REFO
ActiveSummary
REFO has been active since 2018 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €12k and a net result of €1k. Equity is shrinking by ~13.9% per year across the filed fiscal years. Its solvency ranks better than 19% of 27965 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.2% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability27▼-14
Solvency41▲+9
Growth32=
Track record100
Bankruptcy probability, 12 months
1.2%
Low
0%0.5%1.5%4%10%≥ 25%
No publishable credit limit; credit only on tighter terms
Liquidity tight (current ratio 1.12 against 0.63 in 2024; short-term debt: 74% and cash: 4.1% of total assets), and 83.6% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more 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
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 19% of 27965 sector peers (2025).
NBB · sector comparisonPosition among 27965 sector peers
Solvency
better than 19%
← weakest
strongest →
lowers risk · Growing equity
Reported equity is higher than in 2023 and did not fall compared with 2024. These amounts do not establish the cause of the change.
NBB · annual accounts 2025Equity per financial year
202122232425
2020 to 2025 · latest year €12k
neutral · Latest accounts filed on time
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 07-01-2026, 24 days ahead of the deadline.
NBB · 6 filingsDeviation from the deadline
2025
24 d early
2024
14 d early
2023
12 d early
2022
17 d early
2021
56 d early
2020
31 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 30-06-2026 and is due by 31-01-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
30-06-2026 close25-09-2026 today31-01-2027 deadline
Financials · fiscal year 2025, micro schema
Source amounts without an identifiable currency are assumed to be EUR.
Equity
€12k▲ 13.2%
2024 · €10k
2020: €19k
2021: €26k▲ +38.3% vs 2020highest in 6 years
2022: €24k▼ -9.6% vs 2021
2023: €11k▼ -54.9% vs 2022
2024: €10k▼ -2.6% vs 2023lowest in 6 years
2025: €12k▲ +13.2% vs 2024
2020 → 2025
Total assets
€72k▼ 54.7%
2024 · €158k
2020: €170k
2021: €170k● 0.0% vs 2020
2022: €174k▲ +2.2% vs 2021highest in 6 years
2023: €170k▼ -2.0% vs 2022
2024: €158k▼ -7.3% vs 2023
2025: €72k▼ -54.7% vs 2024lowest in 6 years
2020 → 2025
Net result
€1k
2024 · €-274
2020: €5k
2021: €7k▲ +56.6% vs 2020highest in 6 years
2022: €-2k▼ -135% vs 2021
2023: €-17k▼ -593% vs 2022lowest in 6 years
2024: €-274▲ +98.4% vs 2023
2025: €1k▲ +599% vs 2024
2020 → 2025
Working capital
€6k
2024 · €-23k
2020: €794
2021: €794● 0.0% vs 2020
2022: €20k▲ +2450% vs 2021highest in 6 years
2023: €-16k▼ -180% vs 2022
2024: €-23k▼ -41.9% vs 2023lowest in 6 years
2025: €6k▲ +128% vs 2024
2020 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€26k-€24k▼ 9.6%€11k▼ 54.9%€10k▼ 2.6%€12k▲ 13.2%
2021: €26khighest in 5 years
2022: €24k▼ -9.6% vs 2021
2023: €11k▼ -54.9% vs 2022
2024: €10k▼ -2.6% vs 2023lowest in 5 years
2025: €12k▲ +13.2% vs 2024
Operating result€11k-€695▼ 93.9%€-12k€6k€-125
2021: €11khighest in 5 years
2022: €695▼ -93.9% vs 2021
2023: €-12k▼ -1864% vs 2022lowest in 5 years
2024: €6k▲ +152% vs 2023
2025: €-125▼ -102% vs 2024
Net result€7k-€-2k€-17k▼ 593%€-274▲ 98.4%€1k
2021: €7khighest in 5 years
2022: €-2k▼ -135% vs 2021
2023: €-17k▼ -593% vs 2022lowest in 5 years
2024: €-274▲ +98.4% vs 2023
2025: €1k▲ +599% vs 2024
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €125 after €6k in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €72k
Fixed assets
€12k ▼ 89.7%
Current assets
€59k ▲ 51.4%
Equity and liabilities €72k
Equity
€12k ▲ 13.2%
Debt
€60k ▼ 59.4%
Debt's share of the balance-sheet total falls from 93.5% to 83.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€4k▼
2024 · €18k
Cash flow
€5k▼
2024 · €11k
Current ratio
1.12▲
2024 · 0.63
Quick ratio
1.08▲
2024 · 0.51
Debt to equity
5.11▼
2024 · 14.27
ROE
