Equity
Equity fell by 88% in 7 years.
Equity fell by 88% in 7 years.
The accounts state no turnover.
Green is investment, beige is depreciation.
The 2019 accounts came 17 days late. The other nine were filed on time.
Higher net result than 90% of companies in education. Sector median €7,281 · 2,614 companies.
The dashed line is the sector median: 0.1% across 3,825 companies (NACE 85, micro).
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
The band follows from the bankruptcy probability. 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 85, micro). It does better than 20% of them on solvency, 33% on liquidity and 90% on profitability.
The bankruptcy probability was computed on 10-11-2026 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.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
In July 2024, 1,325 companies had the same profile as REFPOINT has now. Each dot stands for 4 companies, two years later.
Another 0.2% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of REFPOINT itself is lower: 0.1% within 12 months. It rests on far more data about REFPOINT than the profile alone.
The method was tested on the 497,447 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| 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% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 1,325 companies, not a prediction for REFPOINT. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Liquidity is tight, with a current ratio of 1.01 (0.98 in 2024), below the usual 1.5. Short-term debt is 93.6% and cash 71.6% of total assets. 93.6% of the assets are financed with debt and provisions.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 7 accounts on average 31 days before the deadline. In the sector (NACE 85), the median for financial year 2024 was 16 days before the deadline, and 32% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| REFPOINT Hasselt | €153,374 | €79,394 | 6.4% | - |
| AETHER ARTS Genk | €150,747 | €65,201 | 8.3% | - |
| SIMPLEXITY La Louvière | €158,691 | €90,332 | 48.5% | - |
| MANAGEMENT SPARK Berlaar | €170,164 | €72,506 | 23.0% | - |
| GHR ET COM Liège | €122,875 | €67,795 | 60.3% | - |
| CABINET MEDICAL DU Dr CLAES G Soignies | €185,274 | €62,431 | 85.5% | - |
| METANESIS Waterloo | €133,740 | €56,949 | 9.8% | - |
These companies have the same main activity as REFPOINT: vocational training (NACE 85592). They are comparable in size and age: total assets between €123,000 and €185,000, founded between 2013 and 2016.
REFPOINT files the micro format. That format states no turnover. The gross margin rose from €55,557 in 2016 to €79,394 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €240,000. Estimated: probably between €160,000 and €410,000.
Higher than 21% of 2,612 companies in 2025.
Higher than 30% of 2,481 companies in 2025.
Higher than 89% of 2,510 companies in 2025.
Net result: top quarter · Equity: middle half · Balance sheet total: middle half · Working capital: middle half
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||||||
20/58 |
153,374 | 81,190 | 166,024 | 150,548 | 129,516 | 86,727 | 130,974 | 118,431 | 94,627 | 98,552 | |
21/28 |
8,248 | 1,708 | 2,658 | 3,609 | 4,559 | 0 | 612 | 1,502 | 2,822 | 4,336 | |
21 |
- | - | - | - | - | 0 | 268 | 658 | 1,048 | 1,438 | |
22/27 |
8,248 | 1,708 | 2,658 | 3,609 | 4,559 | 0 | 344 | 844 | 1,773 | 2,898 | |
24 |
