REFRESCO
ActiveSummary
REFRESCO has been active since 1980 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €39.6m and a net result of €1.4m. Equity is growing by ~5.9% per year across the filed fiscal years. Its solvency ranks better than 94% of 85 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability82▼-1
Solvency100=
Growth68▼-2
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €2,000,000 at 30 days acceptable
Liquidity ample (current ratio 4.25 against 3.62 in 2024; short-term debt: 14% and cash: 31.4% of total assets), and 14.6% of the assets are financed with debt.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
85.4%
Return on assets
3%
Age of the figures
9 mo
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 11
Relative position
BE, all sectors
reference
Manufacture of beverages (NACE 11)
about 8% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
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 13-07-2026, 18 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
18 d early
2024
14 d late
2023
27 d early
2022
34 d early
2021
2 d early
2020
94 d late
2019
186 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 30 days after the deadline; the sector median for financial year 2024 is 2 days before the deadline, and 43% of the sector filed late.
Checked, nothing found (2)
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
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, full schema
In the rankings
#1 employer in East Flanders, Beverages sector#1 company by total assets in Ninove, Manufacturing sector#1 company by equity in Ninove, Manufacturing sector
Turnover
€25.5m▼ 5.1%
2024 · €26.9m
EBIT margin
8.9%▼ 3.7pp
2024 · 12.6%
Net result
€1.4m▼ 38.9%
2024 · €2.2m
Working capital
€21.1m▲ 20.6%
2024 · €17.5m
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 11, Manufacture of beverages, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Turnover€20.5m▲ 2.3%€21.4m▲ 4.3%€24.6m▲ 15.2%€26.9m▲ 9.1%€25.5m▼ 5.1%
Operating result€1.9m▼ 4.7%€1.6m▼ 16.6%€1.8m▲ 11.9%€3.4m▲ 93.2%€2.3m▼ 33.2%
Net result€1.0mabove the sector's middle half▲ 1.6%€1.0mabove the sector's middle half▼ 0.2%€671,310above the sector's middle half▼ 34.5%€2.2mabove the sector's middle half▲ 235%€1.4mabove the sector's middle half▼ 38.9%
EBIT margin9.2%▼ 0.7pp7.3%▼ 1.8pp7.1%▼ 0.2pp12.6%▲ 5.5pp8.9%▼ 3.7pp
Equity€31.5mabove the sector's middle half▲ 3.4%€35.3mabove the sector's middle half▲ 12.3%€36.0mabove the sector's middle half▲ 1.9%€38.2mabove the sector's middle half▲ 6.2%€39.6mabove the sector's middle half▲ 3.6%
Total assets€36.0mabove the sector's middle half▼ 28.6%€40.8mabove the sector's middle half▲ 13.5%€43.5mabove the sector's middle half▲ 6.6%€45.1mabove the sector's middle half▲ 3.6%€46.4mabove the sector's middle half▲ 2.9%
Debt€4.5m▼ 77.3%€5.5m▲ 22.1%€7.5m▲ 36.4%€6.9m▼ 9.1%€6.8m▼ 1.2%
Working capital€13.7m▲ 18.2%€14.9m▲ 8.7%€13.8m▼ 7.6%€17.5m▲ 26.9%€21.1m▲ 20.6%
Solvency87.4%above the sector's middle half▲ 27.0pp86.4%above the sector's middle half▼ 1.0pp82.7%above the sector's middle half▼ 3.8pp84.8%above the sector's middle half▲ 2.1pp85.4%above the sector's middle half▲ 0.6pp
Staff (FTE)175.1above the sector's middle half▲ 1.6%174.8above the sector's middle half▼ 0.2%177.2above the sector's middle half▲ 1.4%177.8above the sector's middle half▲ 0.3%181.9above the sector's middle half▲ 2.3%
above
within
below
the middle half (P25 to P75) of NACE 11, Manufacture of beverages, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 33% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €46.4m
Fixed assets
€18.8m ▼ 10.1%
Current assets
€27.6m ▲ 14.1%
Equity and liabilities €46.4m
Equity
€39.6m ▲ 3.6%
Debt
€6.8m ▼ 1.2%
Debt's share of the balance-sheet total falls from 15.2% to 14.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€5.4m▼
2024 · €6.6m
Cash flow
€4.5m▼
2024 · €5.5m
Current ratio
4.25▲
2024 · 3.62
Quick ratio
4.07▲
2024 · 3.48
Debt to equity
0.17▼
2024 · 0.18
ROE
3.5%▼
2024 · 5.9%
ROA
3.0%▼
2024 · 5.0%
Interest coverage
169.60▼
2024 · 347.91
Debt ≤ 1 year
€6.5m▼
2024 · €6.7m
Income taxes
€1.2m▼
2024 · €1.2m
Staff costs
€14.9m▲
2024 · €14.1m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 1,832 companies that looked in July 2024 the way this one looks now, 0.1% went bankrupt within 24 months and 98% are still going.
