THE REFERENCE
InactiveFrom the official registers: KBO 25 annual accounts at the National Bank publications in the Belgian Official Gazette
Overview
Overview
Official details
KBO- Status
- Absorbed by EPAM SYSTEMS.BE merger by absorption, January 2026
- Activity
- “Het uitvoeren van diensten en het ontwikkelen van producten met betrekking tot communicatie en…” (deed in Dutch)From the articles, 20 activitiesNo NACE code in the KBO yet
- Financial year end
- 31 December
- Peppol
- Reachable since 30-12-2025
Board and ownership
Board
- Frédéric DesonnayManaging director
- Jason PetersonManaging director
Shareholders
- EPAM Systems Belgium100%annual accounts 2025
- Epam Systems Incconsolidatesannual accounts 2025
Financial position
No score
Annual accounts 2025
- Turnover
- €12.4m
- ▼ 16.1%
- Loss
- €678,327
- Equity
- €969,313
- ▼ 41.2%
- Total assets
- €3.5m
- ▼ 24.4%
- Employees on 31-12-2025
- 77
- ▼ 13.5%
Filed on 30-06-2026
Financials
Financials · financial year 2025, full format
Annual accounts 2025 filed on 30-06-2026 PDF all 25 filings
Turnover
€12.4m▼ 16.1%
2024 · €14.8m
EBIT margin
-5.6%▼ 8.3pp
2024 · 2.8%
Net result
-€678,327
2024 · €111,437
Working capital
€1.5m▼ 20.8%
2024 · €1.9m
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result for 2025 is a loss of €691,150, after a profit of €407,730 in 2024. It is the lowest result since 2021.
Turnover€12.4m
2025
Operating result-€0.7m
2025
Net result-€0.7m
2025
Total assets€3.5m
2025
Equity€1.0m
2025
Debt€2.6m
2025
Working capital€1.5m
2025
EBIT margin-5.6%
2025
Staff (FTE)75.4
2025
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.
Average staff per financial year, in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€17.1m-€16.7m▼ 2.3%€14.8m▼ 11.3%€13.9m▼ 6.2%€15.7m▲ 12.6%€16.1m▲ 2.7%€14.8m▼ 8.2%€12.4m▼ 16.1%
Operating result€0.2m--€0.05m€0.2m€0.3m▲ 50.4%€0.5m▲ 71.3%€0.4m▼ 21.0%€0.4m▲ 14.4%-€0.7m
Net result€0.008m--€0.2m-€0.01m▲ 94.3%€0.07m€0.2m▲ 264%€0.06m▼ 76.7%€0.1m▲ 96.1%-€0.7m
EBIT margin1.4%--0.3%▼ 1.7pp1.2%▲ 1.5pp1.9%▲ 0.7pp2.9%▲ 1.0pp2.2%▼ 0.7pp2.8%▲ 0.5pp-5.6%▼ 8.3pp
Equity€0.7m-€0.4m▼ 35.3%€1.2m▲ 170%€1.2m▲ 5.7%€1.5m▲ 19.7%€1.5m▲ 3.8%€1.6m▲ 7.3%€1.0m▼ 41.2%
Total assets€7.6m-€7.0m▼ 7.7%€6.8m▼ 3.2%€6.5m▼ 4.3%€6.9m▲ 6.3%€5.5m▼ 20.6%€4.7m▼ 15.0%€3.5m▼ 24.4%
Debt€6.9m-€6.6m▼ 4.5%€5.6m▼ 14.5%€5.3m▼ 6.4%€5.4m▲ 3.1%€3.9m▼ 27.3%€3.0m▼ 23.6%€2.6m▼ 15.2%
Working capital-€0.1m--€0.003m▲ 97.8%€0.8m€0.8m▼ 2.1%€0.2m▼ 77.6%€2.0m▲ 11×€1.9m▼ 3.2%€1.5m▼ 20.8%
Staff (FTE)108.7-116.4▲ 7.1%101.1▼ 13.1%88.6▼ 12.4%89.6▲ 1.1%91.3▲ 1.9%84.3▼ 7.7%75.4▼ 10.6%
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €3.5m
Fixed assets
€92,597 ▼ 25.5%
Current assets
€3.4m ▼ 23.6%
Equity and liabilities €3.5m
Equity
€969,313 ▼ 41.2%
Debt
€2.6m ▼ 15.2%
Debt's share of the balance-sheet total rises from 64.6% to 72.5%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€568,126▼
