ACTIVE

REFRESCO

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Financial year 2025 · closed on 31/12/2025

Net result

1,4 M €

-38.9% YoY

Revenue

25,5 M €

-5.1% YoY

Equity

39,6 M €

+3.6% YoY

Workforce

181,9 ETP

+2.3% YoY

What does REFRESCO do?

REFRESCO is a Public limited company incorporated in 1980. Its main activity is: Manufacture of soft drinks; production of mineral waters and other bottled waters. Its registered office is in Ninove. It employs on average 181,9 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0421.059.776

Incorporation

17/12/1980

Legal form

Public limited company

Registered office

Nederwijk-Oost 262
9400 Ninove · FlandreSee on map

Contributed capital

2 258 701,44 €

Latest accounts

31/12/2025

Average workforce

181,9 ETP

Activities (NACE)

11070Manufacture of soft drinks; production of mineral waters and other bottled waters· main 11070Manufacture of soft drinks; production of mineral waters and other bottled waters 15980Manufacture of leather and related products

Joint committees (2)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue

View the BCE/KBO Public Search record →

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✦ Verdict · Analyst summary

Financials

Trend over 16 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2016		2015		2014		2011		2010		2009		2007		2006
Income statement
Revenue	25,5 M €	-5.1%	26,9 M €	+9.1%	24,6 M €	+15.2%	21,4 M €	+4.3%	20,5 M €	+2.3%	20 M €	+0.6%	19,9 M €	+8.4%	18,4 M €	-0.9%	18,5 M €	-1.1%	18,7 M €	-0.6%	18,9 M €	+9.6%	17,2 M €	-19.2%	21,3 M €	-74.2%	82,6 M €	-10.1%	91,9 M €	+4.8%	87,7 M €
EBITDA	5,4 M €	-18.7%	6,6 M €	+49.5%	4,4 M €	-15.8%	5,3 M €	-2.9%	5,4 M €	+1.0%	5,4 M €	+4.1%	5,2 M €	+46.1%	3,5 M €	+8.0%	3,3 M €	-0.7%	3,3 M €	-3.5%	3,4 M €	-10.3%	3,8 M €	-9.1%	4,2 M €	-53.5%	9 M €	+39.2%	6,5 M €	+2.5%	6,3 M €
