REIN4CED

In bankruptcy Public limited companyfounded 2015Diependaalweg 4a, 3020 HerentKBO/BCE: BE 0597.747.256

REIN4CED

Overview

Information for creditors

Enterprise Court of Leuven · Official Gazette of 05-01-2026

Appeal or third-party opposition 20-01-2026Filing the claim in RegSol 28-01-2026First verification report 05-02-2026Late claim until 29-12-2026

Ilse Van de Mieroptrusteeilse.vandemierop@dlapiper.com

How to file a late claim

Steps, deadlines and articles of law

The procedure

Court: Enterprise Court of Leuven
Supervising judge: Paul-Henri De Blay
Official Gazette: 05-01-2026

Deadlines

Provisional date payments stopped: 29 December 2025A later judgment can still change the date.art. XX.105, Code of Economic Law
Appeal or third-party opposition: passed on 20 January 2026art. XX.108, Code of Economic Law
Filing the claim in RegSol: passed on 28 January 2026art. XX.104 and XX.155, Code of Economic Law
First verification report: passed on 5 February 2026art. XX.104 and XX.194, Code of Economic Law
Late claim until: 29 December 2026A late claim shares only in what has not yet been paid out. You bear the costs of that claim.art. XX.165, Code of Economic Law

Trustee

Ilse Van de MieropWolstraat 70, 1000 Brussel 1ilse.vandemierop@dlapiper.com

Steps for a creditor

Stop delivering on credit unless the trustee agrees.
Gather your documents: invoices, purchase orders, contract, delivery notes and reminders.
The ordinary term has passed. File a late claim in RegSol (regsol.be) until 29 December 2026, yourself with eID or itsme, or through your lawyer. It shares only in what has not yet been paid out, and you bear the costs.
Ask your accountant about the VAT on the unpaid invoices. In a bankruptcy it can be recovered, subject to conditions.
Follow the file in RegSol. The verification report (admitted or disputed) and the trustee's reports appear there.

These deadlines come from the publication of the judgment. Check them in RegSol before you file anything. Once a deadline has passed, it is too late for that step.

If this company owes you money, you are not paid automatically. You file your claim yourself, within the deadline the judgment sets.

Follow Follow this bankruptcy and you are notified the next morning if it is closed or reversed.

This is general information, not legal advice. If in doubt, the trustee, your lawyer or your accountant can help.

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Lifetime

10 annual accounts with figures on one time axis

Compare with

Gross marginpeak -€86,191 (2015)

-€186,519▲ €95,999

Resultlowest -€7.3m (2022)

-€5.4m▲ €429,555

Equitypeak €8.4m (2021)

€58,052▼ 99.0%

Debts

€9.1m▲ 69.5%

Staffpeak 41.8 FTE (2022)

32 FTE▼ 20.4%

Board19 names since 2015all names

3 directorsCAPRICORN PARTNERS and 2 others

Owners6 names in the annual accounts

28.45%FININDUS and 3 others

Documentsfilings and deeds

02-06-202559 days before the deadline

2024abbreviated format

Gross margin from -€282,517 to -€186,519Loss of €5.4mStaff from 40.2 FTE to 32 FTEAmendment of the articles 22-07Capital increase of €0.05 to €399,218.80 15-05Equity from €5.8m to €58,052

Key points

from the 2024 annual accounts, the last ones filed

Equity

€58,052 from €8.4m in 2021

Equity fell by 99% in 3 years.

Losses

-€26.3m in ten years

Every financial year from 2015 to 2024 closed with a loss. 2022 was the heaviest.

Debts

€9.1m 98% of the balance sheet

Financial debts 34%Suppliers 6%Taxes and wages 3%Other 57%

€1.9m of the debts are secured on the company's own assets.

Staff

32 employees on 31-12-2024

In 2024, 2 people joined and 6 left.

Liquidity

0.20 was 0.66 in 2023

Short-term debts rose from €3.4m to €7.8m.

Filings

10 annual accounts 3 late

The 2017 accounts came latest: 7 days after the end of the period.

No scoreTurnover not published (abbreviated or micro format)

Board and ownership

YeYe

CEO, Johan Miermans

CAPRICORN PARTNERS

Director, Ludwig GORIS, since 01-04-2021

Participatiemaatschappij Vlaanderen

Director, Lieven DE JONGE, since 08-04-2022

PKF Bofidi Audit

Auditor, Jeroen Rans

FININDUS 35.65%equity €180.4m (2025) · 2025 annual accounts of FININDUS
Capricorn SCF 21.7%score 55equity €23.5m (2025) · 2025 annual accounts of Capricorn SCF
QUEST FOR GROWTHdeed of 22-07-2024

Board & ownership

Recent changes

05-01-2026

Bankruptcy published Enterprise Court of Leuven · judgment of 29-12-2025 · Bankruptcy

10-11-2025

Capital increase of €674,990 to €8,653,916.26 Capital from €7,978,926.26 to €8,653,916.26, 67,499 new shares · Gazette deed

04-08-2025

Resignation: INVEST FOR JOBS (director) Capital from €6,403,121.19 to €6,753,936.26, 52,620 new shares · Capital from €6,753,936.26 to €7,978,926.26, 122,499 new shares · Contributions: FININDUS NV (€175,479.45); Capricorn SCF NV (€109,584.91); QUEST FOR GROWTH NV (€65,750.71) · General meeting of 18-07-2025 · Gazette deed

24-07-2025

Capital increase of €6,003,902.39 to €6,403,121.19 Capital from €399,218.80 to €6,403,121.19, 150,095 new shares · General meeting of 07-07-2025 · Gazette deed

All 39 events

Official details

Source: KBO

Status: In bankruptcydeclared bankrupt on 29-12-2025
Activity: Manufacture of rubber and plastic productsNACE 22260
Joint committees: 207White-collar workers in the chemical industry
: 116Chemical industry · annual accounts 2024
Establishment unit: 2.240.509.4633020 Herent, since 28-01-2015
Financial year end: 31 December
Peppol: Not found in the Peppol Directory

Company details

Annual accounts 2024

Gross margin: -€186,519▲ 34.0%
Loss: €5.4m▼ 7.4%
Equity: €58,052▼ 99.0%
Total assets: €9.2m▼ 17.5%
Employeeson 31-12-2024: 32▼ 11.1%
Filing: Filed on 02-06-2025

Financials

Insights on REIN4CED

Equity fell from €8.4m in 2021 to €58,052 in 2024, while debts rose from €7.6m to €9.1m.

On 29 December 2025 the court declared REIN4CED bankrupt.

Sources: KBO register, filings at the National Bank, Belgian Official Gazette.

Financials

Annual accounts 2024

abbreviated format, filed on 02-06-2025, 59 days before the deadline

Gross margin

-€186,519

▲ €95,999

Operating result

-€5.2m

▲ €720,702

EBITDA

-€2.6m

▲ €931,625

Cash flow

-€2.8m

▲ €640,478

Solvency

0.6%

▼ 51.0 percentage points

Current ratio

0.20

▼ 0.45

Money flows

no detail for 2024

Balance sheet

balance sheet total €9.2m on 31-12-2024

What the company ownsHow it is paid for

Change in equityin €m

Change in cashin €m

Position in the sector

Compare with sector

Solvency0.6%

Higher than 11% of 196 companies in 2024.

Current ratio0.20

Lower than 95% of 194 companies in 2024.

Return on assets-58.8%

Lower than 95% of 196 companies in 2024.

REIN4CED Middle half of the sector 80% of the sector Abbreviated accounts in rubber and plastics (NACE 22)

Net result: bottom quarter · Equity: bottom quarter · Balance sheet total: top quarter · Working capital: bottom quarter · Staff: top quarter

Staff

Staff cost per FTE€74,216

Staff costs divided by the average number of full-time equivalents.

Joined and left-4

Training hours in 2024: 492.

