REFO
ActiveThe computed 12-month bankruptcy probability of REFO is 3.6% (moderate). The 2024 annual accounts show equity of €152k and a net result of €16k. Equity is growing by ~15.2% per year across the filed fiscal years. Its solvency ranks better than 59% of 6541 sector peers (fiscal year 2024). The company has been active since 2021 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2024
64
/ 100
Healthy
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2023
Profitability74▼-13
Solvency66▲+5
Growth78=
Track record94
Bankruptcy probability, 12 months
3.6%
Moderate
0%0.5%1.5%4%10%≥ 25%
Credit up to €9k at 30 days acceptable
Liquidity ample (current ratio 1.91 against 1.95 in 2023; short-term debt: 33.2% and cash: 51.8% of total assets), but 59.2% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Five signals. The signal on the left, the evidence on the right.
+raises risk○neutral
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 · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 47
Relative position
BE, all sectors
reference
Sector 47
higher
← fewer bankruptcies
more bankruptcies →
neutral · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 26-08-2025, 26 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 · 3 filingsDeviation from the deadline
2025
not confirmed
2024
26 d late
2023
31 d late
2022
31 d late
← before the deadline
after the deadline →
Financials · fiscal year 2024, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€16k▼ 70.5%
2023 · €55k
2022: €11k
2023: €55k
2022 → 2024
Working capital
€112k▲ 2.7%
2023 · €109k
2022: €111k
2023: €109k
2022 → 2024
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line202220232024Trend
Equity€111k-€136k▲ 22.6%€152k▲ 12.0%
Operating result€11k-€71k▲ 534%€27k▼ 61.3%
Net result€11k-€55k▲ 407%€16k▼ 70.5%
Result per fiscal year
Operating resultNet result
The operating result falls in 2024; 2024 is 61% below 2023.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €373k
Fixed assets
€137k▼ 8.4%
Current assets
€236k▲ 5.0%
Equity and liabilities €373k
Equity
€152k▲ 12.0%
Debt
€221k▼ 7.4%
The debt ratio falls from 63.7% to 59.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€55k▼
2023 · €98k
Cash flow
€44k▼
2023 · €82k
Solvency
40.8%▲
2023 · 36.3%
Current ratio
1.91▼
2023 · 1.95
Quick ratio
1.59▼
2023 · 1.69
Debt / equity
1.45▼
2023 · 1.75
ROE
10.7%▼
2023 · 40.5%
ROA
4.4%▼
2023 · 14.7%
Interest coverage
8.14▼
2023 · 9.58
Debt
€221k▼
2023 · €238k
Debt ≤ 1 year
€124k▲
2023 · €115k
Debt > 1 year
€97k▼
2023 · €123k
Income taxes
€7k▲
2023 · €6k
Staff costs
€169k▲
2023 · €148k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2024 against 2023
Balance sheet
Code20232024
Assets
Total assets20/58€374k€373k▼
Fixed assets21/28€149k€137k▼
Tangible fixed assets22/27€149k€136k▼
Furniture and vehicles24€52k€36k▼
Other tangible fixed assets26€97k€85k▼
Assets under construction and advance payments27-€15k
Financial fixed assets28€244€244=
Current assets29/58€225k€236k▲
Stocks and contracts in progress3€30k€40k▲
Stocks30/36€30k€40k▲
Amounts receivable within one year40/41€26k€259▼
Trade receivables40€20k€259▼
Other amounts receivable41€7k-
Cash at bank and in hand54/58€166k€193k▲
Deferred charges and accrued income490/1€2k€3k▲
Equity and liabilities
Total equity and liabilities10/49€374k€373k▼
Equity10/15€136k€152k▲
Contributions10/11€70k€70k=
Profit (loss) carried forward14€66k€82k▲
Amounts payable17/49€238k€221k▼
Amounts payable after more than one year17€123k€97k▼
Financial debts170/4€123k€97k▼
Amounts payable within one year42/48€115k€124k▲
Current portion of amounts payable after more than one year42€25k€26k▲
Trade debts44€74k€63k▼
Suppliers440/4€74k€63k▼
Taxes, remuneration and social security45€15k€31k▲
Taxes450/3€6k€7k▲
Remuneration and social security454/9€9k€24k▲
Other amounts payable47/48€1k€3k▲
Accrued charges and deferred income492/3€284€214▼
Income statement
Code20232024
Non-recurring operating income76A€501€0▼
Remuneration, social security and pensions62€148k€169k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€27k€28k▲
Other operating charges640/8€2k€1k▼
Non-recurring operating charges66A€600€0▼
Gross operating margin9900€248k€225k▼
Operating profit (loss)9901€71k€27k▼
Financial income75/76B€689€3k▲
Recurring financial income75€689€3k▲
Financial charges65/66B€10k€7k▼
Recurring financial charges65€10k€7k▼
Profit (loss) for the period before taxes9903€61k€24k▼
Income taxes67/77€6k€7k▲
Profit (loss) for the period9904€55k€16k▼
Profit (loss) for the period to be appropriated9905€55k€16k▼
Appropriation of the result
Profit (loss) to be appropriated9906€66k€82k▲
Profit (loss) brought forward from the previous period14P€11k€66k▲
Social balance
Average headcount (FTE)90874.74.8▲
The notes to these accounts (13 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
2025
26-08
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 26 days late
2024
31-12
Financial
Equity above €150kEq €152k ▲12%
3 profitable years in a row build equity to €152k.
31-08
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 31 days late
2023
31-12
Financial
Highest result since 2022net €55k ▲407%
Operating result €71k, net result €55k, both a record.
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 31 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
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, Brussel · 1 establishment unit since 2021
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Keizerslaan 101000 BrusselGround area
8,262 m²
Building footprint
7,452 m²
Volume, LiDAR
408,734 m³
2 parcels, Brussels · tallest building 112.9 m, ±22 floors. Linked by address, not a title deed.
1 establishment unit
REFO
since 20212.325.764.743
2 parcels
Brussels
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21014A0008/00Z010 | Brussels | 7,591 m² | 1 · 6,964 m² | 112.8 m · 22 fl. |
| 21808H1778/00D000 | Brussels | 670 m² | 1 · 488 m² | 27.7 m · 8 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1 · via establishment units: 1
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Recognitions · licences · registrations
Food safety, FASFC
1 siteSint-Joost-ten-Node2.325.764.743
Similar companies · same sector, comparable size
COLARIS
BE 0442.982.469
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POLAT
BE 0675.717.341
Maasmechelen · Eq €152k
VDM FRESHVILLE
BE 0521.990.454
Lennik · Eq €152k
WITEB 2
BE 0699.852.426
Halle · Eq €152k
ASK SACHDEVA
BE 0745.428.964
Liège · Eq €152k
Of 10,527 companies in sector 47110 we hold annual accounts for 5,861. 4,449 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded29-11-2021
Fiscal year end31-12
Activities, NACEBEL
47110Non-specialised retail sale with food, beverages or tobacco predominating
47112Retail trade
47113Retail trade
47210Retail sale of fruit and vegetables
47221Retail sale of meat and meat products, excluding game and poultry
47222Retail trade
47230Retail trade
47252Retail sale of beverages, general range
Sources
Crossroads Bank for EnterprisesNational Bank · 3 filingsAddress and cadastre registers
Data from official sources, last processed on 17-09-2026. Scores and ratios are computed by Checked and are not a credit decision.
Contact details
3 entriesE-mail:robin-renauld@hotmail.com
Phone:+32476330561
Phone:0476330561