- Medium-sized
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
0.1%
went bankrupt
2.0%
stopped otherwise
98%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.3% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% 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 1,832 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.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | €23.0m | €24.3m | €28.3m | €30.3m | €28.8m | ▼ 4.7% |
| Turnover70 | €20.5m | €21.4m | €24.6m | €26.9m | €25.5m | ▼ 5.1% |
| Other operating income74 | €2.5m | €2.9m | €3.7m | €3.4m | €3.3m | ▼ 1.4% |
| Operating charges60/66A | €21.1m | €22.7m | €26.5m | €26.9m | €26.6m | ▼ 1.1% |
| Goods for resale, raw materials and consumables60 | €676,499 | €856,637 | €943,931 | €1.0m | €1.1m | ▲ 11.1% |
| Purchases600/8 | €673,603 | €304,907 | €1.0m | €1.3m | €1.3m | ▲ 5.0% |
| Change in stocks: decrease (increase)609 | €2,896 | €551,730 | -€59,483 | -€217,910 | -€165,438 | ▲ 24.1% |
| Services and other goods61 | €5.1m | €5.9m | €8.9m | €8.3m | €7.2m | ▼ 13.1% |
| Remuneration, social security and pensions62 | €11.7m | €12.1m | €13.9m | €14.1m | €14.9m | ▲ 5.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3.6m | €3.7m | €2.7m | €3.3m | €3.1m | ▼ 3.6% |
| Other operating charges640/8 | €124,882 | €126,588 | €134,603 | €138,090 | €140,615 | ▲ 1.8% |
| Operating profit (loss)9901 | €1.9m | €1.6m | €1.8m | €3.4m | €2.3m | ▼ 33.2% |
| Financial income75/76B | - | - | €62,220 | €86,656 | €290,584 | ▲ 235% |
| Recurring financial income75 | - | - | €62,220 | €86,656 | €290,584 | ▲ 235% |
| Income from current assets751 | - | - | €62,177 | €86,656 | €290,549 | ▲ 235% |
| Other financial income752/9 | - | - | €42 | €0 | €35 | - |
| Financial charges65/66B | €434,619 | €13,877 | €15,700 | €19,111 | €31,864 | ▲ 66.7% |
| Recurring financial charges65 | €434,619 | €13,877 | €15,700 | €19,111 | €31,864 | ▲ 66.7% |
| Debt charges650 | €425,198 | €3,253 | - | - | - | - |
| Other financial charges652/9 | €9,421 | €10,624 | €15,700 | €19,111 | €31,864 | ▲ 66.7% |
| Profit (loss) for the period before taxes9903 | €1.4m | €1.6m | €1.8m | €3.5m | €2.5m | ▼ 27.1% |
| Income taxes67/77 | €420,008 | €531,042 | €1.1m | €1.2m | €1.2m | ▼ 5.1% |
| Taxes670/3 | €420,008 | €531,042 | €1.1m | €1.2m | €1.2m | ▼ 5.1% |
| Profit (loss) for the period9904 | €1.0m | €1.0m | €671,310 | €2.2m | €1.4m | ▼ 38.9% |
| Profit (loss) for the period to be appropriated9905 | €1.0m | €1.0m | €671,310 | €2.2m | €1.4m | ▼ 38.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €36.0m | €40.8m | €43.5m | €45.1m | €46.4m | ▲ 2.9% |
| Fixed assets21/28 | €17.8m | €20.8m | €22.5m | €20.9m | €18.8m | ▼ 10.1% |
| Intangible fixed assets21 | €49,556 | €16,257 | €444,953 | €254,259 | €63,565 | ▼ 75.0% |
| Tangible fixed assets22/27 | €17.7m | €20.7m | €21.9m | €20.6m | €18.6m | ▼ 9.4% |
| Land and buildings22 | €9.7m | €12.3m | €11.9m | €11.4m | €11.3m | ▼ 1.1% |
| Plant, machinery and equipment23 | €7.8m | €7.5m | €6.4m | €7.1m | €5.9m | ▼ 16.1% |
| Furniture and vehicles24 | €163,152 | €538,514 | €1.2m | €1.3m | €1.2m | ▼ 10.2% |