Filed annual accounts

as filed with the National Bank, click a year to choose it

Line	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Balance sheet: assets
Total assets`20/58`	9.2m	11.2m	13.7m	16.0m	8.3m	3.4m	1.5m	860,909	49,815	82,081
Fixed assets`21/28`	7.6m	8.9m	8.8m	9.0m	7.7m	2.5m	1.1m	58,204	15,733	23,096
Intangible fixed assets`21`	3.1m	3.3m	3.0m	3.0m	1.7m	773,114	42,587	44,999	-	-
Tangible fixed assets`22/27`	4.5m	5.5m	5.7m	6.0m	6.0m	1.7m	1.0m	11,235	14,318	21,681
Plant, machinery and equipment`23`	1.6m	1.9m	873,121	1.1m	1.0m	383,447	46,138	11,235	14,318	21,681
Furniture and vehicles`24`	4,033	2,141	3,676	5,494	1,153	5,935	-	-	-	-
Leasing and similar rights`25`	2.7m	3.4m	4.0m	4.5m	-	-	-	-	-	-
Other tangible fixed assets`26`	196,148	241,606	283,289	328,385	330,011	349,439	-	-	-	-
Assets under construction and advance payments`27`	0	2,978	584,674	-	-	954,411	979,303	-	-	-
Financial fixed assets`28`	42,750	131,750	89,000	-	-	-	1,845	1,970	1,415	1,415
Current assets`29/58`	1.6m	2.2m	4.9m	7.0m	652,444	935,577	401,328	802,705	34,082	58,984
Amounts receivable after more than one year`29`	198,899	191,961	163,185	-	-	-	-	-	-	-
Other amounts receivable`291`	198,899	191,961	163,185	-	-	-	-	-	-	-
Stocks and contracts in progress`3`	411,508	395,849	322,969	322,930	30,868	5,926	-	-	-	-
Stocks`30/36`	108,583	254,240	211,131	213,437	30,868	5,926	-	-	-	-
Contracts in progress`37`	302,926	141,609	111,839	109,493	-	-	-	-	-	-
Amounts receivable within one year`40/41`	643,413	1.1m	1.0m	702,490	517,420	615,206	42,002	29,478	13,701	1,006
Trade receivables`40`	305,026	354,904	266,630	80,632	129,826	62,026	250	205	7,864	141
Other amounts receivable`41`	338,388	759,179	751,692	621,858	387,593	553,179	41,752	29,273	5,837	866
Cash at bank and in hand`54/58`	263,998	483,612	3.3m	6.0m	78,522	305,985	359,301	773,205	18,302	52,770
Deferred charges and accrued income`490/1`	41,361	29,979	45,415	28,287	25,634	8,459	26	21	2,079	5,209
Balance sheet: equity and liabilities
Total equity and liabilities`10/49`	9.2m	11.2m	13.7m	16.0m	8.3m	3.4m	1.5m	860,909	49,815	82,081
Equity`10/15`	58,052	5.8m	7.3m	8.4m	-1.3m	499,907	1.2m	596,311	-167,661	-70,341
Contributions`10/11`	21.3m	21.3m	17.3m	11.3m	2.4m	90,976	90,976	65,146	25,000	25,000
Capital`10`	399,219	399,219	323,232	243,453	-	-	-	-	-	-
Issued capital`100`	399,219	399,219	323,232	243,453	90,976	90,976	90,976	65,146	25,000	25,000
Contributions outside capital`11`	20.9m	20.9m	17.0m	11.0m	2.3m	2.3m	2.3m	952,845	-	-
Share premium`1100/10`	20.9m	20.9m	17.0m	11.0m	2.3m	2.3m	2.3m	952,845	-	-
Profit (loss) carried forward`14`	-22.1m	-16.7m	-10.9m	-3.6m	-4.1m	-2.1m	-1.1m	-421,680	-192,661	-95,341
Investment grants`15`	911,051	1.2m	910,445	731,980	506,429	233,495	-	-	-	-
Provisions and deferred taxes`16`	93,993	56,762	0	30,240	41,946	-	-	-	-	-
Provisions for liabilities and charges`160/5`	93,993	56,762	0	30,240	41,946	-	-	-	-	-
Other liabilities and charges`164/5`	93,993	56,762	0	30,240	41,946	-	-	-	-	-
Amounts payable`17/49`	9.1m	5.3m	6.4m	7.6m	9.6m	2.9m	240,612	264,598	217,476	152,422
Amounts payable after more than one year`17`	1.3m	1.9m	2.7m	3.6m	4.0m	1.7m	160,625	-	-	-
Financial debts`170/4`	1.3m	1.9m	2.7m	3.6m	4.0m	1.7m	160,625	-	-	-
Amounts payable within one year`42/48`	7.8m	3.4m	3.6m	3.7m	5.2m	1.3m	79,987	264,598	217,476	152,422
Current portion of amounts payable after more than one year`42`	5.2m	749,223	900,804	805,129	3.7m	91,737	8,938	178,500	171,313	145,000
Financial debts`43`	1.8m	1.8m	1.9m	1.9m	1.0m	750,000	-	-	-	-
Credit institutions`430/8`	1.8m	1.8m	1.9m	1.9m	1.0m	750,000	-	-	-	-
Trade debts`44`	561,583	490,348	372,022	532,399	454,723	375,421	37,566	80,875	15,050	2,955
Suppliers`440/4`	561,583	490,348	372,022	532,399	454,723	375,421	37,566	80,875	15,050	2,955
Advances received on contracts in progress`46`	-	0	125,400	253,650	-	-	-	-	-	-
Taxes, remuneration and social security`45`	249,417	392,376	270,604	141,913	84,465	72,901	29,421	5,205	23,600	4,200
Taxes`450/3`	-	0	959	1,338	46	3,253	-	3,150	9,600	1,200
Remuneration and social security`454/9`	249,417	392,376	269,644	140,575	84,419	69,648	29,421	2,055	14,000	3,000
Other amounts payable`47/48`	-	0	474	478	-	59	4,063	18	7,514	267
Accrued charges and deferred income`492/3`	0	37,964	104,370	328,897	273,431	-	-	-	-	-
Income statement
Turnover`70`	-	-	343,593	305,983	-	-	-	-	-	-
Non-recurring operating income`76A`	2,441	-	0	757	2,829	-	-	-	-	-
Gross operating margin`9900`	-186,519	-282,517	-2.4m	-581,066	-293,683	-253,237	-432,075	-184,946	-89,196	-86,191
Goods, raw materials, services and sundry goods`60/61`	-	-	4.2m	3.0m	-	-	-	-	-	-
Remuneration, social security and pensions`62`	2.4m	3.1m	3.0m	1.5m	814,541	509,591	256,340	20,457	2,130	1,947
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets`630`	2.6m	2.4m	2.1m	1.3m	574,050	135,784	16,490	13,524	7,364	7,364
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)`631/4`	0	3,890	-	-	-	-	-	-	-	-
Provisions for liabilities and charges: additions (uses and reversals)`635/8`	37,231	56,762	-30,240	-11,706	41,946	-	-	-	-	-
Other operating charges`640/8`	26,061	77,225	19,822	18,444	33,568	6,213	695	-	-	165
Non-recurring operating charges`66A`	0	7,140	-	0	32,306	-	-	-	-	-
Operating profit (loss)`9901`	-5.2m	-5.9m	-7.5m	-3.5m	-1.8m	-904,826	-705,599	-218,927	-98,690	-95,667
Financial income`75/76B`	223,902	226,378	217,806	63,981	26,655	4,153	319	66	5,038	446
Recurring financial income`75`	223,902	226,378	217,806	63,981	26,655	4,153	319	66	5,038	446
Financial charges`65/66B`	476,037	199,298	148,885	206,168	272,404	63,504	10,392	10,205	3,662	70
Recurring financial charges`65`	476,037	199,298	148,885	206,168	272,404	63,504	10,392	10,205	3,662	70
Profit (loss) for the period before taxes`9903`	-5.5m	-5.9m	-7.4m	-3.6m	-2.0m	-964,178	-715,672	-229,066	-97,314	-95,291
Income taxes`67/77`	-42,838	-54,770	-163,198	800	601	0	59	-47	6	51
Profit (loss) for the period`9904`	-5.4m	-5.8m	-7.3m	-3.6m	-2.0m	-964,178	-715,731	-229,019	-97,320	-95,341
Profit (loss) for the period to be appropriated`9905`	-5.4m	-5.8m	-7.3m	-3.6m	-2.0m	-964,178	-715,731	-229,019	-97,320	-95,341
Appropriation of the result
Profit (loss) to be appropriated`9906`	-22.1m	-16.7m	-10.9m	-7.7m	-4.1m	-2.1m	-1.1m	-421,680	-192,661	-95,341
Profit (loss) brought forward from the previous period`14P`	-16.7m	-10.9m	-3.6m	-4.1m	-	-	-	-	-	-
Transfer from equity`791/2`	-	-	0	4.1m	-	-	-	-	-	-
Social balance sheet
Average staff (FTE)`9087`	32	40.2	41.8	23.6	12.1	6.9	3.5	-	-	-
Hours worked`1013`	46,523	63,195	66,613	39,350	19,948	11,461	5,681	-	-	-
Document	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF

The notes to these accounts have 30 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).

Source: Annual accounts 2024 (PDF), filed on 02-06-2025.