11.7%▲
2024 · -2.7%
ROA
1.9%▲
2024 · -0.2%
Interest coverage
0.65▼
2024 · 2.71
Debt ≤ 1 year
€53k▼
2024 · €62k
Income taxes
€170▲
2024 · €111
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 · 47 lines
Balance sheet
Code20242025
Assets
Total assets20/58€158k€72k▼
Fixed assets21/28€119k€12k▼
Tangible fixed assets22/27€119k€12k▼
Land and buildings22€95k-
Plant, machinery and equipment23€13k€10k▼
Furniture and vehicles24€4k€2k▼
Other tangible fixed assets26€7k-
Current assets29/58€39k€59k▲
Stocks and contracts in progress3€7k€2k▼
Stocks30/36€7k€2k▼
Amounts receivable within one year40/41€29k€53k▲
Trade receivables40€29k€45k▲
Other amounts receivable41-€8k
Cash at bank and in hand54/58€3k€3k▼
Deferred charges and accrued income490/1€154€2k▲
Equity and liabilities
Total equity and liabilities10/49€158k€72k▼
Equity10/15€10k€12k▲
Contributions10/11€19k€19k=
Profit (loss) carried forward14€-8k€-7k▲
Amounts payable17/49€148k€60k▼
Amounts payable after more than one year17€83k-
Financial debts170/4€83k-
Amounts payable within one year42/48€62k€53k▼
Current portion of amounts payable after more than one year42€10k-
Financial debts43€14k€5k▼
Credit institutions430/8€14k€5k▼
Trade debts44€19k€36k▲
Suppliers440/4€19k€36k▲
Taxes, remuneration and social security45€4k€97▼
Taxes450/3€4k€97▼
Other amounts payable47/48€14k€12k▼
Accrued charges and deferred income492/3€2k€7k▲
Income statement
Code20242025
Non-recurring operating income76A€2k€2k▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€11k€4k▼
Other operating charges640/8€2k€3k▲
Gross operating margin9900€20k€7k▼
Operating profit (loss)9901€6k€-125▼
Financial income75/76B-€8k
Recurring financial income75-€8k
Financial charges65/66B€7k€6k▼
Recurring financial charges65€7k€6k▼
Profit (loss) for the period before taxes9903€-163€2k▲
Income taxes67/77€111€170▲
Profit (loss) for the period9904€-274€1k▲
Profit (loss) for the period to be appropriated9905€-274€1k▲
Appropriation of the result
Profit (loss) to be appropriated9906€-8k€-7k▲
Profit (loss) brought forward from the previous period14P€-8k€-8k▼
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 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €2k | €2k | €2k | ▼ 13.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €12k | €9k | €11k | €11k | €4k | ▼ 64.6% |
| Other operating charges640/8 | - | €1k | €2k | €2k | €3k | ▲ 43.6% |
| Gross operating margin9900 | €24k | €11k | €75 | €20k | €7k | ▼ 64.7% |
| Operating profit (loss)9901 | €11k | €695 | €-12k | €6k | €-125 | ▼ 102% |
| Financial income75/76B | - | €20 | €77 | - | €8k | - |
| Recurring financial income75 | €385 | €20 | €77 | - | €8k | - |
| Financial charges65/66B | - | €3k | €5k | €7k | €6k | ▼ 8.9% |
| Recurring financial charges65 | €5k | €3k | €5k | €7k | €6k | ▼ 8.9% |
| Profit (loss) for the period before taxes9903 | €9k | €-3k | €-17k | €-163 | €2k | ▲ 1,043% |
| Income taxes67/77 | €2k | €-108 | - | €111 | €170 | ▲ 52.7% |
| Profit (loss) for the period9904 | €7k | €-2k | €-17k | €-274 | €1k | ▲ 599% |
| Profit (loss) for the period to be appropriated9905 | €7k | €-2k | €-17k | €-274 | €1k | ▲ 599% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €170k | €174k | €170k | €158k | €72k | ▼ 54.7% |
| Fixed assets21/28 | €110k | €107k | €125k | €119k | €12k | ▼ 89.7% |
| Tangible fixed assets22/27 | €110k | €107k | €125k | €119k | €12k | ▼ 89.7% |
| Land and buildings22 | - | €78k | €99k | €95k | - | - |
| Plant, machinery and equipment23 | - | €15k | €12k | €13k | €10k | ▼ 23.8% |
| Furniture and vehicles24 | - | €2k | €5k | €4k | €2k | ▼ 34.1% |
| Other tangible fixed assets26 | - | €11k | €9k | €7k | - | - |
| Current assets29/58 | €61k | €67k | €45k | €39k | €59k | ▲ 51.4% |
| Stocks and contracts in progress3 | €4k | €14k | €10k | €7k | €2k | ▼ 68.9% |
| Stocks30/36 | - | €14k | €10k | €7k | €2k | ▼ 68.9% |