| Assets under construction and advance payments27 | €30,216 | €286,425 | €2.4m | €780,044 | €253,612 | ▼ 67.5% |
| Financial fixed assets28 | €34,600 | €144,498 | €144,498 | €117,498 | €117,498 | = |
| Other financial fixed assets284/8 | €34,600 | €144,498 | €144,498 | €117,498 | €117,498 | = |
| Amounts receivable and cash guarantees285/8 | €34,600 | €144,498 | €144,498 | €117,498 | €117,498 | = |
| Current assets29/58 | €18.2m | €20.0m | €21.0m | €24.2m | €27.6m | ▲ 14.1% |
| Stocks and contracts in progress3 | €980,549 | €428,819 | €575,596 | €882,908 | €1.2m | ▲ 31.7% |
| Stocks30/36 | €980,549 | €428,819 | €575,596 | €882,908 | €1.2m | ▲ 31.7% |
| Raw materials and consumables30/31 | €980,549 | €428,819 | €575,596 | €882,908 | €1.2m | ▲ 31.7% |
| Amounts receivable within one year40/41 | €12.8m | €14.4m | €13.3m | €14.1m | €11.8m | ▼ 16.6% |
| Trade receivables40 | €12.5m | €14.0m | €12.9m | €13.8m | €11.5m | ▼ 16.7% |
| Other amounts receivable41 | €274,859 | €377,339 | €459,437 | €262,150 | €238,455 | ▼ 9.0% |
| Cash at bank and in hand54/58 | €4.2m | €5.2m | €7.1m | €9.1m | €14.6m | ▲ 59.4% |
| Deferred charges and accrued income490/1 | €282,477 | €25,819 | €12,952 | €24,105 | €53,405 | ▲ 122% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €36.0m | €40.8m | €43.5m | €45.1m | €46.4m | ▲ 2.9% |
| Equity10/15 | €31.5m | €35.3m | €36.0m | €38.2m | €39.6m | ▲ 3.6% |
| Contributions10/11 | €2.3m | €2.3m | €2.3m | €2.3m | €2.3m | = |
| Capital10 | €2.3m | €2.3m | €2.3m | €2.3m | €2.3m | = |
| Issued capital100 | €2.3m | €2.3m | €2.3m | €2.3m | €2.3m | = |
| Revaluation surpluses12 | €6.3m | €8.4m | €7.4m | €6.4m | €5.4m | ▼ 15.7% |
| Reserves13 | €2.6m | €3.4m | €4.4m | €5.4m | €6.4m | ▲ 18.4% |
| Non-distributable reserves130/1 | €285,920 | €285,920 | €285,920 | €285,920 | €285,920 | = |
| Legal reserve130 | €285,920 | €285,920 | €285,920 | €285,920 | €285,920 | = |
| Tax-exempt reserves132 | €115,804 | €115,804 | €115,804 | €115,804 | €115,804 | = |
| Distributable reserves133 | €2.2m | €3.0m | €4.0m | €5.0m | €6.0m | ▲ 19.8% |
| Profit (loss) carried forward14 | €20.2m | €21.3m | €21.9m | €24.2m | €25.5m | ▲ 5.7% |
| Amounts payable17/49 | €4.5m | €5.5m | €7.5m | €6.9m | €6.8m | ▼ 1.2% |
| Amounts payable within one year42/48 | €4.5m | €5.1m | €7.3m | €6.7m | €6.5m | ▼ 3.0% |
| Financial debts43 | €154,142 | €5,447 | €172,152 | €2,165 | €399 | ▼ 81.6% |
| Credit institutions430/8 | €154,142 | €5,447 | €172,152 | €2,165 | €399 | ▼ 81.6% |
| Trade debts44 | €1.7m | €2.2m | €3.2m | €2.7m | €2.3m | ▼ 13.4% |
| Suppliers440/4 | €1.7m | €2.2m | €3.2m | €2.7m | €2.3m | ▼ 13.4% |
| Taxes, remuneration and social security45 | €2.6m | €3.0m | €3.9m | €4.0m | €4.2m | ▲ 4.1% |
| Taxes450/3 | €1.4m | €1.5m | €2.3m | €2.7m | €2.6m | ▼ 3.5% |
| Remuneration and social security454/9 | €1.2m | €1.4m | €1.6m | €1.3m | €1.6m | ▲ 19.7% |
| Accrued charges and deferred income492/3 | €23,790 | €403,251 | €277,134 | €179,185 | €295,412 | ▲ 64.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1.0m | €1.0m | €671,310 | €2.2m | €1.4m | ▼ 38.9% |
| + Depreciation and write-downs630 | €3.6m | €3.7m | €2.7m | €3.3m | €3.1m | ▼ 3.6% |
| Operating cash flow (approximation) | €4.6m | €4.7m | €3.4m | €5.5m | €4.5m | ▼ 18.0% |