Download as CSV

Filings

each dot is a set of accounts, on the day it reached the National Bank

Financial year	Type	Filed	Reference	Document
31-12-2024	abbreviated format	02-06-2025	2025-00114915	PDF
31-12-2023	abbreviated format	26-07-2024	2024-00294282	PDF
31-12-2022	abbreviated format	28-06-2023	2023-00175951	PDF
31-12-2021	abbreviated format	02-06-2022	2022-20061399	PDF
31-12-2020	micro format	04-08-2021	2021-45800474	PDF
31-12-2019	micro format	03-08-2020	2020-38700259	PDF
31-12-2018	micro format	04-07-2019	2019-29200196	PDF
31-12-2017	micro format	07-08-2018	2018-44100283	PDF
31-12-2016	micro format	31-07-2017	2017-39900297	PDF
31-12-2015	abbreviated format	25-05-2016	2016-13400413	PDF

Subsidies and aid

Flemish government 2022 to 2025, 10 entries, €678,382 awarded, €553,621 paid

Ontwikkelingsproject

€623,673

O&O-haalbaarheidsstudie

€50,000

Subsidies voor internationaal ondernemen

€2,841

Subsidie voor opleiding en advies voor kmo's en zelfstandigen (kmo-portefeuille)

€1,868

Year	Entries	Awarded	Paid
2025	4	€3,041	€86,495
2024	2	€986	€166,973
2023	2	€623,673	€274,471
2022	2	€50,682	€25,682

Key figures and ratios

per financial year, computed from the annual accounts

Line	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EBITDA	-2.6m	-3.6m	-5.4m	-2.1m	-1.2m	-769,042	-689,109	-205,402	-91,327	-88,303
Cash flow	-2.8m	-3.5m	-5.2m	-2.3m	-1.5m	-828,393	-699,241	-215,495	-89,956	-87,978
Investment in fixed assets (approximation)	1.4m	2.5m	1.9m	2.7m	6.1m	1.6m	1.0m	55,996	0	30,460
Change in cash	-219,614	-2.8m	-2.7m	5.9m	-227,464	-53,315	-413,905	754,903	-34,468	-
Working capital	-6.2m	-1.2m	1.3m	3.4m	-4.6m	-354,541	321,341	538,107	-183,394	-93,438
Solvency	0.6%	51.6%	53.4%	52.5%	-15.2%	14.5%	83.6%	69.3%	-336.6%	-85.7%
Current ratio	0.20	0.66	1.35	1.91	0.12	0.73	5.02	3.03	0.16	0.39
Quick ratio	0.15	0.54	1.26	1.83	0.12	0.72	5.02	3.03	0.16	0.39
Debt to equity	-	0.93	0.87	0.90	-	5.88	0.20	0.44	-	-
ROE	-	-101.4%	-99.6%	-42.9%	-	-192.9%	-58.2%	-38.4%	-	-
ROA	-58.8%	-52.3%	-53.2%	-22.5%	-24.4%	-28.0%	-48.6%	-26.6%	-195.4%	-116.2%
Interest coverage	-5.51	-17.84	-36.36	-10.25	-	-	-	-	-	-
Customer credit	-	-	283 days	96 days	-	-	-	-	-	-
Supplier credit	-	-	33 days	64 days	-	-	-	-	-	-

EBIT margin. Not meaningful: turnover is only a small part of operating income.

A ratio outside any meaningful range has been withheld (balance sheet total €9.2m, equity €58,052).

A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.

Social balance sheet

Item	31-12-2024	31-12-2023	31-12-2022	31-12-2021
Employees at the balance-sheet date	32	36	46	31
full-time	25	28	42	28
part-time	7	8	4	3
in full-time equivalents	30.3	34.8	45.2	30.4
Average over the year, in full-time equivalents	32	40.2	41.8	23.6
On a permanent contract	32	36	46	31
Joined	2	5	33	18
Left	6	15	18	4
Training hours	492	225	477	292

Source: social balance sheet in the 2021 to 2024 annual accounts

Securities and guarantees

on own assets and for others

Item	2024	2023	2022	2021
Debts secured on the company's own assets	€1.9m	-	-	-
Pledge on the business	€1.2m	€1.2m	€1.2m	€1.2m
Pledge on other assets, amount secured	€227,342	€462,041	€412,068	€412,068
Carrying value of the other pledged assets	€227,342	€462,041	€412,068	€412,068

Source: notes to the 2021 to 2024 annual accounts (statement of debts and off-balance-sheet rights and commitments)

Investments

fixed assets acquired

Item	2024	2023	2022	2021
Tangible fixed assets	€54,448	€820,581	€637,650	€900,214
Intangible fixed assets	€1.3m	€1.6m	€1.2m	€1.8m
Financial fixed assets	-	€42,750	€89,000	-
Depreciation and write-downs of the year	€2.6m	€2.4m	€2.1m	€1.3m

Source: notes to the 2021 to 2024 annual accounts (statement of fixed assets)

Insights on REIN4CED

The operating result for 2024 is a loss of €5.2m, smaller than the loss of €5.9m in 2023.

Debt's share of the balance-sheet total rises from 47.9% to 98.3%. Equity is lower and debt is higher.

Large changes and their cause

2021 Net result -77%, Staff (FTE) +95% on 2020. The accounts now follow the abbreviated format, last year the micro format.
2021 Total assets +92% on 2020. Capital increase of €4,138,032 (Official Gazette 14-04-2021). Capital increase of €4,138,032 (Official Gazette 14-04-2021).

Board & ownership

Curator

the curator has managed the company since 29-12-2025

Ilse Van de Mierop

Curator, Wolstraat 70, 1000 Brussel 1

Also on 202 other cases

Last board

2 directors, 1 in day-to-day management, 1 auditor, no change since 2025

CAPRICORN PARTNERS NV

Director (not named in the articles), permanent representative Ludwig GORIS

since 01-04-2021 6-year term from 2021

also on the board of 13 other companies

listed in the 2024 annual accounts, filed on 02-06-2025

Participatiemaatschappij Vlaanderen NV

Director (not named in the articles), permanent representative Lieven DE JONGE

since 08-04-2022 6-year term from 2022

also on the board of 47 other companies

listed in the 2024 annual accounts, filed on 02-06-2025

3 other companies bankrupt

YeYe BV

Chief executive officer (ceo), oftewel persoon belast met het dagelijks bestuur, permanent representative Johan Miermans

appointed by deed of 10-01-2023 6-year term from 2022

PKF Bofidi Audit

Statutory auditor, permanent representative Jeroen Rans

appointed by deed of 06-11-2020

Day-to-day management: YeYe
Signing authority: “Artikel 17. Externe vertegenwoordigingsmacht De Vennootschap wordt in al haar handelingen, met inbegrip van de vertegenwoordiging in rechte…”
deed of 04-08-2025

Permanent representatives 3

Ludwig GORIS

Permanent representative, for CAPRICORN PARTNERS

appointed by deed of 14-04-2021

Lieven DE JONGE

Permanent representative, for Participatiemaatschappij Vlaanderen

appointed by deed of 14-04-2022

Johan Miermans

Permanent representative, for YeYe

appointed by deed of 10-01-2023

Office holders in the KBO →

Mandates through the years

19 names, the dashed line is today

All 19 In office 4 Ended 15

CAPRICORN PARTNERS
Director (not named in the articles)

Participatiemaatschappij Vlaanderen
Director (not named in the articles)

YeYe
Chief executive officer (ceo), oftewel persoon belast met het dagelijks bestuur

PKF Bofidi Audit
Statutory auditor

INVEST FOR JOBS
Director (not named in the articles)

LK INVESTMENT
Director

Alexis PONNOURADJOU
Class C director

FYEN William François Maria
Director

MG Callens
CEO and managing director

Alexis PANNOURADJOU
Director (not named in the articles)

DDB Management Services BV
Director

DDBCO
Director

De Greef M&C
Class A director

MAKE CARBON WORK
Class A director

TKMC BVBA
Director

CALLENS Michaël Guy Annie Emmanuël Martine
Manager

Dave LUYCKX
Manager

DE GREEF Niels
Manager

MEERTEN Yannick
Manager

LeadershipBoardStatutory auditorEarliermandate already running before its first mentionBankruptcy 29-12-2025

Mandates as a list

CAPRICORN PARTNERS
- Director (not named in the articles), from 01-04-2021, until the bankruptcy of 29-12-2025
Participatiemaatschappij Vlaanderen
- Director (not named in the articles), from before 31-12-2021, until the bankruptcy of 29-12-2025
YeYe
- Chief executive officer (ceo), oftewel persoon belast met het dagelijks bestuur, appointed by deed of 10-01-2023, until the bankruptcy of 29-12-2025
PKF Bofidi Audit
- Statutory auditor, appointed by deed of 06-11-2020, until the bankruptcy of 29-12-2025
INVEST FOR JOBS
- Director (not named in the articles), from before 31-12-2021 to 18-07-2025
LK INVESTMENT
- Director, appointed by deed of 09-01-2018, until 14-04-2021
- Director, until 31-05-2023
Alexis PONNOURADJOU
- Class C director, appointed by deed of 09-01-2018, until 17-05-2023
FYEN William François Maria
- Class C director, appointed by deed of 09-01-2018, until 14-04-2021
- Director, until 17-05-2023
MG Callens
- Class A director, appointed by deed of 09-01-2018, until 14-04-2021
- CEO and managing director, appointed by deed of 01-02-2018, until 26-09-2022
Alexis PANNOURADJOU
- Director (not named in the articles), from before 01-04-2021 to 14-04-2021
DDB Management Services BV
- Director, appointed by deed of 20-08-2018, until 14-04-2021
DDBCO
- Director, appointed by deed of 20-08-2018, until 14-04-2021
De Greef M&C
- Class A director, appointed by deed of 09-01-2018, until 14-04-2021
MAKE CARBON WORK
- Class A director, appointed by deed of 09-01-2018, until 14-04-2021
TKMC BVBA
- Director, until 15-06-2018
CALLENS Michaël Guy Annie Emmanuël Martine
- Manager, appointed by deed of 18-02-2015, until 15-12-2017
Dave LUYCKX
- Manager, appointed by deed of 03-02-2017, until 15-12-2017
DE GREEF Niels
- Manager, appointed by deed of 18-02-2015, until 15-12-2017
MEERTEN Yannick
- Manager, appointed by deed of 18-02-2015, until 19-08-2016

