REFON
ActiveSummary
REFON has been active since 2003 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€87,821) and a net result of €20,023. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 9% of 3,703 sector peers (NACE 01, financial year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Overview
- Equity
- -€87,821
- Profit
- €20,023
Why 55raises riskCapped at 59: negative equityNegative equity -€87,821Profit of €20,023 (financial year 2025)lowers riskSize: total assets €181,506Sector: Crop and animal production, hunting and related service activities (NACE 01)Show 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 (NACE 01, micro): better than 5% on solvency, 41% on liquidity, 79% on profitability and 71% 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).
Credit check for your own amount and term
Show the recommended maximum and see how the verdict changes with amount, term and advance.
Signals
This company filed its last 7 accounts on average 11 days after the deadline; the sector median (NACE 01) for financial year 2024 is 3 days before the deadline, and 37% of those companies filed late.
Searched, nothing found (2)
- Annual accounts filedfinancial year 2025 · micro…
- Annual accounts filedfinancial year 2024 · micro…
- Highest result from 2018 to 2025net €149,913 ▲832%
Financials · financial year 2025, micro format
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result falls in 2025; 2025 is 85% below 2024.
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.
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 01, Crop and animal production, hunting and related service activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
- 2024 Net result +832% on 2023. The accounts now follow the micro format, last year the abbreviated format.
Peer companies
Historical observationOf the 3,794 companies that looked in July 2024 the way this one looks now, 2.7% went bankrupt within 24 months and 91.5% are still going.
- Micro
- 20 years or older
- negative equity
- a profit of 5% of the balance sheet or more
A further 0.6% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.4% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
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 3,794 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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €64,508 | €48,200 | €51,247 | €48,732 | €45,261 | €29,007 | €31,446 | €39,689 | ▲ 26.2% |
| Other operating charges640/8 | - | - | - | €1,710 | €1,741 | €1,906 | €1,959 | €1,606 | ▼ 18.0% |
| Gross operating margin9900 | -€30,034 | €55,012 | -€11,818 | -€137,186 | €29,487 | €52,121 | €179,833 | €62,999 | ▼ 65.0% |
| Operating profit (loss)9901 | -€96,689 | €4,858 | -€64,819 | -€187,627 | -€17,515 | €21,208 | €146,428 | €21,704 | ▼ 85.2% |
| Financial income75/76B | - | - | - | €114 | €0 | €135 | €7,064 | €716 | ▼ 89.9% |
| Recurring financial income75 | €13 | €574 | €406 | €114 | €0 | €135 | €7,064 | €716 | ▼ 89.9% |
| Financial charges65/66B | - | - | - | €1,937 | €1,716 | €5,255 | €3,579 | €2,397 | ▼ 33.0% |
| Recurring financial charges65 | €4,485 | €4,230 | €2,541 | €1,937 | €1,716 | €5,255 | €3,579 | €2,397 | ▼ 33.0% |
| Profit (loss) for the period before taxes9903 | -€101,161 | €1,202 | -€66,954 | -€189,450 | -€19,231 | €16,088 | €149,913 | €20,023 | ▼ 86.6% |
| Profit (loss) for the period9904 | -€101,161 | €1,202 | -€66,954 | -€189,450 | -€19,231 | €16,088 | €149,913 | €20,023 | ▼ 86.6% |
| Profit (loss) for the period to be appropriated9905 | -€101,161 | €1,202 | -€66,954 | -€189,450 | -€19,231 | €16,088 | €149,913 | €20,023 | ▼ 86.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €563,503 | €647,880 | €576,072 | €506,002 | €456,411 | €372,349 | €216,072 | €181,506 | ▼ 16.0% |
| Fixed assets21/28 | €243,901 | €195,702 | €166,788 | €118,056 | €76,909 | €74,113 | €103,803 | €146,614 | ▲ 41.2% |
| Intangible fixed assets21 | €2,160 | €1,620 | €1,080 | €540 | €0 | - | - | - | - |
| Tangible fixed assets22/27 | €241,741 | €194,082 | €165,708 | €117,516 | €76,909 | €74,113 | €103,803 | €146,614 | ▲ 41.2% |
| Land and buildings22 | - | - | - | €87,725 | €63,109 | €53,652 | €51,816 | €66,178 | ▲ 27.7% |
| Plant, machinery and equipment23 | - | - | - | €14,934 | €13,800 | €10,261 | €45,194 | €77,048 | ▲ 70.5% |
| Furniture and vehicles24 | - | - | - | €14,857 | €0 | €10,200 | €6,794 | €3,387 | ▼ 50.1% |
| Current assets29/58 | €319,602 | €452,179 | €409,284 | €387,946 | €379,502 | €298,236 | €112,268 | €34,892 | ▼ 68.9% |
