k | = |
| Current assets29/58 | €54k | €99k | €43k | €97k | ▲ 124% |
| Amounts receivable within one year40/41 | €15k | €30k | €32k | €80k | ▲ 150% |
| Trade receivables40 | €15k | €30k | €30k | €76k | ▲ 150% |
| Other amounts receivable41 | - | - | €2k | €4k | ▲ 153% |
| Cash at bank and in hand54/58 | €39k | €69k | €11k | €17k | ▲ 48.9% |
| Deferred charges and accrued income490/1 | - | - | €219 | €810 | ▲ 271% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €56k | €101k | €117k | €371k | ▲ 216% |
| Equity10/15 | €37k | €73k | €103k | €109k | ▲ 5.1% |
| Contributions10/11 | €3k | €3k | €3k | €3k | = |
| Profit (loss) carried forward14 | €34k | €70k | €100k | €106k | ▲ 5.3% |
| Amounts payable17/49 | €19k | €28k | €14k | €263k | ▲ 1,778% |
| Amounts payable after more than one year17 | - | - | €305 | €184k | ▲ 60,192% |
| Financial debts170/4 | - | - | €305 | €184k | ▲ 60,192% |
| Amounts payable within one year42/48 | €18k | €27k | €14k | €79k | ▲ 478% |
| Current portion of amounts payable after more than one year42 | - | - | €4k | €305 | ▼ 91.5% |
| Trade debts44 | €2k | €11k | €2k | €48k | ▲ 2,511% |
| Suppliers440/4 | €2k | €11k | €2k | €48k | ▲ 2,511% |
| Taxes, remuneration and social security45 | €16k | €17k | €8k | €9k | ▲ 10.3% |
| Taxes450/3 | €16k | €17k | €8k | €9k | ▲ 10.3% |
| Other amounts payable47/48 | €190 | €2 | - | €21k | - |
| Accrued charges and deferred income492/3 | €364 | €60 | - | - | - |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €34k | €36k | €30k | €30k | ▲ 0.3% |
| + Depreciation and write-downs630 | €235 | €582 | €4k | €2k | ▼ 56.1% |
| Operating cash flow (approximation) | €35k | €36k | €34k | €32k | ▼ 6.6% |
| Investment in fixed assets (approximation) | - | €0 | €-77k | €-202k | ▼ 163% |
| Change in cash | - | €30k | €-58k | €6k | ▲ 110% |
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
10-06
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
19-06
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Weakest financial yearnet €30k ▼15.8%
Net result drops to €30k, the lowest in the series; recovery starts the following year.
31-12
Financial
Equity above €100kEq €103k ▲41.3%
3 profitable years in a row build equity to €103k.
02-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Highest result since 2022net €36k ▲4.5%
Operating result €46k, net result €36k, both a record.
17-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 act for this company is 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, Hoogstraten · 1 establishment unit since 2022
Ground area
347 m²
Building footprint
97 m²
Volume, LiDAR
695 m³
Parcel 13014D0152/00C002, Flanders · tallest building 10.9 m, ±2 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
Refined
since 20222.331.080.739
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 13014D0152/00C002 | Flanders | 347 m² | 1 · 97 m² | 10.9 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 82,553 companies in sector 70200 we hold annual accounts for 52,585. 40,741 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
Founded05-05-2022
Fiscal year end31-12
Activities, NACEBEL 2025
70200Business and other management consultancy
82100Office administrative and support services
82990Other business support services
Scores and ratios are computed by Checked and are not a credit decision.