See the board, name and registered office on a given date →

Control

Shareholder

FININDUS

Equity €180.4m

Loss €3.4m in 2025 (loss €321,079 in 2024)

35.65%

This company

REIN4CED

Equity €58,052

Loss €5.4m in 2024

and 2 other shareholders

Capital

Capital: €8,653,916.26
Shares: 3,287,712 in the deed of 22-07-2024 and 5 later capital increases
Contribution per share: €2.63
Equity per share: €0.02 in 2024
Source: deed of 10-11-2025

Owners through the years

as the annual accounts name them

35.65%

21.7%

16.72% until 2024

6.26% until 2024

Participatiemaatschappij Vlaanderen

13.76% until 2023

GEMMA FRISIUS-FONDS KU LEUVEN

19.1%10.11%

10.11% until 2023

Owners as a list

FININDUS
Capricorn SCF
INVEST FOR JOBS
INNOVATION FUND
Participatiemaatschappij Vlaanderen
- 2022: 12.34%
- 2023: 13.76%
GEMMA FRISIUS-FONDS KU LEUVEN

Source: lists of holdings in the owners' accounts

Articles of association

Duration: Unlimited
deed of 04-08-2025 (in Dutch)
Board rule: At most 6 directors
Term of at most 6 years
“Gewone meerderheid van stemmen, bestuurder blijft in functie tot zolang de algemene vergadering hem niet heeft vervangen”
deed of 04-08-2025 (in Dutch)
Kind of shares: “Alle Kapitaalaandelen zijn op naam. Zij worden ingeschreven in een register van aandelen op naam dat op de vennootschapszetel wordt…”
“De Raad van Bestuur kan besluiten om het register van Kapitaalaandelen elektronisch bij te houden. De overdracht van aandelen op naam wordt…”
“Alle andere Effecten dan Kapitaalaandelen zijn op naam en voorzien van een volgnummer. Zij worden ingeschreven in het register van effecten…”
“Alle Effecten zijn ondeelbaar. Indien een Effect aan verscheidene eigenaars toebehoort, heeft de Vennootschap het recht de uitoefening van…”
deed of 31-05-2023 (in Dutch)
Transfer restriction: “Stabiele aandeelhoudersstructuur, geen Overdracht in strijd met Statuten”
“Recht van Eerste Aanbod, wens tot Overdracht in een of reeks verbonden verrichtingen”
“Georganiseerde Exit Procedure en Georganiseerde Secundaire Aankoop, 11.4bis”
“Pro rata Kapitaalaandelen x gedeeld door y, niet-ingeschreven pro rata deelnemers ronde2”
“Enkel VGR Portie, VGR Prijs”
“Overdracht van titel Volgrecht, VGR Prijs berekend volgens 11.3.2 en 11.3.3 met aanpassing”
“Voorrangsregeling Volgrecht, Overdracht ingevolge Volgplicht,Georganiseerde Exit Procedure,Georganiseerde Secundaire Aankoop,Vrije…”
“Alle bezeten Effecten verkopen aan mogelijke overnemer, Bod op 100%Effecten in een of meerdere keren”
“Bona fide verkoop tegen marktvoorwaarden,overnemer kan aandeelhouder zijn, prijs per type Effect gelijk voor alle houders van dat type”
“Kennisgeving uitoefening Volgplicht, artikel 18 Aandeelhoudersovereenkomst”
“Voorrangsregeling Volgplicht, Recht van Eerste Aanbod en Volgrecht niet van toepassing op Overdracht ingevolge Volgplicht”
“Vrije Overdracht aan Verbonden Entiteiten, zonder 11.1,11.2,11.3,11.4”
“11.1 tot en met 11.4 niet van toepassing, artikel 9 Aandeelhoudersovereenkomst”
“Datum voorgestelde Overdracht, wijze artikel 18 Aandeelhoudersovereenkomst”
deed of 22-07-2024 (in Dutch)
Annual meeting: First Monday of May at 19:00
deed of 04-08-2025 (in Dutch)
Liquidation rule: “Indien er meerdere vereffenaars worden benoemd, besluit de algemene vergadering of zij alleen, gezamenlijk, dan wel als college de…”
deed of 04-08-2025 (in Dutch)

Shareholders

3 owners

FININDUS
Equity €180.4m Loss of €3.4m in 2025 (loss of €321,079 in 2024)
Sourcedeed 22-07-2024deed 31-05-2023deed 13-01-2022deed 14-04-2021accounts FININDUS 2025

35.65%
Capricorn SCF
Equity €23.5m Loss of €20.6m in 2025 (loss of €6.2m in 2024) Checked score 55
Sourcedeed 22-07-2024deed 31-05-2023deed 13-01-2022deed 14-04-2021accounts Capricorn SCF 2025

21.7%
QUEST FOR GROWTH
Sourcedeed 22-07-2024deed 31-05-2023deed 13-01-2022deed 14-04-2021

share not stated

Capital transactions

Shareholders according to the deeds

After 3 capital increases deed of 04-08-2025 ↗

FININDUS NV 26,321 shares · €175,479.45
Capricorn SCF NV 16,437 shares · €109,584.91
QUEST FOR GROWTH NV 9,862 shares · €65,750.71

After the capital increase deed of 24-07-2025 ↗

FININDUS NV 54,808 shares · €2,192,359.01
Capricorn SCF NV 42,350 shares · €1,694,027.20
QUEST FOR GROWTH NV 25,410 shares · €1,016,411.65
Participatiemaatschappij Vlaanderen NV 9,860 shares · €394,401.92
INVEST FOR JOBS NV 17,667 shares · €706,702.60

Stated in the deed deed of 22-07-2024 ↗

FININDUS (BE 0404.535.926) 121,839 shares
CAPRICORN SUSTAINABLE CHEMISTRY FUND (BE 0668.545.378) 94,112 shares
QUEST FOR GROWTH (BE 0463.541.422) 56,467 shares
INVEST FOR JOBS (BE 0644.590.437) 76,004 shares
CALLENS Michaël Guy Annie Emmanuël Martine 75,000 shares
KATHOLIEKE UNIVERSITEIT LEUVEN 13,334 shares
GEMMA FRISIUS – FONDS K.U. LEUVEN 130,701 shares
INNOVATION FUND 173,683 shares
PARTICIPATIEMAATSCHAPPIJ VLAANDEREN 245,443 shares

After 2 capital increases deed of 31-05-2023 ↗

FININDUS (BE 0404.535.926) 85,269 shares · €21,317.25
CAPRICORN SUSTAINABLE CHEMISTRY FUND (BE 0668.545.378) 65,864 shares · €16,466
QUEST FOR GROWTH (BE 0463.541.422) 39,518 shares · €9,879.50
PARTICIPATIEMAATSCHAPPIJ VLAANDEREN (BE 0455.777.660) 60,107 shares · €15,026.75
INVEST FOR JOBS (BE 0644.590.437) 53,191 shares · €13,297.75

Stated in the deed deed of 31-05-2023 ↗

FININDUS (BE 0404.535.926) 85,269 shares
CAPRICORN SUSTAINABLE CHEMISTRY FUND (BE 0668.545.378) 65,864 shares
QUEST FOR GROWTH (BE 0463.541.422) 39,518 shares
PARTICIPATIEMAATSCHAPPIJ VLAANDEREN (BE 0455.777.660) 60,107 shares
INVEST FOR JOBS (BE 0644.590.437) 53,191 shares

After the capital increase deed of 14-04-2022 ↗

PARTICIPATIEMAATSCHAPPIJ VLAANDEREN (BE 0455.777.660) 159,557 shares · €39,889.25 in cash
INVEST FOR JOBS (BE 0644.590.437) 159,557 shares · €39,889.25 in cash

Show 5 older mentions

After the capital increase deed of 13-01-2022 ↗

GEMMA FRISIUS – FONDS K.U. LEUVEN (BE 0477.960.372) 21,274 shares · €5,318.50
KATHOLIEKE UNIVERSITEIT LEUVEN (BE 0419.052.173) 7,977 shares · €1,994.25
FININDUS (BE 0404.535.926) 105,854 shares · €26,463.50
INNOVATION FUND (BE 0598.764.469) 53,185 shares · €13,296.25
CAPRICORN SUSTAINABLE CHEMISTRY FUND (BE 0668.545.378) 81,746 shares · €20,441
QUEST FOR GROWTH (BE 0463.541.422) 47,848 shares · €12,264.50

Stated in the deed deed of 13-01-2022 ↗

GEMMA FRISIUS – FONDS K.U. LEUVEN (BE 0477.960.372) 5 shares
KATHOLIEKE UNIVERSITEIT LEUVEN (BE 0419.052.173) 5 shares
FININDUS (BE 0404.535.926) 5 shares
INNOVATION FUND (BE 0598.764.469) 5 shares
CAPRICORN SUSTAINABLE CHEMISTRY FUND (BE 0668.545.378) 5 shares
QUEST FOR GROWTH (BE 0463.541.422) 5 shares
Michaël CALLENS 2 shares
Niels DE GREEF 2 shares
Dave LUYCKX 2 shares

