REFUGES
ActiveSummary
REFUGES has been active since 2017 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€61,022) and a net result of €603. Equity is shrinking by about 13% per year across the filed financial years. Its solvency ranks better than 5% of 39,200 sector peers (NACE 70, financial year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Overview
- Staff
- ≈ 0.3 FTE, estimated
- Equity
- -€61,022
- Profit
- €603
Why 54raises riskCapped at 59: negative equityNegative equity -€61,022lowers riskSector: Activities of head offices; management consultancy activities (NACE 70)Size: total assets €46,818Liquidity: current ratio 0.32, cash €5,954Show the evidence
Checked score
About 3 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
How it is calculated
The band follows from the bankruptcy probability, on a scale where 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 70, micro): better than 3% on solvency, 7% on liquidity, 34% on profitability and 44% on growth.
The bankruptcy probability was computed on 29-10-2026 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. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
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Signals
This company filed its last 7 accounts on average 34 days after the deadline; the sector median (NACE 70) for financial year 2024 is 9 days before the deadline, and 32% of those companies filed late.
Searched, nothing found (2)
- Annual accounts filedfinancial year 2025 · micro…
- Annual accounts filedfinancial year 2024 · micro…
- Back to profitnet €19,190
Financials · financial year 2025, micro format
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result falls in 2025; 2025 is 93% below 2024.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 70, Activities of head offices; management consultancy activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Peer companies
Historical observationOf the 906 companies that looked in July 2024 the way this one looks now, 6.1% went bankrupt within 24 months and 89.4% are still going.
- Micro
- 5 to 10 years old
- negative equity
- a profit under 5% of the balance sheet
A further 0.4% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.3% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,445 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74.5% 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 906 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.
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | - | - | - | - | €10,476 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €10,334 | €5,629 | €5,785 | €5,996 | €3,402 | €805 | €1,963 | €3,037 | ▲ 54.7% |
| Other operating charges640/8 | - | - | - | €722 | €735 | €857 | €856 | €1,207 | ▲ 41.0% |
| Gross operating margin9900 | -€25,307 | €602 | €17,539 | €8,478 | -€12,791 | -€27,673 | €22,703 | €16,028 | ▼ 29.4% |
| Operating profit (loss)9901 | -€36,860 | -€9,175 | €10,451 | €1,760 | -€16,928 | -€29,335 | €19,885 | €1,308 | ▼ 93.4% |
| Financial income75/76B | - | - | - | €215 | €0 | - | €3 | - | - |
| Recurring financial income75 | - | €1 | €0 | €215 | €0 | - | €3 | - | - |
| Financial charges65/66B | - | - | - | €807 | €1,348 | €1,167 | €548 | €481 | ▼ 12.3% |
| Recurring financial charges65 | €3,198 | €1,725 | €4,554 | €807 | €1,348 | €1,167 | €548 | €481 | ▼ 12.3% |
| Profit (loss) for the period before taxes9903 | -€40,058 | -€10,899 | €5,897 | €1,168 | -€18,276 | -€30,502 | €19,340 | €828 | ▼ 95.7% |
| Income taxes67/77 | - | - | €117 | €175 | €121 | €135 | €150 | €224 | ▲ 50.1% |
| Profit (loss) for the period9904 | -€40,058 | -€10,899 | €5,780 | €993 | -€18,396 | -€30,637 | €19,190 | €603 | ▼ 96.9% |
| Profit (loss) for the period to be appropriated9905 | -€40,058 | -€10,899 | €5,780 | €993 | -€18,396 | -€30,637 | €19,190 | €603 | ▼ 96.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €22,597 | €26,785 | €30,265 | €19,572 | €6,153 | €18,571 | €49,852 | €46,818 | ▼ 6.1% |
| Fixed assets21/28 | €20,804 | €13,285 | €10,052 | €4,378 | €976 | €2,456 | €14,887 | €12,513 | ▼ 15.9% |
| Intangible fixed assets21 | - | - | - | - | - | €516 | €3,867 | €2,948 | ▼ 23.8% |
| Tangible fixed assets22/27 | €20,804 | €13,285 | €10,009 | €4,335 | €933 | €1,897 | €10,977 | €9,312 | ▼ 15.2% |
| Plant, machinery and equipment23 | - | - | - | €2,618 | - | €1,718 | €5,028 | €3,963 | ▼ 21.2% |
| Furniture and vehicles24 | - | - | - | €1,717 | €933 | €179 | - | - | - |
