ACTIVE

Agref

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Financial year 2025 · closed on 31/12/2025

Net result

58 k €

-84.4% YoY

Gross margin

2,4 M €

-18.7% YoY

Equity

2,9 M €

+1.7% YoY

Workforce

28,8 ETP

-8.9% YoY

What does Agref do?

Agref is a Public limited company incorporated in 1966. Its registered office is in Wetteren. It employs on average 28,8 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0400.120.842

Incorporation

22/09/1966

Legal form

Public limited company

Registered office

Tragelweg 4
9230 Wetteren · FlandreSee on map

Contributed capital

1 000 000,00 €

Latest accounts

31/12/2025

Average workforce

28,8 ETP

Joint committees (3)

10602
200
218

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debts

View the BCE/KBO Public Search record →

Health score

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✦ Verdict · Analyst summary

Financials

Trend over 20 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Gross margin	2,4 M €	-18.7%	2,9 M €	+6.2%	2,8 M €	-11.7%	3,1 M €	-1.6%	3,2 M €	+8.2%	2,9 M €	-4.9%	3,1 M €	+4.3%	3 M €	+0.5%	2,9 M €	+36.9%	2,1 M €	-11.9%	2,4 M €	+2.6%	2,4 M €	+2.9%	2,3 M €	-2.6%	2,4 M €	+33.5%	1,8 M €	+25.2%	1,4 M €	-17.5%	1,7 M €	-22.0%	2,2 M €	-6.8%	2,4 M €	+11.7%	2,1 M €
EBITDA	603,1 k €	-37.2%	960,2 k €	+101%	477,7 k €	-46.4%	890,9 k €	-9.8%	988 k €	+4.0%	950,4 k €	-27.0%	1,3 M €	+11.6%	1,2 M €	+1.0%	1,2 M €	+101%	574,8 k €	-27.8%	795,9 k €	-9.1%	875,4 k €	+23.2%	710,5 k €	+10.0%	646 k €	+224%	199,5 k €	-18.1%	243,6 k €	-41.1%	413,5 k €	-42.5%	719,4 k €	-12.1%	818,6 k €	+23.2%	664,5 k €
Operating result	146,5 k €	-66.7%	440,7 k €	+799%	49 k €	-89.6%	468,9 k €	-23.9%	616,2 k €	+4.1%	591,9 k €	-38.0%	955,1 k €	+18.5%	806,3 k €	+0.1%	805,2 k €	+259%	224,2 k €	-40.7%	377,9 k €	-15.3%	446,1 k €	+32.7%	336,1 k €	+6.9%	314,6 k €	+330%	-136,9 k €	-56.6%	-87,4 k €	-177%	113,5 k €	-64.7%	321,3 k €	-34.1%	487,7 k €	+22.5%	398,1 k €
Net result	58 k €	-84.4%	370,9 k €	+3379%	-11,3 k €	-103%	365,8 k €	-39.1%	601 k €	+5.1%	572,1 k €	-36.4%	899,8 k €	+25.6%	716,5 k €	-6.4%	765,3 k €	+363%	165,3 k €	-28.8%	232,1 k €	-39.4%	383,3 k €	-3.3%	396,5 k €	+56.5%	253,4 k €	+269%	-150,4 k €	-475%	-26,2 k €	-126%	100,3 k €	-67.7%	310,5 k €	-20.9%	392,5 k €	+10.1%	356,4 k €
Balance sheet
Equity	2,9 M €	+1.7%	2,8 M €	+4.1%	2,7 M €	-0.4%	2,8 M €	-3.0%	2,8 M €	+8.9%	2,6 M €	+1.0%	2,6 M €	-20.0%	3,2 M €	-29.0%	4,5 M €	+8.9%	4,2 M €	+1.6%	4,1 M €	+3.3%	4 M €	+7.5%	3,7 M €	-22.8%	4,8 M €	+5.4%	4,5 M €	-3.3%	4,7 M €	-0.9%	4,7 M €	+0.3%	4,7 M €	+113%	2,2 M €	+17.6%	1,9 M €
Total assets	5,9 M €	-5.0%	6,2 M €	+1.1%	6,2 M €	-6.4%	6,6 M €	+4.0%	6,3 M €	+21.9%	5,2 M €	-18.5%	6,4 M €	+13.3%	5,6 M €	-13.0%	6,5 M €	+7.8%	6 M €	-5.7%	6,4 M €	-6.7%	6,8 M €	-2.0%	7 M €	+1.4%	6,9 M €	+7.0%	6,4 M €	+7.5%	6 M €	+11.6%	5,4 M €	-4.4%	5,6 M €	+74.6%	3,2 M €	+24.2%	2,6 M €
Cash	29,6 k €	-78.5%	137,3 k €	+49.2%	92 k €	+108%	44,2 k €	-76.3%	186 k €	+82.3%	102,1 k €	+62.8%	62,7 k €	+182%	22,2 k €	-22.2%	28,6 k €	+1705%	1,6 k €	-96.9%	51 k €	+136%	21,6 k €	-61.5%	55,9 k €	+79.1%	31,2 k €	-30.3%	44,8 k €	-72.2%	160,9 k €	-83.5%	975,5 k €	+57.6%	619 k €	+848%	65,3 k €	-85.7%	457,9 k €
Debts	3 M €	-11.2%	3,4 M €	-1.1%	3,4 M €	-10.9%	3,8 M €	+10.0%	3,5 M €	+36.0%	2,5 M €	-32.7%	3,8 M €	+59.5%	2,4 M €	+26.4%	1,9 M €	+4.9%	1,8 M €	-18.7%	2,2 M €	-20.6%	2,8 M €	-13.4%	3,2 M €	+55.6%	2,1 M €	+11.0%	1,9 M €	+48.3%	1,2 M €	+122%	561,5 k €	-33.1%	838,7 k €	-9.1%	922,6 k €	+44.2%	639,7 k €
Other
Workforce	28,8 ETP	-8.9%	31,6 ETP	-11.5%	35,7 ETP	-11.6%	40,4 ETP	+3.1%	39,2 ETP	+2.1%	38,4 ETP	+12.6%	34,1 ETP	-3.7%	35,4 ETP	+1.4%	34,9 ETP	+5.8%	33,0 ETP	+2.5%	32,2 ETP	-0.9%	32,5 ETP	-0.3%	32,6 ETP	+3.8%	31,4 ETP	+16.7%	26,9 ETP	+6.7%	25,2 ETP	-15.2%	29,7 ETP	-7.8%	32,2 ETP	-2.1%	32,9 ETP	+5.8%	31,1 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 1 M€ and 2,5 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 15 ended