2024 · €557,436
Cash flow
-€555,303▼
2024 · €261,143
Current ratio
1.79▲
2024 · 1.75
Debt to equity
2.63▲
2024 · 1.83
ROE
-70.0%▼
2024 · 6.8%
ROA
-19.3%▼
2024 · 2.4%
Interest coverage
-33537.52▼
2024 · 5.36
Debt ≤ 1 year
€1.9m▼
2024 · €2.6m
Income taxes
-€9,212▼
2024 · €171,705
Customer credit
70 days▼
2024 · 77 days
Supplier credit
96 days▼
2024 · 134 days
Staff costs
€8.3m▲
2024 · €8.1m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 92 | 95 | 98 | 89 | 77 |
| full-time | 73 | 72 | 65 | 58 | 47 |
| part-time | 19 | 23 | 33 | 31 | 30 |
| in full-time equivalents | 87.7 | 90.5 | 90.6 | 82.7 | 70.7 |
| Average over the year, in full-time equivalents | 88.2 | 89.6 | 91.3 | 84.3 | 75.4 |
| On a permanent contract | 92 | 95 | 98 | 89 | 77 |
| Joined | 19 | 20 | 13 | 5 | 0 |
| Left | 19 | 17 | 11 | 14 | 12 |
| Training hours | 221 | 233 | 4,706 | 1,844 | 251 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Overdue debts
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Overdue social security (RSZ) debts | - | - | - | €0 | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts)
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | - | - | - | €1.4m |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €231,396 | €43,500 | €32,563 | €9,960 | €46,003 |
| Intangible fixed assets | €79,751 | - | - | - | - |
| Financial fixed assets | - | €921,453 | - | - | - |
| Depreciation and write-downs of the year | €336,833 | €228,433 | €166,454 | €149,706 | €123,024 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
The auditor is Forvis Mazars Réviseurs d’Entreprises.
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €19,050 | - | €19,000 | €19,640 | €16,031 |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Subsidies and aid
Flemish government
2023 to 2024 · 2 entries · €3,152 awarded · €3,152 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2024 | 1 | €2,364 | €2,364 |
| 2023 | 1 | €788 | €788 |
Schemes
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €14.5m | €16.3m | €16.4m | €15.3m | €13.0m | ▼ 15.2% |
| Turnover70 | €17.1m | €16.7m | €14.8m | €13.9m | €15.7m | €16.1m | €14.8m | €12.4m | ▼ 16.1% |
| Change in stocks of work in progress, finished goods and contracts in progress71 | - | - | - | €0.1m | €0.08m | -€0.3m | - | - | - |
| Own construction capitalised72 | - | - | - | €0.08m | - | - | - | - | - |
| Other operating income74 | - | - | - | €0.4m | €0.6m | €0.6m | €0.6m | €0.6m | ▲ 8.8% |
| Non-recurring operating income76A | - | - | - | - | - | €205 | - | - | - |
| Operating charges60/66A | - | - | - | €14.2m | €15.9m | €16.0m | €14.9m | €13.7m | ▼ 8.3% |
| Goods for resale, raw materials and consumables60 | - | - | - | €1.1m | €1.2m | €2.9m | €2.8m | €1.9m | ▼ 32.7% |
| Purchases600/8 | - | - | - | €1.1m | €1.2m | €2.9m | €2.8m | €1.9m | ▼ 32.7% |
