REFRESH GROUP
ActiveSummary
The computed 12-month bankruptcy probability of REFRESH GROUP is 4.7% (elevated). The 2025 annual accounts show equity of €26k and a net result of €-3k. Equity is growing by ~8.2% per year across the filed fiscal years. Its solvency ranks better than 43% of 27965 sector peers (fiscal year 2025). The company has been active since 2021 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
Axes · tick = 2024
Profitability50▼-50
Solvency66▼-34
Growth52▼-26
Track record94
Bankruptcy probability, 12 months
4.7%
Elevated
0%0.5%1.5%4%10%≥ 25%
Credit up to €1k at 30 days only on tighter terms
Liquidity ample (current ratio 1.58 against 4.25 in 2024; short-term debt: 59% and cash: 18.3% of total assets), but 59% of the assets are financed with debt.
Credit check 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 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← fewer bankruptcies
more bankruptcies →
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
41%
Return on assets
-4.4%
Age of the figures
9 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 27-08-2026, 27 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 · 5 filingsDeviation from the deadline
2025
27 d late
2024
23 d early
2023
30 d late
2022
31 d late
2021
38 d early
← before the deadline
after the deadline →
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
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€26k▼ 49.5%
2024 · €52k
2021: €20klowest in 5 years
2022: €27k▲ +33.6% vs 2021
2023: €26k▼ -4.3% vs 2022
2024: €52k▲ +101% vs 2023highest in 5 years
2025: €26k▼ -49.5% vs 2024
2021 → 2025
Total assets
€64k▼ 0.6%
2024 · €65k
2021: €24klowest in 5 years
2022: €33k▲ +36.9% vs 2021
2023: €37k▲ +13.1% vs 2022
2024: €65k▲ +74.5% vs 2023highest in 5 years
2025: €64k▼ -0.6% vs 2024
2021 → 2025
Net result
€-3k
2024 · €29k
2021: €15k
2022: €7k▼ -55.1% vs 2021
2023: €-1k▼ -117% vs 2022
2024: €29k▲ +2610% vs 2023highest in 5 years
2025: €-3k▼ -110% vs 2024lowest in 5 years
2021 → 2025
Working capital
€22k▼ 45.9%
2024 · €41k
2021: €19k
2022: €18k▼ -9.4% vs 2021
2023: €7k▼ -60.4% vs 2022lowest in 5 years
2024: €41k▲ +481% vs 2023highest in 5 years
2025: €22k▼ -45.9% vs 2024
2021 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€20k-€27k▲ 33.6%€26k▼ 4.3%€52k▲ 101%€26k▼ 49.5%
2021: €20klowest in 5 years
2022: €27k▲ +33.6% vs 2021
2023: €26k▼ -4.3% vs 2022
2024: €52k▲ +101% vs 2023highest in 5 years
2025: €26k▼ -49.5% vs 2024
Operating result€15k-€8k▼ 45.2%€4k▼ 54.6%€38k▲ 895%€-2k
2021: €15k
2022: €8k▼ -45.2% vs 2021
2023: €4k▼ -54.6% vs 2022
2024: €38k▲ +895% vs 2023highest in 5 years
2025: €-2k▼ -104% vs 2024lowest in 5 years
Net result€15k-€7k▼ 55.1%€-1k€29k€-3k
2021: €15k
2022: €7k▼ -55.1% vs 2021
2023: €-1k▼ -117% vs 2022
2024: €29k▲ +2610% vs 2023highest in 5 years
2025: €-3k▼ -110% vs 2024lowest in 5 years
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 €2k after €38k in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €64k
Fixed assets
€4k ▼ 61.9%
Current assets
€60k ▲ 13.0%
Equity and liabilities €64k
Equity
€26k ▼ 49.5%
Debt
€38k ▲ 205%
Debt's share of the balance-sheet total rises from 19.3% to 59.0%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€6k▼
2024 · €45k
Cash flow
€4k▼
2024 · €36k
Current ratio
1.58▼
2024 · 4.25
Quick ratio