| Amounts receivable within one year40/41 | €54k | €27k | €35k | €29k | €53k | ▲ 82.9% |
| Trade receivables40 | - | €16k | €32k | €29k | €45k | ▲ 55.5% |
| Other amounts receivable41 | - | €12k | €2k | - | €8k | - |
| Cash at bank and in hand54/58 | €17k | €25k | €308 | €3k | €3k | ▼ 2.7% |
| Deferred charges and accrued income490/1 | - | - | €236 | €154 | €2k | ▲ 902% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €170k | €174k | €170k | €158k | €72k | ▼ 54.7% |
| Equity10/15 | €26k | €24k | €11k | €10k | €12k | ▲ 13.2% |
| Contributions10/11 | - | €14k | €19k | €19k | €19k | = |
| Reserves13 | €12k | €9k | - | - | - | - |
| Distributable reserves133 | - | €9k | - | - | - | - |
| Profit (loss) carried forward14 | - | - | €-8k | €-8k | €-7k | ▲ 16.5% |
| Amounts payable17/49 | €151k | €150k | €160k | €148k | €60k | ▼ 59.4% |
| Amounts payable after more than one year17 | €91k | €103k | €93k | €83k | - | - |
| Financial debts170/4 | - | €103k | €93k | €83k | - | - |
| Amounts payable within one year42/48 | €60k | €46k | €61k | €62k | €53k | ▼ 15.0% |
| Current portion of amounts payable after more than one year42 | - | €10k | €10k | €10k | - | - |
| Financial debts43 | - | €14 | €4k | €14k | €5k | ▼ 66.7% |
| Credit institutions430/8 | - | €14 | €4k | €14k | €5k | ▼ 66.7% |
| Trade debts44 | €46k | €36k | €46k | €19k | €36k | ▲ 90.5% |
| Suppliers440/4 | - | €36k | €46k | €19k | €36k | ▲ 90.5% |
| Taxes, remuneration and social security45 | - | - | - | €4k | €97 | ▼ 97.8% |
| Taxes450/3 | - | - | - | €4k | €97 | ▼ 97.8% |
| Other amounts payable47/48 | - | €609 | €1k | €14k | €12k | ▼ 18.1% |
| Accrued charges and deferred income492/3 | - | €768 | €5k | €2k | €7k | ▲ 180% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €7k | €-2k | €-17k | €-274 | €1k | ▲ 599% |
| + Depreciation and write-downs630 | €12k | €9k | €11k | €11k | €4k | ▼ 64.6% |
| Operating cash flow (approximation) | €19k | €7k | €-7k | €11k | €5k | ▼ 51.5% |
| Investment in fixed assets (approximation) | - | €-6k | €-29k | €-5k | €102k | ▲ 2,234% |
| Change in cash | - | €8k | €-25k | €3k | €-82 | ▼ 103% |
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
07-01
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
30-06
Financial
Back to profitnet €1k
Net result €1k after 3 loss-making years.
17-01
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
19-01
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
30-06
Financial
Weakest financial yearnet €-17k
Net result drops to €-17k, the lowest in the series; recovery starts the following year.
14-01
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2021
06-12
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
30-06
Financial
Highest result since 2020net €7k ▲56.6%
Operating result €11k, net result €7k, both a record.
2020
31-12
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 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
3 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, Izegem · 1 establishment unit since 2018
Ground area
998 m²
Building footprint
251 m²
Volume, LiDAR
1,387 m³
Parcel 36493B0429/00B000, Flanders · tallest building 8.7 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
REFO
since 20182.279.044.593
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 36493B0429/00B000 | Flanders | 998 m² | 1 · 251 m² | 8.7 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 20,018 companies in sector 43320 we hold annual accounts for 9,132. 4,992 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
Founded13-08-2018
Fiscal year end30-06
Trade name EN
About Memories
Trade name NL
RE PROJECTS
Activities, NACEBEL 2025
43320Joinery installation
43410Roofing work
46130Agents in the wholesale of timber and building materials
Scores and ratios are computed by Checked and are not a credit decision.