| Services and other goods61 | - | - | - | €5.9m | €7.0m | €4.9m | €3.9m | €3.4m | ▼ 12.2% |
| Remuneration, social security and pensions62 | - | - | - | €6.9m | €7.4m | €8.0m | €8.1m | €8.3m | ▲ 2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.4m | €0.3m | €0.3m | €0.3m | €0.2m | €0.2m | €0.1m | €0.1m | ▼ 17.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €0.04m | - | - | - | - |
| Other operating charges640/8 | - | - | - | €0.009m | €0.01m | €0.02m | €0.06m | €0.03m | ▼ 50.4% |
| Non-recurring operating charges66A | - | - | - | €0.04m | - | €0.004m | - | €165 | - |
| Operating profit (loss)9901 | €0.2m | -€0.05m | €0.2m | €0.3m | €0.5m | €0.4m | €0.4m | -€0.7m | - |
| Financial income75/76B | - | - | - | €0.1m | €0.2m | €0.03m | €0.07m | €0.08m | ▲ 26.9% |
| Recurring financial income75 | €0.07m | €0.06m | €0.09m | €0.1m | €0.2m | €0.03m | €0.07m | €0.08m | ▲ 26.9% |
| Income from financial fixed assets750 | - | - | - | €0.03m | €0.01m | - | - | - | - |
| Other financial income752/9 | - | - | - | €0.07m | €0.1m | €0.03m | €0.07m | €0.08m | ▲ 26.9% |
| Financial charges65/66B | - | - | - | €0.1m | €0.2m | €0.2m | €0.2m | €0.08m | ▼ 58.3% |
| Recurring financial charges65 | €0.2m | €0.2m | €0.2m | €0.1m | €0.2m | €0.2m | €0.2m | €0.08m | ▼ 58.3% |
| Debt charges650 | €0.09m | €0.1m | €0.09m | €0.07m | €0.07m | €0.06m | €0.1m | €17 | ▼ 100.0% |
| Other financial charges652/9 | - | - | - | €0.07m | €0.09m | €0.1m | €0.09m | €0.08m | ▼ 7.7% |
| Non-recurring financial charges66B | - | - | - | - | - | €0.02m | - | - | - |
| Profit (loss) for the period before taxes9903 | €0.2m | -€0.1m | €0.05m | €0.2m | €0.5m | €0.2m | €0.3m | -€0.7m | - |
| Income taxes67/77 | €0.1m | €0.09m | €0.06m | €0.2m | €0.2m | €0.1m | €0.2m | -€0.009m | - |
| Taxes670/3 | - | - | - | €0.2m | €0.2m | €0.1m | €0.2m | - | - |
| Tax adjustments and reversals of tax provisions77 | - | - | - | - | €0.004m | - | - | €0.009m | - |
| Profit (loss) for the period9904 | €0.008m | -€0.2m | -€0.01m | €0.07m | €0.2m | €0.06m | €0.1m | -€0.7m | - |
| Profit (loss) for the period to be appropriated9905 | €0.008m | -€0.2m | -€0.01m | €0.07m | €0.2m | €0.06m | €0.1m | -€0.7m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €7.6m | €7.0m | €6.8m | €6.5m | €6.9m | €5.5m | €4.7m | €3.5m | ▼ 24.4% |
| Formation expenses20 | - | - | €0.2m | €0.2m | €0.1m | €0.09m | €0.05m | - | - |
| Fixed assets21/28 | €0.9m | €0.8m | €0.5m | €0.5m | €1.3m | €0.2m | €0.1m | €0.09m | ▼ 25.5% |
| Intangible fixed assets21 | €0.2m | €0.2m | €0.1m | €0.09m | €0.06m | €0.04m | €0.02m | €0.008m | ▼ 66.7% |
| Tangible fixed assets22/27 | €0.5m | €0.4m | €0.2m | €0.3m | €0.2m | €0.2m | €0.08m | €0.07m | ▼ 19.6% |
| Plant, machinery and equipment23 | - | - | - | €0.003m | €0.001m | €0 | €0.005m | €0.007m | ▲ 29.3% |