3,762 | 1,708 | 2,658 | 3,609 | 4,559 | 0 | 344 | 844 | 1,773 | 2,898 | |
26 |
4,486 | - | - | - | - | - | - | - | - | - | |
29/58 |
145,126 | 79,482 | 163,365 | 146,939 | 124,957 | 86,727 | 130,362 | 116,929 | 91,805 | 94,215 | |
40/41 |
35,290 | 13,112 | 2,357 | 7,242 | 23,148 | 10,866 | 37,980 | 22,034 | 24,457 | 23,527 | |
40 |
34,825 | 11,871 | 607 | 0 | 15,673 | 9,984 | 6,240 | 10,608 | 9,776 | 12,220 | |
41 |
465 | 1,241 | 1,750 | 7,242 | 7,475 | 882 | 31,740 | 11,426 | 14,681 | 11,307 | |
54/58 |
109,836 | 60,710 | 150,821 | 124,982 | 101,809 | 75,861 | 92,381 | 94,895 | 60,265 | 49,439 | |
490/1 |
0 | 5,660 | 10,188 | 14,715 | - | - | - | - | 7,083 | 21,250 | |
| Balance sheet: equity and liabilities | |||||||||||
10/49 |
153,374 | 81,190 | 166,024 | 150,548 | 129,516 | 86,727 | 130,974 | 118,431 | 94,627 | 98,552 | |
10/15 |
9,840 | 0 | 18,600 | 21,269 | 20,656 | 20,531 | 14,260 | 81,027 | 50,120 | 40,676 | |
10/11 |
- | 0 | 18,600 | 18,600 | 18,600 | 18,600 | 12,400 | 12,400 | 12,400 | 12,400 | |
100 |
- | - | - | - | - | - | 18,600 | 18,600 | 18,600 | 18,600 | |
101 |
- | - | - | - | - | - | 6,200 | 6,200 | 6,200 | 6,200 | |
13 |
- | - | 0 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | |
130/1 |
- | - | 0 | 1,860 | 1,860 | 1,860 | - | - | - | - | |
130 |
- | - | - | - | - | - | 1,860 | 1,860 | 1,860 | 1,860 | |
1311 |
- | - | 0 | 1,860 | 1,860 | 1,860 | - | - | - | - | |
14 |
9,840 | 0 | 0 | 809 | 196 | 71 | 0 | 66,767 | 35,860 | 26,416 | |
17/49 |
143,534 | 81,190 | 147,424 | 129,280 | 108,860 | 66,196 | 116,714 | 37,404 | 44,507 | 57,875 | |
17 |
- | - | - | - | - | 0 | 2,408 | 9,505 | 16,420 | 23,157 | |
170/4 |
- | - | - | - | - | 0 | 2,408 | 9,505 | 16,420 | 23,157 | |
42/48 |
143,534 | 81,190 | 140,486 | 123,160 | 102,713 | 59,269 | 108,557 | 21,163 | 21,213 | 34,719 | |
42 |
0 | 4,451 | 4,451 | 6,461 | 4,500 | 2,408 | 7,098 | 6,915 | 6,736 | 6,563 | |
44 |
1,775 | 1,244 | 2,047 | 1,925 | 2,039 | 2,774 | 12,152 | 5,278 | 2,633 | 6,434 | |
440/4 |
1,775 | 1,244 | 2,047 | 1,925 | 2,039 | 2,774 | 12,152 | 5,278 | 2,633 | 6,434 | |
45 |
18,411 | 0 | 912 | 2,885 | 3,560 | 1,855 | 156 | 8,970 | 7,123 | 17,320 | |
450/3 |
18,411 | 0 | 912 | 2,885 | 3,560 | 1,805 | 156 | 8,970 | 7,123 | 14,770 | |
454/9 |
- | - | - | - | 0 | 50 | - | - | - | 2,550 | |
47/48 |
123,347 | 75,496 | 133,077 | 111,890 | 92,614 | 52,233 | 89,151 | - | 4,721 | 4,402 | |
492/3 |
- | 0 | 6,938 | 6,120 | 6,147 | 6,926 | 5,749 | 6,736 | 6,874 | - | |
| Income statement | |||||||||||
9900 |
79,394 | 72,251 | 39,638 | 37,419 | 56,135 | 61,015 | 30,478 | 48,745 | 27,980 | 55,557 | |
62 |
686 | - | - | - | - | - | - | - | - | - | |
630 |
1,337 | 950 | 950 | 950 | 192 | 612 | 890 | 1,320 | 1,515 | 9,763 | |
640/8 |
818 | 910 | 868 | 762 | 1,078 | 2,467 | 409 | 6,736 | 9,028 | 2,151 | |
9901 |
76,553 | 70,391 | 37,821 | 35,706 | 54,865 | 57,936 | 29,179 | 40,689 | 17,438 | 43,644 | |
75/76B |
38 | 283 | 108 | 0 | 25 | 756 | 28 | 17 | 5 | 29 | |
75 |
38 | 283 | 108 | 0 | 25 | 756 | 28 | 17 | 5 | 29 | |
65/66B |
249 | 190 | 194 | 202 | 447 | 377 | 473 | 830 | 833 | 626 | |
65 |
249 | 190 | 194 | 202 | 447 | 377 | 473 | 830 | 833 | 626 | |
9903 |
76,342 | 70,484 | 37,735 | 35,504 | 54,443 | 58,314 | 28,733 | 39,876 | 16,610 | 43,047 | |
67/77 |
11,502 | 14,620 | 8,171 | 12,891 | 12,318 | 13,243 | 7,656 | 8,970 | 7,166 | 14,770 | |