1.42▼
2024 · 3.77
Debt to equity
1.44▲
2024 · 0.24
ROE
-10.8%▼
2024 · 55.5%
ROA
-4.4%▼
2024 · 44.8%
Interest coverage
4.39▼
2024 · 88.80
Debt ≤ 1 year
€38k▲
2024 · €12k
Income taxes
€869▼
2024 · €8k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 41 lines
Balance sheet
Code20242025
Assets
Total assets20/58€65k€64k▼
Fixed assets21/28€12k€4k▼
Tangible fixed assets22/27€12k€4k▼
Plant, machinery and equipment23€2k€239▼
Furniture and vehicles24€10k€4k▼
Current assets29/58€53k€60k▲
Stocks and contracts in progress3€6k€6k=
Stocks30/36€6k€6k=
Amounts receivable within one year40/41€17k€42k▲
Trade receivables40€14k€9k▼
Other amounts receivable41€3k€32k▲
Cash at bank and in hand54/58€29k€12k▼
Deferred charges and accrued income490/1€338€370▲
Equity and liabilities
Total equity and liabilities10/49€65k€64k▼
Equity10/15€52k€26k▼
Contributions10/11€19k€19k=
Profit (loss) carried forward14€34k€8k▼
Amounts payable17/49€12k€38k▲
Amounts payable within one year42/48€12k€38k▲
Trade debts44€309€3k▲
Suppliers440/4€309€3k▲
Taxes, remuneration and social security45€12k€16k▲
Taxes450/3€12k€12k▼
Remuneration and social security454/9-€4k
Other amounts payable47/48-€19k
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€7k€7k▼
Other operating charges640/8€1k€1k▼
Gross operating margin9900€46k€7k▼
Operating profit (loss)9901€38k€-2k▼
Financial income75/76B€180€850▲
Recurring financial income75€180€850▲
Financial charges65/66B€505€1k▲
Recurring financial charges65€505€1k▲
Profit (loss) for the period before taxes9903€37k€-2k▼
Income taxes67/77€8k€869▼
Profit (loss) for the period9904€29k€-3k▼
Profit (loss) for the period to be appropriated9905€29k€-3k▼
Appropriation of the result
Profit (loss) to be appropriated9906€50k€31k▼
Profit (loss) brought forward from the previous period14P€21k€34k▲
Profit to be distributed694/7€16k€23k▲
Return on contributions (dividend)694€16k€23k▲
The notes to these accounts (4 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €9 | €3k | €3k | €7k | €7k | ▼ 0.2% |
| Other operating charges640/8 | - | - | - | €1k | €1k | ▼ 3.0% |
| Gross operating margin9900 | €15k | €11k | €7k | €46k | €7k | ▼ 85.2% |
| Operating profit (loss)9901 | €15k | €8k | €4k | €38k | €-2k | ▼ 104% |
| Financial income75/76B | - | €250 | - | €180 | €850 | ▲ 372% |
| Recurring financial income75 | - | €250 | - | €180 | €850 | ▲ 372% |
| Financial charges65/66B | €6 | €26 | €60 | €505 | €1k | ▲ 158% |
| Recurring financial charges65 | €6 | €26 | €60 | €505 | €1k | ▲ 158% |
| Profit (loss) for the period before taxes9903 | €15k | €9k | €4k | €37k | €-2k | ▼ 105% |
| Income taxes67/77 | - | €2k | €5k | €8k | €869 | ▼ 89.5% |
| Profit (loss) for the period9904 | €15k | €7k | €-1k | €29k | €-3k | ▼ 110% |
| Profit (loss) for the period to be appropriated9905 | €15k | €7k | €-1k | €29k | €-3k | ▼ 110% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €24k | €33k | €37k | €65k | €64k | ▼ 0.6% |
| Fixed assets21/28 | €861 | €9k | €19k | €12k | €4k | ▼ 61.9% |
| Tangible fixed assets22/27 | €861 | €9k | €19k | €12k | €4k | ▼ 61.9% |
| Plant, machinery and equipment23 | - | €6k | €4k | €2k | €239 | ▼ 89.1% |
| Furniture and vehicles24 | €861 | €3k | €15k | €10k | €4k | ▼ 55.6% |
| Current assets29/58 | €23k | €23k | €18k | €53k | €60k | ▲ 13.0% |