| Furniture and vehicles24 | - | - | - | €0.1m | €0.1m | €0.1m | €0.04m | €0.05m | ▲ 14.6% |
| Other tangible fixed assets26 | - | - | - | €0.2m | €0.1m | €0.06m | €0.03m | €0.01m | ▼ 70.1% |
| Financial fixed assets28 | €0.2m | €0.2m | €0.2m | €0.1m | €1.0m | €0.02m | €0.02m | €0.02m | = |
| Affiliated companies280/1 | - | - | - | €0.001m | €0.9m | €0 | - | - | - |
| Participating interests280 | - | - | - | €0.001m | €0.9m | €0 | - | - | - |
| Other financial fixed assets284/8 | - | - | - | €0.1m | €0.1m | €0.02m | €0.02m | €0.02m | = |
| Amounts receivable and cash guarantees285/8 | - | - | - | €0.1m | €0.1m | €0.02m | €0.02m | €0.02m | = |
| Current assets29/58 | €6.7m | €6.2m | €6.0m | €5.8m | €5.5m | €5.2m | €4.5m | €3.4m | ▼ 23.6% |
| Stocks and contracts in progress3 | €0.2m | €0.4m | €0.1m | €0.2m | €0.3m | - | - | - | - |
| Contracts in progress37 | - | - | - | €0.2m | €0.3m | - | - | - | - |
| Amounts receivable within one year40/41 | €5.8m | €5.4m | €5.0m | €5.3m | €4.6m | €3.4m | €3.1m | €2.4m | ▼ 23.5% |
| Trade receivables40 | - | - | - | €3.7m | €4.6m | €3.4m | €3.1m | €2.4m | ▼ 23.5% |
| Other amounts receivable41 | - | - | - | €1.6m | €0 | €0.04m | €124 | €0.001m | ▲ 398% |
| Cash at bank and in hand54/58 | €0.3m | €0.1m | €0.7m | €0.2m | €0.5m | €1.6m | €1.2m | €1.0m | ▼ 17.0% |
| Deferred charges and accrued income490/1 | - | - | - | €0.2m | €0.1m | €0.1m | €0.2m | €0.09m | ▼ 59.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €7.6m | €7.0m | €6.8m | €6.5m | €6.9m | €5.5m | €4.7m | €3.5m | ▼ 24.4% |
| Equity10/15 | €0.7m | €0.4m | €1.2m | €1.2m | €1.5m | €1.5m | €1.6m | €1.0m | ▼ 41.2% |
| Contributions10/11 | €0.5m | €0.5m | €1.3m | €1.3m | €1.3m | €1.3m | €1.3m | €1.3m | = |
| Capital10 | - | - | - | €1.3m | €1.3m | - | - | - | - |
| Issued capital100 | - | - | - | €1.3m | €1.3m | - | - | - | - |
| Reserves13 | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | = |
| Non-distributable reserves130/1 | - | - | - | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | = |
| Legal reserve130 | - | - | - | €0.05m | €0.05m | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | - | - | €0.05m | €0.05m | €0.05m | = |
| Profit (loss) carried forward14 | €0.1m | -€0.1m | -€0.1m | -€0.06m | €0.2m | €0.2m | €0.3m | -€0.3m | - |
| Provisions and deferred taxes16 | €0.05m | €0.01m | - | €0 | - | - | - | - | - |
| Provisions for liabilities and charges160/5 | - | - | - | €0 | - | - | - | - | - |
| Other liabilities and charges164/5 | - | - | - | €0 | - | - | - | - | - |
| Amounts payable17/49 | €6.9m | €6.6m | €5.6m | €5.3m | €5.4m | €3.9m | €3.0m | €2.6m | ▼ 15.2% |
| Amounts payable after more than one year17 | - | €0.3m | €0.2m | €0.1m | €0.04m | €0.009m | €0 | - | - |
| Financial debts170/4 | - | - | - | €0.1m | €0.04m | €0.009m | €0 | - | - |
| Credit institutions173 | - | - | - | €0.1m | €0.04m | €0.009m | €0 | - | - |