Operating result	2,3 M €	-33.2%	3,4 M €	+93.2%	1,8 M €	+11.9%	1,6 M €	-16.6%	1,9 M €	-4.7%	2 M €	-3.3%	2 M €	+10.0%	1,9 M €	+0.0%	1,9 M €	-0.5%	1,9 M €	-2.4%	1,9 M €	+13.5%	1,7 M €	-7.7%	1,8 M €	-70.4%	6,2 M €	+91.7%	3,2 M €	+7.6%	3 M €
Net result	1,4 M €	-38.9%	2,2 M €	+235%	671,3 k €	-34.5%	1 M €	-0.2%	1 M €	+1.6%	1 M €	-18.6%	1,2 M €	+2.3%	1,2 M €	+1.4%	1,2 M €	+0.4%	1,2 M €	-5.3%	1,3 M €	-50.6%	2,5 M €	+138%	1,1 M €	-68.1%	3,3 M €	+187%	1,2 M €	+379%	-418 k €
Balance sheet
Equity	39,6 M €	+3.6%	38,2 M €	+6.2%	36 M €	+1.9%	35,3 M €	+12.3%	31,5 M €	+3.4%	30,4 M €	+3.4%	29,4 M €	+42.3%	20,7 M €	+13.0%	18,3 M €	+7.0%	17,1 M €	+7.5%	15,9 M €	+33.9%	11,9 M €	+27.5%	9,3 M €	+13.0%	8,3 M €	-71.0%	28,4 M €	+4.3%	27,2 M €
Total assets	46,4 M €	+2.9%	45,1 M €	+3.6%	43,5 M €	+6.6%	40,8 M €	+13.5%	36 M €	-28.6%	50,4 M €	+10.1%	45,8 M €	+73.9%	26,3 M €	+3.9%	25,3 M €	+13.9%	22,2 M €	-48.1%	42,8 M €	+9.4%	39,2 M €	+8.5%	36,1 M €	-35.2%	55,7 M €	-25.3%	74,5 M €	-4.3%	77,8 M €
Cash	14,6 M €	+59.4%	9,1 M €	+28.4%	7,1 M €	+37.4%	5,2 M €	+23.7%	4,2 M €		–		1,7 k €	-99.9%	2,1 M €	+544%	323,2 k €	-30.0%	462 k €	-39.8%	767,5 k €	-53.8%	1,7 M €	+300%	415,5 k €	-98.2%	22,7 M €	+927%	2,2 M €	+245%	639,4 k €
Debts	6,5 M €	-3.0%	6,7 M €	-8.1%	7,3 M €	+41.7%	5,1 M €	+13.8%	4,5 M €	-77.4%	19,9 M €	+22.7%	16,2 M €	+198%	5,5 M €	-20.1%	6,8 M €	+37.8%	5 M €	-81.5%	26,8 M €	-0.9%	27 M €	+1.5%	26,6 M €	-42.9%	46,6 M €	+2.7%	45,4 M €	-8.4%	49,6 M €
Other
Workforce	181,9 ETP	+2.3%	177,8 ETP	+0.3%	177,2 ETP	+1.4%	174,8 ETP	-0.2%	175,1 ETP	+1.6%	172,4 ETP	+2.0%	169,0 ETP	-0.5%	169,8 ETP	+1.1%	167,9 ETP	+0.4%	167,2 ETP	+0.4%	166,5 ETP	-0.3%	167,0 ETP	-0.1%	167,1 ETP	-3.1%	172,5 ETP	-18.1%	210,5 ETP	+9.5%	192,3 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 50 M€ and 100 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 41 ended