Active mandates

DEMALO

Managing director · since 09 novembre 2023 · until 09 novembre 2029 · 0437.358.053

Represented by Bernard De Witte

Active

MDW PROJECTS

Managing director · since 09 novembre 2023 · until 09 novembre 2029 · 0891.743.863

Represented by Martin DE WITTE

Active

Ended mandates

DEMALO

Managing director · since 02 avril 2018 · until 02 avril 2024 · 0437.358.053

Represented by Bernard De Witte

Ended

DEMALO

Managing director · since 02 avril 2018 · until 02 avril 2024 · 0437.358.053

Represented by Bernard De Witte

Ended

MDW PROJECTS

Director · since 02 avril 2018 · until 02 avril 2024 · 0891.743.863

Represented by Martin DE WITTE

Ended

MDW PROJECTS

Managing director · since 02 avril 2018 · until 02 avril 2024 · 0891.743.863

Represented by Martin DE WITTE

Ended

At this address

Other companies at this address

Company	CBE no.
Fabriek 9000● Active	0764.792.738
KASTER● Active	0452.451.649
W. Michiels - Algemene Onderneming van Bouwwerken● Active	0413.164.966

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	28/08/2026	01/09/2025	22/07/2024	20/07/2023	29/08/2022	15/07/2021
General meeting	31/07/2026	30/06/2025	30/06/2024	30/06/2023	08/08/2022	21/06/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Ratios