| Amounts payable within one year42/48 | €6.8m | €6.2m | €5.2m | €5.0m | €5.3m | €3.2m | €2.6m | €1.9m | ▼ 25.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.3m | - | €0.04m | €0.009m | - | - |
| Financial debts43 | - | - | - | €0.6m | €0.07m | - | - | - | - |
| Credit institutions430/8 | - | - | - | €0.6m | €0.07m | - | - | - | - |
| Trade debts44 | €1.4m | €1.3m | €1.2m | €1.1m | €1.4m | €1.6m | €1.0m | €0.5m | ▼ 51.6% |
| Suppliers440/4 | - | - | - | €1.1m | €1.4m | €1.6m | €1.0m | €0.5m | ▼ 51.6% |
| Advances received on contracts in progress46 | - | - | - | €1.6m | €1.8m | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €1.6m | €1.5m | €1.6m | €1.5m | €1.4m | ▼ 8.3% |
| Taxes450/3 | - | - | - | €0.3m | €0.4m | €0.3m | €0.3m | €0.07m | ▼ 77.1% |
| Remuneration and social security454/9 | - | - | - | €1.3m | €1.1m | €1.3m | €1.2m | €1.3m | ▲ 9.1% |
| Other amounts payable47/48 | - | - | - | - | €0.6m | - | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €0.1m | €0.1m | €0.7m | €0.4m | €0.6m | ▲ 46.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.008m | -€0.2m | -€0.01m | €0.07m | €0.2m | €0.06m | €0.1m | -€0.7m | - |
| + Depreciation and write-downs630 | €0.4m | €0.3m | €0.3m | €0.3m | €0.2m | €0.2m | €0.1m | €0.1m | ▼ 17.8% |
| Operating cash flow (approximation) | €0.4m | €0.05m | €0.3m | €0.4m | €0.5m | €0.2m | €0.3m | -€0.6m | - |
| Investment in fixed assets (approximation) | - | -€0.2m | -€0.03m | -€0.3m | -€1.1m | €0.9m | -€0.06m | -€0.09m | ▼ 64.6% |
| Change in cash | - | -€0.2m | €0.6m | -€0.6m | €0.3m | €1.1m | -€0.4m | -€0.2m | ▲ 54.6% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 25 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 30-06-2026 | 2026-00238234 | |
| 31-12-2024 | full format | 04-06-2025 | 2025-00137898 | |
| 31-12-2023 | full format | 28-06-2024 | 2024-00193390 | |
| 31-12-2022 | full format | 13-06-2023 | 2023-00124438 | |
| 31-12-2021 | full format | 24-06-2022 | 2022-20088446 | |
| 31-12-2020 | full format | 26-05-2021 | 2021-15100198 | |
| 31-12-2019 | full format | 05-06-2020 | 2020-14700061 | |
| 31-12-2018 | full format | 17-06-2019 | 2019-18500510 | |
| 31-12-2017 | full format | 11-05-2018 | 2018-12600321 | |
| 31-12-2016 | full format | 16-05-2017 | 2017-12000387 |
Board & ownership
Directors
Directors
2 directors, 2 in day-to-day management, last change in 2023
Day-to-day management 2
Frédéric Desonnay
Current
Managing director · appointed in the act of 02-10-2023
Jason Peterson
Current
Managing director · appointed in the act of 02-10-2023
Statutory auditor 1
Forvis Mazars Réviseurs d’Entreprises
Current
Statutory auditor · appointed in the act of 05-05-2025 · permanent representative: Romuald Bilem
Signing authorityThe articles say who may bind the company, for example by signing a contract.