| Stocks and contracts in progress3 | - | €10k | €6k | €6k | €6k | = |
| Stocks30/36 | - | €10k | €6k | €6k | €6k | = |
| Amounts receivable within one year40/41 | €7k | €9k | €4k | €17k | €42k | ▲ 142% |
| Trade receivables40 | - | €9k | €1k | €14k | €9k | ▼ 33.2% |
| Other amounts receivable41 | €7k | €738 | €2k | €3k | €32k | ▲ 942% |
| Cash at bank and in hand54/58 | €16k | €4k | €8k | €29k | €12k | ▼ 60.0% |
| Deferred charges and accrued income490/1 | - | - | - | €338 | €370 | ▲ 9.3% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €24k | €33k | €37k | €65k | €64k | ▼ 0.6% |
| Equity10/15 | €20k | €27k | €26k | €52k | €26k | ▼ 49.5% |
| Contributions10/11 | €5k | €5k | €5k | €19k | €19k | = |
| Profit (loss) carried forward14 | €15k | €22k | €21k | €34k | €8k | ▼ 76.9% |
| Amounts payable17/49 | €4k | €6k | €11k | €12k | €38k | ▲ 205% |
| Amounts payable within one year42/48 | €4k | €6k | €11k | €12k | €38k | ▲ 205% |
| Trade debts44 | €407 | - | €261 | €309 | €3k | ▲ 942% |
| Suppliers440/4 | €407 | - | €261 | €309 | €3k | ▲ 942% |
| Taxes, remuneration and social security45 | €3k | €2k | €3k | €12k | €16k | ▲ 30.6% |
| Taxes450/3 | €3k | €2k | €3k | €12k | €12k | ▼ 3.0% |
| Remuneration and social security454/9 | - | - | - | - | €4k | - |
| Other amounts payable47/48 | - | €3k | €8k | - | €19k | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €15k | €7k | €-1k | €29k | €-3k | ▼ 110% |
| + Depreciation and write-downs630 | €9 | €3k | €3k | €7k | €7k | ▼ 0.2% |
| Operating cash flow (approximation) | €15k | €9k | €2k | €36k | €4k | ▼ 87.9% |
| Investment in fixed assets (approximation) | - | €-11k | €-13k | €0 | €0 | - |
| Change in cash | - | €-12k | €4k | €21k | €-18k | ▼ 183% |
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
27-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 27 days late
2025
31-12
Financial
Weakest financial yearnet €-3k
Net result drops to €-3k, the lowest in the series.
08-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Back to profitnet €29k
Net result €29k after one loss-making year.
31-12
Financial
Liquidity triplescurrent ratio 4.25
Current ratio from 1.63 to 4.25.
30-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 30 days late
2023
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 31 days late
2022
23-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 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
2 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, Elsene · 1 establishment unit since 2021
Ground area
700 m²
Building footprint
700 m²
Volume, LiDAR
16,134 m³
Parcel 21807G0120/00L005, Brussels · tallest building 32.2 m, ±9 floors. Linked by address, not a title deed.
176
companies at this address
See who is registered here
1 establishment unit
REFRESH GROUP
since 20212.316.623.581
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21807G0120/00L005 | Brussels | 700 m² | 1 · 700 m² | 32.2 m · 9 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 9,534 companies in sector 43222 we hold annual accounts for 5,664. 3,876 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded01-04-2021
Fiscal year end31-12
Activities, NACEBEL 2025
43222Installation of electric heating, air conditioning, cooling and ventilation
Contact
Scores and ratios are computed by Checked and are not a credit decision.