Financial ratios

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Filings

Annual accounts filings

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	31/07/2026	28/08/2026	Dutch	PDF
Abridged model	31/12/2024	30/06/2025	01/09/2025	Dutch	PDF
Abridged model	31/12/2023	30/06/2024	22/07/2024	Dutch	PDF
Abridged model	31/12/2022	30/06/2023	20/07/2023	Dutch	PDF
Abridged model	31/12/2021	08/08/2022	29/08/2022	Dutch	PDF
Abridged model	31/12/2020	21/06/2021	15/07/2021	Dutch	PDF
Abridged model	31/12/2019	22/06/2020	17/07/2020	Dutch	PDF
Abridged model	31/12/2018	24/06/2019	19/07/2019	Dutch	PDF
Abridged model	31/12/2017	25/06/2018	19/07/2018	Dutch	PDF
Abridged model	31/12/2016	15/05/2017	13/06/2017	Dutch	PDF
Abridged model	31/12/2015	18/04/2016	17/05/2016	Dutch	PDF
Abridged model	31/12/2014	07/04/2015	06/05/2015	Dutch	PDF
Abridged model	31/12/2013	07/04/2014	07/05/2014	Dutch	PDF
Abridged model	31/12/2012	02/04/2013	30/04/2013	Dutch	PDF
Abridged model	31/12/2011	02/04/2012	27/04/2012	Dutch	PDF
Abridged model	31/12/2010	04/04/2011	03/05/2011	Dutch	PDF
Abridged model	31/12/2009	06/04/2010	07/05/2010	Dutch	PDF
Abridged model	31/12/2008	06/04/2009	04/05/2009	Dutch	PDF
Abridged model	31/12/2007	07/04/2008	30/04/2008	Dutch	PDF
Abridged model	31/12/2006	02/04/2007	27/04/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 1 M€ and 2,5 M€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 15 ended

Active mandates

DEMALO

Managing director · since 09 novembre 2023 · until 09 novembre 2029 · 0437.358.053

Represented by Bernard De Witte

Active

MDW PROJECTS

Managing director · since 09 novembre 2023 · until 09 novembre 2029 · 0891.743.863

Represented by Martin DE WITTE

Active

Ended mandates

DEMALO

Managing director · since 02 avril 2018 · until 02 avril 2024 · 0437.358.053

Represented by Bernard De Witte

Ended

DEMALO

Managing director · since 02 avril 2018 · until 02 avril 2024 · 0437.358.053

Represented by Bernard De Witte

Ended

MDW PROJECTS

Director · since 02 avril 2018 · until 02 avril 2024 · 0891.743.863

Represented by Martin DE WITTE

Ended

MDW PROJECTS

Managing director · since 02 avril 2018 · until 02 avril 2024 · 0891.743.863

Represented by Martin DE WITTE

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Other23/11/2023
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Mandates05/12/2018
ONTSLAGEN - BENOEMINGEN
PDF
Mandates23/06/2015
ONTSLAGEN - BENOEMINGEN
PDF
Capital / shares27/05/2013
KAPITAAL - AANDELEN - ALGEMENE VERGADERING - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Restructuring10/05/2013
ONTSLAGEN - BENOEMINGEN - RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Restructuring21/11/2012
RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Mandates09/10/2012
ONTSLAGEN - BENOEMINGEN
PDF
Capital / shares14/07/2008
KAPITAAL - AANDELEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF

Source: Belgian Official Gazette

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

2025
Annual accounts 202558 k €↓
2024
Annual accounts 2024370,9 k €↑
2023
Annual accounts 2023-11,3 k €↓
2022
Annual accounts 2022365,8 k €↓
2021
Annual accounts 2021601 k €↑
2020
Annual accounts 2020572,1 k €↓
2019
Annual accounts 2019899,8 k €↑
2018
Annual accounts 2018716,5 k €↓
2017
Annual accounts 2017765,3 k €↑
2016
Annual accounts 2016165,3 k €↓
2015
Annual accounts 2015232,1 k €↓
2014
Annual accounts 2014383,3 k €↓
2013
Annual accounts 2013396,5 k €↑
2012
Annual accounts 2012253,4 k €↑
2011
Annual accounts 2011-150,4 k €↓
2010
Annual accounts 2010-26,2 k €↓
2009
Annual accounts 2009100,3 k €↓
2008
Annual accounts 2008310,5 k €↓
2007
Annual accounts 2007392,5 k €↑
2006
Annual accounts 2006356,4 k €
22/09/1966
IncorporationPublic limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

Agref

Overview

What does Agref do?

Trend over 20 financial years

Indicative valuation

Board of directors

Other companies at this address

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline