REFRITECH
ActiveSummary
The computed 12-month bankruptcy probability of REFRITECH is 2.0% (moderate). The 2025 annual accounts show equity of €39,046 and a net result of €21,268. Equity has been growing by about 68% per year since 2023. Its solvency ranks better than 40% of 34,946 sector peers (NACE 43, financial year 2025). The company has been active since 2023 and the Belgian Official Gazette contains no insolvency or warning signals.
Overview
Overview
Official details
Source: KBO- Status
- Active since 09-02-2023 Normal situation
- Activity
- General electrical installation work NACE 43211and 5 others
- Establishment unit
- 2.342.515.653 5190 Jemeppe-sur-Sambre, since 09-02-2023
- Financial year end
- 31 December
- Peppol
- Reachable since 17-12-2025
Board and ownership
- Maxime MichauxDirector · since 09-02-2023
- Michel MichauxDirector · since 09-02-2023
Financial position
- Bankruptcy probabilitywithin 12 months
- 2.0%
- Gross margin
- €37,265
- ▲ 265%
- Turnover
- ≈ €170,000
- estimated
- Profit
- €21,268
- ▲ 644%
- Equity
- €39,046
- ▲ 120%
- Total assets
- €102,919
- ▲ 80.3%
- 2025 accounts filed 75 days after the deadline
Score breakdownraises riskLast filed accounts filed 75 days late; 3 of the last 3 accounts lateSize: total assets €102,919Founded in 2023lowers riskLiquidity: current ratio 1.94, cash €15,885Show the evidence
Checked score
About 2 in 100 comparable companies go bankrupt within 12 months (an estimate).
Calculation
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 43, micro). It does better than 40% of them on solvency, 50% on liquidity, 81% on profitability and 93% on growth.
The bankruptcy probability was computed on 01-11-2026 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.
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).
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
The company filed its last 3 accounts on average 85 days after the deadline. In the sector (NACE 43), the median for financial year 2024 was 1 day before the deadline, and 43% of those companies filed late.
Searched, nothing found (2)
Financials
Financials · financial year 2025, micro format
2025 annual accounts filed 75 days after the deadline Filed on 14 October 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00563234.
Annual accounts 2025 filed on 14-10-2026 at the NBB all 3 filings
2023 to 2025, 3 financial years
The operating result for 2025 is 6.5 times that of 2024 and the highest since 2023. It is a recovery after the fall in 2024.
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
The EBIT margin is the share of each euro of turnover left from operations. The return on assets is what the assets earn.
The higher the solvency, the better the company absorbs a setback.
A ratio above 1 means the short-term assets cover the short-term debts.
Use the arrow keys on the chart for the figures per year.
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30. The dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio and return on assets (ROA).
Investments
| Item | 2023 | 2024 | 2025 |
|---|---|---|---|
| Tangible fixed assets | - | €21,825 | €27,307 |
| Depreciation and write-downs of the year | €1,950 | €5,082 | €9,761 |
Source: notes to the 2023 to 2025 annual accounts (statement of fixed assets)
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,950 | €5,082 | €9,761 | ▲ 92.1% |
| Other operating charges640/8 | €384 | €1,055 | €1,034 | ▼ 2.0% |
| Gross operating margin9900 | €24,711 | €10,199 | €37,265 | ▲ 265% |
| Operating profit (loss)9901 | €22,377 | €4,062 | €26,470 | ▲ 552% |
| Financial income75/76B | €3 | €186 | €980 | ▲ 427% |
| Recurring financial income75 | €3 | €186 | €980 | ▲ 427% |
| Financial charges65/66B | €59 | €718 | €1,546 | ▲ 115% |