After 9 capital increases deed of 14-04-2021 ↗

GEMMA FRISIUS – FOND K.U.LEUVEN (BE 0477.960.372) 39,912 shares · €857,629.06
FININDUS (BE 0404.535.926) 50,983 shares · €1,095,522.70
INNOVATION FUND (BE 0598.764.469) €1,095,522.70
CAPRICORN SUSTAINABLE CHEMISTRY FUND (BE 0668.545.378) 93,075 shares · €23,268.75
QUEST FOR GROWTH (BE 0463.541.422) 55,845 shares · €13,961.25

Stated in the deed deed of 14-04-2021 ↗

CAPRICORN SUSTAINABLE CHEMISTRY FUND (BE 0668.545.378) 5 shares
QUEST FOR GROWTH (BE 0463.541.422) 5 shares
GEMMA FRISIUS – FONDS K.U. LEUVEN 5 shares
FININDUS (BE 0404.535.926) 5 shares
INNOVATION FUND (BE 0598.764.469) 5 shares
GEMMA FRISIUS – FOND K.U.LEUVEN (BE 0477.960.372)

At incorporation deed of 18-02-2015 ↗

CALLENS Michaël Guy Annie Emmanuël Martine founder
DE GREEF Niels founder
MEERTEN Yannick founder

Capital over time

10-11-2025 Capital increase of €674,990 · to €8,653,916.26 · 67,499 new shares at €10 per share · in cash
04-08-2025 Capital increase of €350,815.07 · to €6,753,936.26 · 52,620 new shares · in kind
04-08-2025 Capital increase of €1,224,990 · to €7,978,926.26 · 122,499 new shares at €10 per share · in cash
04-08-2025 Capital increase of €1,224,990 · 122,499 new shares
24-07-2025 Capital increase of €6,003,902.39 · to €6,403,121.19 · 150,095 new shares
22-07-2024 Capital stated in the deed · 2,772,500 shares
15-05-2024 Capital increase of €0.05 · to €399,218.80 · 130,359 new shares, 7.5% of the 1,727,234 shares after the increase · in cash
31-05-2023 Capital increase of €75,987.25 · to €399,218.75 · 303,949 new shares, 19% of the 1,596,875 shares after the increase · in cash

Show 17 older capital entries

14-04-2022 Capital increase of €79,778.50 · to €323,231.50 · 319,114 new shares, 24.7% of the 1,292,926 shares after the increase · in cash
13-01-2022 Capital increase of €79,778 · to €243,453 · 319,112 new shares · in cash
14-04-2021 Capital increase · 39,912 new shares · in kind
14-04-2021 Capital increase · 50,983 new shares · in kind
14-04-2021 Capital increase · 50,983 new shares · in kind
14-04-2021 Capital increase of €35,469.50 · to €163,675 · 141,878 new shares, 21.7% of the 654,700 shares after the increase · in kind
14-04-2021 Capital increase of €4,138,031.99 · to €4,301,706.99 · no new shares · from reserves
14-04-2021 Capital increase of €4,138,031.99 · to €4,301,706.99 · no new shares · from reserves
14-04-2021 Capital reduction of €4,138,031.99 · to €163,675 · “aanzuivering van geleden verliezen”
14-04-2021 Capital increase of €37,230 · 148,920 new shares · in cash
23-12-2020 Capital increase of €42,812
22-10-2018 Capital increase of €25,829.25 · to €90,975.50 · 103,317 new shares, 28.4% of the 363,902 shares after the increase
09-01-2018 Capital increase of €23,233.50 · to €60,733.50 · 92,934 new shares · in cash
09-01-2018 Capital increase of €3,073.50 · to €63,807 · 12,294 new shares · in kind
09-01-2018 Capital increase of €1,339.25 · to €65,146.25 · 5,357 new shares · in kind
03-02-2017 Capital increase of €12,500 · to €37,500 · 50 new shares, 33.3% of the 150 shares after the increase
18-02-2015 Incorporation · €25,000 · 100 shares

The directors' other companies

1 last director with another company that went bankrupt, was dissolved or struck off

Participatiemaatschappij Vlaanderen

3 other companies of this director went bankrupt (2023, 2025, 2026).

QOLLABI bankruptcy on 07-05-2026Official Gazetteappointed in 2022, still in office
OXYPOINT bankruptcy on 11-12-2025Official Gazettemandate until 2022
VILOC bankruptcy on 26-01-2023Official Gazettemandate until 2022

Source: Belgian Official Gazette (bankruptcies, judicial dissolutions, board mandates), FPS Economy (strike-offs) and the KBO register. A bankruptcy, dissolution or strike-off says nothing about the director's part in it.

Network & group

No group

REIN4CED has no parent and no holdings in its annual accounts.

Earlier ties

Fonderies J. Marichal Ketin et Cie via INVEST FOR JOBS, at REIN4CED until 2025 · Director (not named in the articles) · deed of 03-06-2021 Open bankruptcy · founded in 1910	138 FTE (2025)
LA CHOCOLATERIE GALLER via INVEST FOR JOBS, at REIN4CED until 2025 · Director · deed of 22-12-2025 Open bankruptcy · founded in 1976	145 FTE (2024)
Les Ateliers de la Meuse via INVEST FOR JOBS, at REIN4CED until 2025 · Director · deed of 05-07-2021 Open bankruptcy · founded in 1982	74 FTE (2022)
Hammer-IMS via INVEST FOR JOBS, at REIN4CED until 2025 · Director · deed of 03-03-2023 Open bankruptcy · founded in 2016	10 FTE (2025)
GALLER BOUTIQUES via INVEST FOR JOBS, at REIN4CED until 2025 · Director · deed of 23-03-2026 Open bankruptcy · founded in 2011	18 FTE (2024)
SENIOR ASSIST via LK INVESTMENT, at REIN4CED until 2023 · Director · deed of 12-04-2013 founded in 2005 · accounts filed late	total assets €52.2m (2024)

Show 21 more earlier ties

Cyient Semiconductors via LK INVESTMENT, at REIN4CED until 2023 · Director · deed of 15-09-2011 founded in 1998 · negative equity (2026)	23 FTE (2026)
MAKE CARBON WORK via Dave LUYCKX, at REIN4CED until 2017 · Permanent representative · deed of 09-01-2018 founded in 2016 · accounts filed late	total assets €37,015 (2024)
NGDATA via CAPRICORN PARTNERS, no longer at NGDATA · Director · deed of 12-02-2024 founded in 2012	total assets €71.4m (2025)
M-SQUARE CERTIFICATES via INVEST FOR JOBS, at REIN4CED until 2025 · Director · deed of 14-04-2023 founded in 2012	turnover €1.3m (2025)
Magics Technologies via INVEST FOR JOBS, at REIN4CED until 2025 · Director · deed of 25-04-2025 founded in 2015	39 FTE (2025)
AmphiStar via LK INVESTMENT, at REIN4CED until 2023 · Director · deed of 30-07-2024 founded in 2021	14 FTE (2025)
VITALIX LAB via INVEST FOR JOBS, at REIN4CED until 2025 · Director (not named in the articles) · deed of 02-08-2021 founded in 2021	5.1 FTE (2025)
THB IMMO via INVEST FOR JOBS, at REIN4CED until 2025 · Class B director · deed of 16-11-2021 founded in 2016 · group THE BBDING Company	total assets €6.2m (2025)
QAELUM via LK INVESTMENT, at REIN4CED until 2023 · Director · deed of 16-01-2026 founded in 2011	27 FTE (2025)
intuEdrive via INVEST FOR JOBS, at REIN4CED until 2025 · Director (not named in the articles) · deed of 12-07-2023 founded in 2018	21 FTE (2025)
IONICS via INVEST FOR JOBS, at REIN4CED until 2025 · Director · deed of 28-01-2025 founded in 2014	14 FTE (2025)
MICROMEGA - DYNAMICS via INVEST FOR JOBS, at REIN4CED until 2025 · Director · deed of 30-11-2023 founded in 1999	16 FTE (2025)
CALYOS via DDBCO, at REIN4CED until 2021 · Director · deed of 26-04-2019 founded in 2011	17 FTE (2025)
NOMICS via INVEST FOR JOBS, at REIN4CED until 2025 · Director · deed of 02-12-2020 founded in 2002	7.6 FTE (2025)
EconCore via LK INVESTMENT, at REIN4CED until 2023 · Director · deed of 30-06-2023 founded in 2005	2.8 FTE (2026)
WIDETECH via INVEST FOR JOBS, at REIN4CED until 2025 · Director · deed of 17-08-2026 founded in 2012	8.6 FTE (2025)
STORY CHIEF via CAPRICORN PARTNERS, no longer at STORY CHIEF · Director · deed of 03-12-2024 founded in 2015	7.5 FTE (2025)
COM&SENS via DDBCO, at REIN4CED until 2021 · Director · deed of 02-10-2026 founded in 2012	total assets €1.2m (2025)
MG Callens via CALLENS Michaël Guy Annie Emmanuël Martine, at REIN4CED until 2017 · Statutory director · deed of 15-12-2021 founded in 2017	total assets €85,117 (2025)
De Greef M&C via DE GREEF Niels, at REIN4CED until 2017 · Permanent representative · deed of 09-01-2018 founded in 2017	total assets €30,456 (2025)
Azoryon via MG Callens, at REIN4CED until 2022 · Managing director · deed of 06-05-2026	founded in 2026