| Investment in fixed assets (approximation) | - | -€6.8m | -€4.4m | -€1.7m | -€1.0m | ▲ 39.8% |
| Change in cash | - | €994,110 | €1.9m | €2.0m | €5.4m | ▲ 168% |
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
13-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
14-08
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 14 days late
2024
31-12
Financial
Highest result since 2018net €2.2m ▲235%
Operating result €3.4m, net result €2.2m, both a record.
04-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-12
Financial
Weakest financial yearnet €671,310 ▼34.5%
Net result drops to €671,310, the lowest in the series; recovery starts the following year.
27-06
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
29-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
31-12
Financial
Liquidity triplescurrent ratio 4.04
Current ratio from 1.58 to 4.04; short-term debt falls from €19.9m to €4.5m.
02-11
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 94 days late
02-02
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 186 days late
2019
31-12
Financial
Equity above €25mEq €29.4m ▲42.3%
2 profitable years in a row build equity to €29.4m.
21-06
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
13-12
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 135 days late
2017
18-07
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 26 acts read
About the unread acts
We know of 26 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
26 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, Ninove · 3 establishment units since 1980
Ground area
5.5 ha
Building footprint
3.1 ha
Volume, LiDAR
639 m³
3 parcels, Flanders · tallest building 10.6 m, ±1 floor. Linked by address, not a title deed.
3 establishment units
SUNCO
since 19802.019.577.216
REFRESCO
since 20142.227.530.764
REFRESCO
since 20222.338.369.496
3 parcels
Flanders
3
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 41362B0301/00B000 | Flanders | 3.0 ha | 1 · 2.0 ha | - |
| 41342B0680/00S000 | Flanders | 2.5 ha | 1 · 1.0 ha | - |
| 41362B0285/00K005indicative | Flanders | 249 m² | 1 · 118 m² | 10.6 m · 1 fl. |
Linked by address, not proof of ownership
Good to know
2 of 3 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Public money · subsidies and aid
Flemish government
2022 to 2025 · 8 entries · 58,687 EUR awarded · 58,687 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 2 | 6,584 EUR | 6,584 EUR |
| 2024 | 2 | 16,227 EUR | 16,227 EUR |
| 2023 | 2 | 20,744 EUR | 20,744 EUR |
| 2022 | 2 | 15,132 EUR | 15,132 EUR |
Recognitions · licences · registrations
Food safety, FASFC
3 sitesNinove2.019.577.216
Aalst2.338.369.496
Ninove2.227.530.764
Legal Entity Identifier
549300LL72N7PVWT2M10
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Of 97 companies in sector 11070 we hold annual accounts for 50. 11 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded17-12-1980
Fiscal year end31-12
Activities, NACEBEL 2025
11070Manufacture of beverages
E-invoicing
Reachable via Peppol
Peppol ID
0208:0421059776
Also
9925:BE0421059776
Registered
24-11-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.