| Other tangible fixed assets26 | - | - | - | - | - | - | €5,949 | €5,349 | ▼ 10.1% |
| Financial fixed assets28 | - | - | €43 | €43 | €43 | €43 | €43 | €253 | ▲ 485% |
| Current assets29/58 | €1,792 | €13,500 | €20,213 | €15,193 | €5,177 | €16,115 | €34,965 | €34,305 | ▼ 1.9% |
| Stocks and contracts in progress3 | - | - | - | - | - | €11,680 | €21,630 | €22,030 | ▲ 1.8% |
| Stocks30/36 | - | - | - | - | - | €11,680 | €21,630 | €22,030 | ▲ 1.8% |
| Amounts receivable within one year40/41 | €1,792 | €13,497 | €15,831 | €14,468 | €3,939 | €1,520 | €12,032 | €4,054 | ▼ 66.3% |
| Trade receivables40 | - | - | - | €9,941 | - | €166 | €3,163 | €618 | ▼ 80.5% |
| Other amounts receivable41 | - | - | - | €4,527 | €3,939 | €1,354 | €8,869 | €3,436 | ▼ 61.3% |
| Cash at bank and in hand54/58 | - | €3 | €4,110 | €41 | €330 | €2,033 | €241 | €5,954 | ▲ 25× |
| Deferred charges and accrued income490/1 | - | - | - | €684 | €908 | €882 | €1,062 | €2,267 | ▲ 113% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €22,597 | €26,785 | €30,265 | €19,572 | €6,153 | €18,571 | €49,852 | €46,818 | ▼ 6.1% |
| Equity10/15 | -€27,658 | -€38,556 | -€32,776 | -€31,783 | -€50,179 | -€80,816 | -€61,626 | -€61,022 | ▲ 1.0% |
| Contributions10/11 | €12,400 | €12,400 | - | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Profit (loss) carried forward14 | -€40,058 | -€50,956 | -€45,176 | -€44,183 | -€62,579 | -€93,216 | -€74,026 | -€73,422 | ▲ 0.8% |
| Amounts payable17/49 | €50,254 | €65,341 | €63,041 | €51,355 | €56,333 | €99,387 | €111,478 | €107,840 | ▼ 3.3% |
| Amounts payable after more than one year17 | €30,561 | €25,826 | €21,636 | €16,435 | €5,138 | - | - | - | - |
| Financial debts170/4 | - | - | - | €16,435 | €5,138 | - | - | - | - |
| Amounts payable within one year42/48 | €19,693 | €39,390 | €41,129 | €34,540 | €51,175 | €99,383 | €111,446 | €107,823 | ▼ 3.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €12,409 | €13,759 | €8,358 | - | - | - |
| Trade debts44 | €2,300 | €9,307 | €4,245 | €8,304 | €6,832 | €25,997 | €26,309 | €11,287 | ▼ 57.1% |
| Suppliers440/4 | - | - | - | €8,304 | €6,832 | €25,997 | €26,309 | €11,287 | ▼ 57.1% |
| Advances received on contracts in progress46 | - | - | - | - | - | €6,795 | €8,315 | €3,480 | ▼ 58.1% |
| Taxes, remuneration and social security45 | - | - | - | €3,980 | €241 | €255 | €282 | €2,045 | ▲ 626% |
| Taxes450/3 | - | - | - | €3,980 | €241 | €255 | €282 | €955 | ▲ 239% |
| Remuneration and social security454/9 | - | - | - | - | - | - | - | €1,090 | - |
| Other amounts payable47/48 | - | - | - | €9,848 | €30,343 | €57,977 | €76,540 | €91,010 | ▲ 18.9% |
| Accrued charges and deferred income492/3 | - | - | - | €379 | €20 | €5 | €32 | €18 | ▼ 44.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€40,058 | -€10,899 | €5,780 | €993 | -€18,396 | -€30,637 | €19,190 | €603 | ▼ 96.9% |
| + Depreciation and write-downs630 | €10,334 | €5,629 | €5,785 | €5,996 | €3,402 | €805 | €1,963 | €3,037 | ▲ 54.7% |
| Operating cash flow (approximation) | -€29,723 | -€5,270 | €11,565 | €6,989 | -€14,994 | -€29,832 | €21,153 | €3,640 | ▼ 82.8% |
| Investment in fixed assets (approximation) | - | €1,891 | -€2,552 | -€322 | €0 | -€2,285 | -€14,394 | -€663 | ▲ 95.4% |
| Change in cash | - | - | €4,107 | -€4,069 | €289 | €1,702 | -€1,792 | €5,713 | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Filings with the National Bank (8)
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | micro format | 31-07-2026 | 2026-00363612 |
| 31-12-2024 | micro format | 29-08-2025 | 2025-00436779 |
| 31-12-2023 | micro format | 29-08-2024 | 2024-00435414 |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00397062 |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20404138 |
| 31-12-2020 | micro format | 30-08-2021 | 2021-61800242 |
| 31-12-2019 | micro format | 30-10-2020 | 2020-66000281 |
| 31-12-2018 | micro format | 29-08-2019 | 2019-56900586 |
Similar companies · same sector and region
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Not every act has been read: a resignation may still be missing
Mandate history
- Board
| Name | Functions and periods |
|---|---|
| GERARDY Céline |
|
Owners and capital
Capital and shareholders
- 28-10-2024 Capital conversion · mise à disposition pour distributions futures
Group and network
Connections & network
1 current directorThe network starts from this company’s directors. Other companies they run appear here as nodes.