Connections & network

21 connected companies

Depth

Shared directorsBundled connectionsIn bankruptcy

This company Company Director Shareholding +N: links not shown yet

Linked via shared directors

icometrix

via CAPRICORN PARTNERS · Class B director · deed of 24-05-2022

Founded in 2011 · 25 FTE (2025) · negative equity

→

ENDO TOOLS THERAPEUTICS

via CAPRICORN PARTNERS · Director (not named in the articles) · deed of 31-07-2026

Founded in 2008 · 19 FTE (2025) · negative equity

→

Spectricity

via CAPRICORN PARTNERS · Director · deed of 10-08-2026

Founded in 2017 · 23 FTE (2025) · negative equity

→

PUNCH POWERTRAIN

via CAPRICORN PARTNERS · Director · deed of 21-04-2010

Founded in 1998 · 51 FTE (2025)

→

Show 17 more companies with a shared director

CAPRICORN ICT ARKIV

via CAPRICORN PARTNERS · Class C director · deed of 07-01-2013

Founded in 2012 · total assets €18.7m (2025)

→

Caloritum

via CAPRICORN PARTNERS · Director · deed of 20-09-2021

Founded in 2012 · turnover €1.1m (2025)

→

Sensolus

via CAPRICORN PARTNERS · Director · deed of 19-08-2026

Founded in 2013 · 26 FTE (2026)

→

Azumuta

via CAPRICORN PARTNERS · Director · deed of 01-12-2025

Founded in 2016 · 19 FTE (2025)

→

DEO HOLDING

via CAPRICORN PARTNERS · Director · deed of 23-11-2021

Founded in 2021 · total assets €8.5m (2025)

→

ASPECT ANALYTICS

via CAPRICORN PARTNERS · Director · deed of 19-09-2025

Founded in 2018 · 5.7 FTE (2025)

→

TRENSITION

via CAPRICORN PARTNERS · Director · deed of 13-09-2022

Founded in 2019 · 10 FTE (2025)

→

Minze

via CAPRICORN PARTNERS · Director · deed of 29-11-2022

Founded in 2015 · 13 FTE (2025)

→

VoxelSensors

via CAPRICORN PARTNERS · Director · deed of 03-05-2023

Founded in 2020 · 10 FTE (2025)

→

BINGLI

via CAPRICORN PARTNERS · Director · deed of 27-05-2024

Founded in 2017 · 5.6 FTE (2025)

→

Capricorn Healthtech Fund II Feeder

via CAPRICORN PARTNERS · Statutory manager · deed of 04-09-2025

Founded in 2024 · total assets €4.4m (2025)

→

FEops

via CAPRICORN PARTNERS · Class B director · deed of 30-06-2015

Founded in 2009 · 23 FTE (2025) · group MATERIALISE

→

ARKITE

via CAPRICORN PARTNERS · Director · deed of 31-08-2026

Founded in 2004 · 13 FTE (2025)

→

CAPRICORN SUSTAINABLE CHEMISTRY PARTNERS

via CAPRICORN PARTNERS · Sole statutory manager · deed of 30-06-2023

Founded in 2016 · total assets €1.6m (2025)

→

Capricorn Healthtech Fund II Master

via CAPRICORN PARTNERS · Sole director · deed of 04-08-2025

Founded in 2025 · total assets €1.3m (2025)

→

CHF II Dutch Investment Pool

via CAPRICORN PARTNERS · Sole statutory director · deed of 05-11-2025

Founded in 2025

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MULAN INVEST

via CAPRICORN PARTNERS · Director · deed of 02-02-2022

No longer active · total assets €369,342 (2023)

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Timeline

39 events since 2015

Board

Capital

Filings

Financial

Establishments

Insolvency

Address

201620182020202220242026

2026

05-01-2026

Bankruptcy published Enterprise Court of Leuven · judgment of 29-12-2025

2025

10-11-2025

Capital increase of €674,990 to €8,653,916.26Capital from €7,978,926.26 to €8,653,916.26, 67,499 new shares4 points ▸

Capital increase, €674,990
Capital, €8,653,916.26, 395,486 shares
Amendment of the articles, article 5
Power of attorney, Tim CARNEWAL
The deed holds 2 more points.

Open the deed in the Belgian Official Gazette

04-08-2025

Resignation: INVEST FOR JOBS (director)Capital from €6,403,121.19 to €6,753,936.26, 52,620 new shares · Capital from €6,753,936.26 to €7,978,926.26, 122,499 new shares · Contributions: FININDUS NV (€175,479.45); Capricorn SCF NV (€109,584.91); QUEST FOR GROWTH NV (€65,750.71) · General meeting of 18-07-202514 points ▸

General meeting, 18-07-2025
Capital contribution, €175,479.45
Capital contribution, €109,584.91
Capital contribution, €65,750.71
Capital increase, €350,815.07
Capital increase, €1,224,990, mentioned twice in the deed
Amendment of the articles, article 5
Capital, €7,978,926.26
Director resignation, INVEST FOR JOBS
Board composition, CAPRICORN PARTNERS (director)
Board composition, DDBCO (director)
Board composition, PARTICIPATIEMAATSCHAPPIJ VLAANDEREN (director)
Board composition, MG CALLENS (founder and director)
Auditor report, 17-07-2025
The deed holds 17 more points.

Open the deed in the Belgian Official Gazette

24-07-2025

Capital increase of €6,003,902.39 to €6,403,121.19Capital from €399,218.80 to €6,403,121.19, 150,095 new shares · General meeting of 07-07-20259 points ▸

General meeting, 07-07-2025
Auditor report, 04-07-2025
Capital contribution, €2,192,359.01
Capital contribution, €1,694,027.20
Capital contribution, €1,016,411.65
Capital contribution, €394,401.92
Capital contribution, €706,702.60
Financial instrument, 6, 09-12-2020
Capital increase, €6,003,902.39
The deed holds 12 more points.

Open the deed in the Belgian Official Gazette

02-06-2025

Annual accounts 2024 filed PDFabbreviated format · 59 days before the deadline

2024

26-07-2024

Annual accounts 2023 filed PDFabbreviated format · 5 days before the deadline

22-07-2024

Amendment of the articlesFININDUS holds 121,839 shares · CAPRICORN SUSTAINABLE CHEMISTRY FUND holds 94,112 shares · QUEST FOR GROWTH holds 56,467 shares · General meeting of 11-07-202422 points ▸

General meeting, 11-07-2024
FININDUS holds 121,839 shares
CAPRICORN SUSTAINABLE CHEMISTRY FUND holds 94,112 shares
QUEST FOR GROWTH holds 56,467 shares
INVEST FOR JOBS holds 76,004 shares
FININDUS holds 487,356 shares
CAPRICORN SUSTAINABLE CHEMISTRY FUND holds 376,448 shares
QUEST FOR GROWTH holds 225,868 shares
INVEST FOR JOBS holds 304,016 shares
Amendment of the articles, article 5
Kind of shares, 150,000, 5357
2,772,500 shares
CALLENS Michaël Guy Annie Emmanuël Martine holds 75,000 shares
KATHOLIEKE UNIVERSITEIT LEUVEN holds 13,334 shares
GEMMA FRISIUS – FONDS K.U. LEUVEN holds 130,701 shares
FININDUS holds 788,708 shares
INNOVATION FUND holds 173,683 shares
CAPRICORN SUSTAINABLE CHEMISTRY FUND holds 551,287 shares
QUEST FOR GROWTH holds 330,771 shares
PARTICIPATIEMAATSCHAPPIJ VLAANDEREN holds 245,443 shares
INVEST FOR JOBS holds 463,573 shares
Capital, €399,218.80, 2,772,500 shares
The deed holds 15 more points.

Open the deed in the Belgian Official Gazette

15-05-2024

Capital increase of €0.05 to €399,218.80Capital from €399,218.75 to €399,218.80, 130,359 new shares · Reappointment: PKF Bofidi Audit (statutory auditor) · General meeting of 03-05-20248 points ▸

General meeting, 03-05-2024
Power of attorney, Sabine HERMANT (lasthebber)
Capital increase, €0.05
Capital, €399,218.80
Amendment of the articles, article 5
Power of attorney, Charlotte VAN CAUWELAERT
General meeting, 12-06-2023
Auditor reappointment, PKF Bofidi Audit (statutory auditor)
The deed holds 8 more points.

Open the deed in the Belgian Official Gazette

2023

14-09-2023

Resignation: LK Investment BV (director)Permanent representative: Luc Kindt2 points ▸

Director resignation, LK Investment BV
Permanent representative, Luc Kindt
The deed holds 1 more point.