| Stocks and contracts in progress3 | €262,576 | €322,932 | €184,045 | €218,390 | €279,234 | €266,923 | €0 | - | - |
| Stocks30/36 | - | - | - | €218,390 | €279,234 | €266,923 | €0 | - | - |
| Amounts receivable within one year40/41 | €40,761 | €115,031 | €214,165 | €139,135 | €92,621 | €24,479 | €66,805 | €23,967 | ▼ 64.1% |
| Trade receivables40 | - | - | - | €130,964 | €87,401 | €18,979 | €62,514 | €23,382 | ▼ 62.6% |
| Other amounts receivable41 | - | - | - | €8,171 | €5,219 | €5,500 | €4,291 | €585 | ▼ 86.4% |
| Cash at bank and in hand54/58 | €14,736 | €8,881 | €8,856 | €27,869 | €4,268 | €4,072 | €43,312 | €8,667 | ▼ 80.0% |
| Deferred charges and accrued income490/1 | - | - | - | €2,552 | €3,380 | €2,762 | €2,151 | €2,258 | ▲ 5.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €563,503 | €647,880 | €576,072 | €506,002 | €456,411 | €372,349 | €216,072 | €181,506 | ▼ 16.0% |
| Equity10/15 | €589 | €1,791 | -€65,163 | -€254,613 | -€273,844 | -€257,756 | -€107,844 | -€87,821 | ▲ 18.6% |
| Contributions10/11 | €62,000 | €62,000 | - | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Reserves13 | €39,750 | €39,750 | €39,750 | €39,750 | €39,750 | €39,750 | €39,750 | €39,750 | = |
| Non-distributable reserves130/1 | - | - | - | €6,200 | €6,200 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €6,200 | €6,200 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €33,550 | €33,550 | €39,750 | €39,750 | €39,750 | = |
| Profit (loss) carried forward14 | -€101,161 | -€99,959 | -€166,913 | -€356,363 | -€375,594 | -€359,506 | -€209,593 | -€189,570 | ▲ 9.6% |
| Amounts payable17/49 | €562,914 | €646,089 | €641,235 | €760,615 | €730,255 | €630,106 | €323,915 | €269,327 | ▼ 16.9% |
| Amounts payable after more than one year17 | €375,812 | €332,592 | €289,267 | €266,950 | €244,633 | €222,317 | €200,000 | €215,833 | ▲ 7.9% |
| Financial debts170/4 | - | - | - | €266,950 | €244,633 | €222,317 | €200,000 | €15,833 | ▼ 92.1% |
| Other amounts payable178/9 | - | - | - | - | - | - | - | €200,000 | - |
| Amounts payable within one year42/48 | €187,102 | €313,485 | €351,935 | €490,152 | €483,108 | €407,774 | €123,892 | €50,959 | ▼ 58.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €35,069 | €57,386 | €45,696 | €34,006 | €10,000 | ▼ 70.6% |
| Trade debts44 | €63,218 | €125,451 | €250,290 | €276,863 | €279,730 | €220,312 | €13,909 | €13,752 | ▼ 1.1% |
| Suppliers440/4 | - | - | - | €276,863 | €279,730 | €220,312 | €13,909 | €13,752 | ▼ 1.1% |
| Advances received on contracts in progress46 | - | - | - | €89,868 | €70,680 | €8,383 | €0 | - | - |
| Other amounts payable47/48 | - | - | - | €88,352 | €75,312 | €133,383 | €75,976 | €27,207 | ▼ 64.2% |
| Accrued charges and deferred income492/3 | - | - | - | €3,513 | €2,514 | €15 | €23 | €2,534 | ▲ 108× |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€101,161 | €1,202 | -€66,954 | -€189,450 | -€19,231 | €16,088 | €149,913 | €20,023 | ▼ 86.6% |
| + Depreciation and write-downs630 | €64,508 | €48,200 | €51,247 | €48,732 | €45,261 | €29,007 | €31,446 | €39,689 | ▲ 26.2% |
| Operating cash flow (approximation) | -€36,653 | €49,401 | -€15,707 | -€140,718 | €26,030 | €45,095 | €181,358 | €59,712 | ▼ 67.1% |
| Investment in fixed assets (approximation) | - | €0 | -€22,334 | €0 | -€4,113 | -€26,211 | -€61,136 | -€82,500 | ▼ 34.9% |
| Change in cash | - | -€5,855 | -€25 | €19,013 | -€23,601 | -€196 | €39,240 | -€34,645 | - |
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 22 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | micro format | 15-07-2026 | 2026-00307510 |
| 31-12-2024 | micro format | 18-08-2025 | 2025-00383041 |
| 31-12-2023 | abbreviated format | 18-07-2024 | 2024-00257291 |
| 31-12-2022 | abbreviated format | 17-07-2023 | 2023-00257659 |
| 31-12-2021 | abbreviated format | 25-08-2022 | 2022-20387249 |
| 31-12-2020 | abbreviated format | 31-08-2021 | 2021-64300079 |
| 31-12-2019 | abbreviated format | 17-09-2020 | 2020-54000300 |
| 31-12-2018 | abbreviated format | 19-07-2019 | 2019-35000507 |
| 31-12-2017 | abbreviated format | 04-07-2018 | 2018-30600119 |
| 31-12-2016 | abbreviated format | 31-08-2017 | 2017-59100329 |
Similar companies · same sector and region
Subsidies and aid
Flemish government
2022 to 2025 · 2 entries · €4,821 awarded · €4,821 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €2,321 | €2,321 |
| 2022 | 1 | €2,500 | €2,500 |
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 |
|---|---|
| SMET,Marc |
|
Owners and capital
Owners
No owners or capital events in the accounts and acts we read.