Two directors jointly, or a managing director alone
deed of 02-10-2023Owners and capital
Shareholders
2 ownersChain of control
- Epam Systems IncUS
- EPAM Systems Belgium
- THE REFERENCE
Owners 2
-
100%
- Epam Systems IncUSconsolidating parentconsolidates
Capital transactions
Shareholders according to the deeds
Stated in the act
act of 05-12-2022 ↗
- Emakina Group (BE 0464.812.221) 48,744,103 shares
Capital over time
- 05-12-2022 Converted to available equity
Mandate history
5 people, 3 in office
- Board
- Day-to-day management
- Statutory auditor
- began earlier
| Name | Functions and periods |
|---|---|
| Frédéric Desonnay |
|
| Jason Peterson |
|
| Forvis Mazars Réviseurs d’Entreprises |
|
| Alexandre Papanastassiou |
|
| Isabel Donvil |
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Articles of association
- Board ruleThese rules set how the board is made up, meets and takes decisions.
- “1, bij gebrek aan bepaling van de duurtijd, mandaat geacht van onbepaalde duur”
- Liquidation ruleIn a liquidation the creditors are paid first. What is left goes to the shareholders.
- “Ontbinding om welke reden en op welk ogenblik ook, bestuurder(s) in functie indien geen andere vereffenaar benoemd”
Articles of association, deed of 05-12-2022 (in Dutch)
Network & group
Part of the group
EPAM Systems Belgium
2 companies
Group, risk and exposure
Acquisitions and mergers
1 transactionTaken over by:EPAM SYSTEMS.BE
Connections & network
2 current directorsThe network starts from the directors of THE REFERENCE. Every other company they run is a node.
This company
Company
Director
Shareholding
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Timeline
Acts, filings and financial milestones
Deadline for the 2026 accounts:
2026
30-06
financial year 2025 · full format
21-01
Gazette deed
Restructuring · End & cessationAccounting effect · Merger7 points ▸
Gazette deed
Restructuring · End & cessation
Accounting effect · Merger7 points ▸
- General meeting, 26-09-2025
- Other provision, “bestuursorganen van de te fuseren vennootschappen, lezing en onderzoek fusievoorstel” (deed in Dutch)
- Other provision, “verzaking tussentijdse cijfers, artikel 12:51,§2,4°,laatste lid van het Wetboek van vennootschappen en verenigingen” (deed in Dutch)
- Accounting effect, 01-01-2026
- Other provision, “fusie zonder uitgifte nieuwe aandelen of ruiling effecten” (deed in Dutch)
- Other provision, “geen bijzonder voordeel bestuursorganen te fuseren vennootschappen, leden van de bestuursorganen van de te fuseren vennootschappen” (deed in Dutch)
- Merger, “met fusie door overneming gelijkgestelde verrichting, gehele vermogen,zowel activa als passiva,van overgenomen vennootschap naar overnemende vennootschap” (deed in Dutch)
2025
31-12
Financial
Weakest financial yearnet -€678,327
The net result drops to -€678,327, the lowest from 2018 to 2025.