Open the deed in the Belgian Official Gazette

28-06-2023

Annual accounts 2022 filed PDFabbreviated format · 33 days before the deadline

31-05-2023

Capital increase of €75,987.25 to €399,218.75Capital from €323,231.50 to €399,218.75, 303,949 new shares · Resignations: William François Maria FYEN (director) and Alexis PONNOURADJOU (director) · FININDUS holds 85,269 shares · General meeting of 17-05-202319 points ▸

General meeting, 17-05-2023, mentioned twice in the deed
Capital increase, €75,987.25
FININDUS holds 85,269 shares
CAPRICORN SUSTAINABLE CHEMISTRY FUND holds 65,864 shares
QUEST FOR GROWTH holds 39,518 shares
PARTICIPATIEMAATSCHAPPIJ VLAANDEREN holds 60,107 shares
INVEST FOR JOBS holds 53,191 shares
Capital, €399,218.75
Amendment of the articles, article 5
Auditor report, 11-05-2023, mentioned twice in the deed
FININDUS holds 5 shares, mentioned twice in the deed
CAPRICORN SUSTAINABLE CHEMISTRY FUND holds 5 shares, mentioned twice in the deed
QUEST FOR GROWTH holds 5 shares, mentioned twice in the deed
PARTICIPATIEMAATSCHAPPIJ VLAANDEREN holds 5 shares, mentioned twice in the deed
INVEST FOR JOBS holds 5 shares, mentioned twice in the deed
Capital increase, €tot beloop van de ingezamelde inschrijvingen
Capital, €399,218.75, 1,596,875 shares
Director resignation, William François Maria FYEN
Director resignation, Alexis PONNOURADJOU
The deed holds 24 more points.

Open the deed in the Belgian Official Gazette

10-01-2023

New chief executive officer, oftewel persoon belast met het dagelijks bestuurYeYe appointed, MG Callens resigned · Permanent representatives: Michaël Callens and Johan Miermans · Board meeting of 06-12-20225 points ▸

Board meeting, 06-12-2022
Director resignation, MG Callens (chief executive officer (ceo), oftewel gedelegeerd bestuurder)
Permanent representative, Michaël Callens
Director appointment, YeYe (chief executive officer (ceo), oftewel persoon belast met het dagelijks bestuur)
Permanent representative, Johan Miermans

Open the deed in the Belgian Official Gazette

2022

31-12-2022

Weakest financial year net -€7.3m The net result drops to -€7.3m, the lowest from 2015 to 2024.

02-06-2022

Annual accounts 2021 filed PDFabbreviated format · 59 days before the deadline

14-04-2022

Capital increase of €79,778.50 to €323,231.50Capital from €243,453 to €323,231.50, 319,114 new shares · Appointments: INVEST FOR JOBS (director) and PARTICIPATIEMAATSCHAPPIJ VLAANDEREN (director) · Permanent representatives: Nils NIJS and Lieven DE JONGE · General meeting of 08-04-202212 points ▸

General meeting, 08-04-2022
Capital increase, €tot beloop van de ingezamelde inschrijvingen
Director appointment, INVEST FOR JOBS (director (not named in the articles))
Director appointment, PARTICIPATIEMAATSCHAPPIJ VLAANDEREN (director (not named in the articles))
Permanent representative, Nils NIJS
Permanent representative, Lieven DE JONGE
Capital, €323,231.50, 1,292,926 shares
Power of attorney, Michelle Werbrouck
Power of attorney, Maxim Van Eeckhout
Power of attorney, Olivier Van Raemdonck
Capital increase, €79,778.50
Amendment of the articles, article 5
The deed holds 10 more points.

Open the deed in the Belgian Official Gazette

13-01-2022

Capital increase of €79,778 to €243,453Capital from €163,675 to €243,453, 319,112 new shares · Contributions: GEMMA FRISIUS – FONDS K.U. LEUVEN (€5,318.50, 21,274 shares); KATHOLIEKE UNIVERSITEIT LEUVEN (€1,994.25, 7,977 shares); FININDUS (€26,463.50, 105,854 shares); and 3 others · GEMMA FRISIUS – FONDS K.U. LEUVEN holds 5 shares · General meeting of 24-12-202126 points ▸

General meeting, 24-12-2021, mentioned twice in the deed
Capital contribution, €5,318.50
Capital contribution, €1,994.25
Capital contribution, €26,463.50
Capital contribution, €13,296.25
Capital contribution, €20,441
Capital contribution, €12,264.50
Capital, €243,453, mentioned twice in the deed
Amendment of the articles, article 5
GEMMA FRISIUS – FONDS K.U. LEUVEN holds 5 shares, mentioned twice in the deed
KATHOLIEKE UNIVERSITEIT LEUVEN holds 5 shares, mentioned twice in the deed
FININDUS holds 5 shares, mentioned twice in the deed
INNOVATION FUND holds 5 shares, mentioned twice in the deed
CAPRICORN SUSTAINABLE CHEMISTRY FUND holds 5 shares, mentioned twice in the deed
QUEST FOR GROWTH holds 5 shares, mentioned twice in the deed
Financial instrument, 6, 18,005,441
Michaël CALLENS holds 2 shares
Niels DE GREEF holds 2 shares
Dave LUYCKX holds 2 shares
Capital increase, €79,778
GEMMA FRISIUS – FONDS K.U. LEUVEN holds 21,274 shares
KATHOLIEKE UNIVERSITEIT LEUVEN holds 7,977 shares
FININDUS holds 105,854 shares
INNOVATION FUND holds 53,185 shares
CAPRICORN SUSTAINABLE CHEMISTRY FUND holds 81,746 shares
QUEST FOR GROWTH holds 47,848 shares
The deed holds 11 more points.

Open the deed in the Belgian Official Gazette

2021

31-12-2021

Liquidity more than 15 times current ratio 1.91 The current ratio rises from 0.12 to 1.91. Short-term debt falls from €5.2m to €3.7m.

31-12-2021

Equity above €5m equity €8.4m Equity rises from -€1.3m to €8.4m.

04-08-2021

Annual accounts 2020 filed PDFmicro format · 4 days late

14-04-2021

1 director appointed, 7 resignations, 5 reappointments39,912 new shares · 50,983 new shares · Capital from €128,205.50 to €163,675, 141,878 new shares · General meeting of 01-04-202135 points ▸

General meeting, 01-04-2021
Power of attorney, Thalia WIJONO, mentioned 10 times in the deed
Capital, €128,205.50, 512,822 shares
Amendment of the articles, article 5, mentioned 3 times in the deed
Capital increase, €35,469.50
Share issue, €39,912
Share issue, €50,983, mentioned twice in the deed
Capital, €163,675, mentioned twice in the deed
Capital increase, €4,138,031.99, mentioned twice in the deed
Capital decrease, €4,138,031.99
CAPRICORN SUSTAINABLE CHEMISTRY FUND holds 5 shares, mentioned twice in the deed
QUEST FOR GROWTH holds 5 shares, mentioned twice in the deed
Financial instrument, 5, subscription, mentioned 5 times in the deed
GEMMA FRISIUS – FONDS K.U. LEUVEN holds 5 shares
FININDUS holds 5 shares
INNOVATION FUND holds 5 shares
Capital increase, €tot beloop van de ingezamelde inschrijvingen, mentioned twice in the deed
Director resignation, MG Callens BV
Director resignation, De Greef M&C BV
Director resignation, Make Carbon Work BV
Director resignation, William François Maria FYEN
Director resignation, Alexis PANNOURADJOU
Director resignation, LK INVESTMENT BV
Director resignation, DDB Management Services BV
Director reappointment, MG Callens BV (director (not named in the articles))
Director reappointment, William François Maria FYEN (director (not named in the articles))
Director reappointment, Alexis PANNOURADJOU (director (not named in the articles))
Director reappointment, LK INVESTMENT BV (director (not named in the articles))
Director reappointment, DDB Management Services BV (director (not named in the articles))
Director appointment, CAPRICORN PARTNERS NV (director (not named in the articles))
Capital increase, €37,230
Permanent representative, Jeroen Rans
GEMMA FRISIUS – FOND K.U.LEUVEN is a shareholder
FININDUS is a shareholder
INNOVATION FUND is a shareholder
The deed holds 23 more points.

Open the deed in the Belgian Official Gazette

2020

23-12-2020

Capital increase of €42,812General meeting of 14-12-20206 points ▸

General meeting, 14-12-2020
Capital, €90,975.50, 363,902 shares
Power of attorney, Bestuurders (onbenoemd)
Power of attorney, Twee bestuurders (onbenoemd)
Share class breakdown, 150,000, 5357
Capital increase, €42,812
The deed holds 6 more points.

Open the deed in the Belgian Official Gazette

06-11-2020

Appointment: BB3 audit BV (statutory auditor)Mandate compensation: BB3 audit BV · General meeting of 04-05-20203 points ▸

General meeting, 04-05-2020
Auditor appointment, BB3 audit BV (statutory auditor)
Mandate compensation, BB3 audit BV

Open the deed in the Belgian Official Gazette

03-08-2020

Annual accounts 2019 filed PDFmicro format · 3 days late

2019

04-07-2019

Annual accounts 2018 filed PDFmicro format · 27 days before the deadline

28-02-2019

Registered office moved from Steenokkerzeel to WinkseleNew registered office: Diependaalweg 4A, 3020 Winksele · Previous registered office: LESAGESTRAAT 38 bus A, 1820 Steenokkerzeel, België · Board meeting of 17-12-20182 points ▸

Board meeting, 17-12-2018
Registered-office move, Diependaalweg 4A, 3020 Winksele

Open the deed in the Belgian Official Gazette

2018

31-12-2018

Equity above €1m equity €1.2m ▲106% Equity rises from €596,311 to €1.2m.