| Recurring financial charges65 | €59 | €718 | €1,546 | ▲ 115% |
| Profit (loss) for the period before taxes9903 | €22,321 | €3,530 | €25,905 | ▲ 634% |
| Income taxes67/77 | €4,400 | €673 | €4,637 | ▲ 589% |
| Profit (loss) for the period9904 | €17,921 | €2,857 | €21,268 | ▲ 644% |
| Profit (loss) for the period to be appropriated9905 | €17,921 | €2,857 | €21,268 | ▲ 644% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €41,409 | €57,083 | €102,919 | ▲ 80.3% |
| Formation expenses20 | €386 | - | - | - |
| Fixed assets21/28 | - | €17,129 | €34,676 | ▲ 102% |
| Tangible fixed assets22/27 | - | €17,129 | €34,676 | ▲ 102% |
| Plant, machinery and equipment23 | - | €1,592 | €1,760 | ▲ 10.5% |
| Furniture and vehicles24 | - | €15,537 | €32,916 | ▲ 112% |
| Current assets29/58 | €41,023 | €39,954 | €68,243 | ▲ 70.8% |
| Amounts receivable within one year40/41 | €6,085 | €11,642 | €52,092 | ▲ 347% |
| Trade receivables40 | €6,085 | €11,642 | €52,092 | ▲ 347% |
| Cash at bank and in hand54/58 | €34,938 | €28,275 | €15,885 | ▼ 43.8% |
| Deferred charges and accrued income490/1 | - | €37 | €266 | ▲ 618% |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €41,409 | €57,083 | €102,919 | ▲ 80.3% |
| Equity10/15 | €14,921 | €17,778 | €39,046 | ▲ 120% |
| Contributions10/11 | €4,000 | €4,000 | €4,000 | = |
| Reserves13 | €10,000 | €13,000 | €35,000 | ▲ 169% |
| Distributable reserves133 | €10,000 | €13,000 | €35,000 | ▲ 169% |
| Profit (loss) carried forward14 | €921 | €778 | €46 | ▼ 94.1% |
| Amounts payable17/49 | €26,488 | €39,305 | €63,873 | ▲ 62.5% |
| Amounts payable after more than one year17 | - | €12,161 | €28,017 | ▲ 130% |
| Financial debts170/4 | - | €12,161 | €28,017 | ▲ 130% |
| Amounts payable within one year42/48 | €23,918 | €27,144 | €35,256 | ▲ 29.9% |
| Current portion of amounts payable after more than one year42 | - | €3,252 | €8,218 | ▲ 153% |
| Trade debts44 | €2,309 | €8,243 | €10,167 | ▲ 23.3% |
| Suppliers440/4 | €2,309 | €8,243 | €10,167 | ▲ 23.3% |
| Taxes, remuneration and social security45 | €13,236 | €11,094 | €10,585 | ▼ 4.6% |
| Taxes450/3 | €11,936 | €9,794 | €10,585 | ▲ 8.1% |
| Remuneration and social security454/9 | €1,300 | €1,300 | - | - |
| Other amounts payable47/48 | €8,373 | €4,555 | €6,286 | ▲ 38.0% |
| Accrued charges and deferred income492/3 | €2,570 | - | €600 | - |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | €17,921 | €2,857 | €21,268 | ▲ 644% |
| + Depreciation and write-downs630 | €1,950 | €5,082 | €9,761 | ▲ 92.1% |
| Operating cash flow (approximation) | €19,871 | €7,939 | €31,029 | ▲ 291% |
| Investment in fixed assets (approximation) | - | - | -€27,307 | - |
| Change in cash | - | -€6,663 | -€12,390 | ▼ 85.9% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 39,278 companies had the same profile as REFRITECH has now. Two years later, 1.8% had gone bankrupt and 95.9% were still going.
- Micro
- 2 to 5 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
That fits the bankruptcy probability of REFRITECH itself: 2.0% within 12 months.
Test of the method
The method was tested on the 497,446 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 39,278 companies, not a prediction for REFRITECH. 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.
Board & ownership
Directors
Owners and capital
Shareholders
- MODAVE Dominique 100 shares (100%) · €4,000 in cash
Capital transactions
- 13-02-2023 Incorporation · €4,000 · 100 shares
Mandate history
- Board
- began earlier
- end not dated
| Name | Functions and periods |
|---|---|
| Maxime Michaux |
|
| Michel Michaux |
|
| DominiqueModave |
|
| MODAVE Dominique |
|
Articles of association
- Authorised capitalThe board may raise the capital up to this amount without a new shareholder decision.