25-11
Gazette deed
MiscellaneousMerger · Declaration · Director in office5 points ▸
Gazette deed
Miscellaneous
Merger · Declaration · Director in office5 points ▸
- Merger, “fusie door overname, artikel 12:50 en artikel 12:7 van het Wetboek van vennootschappen en verenigingen” (deed in Dutch)
- Declaration, “geen rechten of maatregelen jegens vennoten met bijzondere rechten” (deed in Dutch)
- Declaration, “geen bijzondere voordelen aan leden van bestuursorganen” (deed in Dutch)
- Director in office, Frédéric Desonnay (managing director)
- Director in office, Jason Peterson (managing director)
04-06
financial year 2024 · full format
05-05
Gazette deed
Appointment: BV Mazars Bedrijfsrevisoren (statutory auditor)Director discharge4 points ▸
Gazette deed
Appointment: BV Mazars Bedrijfsrevisoren (statutory auditor)
Director discharge4 points ▸
- General meeting, 31-05-2023
- Director discharge, BV Mazars Bedrijfsrevisoren
- Auditor appointment, BV Mazars Bedrijfsrevisoren (statutory auditor)
- Director discharge, alle bestuurders
2024
21-08
Gazette deed
MiscellaneousPower of attorney2 points ▸
Gazette deed
Miscellaneous
Power of attorney2 points ▸
- Board meeting, 05-08-2024
- Power of attorney, Paul Richard
28-06
financial year 2023 · full format
06-02
Gazette deed
Amendment of the articlesPower of attorney3 points ▸
Gazette deed
Amendment of the articles
Power of attorney3 points ▸
- Board meeting, 28-09-2023
- Power of attorney, Maarten Bosmans
- Power of attorney, Kim Lagae
2023
02-10
Gazette deed
Resignations: Isabel Donvil (managing director) and Alexandre Papanastassiou (director)Appointments: Frédéric Desonnay (managing director) and Jason Peterson (managing director)9 points ▸
Gazette deed
Resignations: Isabel Donvil (managing director) and Alexandre Papanastassiou (director)
Appointments: Frédéric Desonnay (managing director) and Jason Peterson (managing director)9 points ▸
- Board meeting, 26-09-2023
- Director resignation, Isabel Donvil (managing director)
- Director resignation, Alexandre Papanastassiou (director)
- Director appointment, Frédéric Desonnay (managing director)
- Director appointment, Jason Peterson (managing director)
- General meeting, 21-09-2023
- Director resignation, Isabel Donvil (director)
- Director appointment, Frédéric Desonnay (director)
- Director appointment, Jason Peterson (director)
13-06
financial year 2022 · full format
2022
31-12
Financial
Highest result from 2018 to 2025net €243,567 ▲264%
The operating result of €451,451 and the net result of €243,567 are both a record.
Show earlier events
05-12
Gazette deed
Resignations: Donvil Isabel (director) and Papanastassiou Alexandre (director)Appointments: Donvil Isabel (director) and Papanastassiou Alexandre (director) · Shareholding · Power of attorney29 points ▸
Gazette deed
Resignations: Donvil Isabel (director) and Papanastassiou Alexandre (director)
Appointments: Donvil Isabel (director) and Papanastassiou Alexandre (director) · Shareholding · Power of attorney29 points ▸
- General meeting, 29-11-2022
- Other provision, “bureau van vergadering, identiteitskaart” (deed in Dutch)
- Emakina Group holds 48,744,103 shares
- Power of attorney, DESONNAY Frédéric Paul
- Other provision, “agenda” (deed in Dutch)
- Other provision, “verslag bestuursorgaan artikel 14:5 omzettingsvoorstel”, 3 (deed in Dutch)
- Auditor report, EUR, “controlenormen Instituut van de Bedrijfsrevisoren omzetting en ISRE 2410” (deed in Dutch)
- Other provision, “omzetting rechtsvorm in besloten vennootschap” (deed in Dutch)
- Other provision, “boeking kapitaal en wettelijke reserve op beschikbare eigen vermogensrekening” (deed in Dutch)
- Other provision, “goedkeuring statuten besloten vennootschap” (deed in Dutch)
- Other provision, “ontslag en benoeming bestuurders” (deed in Dutch)
- Capital, mentioned 2 times in the deed
- The act holds 17 more points.
24-06
financial year 2021 · full format
2021
31-12
Financial
Back to profitnet €66,998
The net result is €66,998, after 2 loss-making years.
26-05
financial year 2020 · full format
2020
31-12
Financial
Equity above €1mequity €1.2m ▲170%
Equity rises from €432,194 to €1.2m.