22-10-2018

Capital increase of €25,829.25Capital from 65146.25 to 90975.50, 103,317 new shares · General meeting of 15-10-20185 points ▸

General meeting, 15-10-2018
Capital increase, €25,829.25
Capital, €90,975.50
Power of attorney, REIN4CED
Power of attorney, CRESCO ADVOCATEN CVBA

Open the deed in the Belgian Official Gazette

20-08-2018

1 director appointed, 1 resignationResignation: TKMC BVBA · Appointment: DDB Management Services BVBA · Permanent representative: Dirk de Boever · Board meeting of 26-06-20184 points ▸

Board meeting, 26-06-2018
Director resignation, TKMC BVBA
Director appointment, DDB Management Services BVBA
Permanent representative, Dirk de Boever, mentioned twice in the deed

Open the deed in the Belgian Official Gazette

07-08-2018

Annual accounts 2017 filed PDFmicro format · 7 days late

01-02-2018

Appointment: MG Callens BVBA (CEO and managing director)Permanent representative: Michaël Callens · Board meeting of 21-12-20174 points ▸

Board meeting, 21-12-2017
Director appointment, MG Callens BVBA (CEO and managing director)
Permanent representative, Michaël Callens
Director appointment, MG Callens BVBA (day-to-day manager)

Open the deed in the Belgian Official Gazette

09-01-2018

7 directors appointed, 3 managers resigningCapital from €37,500 to €60,733.50, 92,934 new shares · Capital from €60,733.50 to €63,807, 12,294 new shares · Capital from €63,807 to €65,146.25, 5,357 new shares · General meeting of 15-12-201729 points ▸

General meeting, 15-12-2017
Net-asset statement, 30-09-2017
Capital increase, €23,233.50
Capital increase, €3,073.50
Capital increase, €1,339.25
Legal-form conversion, from private limited company (pre-2019) to public limited company
Capital, €65,146.25, 260,585 shares
Director resignation, Michaël CALLENS (manager)
Director resignation, Niels DE GREEF (manager)
Director resignation, Dave LUYCKX (manager)
Director discharge, Michaël CALLENS
Director discharge, Niels DE GREEF
Director discharge, Dave LUYCKX
Director appointment, MG Callens BVBA (class A director)
Permanent representative, Michaël CALLENS
Director appointment, De Greef M&C BVBA (class A director)
Permanent representative, Niels DE GREEF
Director appointment, Make Carbon Work BVBA (class A director)
Permanent representative, Dave LUYCKX
Director appointment, William François Maria FYEN (class C director)
Director appointment, TKMC BVBA (class C director)
Permanent representative, Dirk DE BOEVER
Director appointment, Alexis PONNOURADJOU (class C director)
Director appointment, LK INVESTMENT BVBA
Permanent representative, Luc KINDT
Power of attorney, CRESCO ADVOCATEN CVBA
Share split, 1000, 50,000
Total contribution, €980,491.63
Power of attorney, REIN4CED
The deed holds 9 more points.

Open the deed in the Belgian Official Gazette

2017

31-12-2017

Liquidity more than 19 times current ratio 3.03 The current ratio rises from 0.16 to 3.03.

31-12-2017

Equity above €500,000 equity €596,311 Equity rises from -€167,661 to €596,311.

31-07-2017

Annual accounts 2016 filed PDFmicro format · on the deadline day

03-02-2017

Capital increase of €12,500Capital from 25000.00 EUR to 37500.00 EUR, 50 new shares · Appointment: Dave LUYCKX (manager) · General meeting of 18-01-20175 points ▸

General meeting, 18-01-2017
Capital increase, €12,500
Capital, €37,500, 150 shares
Director appointment, Dave LUYCKX (manager)
Power of attorney, REIN4CED

Open the deed in the Belgian Official Gazette

2016

27-09-2016

Resignation: Meerten Yannick (manager)General meeting of 19-08-20164 points ▸

General meeting, 19-08-2016
Director resignation, Meerten Yannick (manager)
Board composition, Callens Michael (manager)
Board composition, De Greef Niels (manager)

Open the deed in the Belgian Official Gazette

25-05-2016

Annual accounts 2015 filed PDFabbreviated format · 67 days before the deadline

2015

06-02-2015

IncorporationFounding capital of €25,000, 100 shares · Founders: CALLENS Michaël Guy Annie Emmanuël Martine, DE GREEF Niels and MEERTEN Yannick · Appointments: CALLENS Michaël Guy Annie Emmanuël Martine, DE GREEF Niels and MEERTEN Yannick · published on 18-02-201511 points ▸

Founding capital, €25,000, 100 shares
Director appointment, CALLENS Michaël Guy Annie Emmanuël Martine (manager)
Director appointment, DE GREEF Niels (manager)
Director appointment, MEERTEN Yannick (manager)
Mandate compensation, CALLENS Michaël Guy Annie Emmanuël Martine
Mandate compensation, DE GREEF Niels
Mandate compensation, MEERTEN Yannick
Power of attorney, ROMBOUTS
Founder, CALLENS Michaël Guy Annie Emmanuël Martine
Founder, DE GREEF Niels
Founder, MEERTEN Yannick

Open the deed in the Belgian Official Gazette

28-01-2015

First establishment Diependaalweg 4A, Herent

Financial milestones sit on the financial year-end date, not the filing date.

Sources: Publications in the Belgian Official Gazette Filings with the National Bank

History

On 6 February 2015, REIN4CED was incorporated by three natural persons, with a starting capital of €25,000.¹² The capital was increased 12 times between 2017 and 2025, most recently to €8.7m.³⁴⁵ In 2019 the registered office moved to Winksele.⁶ Of the 2 current board members, CAPRICORN PARTNERS has served longest, since 2021.⁷ Total assets went from €1.5m in 2018 to €9.2m in 2024 and headcount from 3.5 to 32 full-time equivalents.⁸ The company was declared bankrupt on 29 December 2025.⁹

Company details

Identity

Enterprise number: 0597.747.256
VAT number: BE 0597.747.256
Legal form: Public limited company
Status: In bankruptcy, since 29-12-2025
Founded: 06-02-2015
Financial year: ends on 31 December
Annual meeting: First Monday of May at 19:00
deed of 04-08-2025 (in Dutch)
Peppol: Not found in the Peppol Directory
Name: REIN4CED in Dutch
Entity type: Legal entity
Duration: Unlimited
deed of 04-08-2025 (in Dutch)
Name clause: REIN4CED
deed of 04-08-2025 (in Dutch)
Registered office clause: “Vlaams Gewest”
deed of 04-08-2025 (in Dutch)

Activities

NACEBEL 2025

22260 Manufacture of rubber and plastic products main activity

Joint committees annual accounts 2024

JC 207 White-collar workers in the chemical industry

JC 116 Chemical industry

Codes under NACEBEL 2008

22290 Manufacture of rubber and plastic products main activity

Purpose: “Consultancy m.b.t. composieten en andere materialen; Haalbaarheidsonderzoek voor de overstap naar composieten; Ontwikkeling van…”
9 activities
Consultancy m.b.t. composieten en andere materialen
Haalbaarheidsonderzoek voor de overstap naar composieten
Ontwikkeling van productietechnologieën voor composieten
Ontwerp en FE-analyses
Advisering en begeleiding van allerhande projecten
Organisatie van opleidingen en seminaries
Prototyping van producten en onderdelen in composieten en andere materialen
Productie van producten en onderdelen in composieten en andere materialen
Handel en verkoop van producten en onderdelen in composieten en andere materialen
deed of 04-08-2025 (in Dutch)

Registered office and establishments

1 establishment

Establishment	Since	Unit number
Diependaalweg 4A registered office 3020 Herent	28-01-2015	2.240.509.463

Buildings and parcels at the address

Ground area: 5,521 m²
Buildings: 1,882 m²
Volume, LiDAR: 14,027 m³
Tallest building: 10.3 m

Buildings to scale, each on its own parcel

registered office establishment The establishment unit on the map

Parcels

Cadastral parcel	Area	Buildings	Height / floors
24127E0020/00L000	5,521 m²	1 · 1,882 m²	10.3 m · 2

Contact

E-mail niels.degreef@rein4ced.com establishment in Herent

Phone +32 486 73 66 29 establishment in Herent

Overview

Information for creditors

The procedure

Deadlines

Trustee

Steps for a creditor

Lifetime

Key points

Equity

Losses

Debts

Staff

Liquidity

Filings

Board and ownership

Recent changes

Official details

Annual accounts 2024

Insights on REIN4CED

Financials

Annual accounts 2024

Money flows

Balance sheet

Change in equityin €m

Change in cashin €m

Position in the sector

Solvency0.6%

Current ratio0.20

Return on assets-58.8%

Staff

Staff cost per FTE€74,216

Joined and left-4

Filed annual accounts

Filings

Subsidies and aid

Flemish government 2022 to 2025, 10 entries, €678,382 awarded, €553,621 paid

Key figures and ratios

Social balance sheet

Securities and guarantees

Investments

Insights on REIN4CED

Board & ownership

Curator

Last board

Mandates through the years

Control

Capital

Owners through the years

Articles of association

Shareholders

Owners 3

Capital transactions

The directors' other companies

Network & group

No group

Earlier ties

Connections & network

Timeline

Timeline

History

Company details

Identity

Activities

Registered office and establishments

Buildings and parcels at the address

Location

Parcels

Contact