- “Jour fixé par la Loi comme point de départ, autorisation”
- Statutory auditorA statutory auditor is a registered auditor who checks the annual accounts. Small companies need not have one.
- No statutory auditor
Articles of association, deed of 13-02-2023 (in French)
Network & group
REFRITECH shares no director with another company.
Connections & network
2 current directorsThe network starts from the directors of REFRITECH. Every other company they run is a node.
Timeline
Acts, filings and financial milestones
04-09
Gazette deed
Resignation: DominiqueModave (director)2 points ▸
- General meeting, 28-02-2023
- Director resignation, DominiqueModave (director)
30-03
Gazette deed
Appointment: Michel Michaux (director)2 points ▸
- General meeting, 14-03-2023
- Director appointment, Michel Michaux (director)
16-03
Gazette deed
Appointment: Maxime Michaux (director)2 points ▸
- General meeting, 13-02-2023
- Director appointment, Maxime Michaux (director)
13-02
Gazette deed
IncorporationStarting capital €4,000 · Appointment: MODAVE Dominique (director) · Founder7 points ▸
- Incorporation, 08-02-2023
- Founder, MODAVE Dominique
- Founding capital, €4,000
- Bank account, “société en formation, libération des parts souscrites” (deed in French)
- Declaration, “décisions comparante à terme, article 2:6 Code des Sociétés et des Associations” (deed in French)
- Director appointment, MODAVE Dominique (director)
- Pre-incorporation commitments, “takeover, tous actes,opérations,facturations effectués au nom société en formation antérieurement” (deed in French)
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordRegistered office and establishments
Activities
NACEBEL 2025Codes under NACEBEL 2008
8 activities
- L’installation,le dépannage et la vente de cuisine professionnelle ainsi que de tout matériel de cuisine,l’installation électrique,la réfrigération commerciale,l’installation de climatisation et de ventilation,l’installation de systèmes de chauffage par pompe à chaleur
- L’aménagement d’intérieur
- Toutes opérations se rapportant directement ou indirectement à l'achat et la vente en gros et au détail,l'importation et l'exportation,la location,le leasing,la production et la distribution de tous véhicules neufs ou d'occasion pour les particuliers ou les professionnels
- Exclusivement pour son compte propre,la gestion productive et la valorisation,au sens le plus large,de son patrimoine comprenant tant des biens et droits immobiliers que mobiliers.Dans le cadre de cette gestion et de cette valorisation,la société peut acquérir,aliéner,donner et prendre en location tous biens et droits mobiliers ou immobiliers,ainsi que constituer tous droits,faire tout emprunt et accorder tout crédit,hypothécaire ou non,cette énumération n’étant pas limitative
- La société peut exercer les fonctions d’administrateur ou de liquidateur dans d’autres sociétés
- La société peut agir pour son compte personnel,en commission,comme intermédiaire ou comme représentant
- Accomplir toutes opérations mobilières ou immobilières,commerciales,industrielles et financières,se rapportant directement ou indirectement à son objet,ou qui seraient de nature à en faciliter directement ou indirectement,entièrement ou partiellement,la réalisation
- S’intéresser par voie d’apport,de fusion,de souscription ou de toute autre manière,dans toutes affaires,entreprises,associations,ou sociétés ayant un objet identique,analogue ou connexe au sien ou qui sont de nature à favoriser le développement de son entreprise,à lui procurer des matières premières ou à faciliter l’écoulement de ses produits,en Belgique ou à l’étranger
Invoicing and payment
Check the withholding obligation If you pay this company for building or cleaning work, check before every payment whether you must withhold part of the invoice. Use the enterprise number 0798.287.729
Financial year and general meeting
Accounts at the NBBSites & property
Buildings and parcels at the address
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 92091B0014/00K000 | Wallonia | 354 m² | 1 · 162 m² | - |