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
05-12
Gazette deed
Appointment: SMET,Marc (director)Legal form clause · Registered office clause · Amendment of the articles7 facts ▸
- General meeting, 30-11-2023
- Legal form clause, 01-01-2020, “besloten vennootschap” (deed in Dutch)
- Registered office clause, “Vlaams Gewest, Hazarddam 80,9150 Kruibeke” (deed in Dutch)
- Other provision, “van kapitaal naar eigen vermogen” (deed in Dutch)
- Amendment of the articles
- Other provision, 01-01-2020, “terminologieWVV” (deed in Dutch)
- Director appointment, SMET,Marc (director)
Show earlier events
About the unread acts
Of the 2 Belgian Official Gazette deeds we know for this company, 1 has been read. The other one has not been read yet: what they contain is neither established nor disproved here.
Register details
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 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
1 parcel
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 46013A1125/00H000 | Flanders | 644 m² | 1 · 130 m² | 7.9 m · 2 |
How the parcels are linked
Articles of association
What the company does
- PurposeThe activities the company may carry out under its articles.
- “Uitbating van een landbouwbedrijf in de meeste ruime zin; Het kweken en afinesten van levende dieren in de meest ruime zin; De handel in…” (deed in Dutch)
17 activities (deed in Dutch)
- Uitbating van een landbouwbedrijf in de meeste ruime zin
- Het kweken en afinesten van levende dieren in de meest ruime zin
- De handel in levende dieren onder al zijn vormen en in de meest ruime zin (grooten kleinhandel,aan-en verkoop,import en export,vervoer,vertegenwoordiging,makelarij,commissie,...)
- De groot-en kleinhandel in vlees en vleeswaren onder al zijn vormen en in meest ruime zin
- Onderneming voor het uitvoeren van diverse land-en tuinbouwwerken en van werken in verband met de veeteelt voor rekening van derden
- Klein-en groothandel in granen,mest-en sproeistoffen
- Klein-en groothandel in ruwvoeders
- Kopen,verkopen,huren en verhuren van landbouwgronden
- Vervoer van goederen voor rekening van derden
- Het vervoer van alle goederen en van alle producten zowel in België als in het buitenland
- Het huren,verhuren,en bevrachten van alle vervoermaterieel,zowel in België als in het buitenland
- De tussenkomst als vervoercommissionair
- Het laden,lossen en de expeditie van alle goederen en producten
- Tussenpersoon in de handel
- In-en uitvoer van goederen en producten
- Onderneming voor industriële varkensteelt
- Mestverwerking onder al zijn vormen en in de meest ruime 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.
- REFON
- Registered office clauseThe region of the registered office; it decides among other things the language of official documents.
- “Vlaams Gewest” (deed in Dutch)
Who represents it, and how
- Board ruleHow the board is made up, meets and takes decisions.
- “Één of meer bestuurders, alle handelingen verrichten die nodig of dienstig zijn tot verwezenlijking van voorwerp overeenkomstig artikel 5:73…” (deed in Dutch)
Meetings and financial year
- Annual meetingWhen the shareholders meet each year, among other things to approve the annual accounts.
- “De bestuurder of het lid van een collegiaal bestuursorgaan die rechtstreeks of onrechtstreeks een belang van vermogensrechtelijke aard heeft…” (deed in Dutch)