REFRAMINERALS
ActiveREFRAMINERALS has been active since 2017 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €298 and a net result of €-27k. Equity is shrinking by ~8.2% per year across the filed fiscal years. Its solvency ranks better than 20% of 11165 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.1% (low).
Checked score
Score 2025
7
/ 100
Critical▼ -62 vs 2024
The score combines four axes. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability0▼-9
Solvency11▼-77
Growth32▼-46
Stability100
Bankruptcy probability, 12 months
1.1%
Low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.95 against 1.83 in 2024), and 98.9% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Six signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
1.1%
Return on assets
-102.3%
Age of the figures
8 mo
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Sector 46
higher
← fewer bankruptcies
more bankruptcies →
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 20% of 11165 sector peers (2025).
NBB · sector comparisonPosition among 11165 sector peers
Solvency
better than 20%
← weakest
strongest →
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 30-07-2026, 1 day ahead of the deadline.
NBB · 8 filingsDeviation from the deadline
2025
1 d early
2024
on the day
2023
1 d early
2022
2 d early
2021
61 d late
2020
61 d late
2019
122 d late
← before the deadline
after the deadline →
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
12-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€298▼ 98.9%
2024 · €27k
2018: €12k
2019: €36k
2020: €40k
2021: €40k
2022: €32k
2023: €27k
2024: €27k
2018 → 2025
Total assets
€26k▼ 54.6%
2024 · €58k
2018: €43k
2019: €50k
2020: €52k
2021: €82k
2022: €44k
2023: €61k
2024: €58k
2018 → 2025
Net result
€-27k
2024 · €503
2018: €-467
2019: €25k
2020: €3k
2021: €10k
2022: €-8k
2023: €-5k
2024: €503
2018 → 2025
Working capital
€-1k
2024 · €25k
2018: €18k
2019: €34k
2020: €35k
2021: €50k
2022: €27k
2023: €23k
2024: €25k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€40k-€32k▼ 18.9%€27k▼ 16.8%€27k▲ 1.9%€298▼ 98.9%
Operating result€11k-€-6k€-3k▲ 47.3%€5k€-26k
Net result€10k-€-8k€-5k▲ 27.7%€503€-27k
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €26k after €5k in 2024, the lowest year so far.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €26k
Fixed assets
€2k▼ 14.1%
Current assets
€25k▼ 55.9%
Equity and liabilities €26k
Equity
€298▼ 98.9%
Debt
€26k▼ 15.3%
The debt ratio rises from 53.0% to 98.9%: equity shrinks faster than debt is paid down.
Key figures and ratios
EBITDA
€-25k▼
2024 · €7k
Cash flow
€-26k▼
2024 · €3k
Solvency
1.1%▼
2024 · 47.0%
Current ratio
0.95▼
2024 · 1.83
Quick ratio
0.95▼
2024 · 1.83
ROA
-102.3%▼
2024 · 0.9%
Interest coverage
-13.10▼
2024 · 1.37
Debt
€26k▼
2024 · €31k
Debt ≤ 1 year
€26k▼
2024 · €31k
Income taxes
€154=
2024 · €154
Equity ratios withheld: equity of €298 is too small for a meaningful ratio.
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 · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€58k€26k▼
Fixed assets21/28€2k€2k▼
Tangible fixed assets22/27€2k€2k▼
Furniture and vehicles24€2k€2k▼
Current assets29/58€56k€25k▼
Amounts receivable after more than one year29€46k€20k▼
Other amounts receivable291€46k€20k▼
Amounts receivable within one year40/41€9k€3k▼
Trade receivables40€8k€3k▼
Other amounts receivable41€295€593▲
Deferred charges and accrued income490/1€2k€1k▼
Equity and liabilities
Total equity and liabilities10/49€58k€26k▼
Equity10/15€27k€298▼
Contributions10/11€12k€12k=
Reserves13€2k€2k=
Non-distributable reserves130/1€2k€2k=
Reserves not available under the articles1311€2k€2k=
Profit (loss) carried forward14€13k€-14k▼
Amounts payable17/49€31k€26k▼
Amounts payable within one year42/48€31k€26k▼
Financial debts43€25k€26k▲
Credit institutions430/8€25k€26k▲
Trade debts44€218€508▲
Suppliers440/4€218€508▲
Advances received on contracts in progress46€5k-
Taxes, remuneration and social security45€24-
Taxes450/3€24-
Other amounts payable47/48€451€29▼
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€2k€1k▼
Other operating charges640/8€1k€719▼
Gross operating margin9900€8k€-24k▼
Operating profit (loss)9901€5k€-26k▼
Financial income75/76B€920€955▲
Recurring financial income75€920€955▲
Financial charges65/66B€5k€2k▼
Recurring financial charges65€5k€2k▼
Profit (loss) for the period before taxes9903€657€-27k▼
Income taxes67/77€154€154=
Profit (loss) for the period9904€503€-27k▼
Profit (loss) for the period to be appropriated9905€503€-27k▼
Appropriation of the result
Profit (loss) to be appropriated9906€13k€-14k▼
Profit (loss) brought forward from the previous period14P€13k€13k▲
The notes to these accounts (7 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
30-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Weakest financial yearnet €-27k ▼5471%
Net result drops to €-27k, the lowest in the series.
31-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Back to profitnet €503
Net result €503 after 2 loss-making years.
30-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
29-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
30-09
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 61 days late
2021
30-09
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 61 days late
2020
30-11
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 122 days late
2019
31-12
Financial
Back to profitnet €25k
Net result €25k after one loss-making year.
31-12
Financial
Liquidity doublescurrent ratio 3.91
Current ratio from 1.75 to 3.91; short-term debt falls from €24k to €12k.
30-09
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 61 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
2 directors, no change since 2022
Cathy Friand
CurrentDirector · since 22-09-2022
26-12-2022
Frédéric Van Roy: Resigned as Director
22-09-2022
Cathy Friand: Appointed as Director
Location & real-estate footprint
Registered office, Kraainem · 1 establishment unit since 2017
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.
Bosduivenlaan 171950 KraainemGround area
1,033 m²
Building footprint
161 m²
Volume, LiDAR
1,006 m³
Parcel 22002C0047/00W022, Flanders · tallest building 13.5 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Reframinerals
since 20172.271.751.579
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 22002C0047/00W022 | Flanders | 1,033 m² | 1 · 161 m² | 13.5 m · 2 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Similar companies · same sector, comparable size
GLOBAL PRIME TRADING
BE 0628.966.608
Antwerpen · Eq €154
GARAGE D'HOOGTE
BE 0419.433.443
Ledegem · Eq €716
Steelwire International
BE 0748.538.211
Pajottegem · Eq €881
FERTISOL
BE 0476.681.556
Zoutleeuw · Eq €963
INTERNATIONAL PETROLEUM TRADING
BE 1003.242.096
Mettet · Eq €1k
Of 536 companies in sector 46120 we hold annual accounts for 302. 14 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company (pre-2019)
Founded23-11-2017
Fiscal year end31-12
Activities, NACEBEL
46120Wholesale trade
46180Agents specialised in the wholesale of other particular products
70200Business and other management consultancy
70210Activities of head offices; management consultancy activities
70220Business consulting
73300Public relations and communication consultancy
82990Other business support services
Sources
Crossroads Bank for EnterprisesNational Bank · 8 filingsAddress and cadastre registers
Data from official sources, last processed on 11-09-2026. Scores and ratios are computed by Checked and are not a credit decision.