9904 |
64,840 | 55,864 | 29,564 | 22,613 | 42,125 | 45,071 | 21,077 | 30,906 | 9,444 | 28,276 | |
9905 |
64,840 | 55,864 | 29,564 | 22,613 | 42,125 | 45,071 | 21,077 | 30,906 | 9,444 | 28,276 | |
| Appropriation of the result | |||||||||||
9906 |
64,840 | 55,864 | 30,373 | 22,809 | 42,196 | 45,071 | 87,844 | 66,767 | 35,860 | 28,276 | |
14P |
- | 0 | 809 | 196 | 71 | - | - | - | - | - | |
791/2 |
- | 0 | 1,860 | - | - | - | - | - | - | - | |
691/2 |
- | - | - | - | - | - | - | - | - | 1,860 | |
6920 |
- | - | - | - | - | - | - | - | - | 1,860 | |
694/7 |
55,000 | 55,864 | 32,233 | 22,000 | 42,000 | 45,000 | 87,844 | - | - | - | |
694 |
55,000 | 55,864 | 32,233 | 22,000 | 42,000 | 45,000 | 86,644 | - | - | - | |
695 |
- | - | - | - | - | 0 | 1,200 | - | - | - | |
| Document | |||||||||||
The notes to these accounts have 7 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 02-07-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 02-07-2026 | 2026-00265740 | |
| 31-12-2024 | micro format | 16-06-2025 | 2025-00151756 | |
| 31-12-2023 | micro format | 10-06-2024 | 2024-00117268 | |
| 31-12-2022 | micro format | 12-06-2023 | 2023-00127358 | |
| 31-12-2021 | micro format | 13-06-2022 | 2022-20072170 | |
| 31-12-2020 | micro format | 22-07-2021 | 2021-38800343 | |
| 31-12-2019 | abbreviated format | 17-08-2020 | 2020-41900161 | |
| 31-12-2018 | abbreviated format | 20-06-2019 | 2019-20700006 | |
| 31-12-2017 | abbreviated format | 19-06-2018 | 2018-19900050 | |
| 31-12-2016 | abbreviated format | 24-07-2017 | 2017-35000388 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 77,890 | 71,341 | 38,771 | 36,656 | 55,057 | 58,548 | 30,069 | 42,009 | 18,952 | 53,407 | ||
| 66,178 | 56,815 | 30,514 | 23,563 | 42,317 | 45,683 | 21,967 | 32,226 | 10,959 | 38,039 | ||
| 7,877 | 0 | 0 | 0 | 4,751 | 0 | 0 | 0 | 0 | 14,099 | ||
| 49,126 | -90,111 | 25,839 | 23,173 | 25,948 | -16,520 | -2,514 | 34,629 | 10,827 | - | ||
| 1,592 | -1,708 | 22,879 | 23,779 | 22,244 | 27,457 | 21,805 | 95,766 | 70,593 | 59,496 | ||
| 6.4% | 0.0% | 11.2% | 14.1% | 15.9% | 23.7% | 10.9% | 68.4% | 53.0% | 41.3% | ||
| 1.01 | 0.98 | 1.16 | 1.19 | 1.22 | 1.46 | 1.20 | 5.53 | 4.33 | 2.71 | ||
| 14.59 | - | 7.93 | 6.08 | 5.27 | 3.22 | 8.18 | 0.46 | 0.89 | 1.42 | ||
| 658.9% | - | 158.9% | 106.3% | 203.9% | 219.5% | 147.8% | 38.1% | 18.8% | 69.5% | ||
| 42.3% | 68.8% | 17.8% | 15.0% | 32.5% | 52.0% | 16.1% | 26.1% | 10.0% | 28.7% | ||
| over 100 | over 100 | over 100 | over 100 | over 100 | - | - | - | - | - |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €7,877 | - | - | - | €4,751 |
| €1,337 | €950 | €950 | €950 | €192 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is 9% higher than in 2024 and the highest since 2016. It is the third rise in a row, after the fall in 2022.
Debt's share of the balance-sheet total is 93.6%.
REFPOINT has no parent and no holdings in its annual accounts. NIJSTEN,Kris is the only director. REFPOINT shares no director with another company.
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
| Establishment | Since | Unit number |
|---|---|---|
| Luikersteenweg 244F registered office 3500 Hasselt 5621002 Event catering | 09-09-2015 | 2.247.533.748 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 71328D0845/00V000 | 1,831 m² | 1 · 252 m² | 8.2 m · 2 |
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