Debts
€215,099 98% of the balance sheet
REFX
Lifetime
2 annual accounts with figures on one time axispeak €773 (2025)
€773▲ €2,425
lowest -€1,815 (2024)
€220▲ €2,035
peak €3,405 (2025)
€3,405▲ 6.9%
€215,099▲ 48×
Board1 name since 2024
1 directorALTENHOVEN Théo
Documentsfilings and deeds
17-06-202644 days before the deadline
2025micro format
Gross margin from -€1,652 to €773Back to profit: €220Debts from €4,499 to €215,099Cash from €129 to €4,051
Key points
from the 2025 annual accountsInvestments
€826 1.8 × depreciation
Green is investment, beige is depreciation.
Liquidity
0.54 was 1.33 in 2024
Short-term debts rose from €4,499 to €215,099.
Checked score
69
Healthy
Financially stronger than 36% of micro companies in real estate (NACE 68)
Probability in this band: 0.55% to 1.5%
Bankruptcy probability within 12 months
0.7% Low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.2% across 26,626 companies (NACE 68, micro).
About 7 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
05-2025: 0.6%
06-2025: 0.6%● unchanged vs 05-2025
07-2025: 0.7%▲ +0.1 percentage points vs 06-2025highest value
08-2025: 0.5%▼ -0.2 percentage points vs 07-2025lowest value
09-2025: 0.5%● unchanged vs 08-2025
10-2025: 0.5%● unchanged vs 09-2025
11-2025: 0.5%● unchanged vs 10-2025
12-2025: 0.5%● unchanged vs 11-2025
01-2026: 0.5%● unchanged vs 12-2025
02-2026: 0.5%● unchanged vs 01-2026
03-2026: 0.5%● unchanged vs 02-2026
04-2026: 0.6%▲ +0.1 percentage points vs 03-2026
05-2026: 0.6%● unchanged vs 04-2026
06-2026: 0.6%● unchanged vs 05-2026
07-2026: 0.7%▲ +0.1 percentage points vs 06-2026
08-2026: 0.7%● unchanged vs 07-2026
09-2026: 0.7%● unchanged vs 08-2026
10-2026: 0.7%● unchanged vs 09-2026
11-2026: 0.7%● unchanged vs 10-2026
Financial strengthWeak
Score breakdown
raises risk
Founded in 2024
Liquidity: current ratio 0.54, cash €4,051
lowers risk
Sector: Real estate activities (NACE 68)
Size: total assets €218,504
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 68, micro). It does better than 21% of them on solvency, 6% on liquidity, 56% on profitability and 62% on growth.
The bankruptcy probability was computed on 09-11-2026 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.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the low class on 30-06-2025, 0.8% went bankrupt within twelve months.
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).
Comparable companies, two years later
In July 2024, 2,135 companies had the same profile as REFX has now. Each dot stands for 6 companies, two years later.
92.1%
were still trading
2.3%
stopped another way
5.2%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of REFX itself is lower: 0.7% within 12 months. It rests on far more data about REFX than the profile alone.
Test of the method
The method was tested on the 497,447 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 2,135 companies, not a prediction for REFX. 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.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
lowers riskraises riskneutral
raises risk · Weak solvency compared with the sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 22% of 17190 sector peers (2025).
NBB · sector comparisonPosition among 17190 sector peers
Solvency
better than 22%
← 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 17-06-2026, 44 days ahead of the deadline.
NBB · 2 filingsDeviation from the deadline
2025
44 days early
2024
34 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 2 accounts on average 39 days before the deadline. In the sector (NACE 68), the median for financial year 2024 was 7 days before the deadline, and 36% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsWhere today falls in the filing period
10-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
- ALTENHOVEN Théo 1,000 sharesdeed of 22-04-2024
Shares in 1 company, Mamer Shop
Board & ownershipRecent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:1008549877
Incorporation
Founding capital of €5,000, 1,000 shares · Founder: ALTENHOVEN Théo · Appointment: ALTENHOVEN Théo (director) · published on 22-04-2024 · Gazette deed
First establishment
Rue de la Bichetour,Curfoz 45, Bouillon
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| REFX Bouillon | €218,504 | €773 | 1.6% | - |
| ALMM SRL Arlon | €266,633 | -€8,440 | -17.6% | - |
| EL-CO + Etalle | €231,378 | -€3,655 | 3.1% | - |
| Mêzo Olen | €214,972 | -€9,930 | -11.8% | - |
| IMOCA GROUP Lasne | €215,272 | -€3,348 | -6.2% | - |
| Immobilière Dauby Thuin | €205,535 | -€15,172 | 9.4% | - |
| DGC Projects Mol | €243,938 | -€9,571 | -5.4% | - |
These companies have the same main activity as REFX: development of residential building projects (NACE 68121). They are comparable in size and age: total assets between €206,000 and €267,000, founded between 2023 and 2024.
Official details
Source: KBO- Status
- Active since 18-04-2024Normal situation
- Activity
- Development of residential building projectsNACE 68121and 3 others
- Establishment unit
- 2.360.001.7836832 Bouillon, since 18-04-2024
- Financial year end
- 31 December
- Peppol
- Reachable since 13-10-2025
Annual accounts 2025
- ≈ €3,200estimated
- €218,504▲ 28×
- Filing
- Filed on 17-06-2026, 44 days before the end of the filing period
Insights on REFX
REFX has been active since 2024 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €3,405 and a net result of €220.
Its solvency ranks better than 22% of 17,190 sector peers (NACE 68, financial year 2025). The computed 12-month bankruptcy probability is 0.7% (low).
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about REFX
- What is the company number of REFX?
- The company number of REFX is 1008.549.877. The VAT number is the same number with BE in front: BE 1008.549.877.
- Where is REFX based?
- The registered office is at Rue de la Bichetour,Curfoz 45, 6832 Bouillon.Company details
- What does REFX do?
- According to the KBO register, the main activity is development of residential building projects (NACE 68121).
- What is the legal form of REFX?
- REFX is a private limited company (BV).
- When was REFX founded?
- REFX was founded on 18-04-2024.
- Is REFX still active?
- Yes, REFX is an active enterprise in the KBO register.
- What is the turnover of REFX?
- The turnover in financial year 2025 is ≈ €3,200. This figure is estimated from the gross margin of €773 and 48 comparable companies (NACE 68121). It probably lies between €1,600 and €10,000. It is a rough estimate.Financials
- Is REFX profitable?
- In financial year 2025, REFX made a profit of €220.
- Where can I find the annual accounts of REFX?
- REFX filed 2 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of REFX due?
- REFX must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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