History
Acts, filings and financial milestones
28-10
Gazette deed
Appointment: GERARDY Céline (sole director)Permanent representative: GERARDY Céline · Name change · Capital conversion14 facts ▸
- Other provision, “adaptation des statuts aux dispositions du Code des sociétés et des associations”, 1 (deed in French)
- Name change, REFUGES
- Other provision, “modification de l’objet, comme dit ci-après” (deed in French)
- Other provision, “adaptation du capital au Code des sociétés et des associations”, 5 (deed in French)
- Capital conversion, “mise à disposition pour distributions futures” (deed in French)
- Amendment of the articles
- Capital, €18,600
- Power of attorney, Frédéric MAGNUS
- Director appointment, GERARDY Céline (sole director)
- Registered office clause, “6920 Wellin (Sohier), Rue de l’Eglise”, 45 (deed in French)
- Permanent representative, GERARDY Céline
- Power of attorney
- +2 further facts in this act
About the unread acts
Of the 3 Belgian Official Gazette deeds we know for this company, 1 has been read. The other 2 have not been read yet: what they contain is neither established nor disproved here.
Register details
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Environmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.
Sites & property
1 establishment unit
2 parcels
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 25112B0115/00_000 | Wallonia | 2,124 m² | 1 · 1,179 m² | 9.2 m · 2 |
| 91035A1233/00A002 | Wallonia | 58 m² | 1 · 104 m² | 8.7 m · 1 |
How the parcels are linked
Articles of association
What the company does
- DurationHow long the company exists; usually unlimited, so until it is dissolved.
- Unlimited
- Name clauseThe name the company operates under according to its articles.
- REFUGES
- Registered office clauseThe region of the registered office; it decides among other things the language of official documents.
- “Région Wallonne, sièges administratifs,d’exploitation,agences et succursales en Belgique ou à l’étranger par simple décision de l’organe…” (deed in French)
Who represents it, and how
- Board ruleHow the board is made up, meets and takes decisions.
- “15, un ou plusieurs administrateurs physiques ou morales actionnaires ou non” (deed in French)“17, assemblée générale” (deed in French)
Capital, shares and profit
- Kind of sharesWhich classes of shares exist and what rights each class carries.
- “Nominatives, titulaires peuvent prendre connaissance pour leurs titres” (deed in French)
- Transfer restrictionWhether shareholders may sell their shares freely or need approval first.
- “Prix notification initiale, moitié cédant/moitié acquéreurs au prorata” (deed in French)
- Share issue ruleHow and by whom new shares can be issued.
- “Courrier électronique,ou courrier ordinaire même jour si pas d’adresse électronique, organe qui procède à l’émission” (deed in French)
Oversight and winding up
- Dissolution ruleWhen and by whom the company can be dissolved.
- “Prévues pour modifications aux statuts, assemblée générale” (deed in French)
- Liquidation ruleHow assets are shared after dissolution: creditors first, then shareholders.
- “Administrateur(s) en fonction désignés liquidateur(s) en vertu des statuts si aucun autre désigné, désigner un ou plusieurs liquidateurs et…” (deed in French)