Active mandates

Paul Havermans

Director · since 17 juin 2025 · until 20 juin 2031

Active

Alexander van Assouw

Managing director · since 23 juin 2023 · until 23 juin 2028

Active

Refresco Europe BV

Director · since 23 juin 2023 · until 23 juin 2028

Represented by Roger Sonneville

Active

Ended mandates

Alexander van Assouw

Managing director · since 17 avril 2023 · until 16 avril 2029

Ended

Refresco Europe BV

Director · since 30 juin 2022 · until 23 juin 2028

Represented by Roger Sonneville

Ended

Paul Havermans

Director · since 01 février 2020 · until 20 juin 2025

Ended

Paul Havermans

Director · since 01 février 2020 · until 31 décembre 2026

Ended

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Full model	Full model	Full model	Full model	Full model	Full 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	13/07/2026	14/08/2025	04/07/2024	27/06/2023	26/09/2022	02/11/2021
General meeting	18/06/2026	13/06/2025	17/06/2024	23/06/2023	24/06/2022	25/06/2021
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

21 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	18/06/2026	13/07/2026	Dutch	PDF
Full model	31/12/2024	13/06/2025	14/08/2025	Dutch	PDF
Full model	31/12/2023	17/06/2024	04/07/2024	Dutch	PDF
Full model	31/12/2022	23/06/2023	27/06/2023	Dutch	PDF
Full modelCorrection	31/12/2021	24/06/2022	26/09/2022	Dutch	PDF
Full model	31/12/2021	24/06/2022	29/07/2022	Dutch	PDF
Full model	31/12/2020	25/06/2021	02/11/2021	Dutch	PDF
Full model	31/12/2019	17/07/2020	02/02/2021	Dutch	PDF
Full model	31/12/2018	13/06/2019	21/06/2019	Dutch	PDF
Full model	31/12/2017	18/07/2018	13/12/2018	Dutch	PDF
Full model	31/12/2016	23/06/2017	18/07/2017	Dutch	PDF
Full model	31/12/2015	17/06/2016	27/06/2016	Dutch	PDF
Full model	31/12/2014	19/06/2015	23/06/2015	Dutch	PDF
Full model	31/12/2013	20/06/2014	10/07/2014	Dutch	PDF
Full model	31/12/2012	21/06/2013	11/07/2013	Dutch	PDF
Full model	31/12/2011	22/06/2012	26/09/2012	Dutch	PDF
Full model	31/12/2010	17/06/2011	28/06/2011	Dutch	PDF
Full model	31/12/2009	18/06/2010	05/08/2010	Dutch	PDF
Full model	31/12/2008	19/06/2009	26/08/2009	Dutch	PDF
Full model	31/12/2007	27/06/2008	17/07/2008	Dutch	PDF
Full model	31/12/2006	29/06/2007	24/07/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 50 M€ and 100 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 · 3 active · 41 ended

Active mandates

Paul Havermans

Director · since 17 juin 2025 · until 20 juin 2031

Active

Alexander van Assouw

Managing director · since 23 juin 2023 · until 23 juin 2028

Active

Refresco Europe BV

Director · since 23 juin 2023 · until 23 juin 2028

Represented by Roger Sonneville

Active

Ended mandates

Alexander van Assouw

Managing director · since 17 avril 2023 · until 16 avril 2029

Ended

Refresco Europe BV

Director · since 30 juin 2022 · until 23 juin 2028

Represented by Roger Sonneville

Ended

Paul Havermans

Director · since 01 février 2020 · until 20 juin 2025

Ended

Paul Havermans

Director · since 01 février 2020 · until 31 décembre 2026

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates23/07/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates31/07/2023
ONTSLAGEN - BENOEMINGEN
PDF
Mandates28/06/2023
ONTSLAGEN - BENOEMINGEN
PDF
Mandates07/09/2022
ONTSLAGEN - BENOEMINGEN
PDF
Mandates11/10/2021
ONTSLAGEN - BENOEMINGEN
PDF
Mandates06/09/2021
ONTSLAGEN - BENOEMINGEN
PDF
Mandates30/09/2020
ONTSLAGEN - BENOEMINGEN
PDF
Mandates08/04/2020
ONTSLAGEN - BENOEMINGEN
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 20251,4 M €↓
17/06/2025
reconductionPaul Havermans — bestuurder
2024
Annual accounts 20242,2 M €↑
2023
Annual accounts 2023671,3 k €↓
23/06/2023
reconductionEnrst & Young Bedrijfsrevisoren BV — commissaris
17/04/2023
nominationAlexander van Assouw — bestuurder
2022
Annual accounts 20221 M €↓
01/12/2022
nominationBrecht Deketele — vaste vertegenwoordiger van de Commissaris
30/06/2022
nominationRoger Sonneville — vaste vertegenwoordiger van Refresco Europe B.V.
17/06/2022
reconductionRefresco BV. — niet-bezoldigd bestuurder
2021
Annual accounts 20211 M €↑
2020
Annual accounts 20201 M €↓
2019
Annual accounts 20191,2 M €↑
2018
Annual accounts 20181,2 M €↑
01/06/2018
nominationEef Naessens — vaste vertegenwoordiger van de Commissaris
2016
Annual accounts 20161,2 M €↑
2015
Annual accounts 20151,2 M €↓
2014
Annual accounts 20141,3 M €↓
2011
Annual accounts 20112,5 M €↑
2010
Annual accounts 20101,1 M €↓
2009
Annual accounts 20093,3 M €↑
2007
Annual accounts 20071,2 M €↑
2006
Annual accounts 2006-418 k €
17/12/1980
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

REFRESCO

Overview

What does REFRESCO do?

Trend over 16 financial years

Indicative valuation

Board of directors

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