05-06
financial year 2019 · full format
2019
17-06
financial year 2018 · full format
2018
11-05
financial year 2017 · full format
2017
16-05
financial year 2016 · full format
Financial milestoneGazette deedNBB filingFinancial milestones sit on the financial year-end date, not the filing date.
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Inactive
Absorbed by EPAM SYSTEMS.BE in January 2026
THE REFERENCE is no longer in the KBO register. EPAM SYSTEMS.BE took it over in a merger by absorption, published in the Belgian Official Gazette on 21 January 2026.
- Status
- Inactive
- Reason
- Merger by absorption"simplified merger", Belgian Official Gazette, 21 January 2026 · act
- Absorbed by
- EPAM SYSTEMS.BE · 0463.478.965
- Last annual accounts
- financial year to 31 December 2025
- Last registered office
- Stapelplein 70, Bus 201, 9000 Gentas published on 21 January 2026
- Legal form
- Public limited company
- First annual accounts
- financial year 2001
Purpose, financial year and meetings according to the articles of association
Name, seat, purpose and duration
- PurposeThe purpose describes the activities the company may carry out under its articles.
- “Het uitvoeren van diensten en het ontwikkelen van producten met betrekking tot communicatie en commerciële communicatie via zowel…”deed of 25-11-2025 (in Dutch)
20 activities
- Het uitvoeren van diensten en het ontwikkelen van producten met betrekking tot communicatie en commerciële communicatie via zowel traditionele als nieuwe media, on-line en off-line, via gelijk welke bestaande of nieuw te ontwikkelen drager
- Het verlenen van advies
- Het opzetten van cursussen, seminaries, en elke andere vorm van opleiding of training
- De ontwikkeling van software en hardware en aanpassingen van software van derden
- De doorverkoop van software en hardware, zowel van eigen ontwikkelingen als de ontwikkelingen van derden
- De creatie van elke vorm van beeldmateriaal, stilstaand of bewegend, in twee of meerdere dimensies
- De creatie van geluid in gelijk welke vorm
- De creatie van elke andere vorm van media
- De selectie en de werving van arbeiders, bedienden, hogere kaderleden, bedrijfsleiders en bestuurders van vennootschappen
- Het verlenen van om het even welke psychologische en sociaalwetenschappelijke consultancy-adviezen die daarmee gepaard kunnen gaan
- Het exploiteren van alle bovengenoemde activiteiten, producten en diensten, voor eigen rekening of voor rekening van derden
- Eigen informatie creëren, of informatie van derden aanwenden, en deze vrij of tegen gelijk welke vorm van betaling verspreiden
- Alle handelingen en daden stellen in rechtstreeks of onrechtstreeks verband met haar voorwerp
- In België en in het buitenland, en voor eigen rekening en voor rekening van derden
- Onroerende goederen kopen en verkopen
- Samenwerken met, deelnemen in op gelijk welke wijze, rechtstreeks of zijdelings, belangen nemen in ondernemingen van allerlei aard
- Alle verbintenissen aangaan
- Kredieten en leningen aangaan en toestaan
- Zich voor derden borgstellen onder meer door haar goederen in hypotheek of in pand te geven inclusief de eigen handelszaak
- Alles doen wat verband houdt met het voorwerp, of wat van aard is de verwezenlijking ervan te bevorderen
- DurationMost companies exist for an unlimited period, until they are dissolved.
- Unlimiteddeed of 05-12-2022 (in Dutch)
- Name clauseThe company operates under this name according to its articles.
- THE REFERENCEdeed of 05-12-2022 (in Dutch)
- Registered office clauseThe articles name the region of the registered office. The language of official documents depends on that region, among other things.
- “Vlaamse Gewest”deed of 05-12-2022 (in Dutch)
General meeting and financial year
- Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
- Second Tuesday of May at 19:00
deed of 05-12-2022 (in Dutch)
Recognitions · licences · registrations
Legal Entity Identifier
9676005E6XWZ7RXIT292