ACTIVE

FUSIREF REFRACTORIES (SA)

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Financial year 2025 · closed on 31/12/2025

Net result

643,5 k €

+53.5% YoY

Revenue

32,3 M €

-0.6% YoY

Equity

6,5 M €

+2.5% YoY

Workforce

196,0 ETP

-6.2% YoY

What does FUSIREF REFRACTORIES do?

FUSIREF REFRACTORIES is a Public limited company incorporated in 1987. Its main activity is: Manufacture of ceramic insulators and insulating fittings. Its registered office is in Bernissart. It employs on average 196,0 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0432.636.628

Incorporation

23/11/1987

Legal form

Public limited company

Registered office

Rue de l'Industrie(HAR) 1a
7321 Bernissart · WallonieSee on map

Contributed capital

3 000 000,00 €

Latest accounts

31/12/2025

Average workforce

196,0 ETP

Activities (NACE)

23430Manufacture of ceramic insulators and insulating fittings· main 23430Manufacture of ceramic insulators and insulating fittings 26230Manufacture of computers and peripheral equipment 43990Other specialised construction activities n.e.c.43999Other specialised construction activities n.e.c.45250Maintenance and repair of motor vehicles+3

Joint committees (3)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue

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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
Revenue	32,3 M €	-0.6%	32,4 M €	-8.3%	35,4 M €	+6.0%	33,4 M €	+17.2%	28,5 M €	+14.1%	25 M €	-19.1%	30,9 M €	-9.1%	34 M €	+25.8%	27 M €	+23.8%	21,8 M €	-12.9%	25,1 M €	+1.1%	24,8 M €	+45.8%	17 M €	-7.4%	18,4 M €	-9.7%	20,4 M €	-8.2%	22,2 M €	+56.8%	14,1 M €	-31.4%	20,6 M €	-9.1%	22,7 M €	+15.9%	19,6 M €
EBITDA	2,7 M €	+30.1%	2,1 M €	-23.0%	2,7 M €	-12.0%	3,1 M €	+42.1%	2,2 M €	-12.4%	2,5 M €	-5.5%	2,6 M €	-29.7%	3,7 M €	+55.2%	2,4 M €	-11.6%	2,7 M €	+19.8%	2,2 M €	+54.0%	1,5 M €	+22.4%	1,2 M €	+16.7%	1 M €	-26.6%	1,4 M €	+5.2%	1,3 M €	+544%	205,6 k €	-79.8%	1 M €	-24.0%	1,3 M €	+9.3%	1,2 M €
Operating result	1,3 M €	+40.8%	899,6 k €	-54.2%	2 M €	+12.9%	1,7 M €	+166%	654,8 k €	-31.0%	948,5 k €	-28.3%	1,3 M €	-42.1%	2,3 M €	+48.5%	1,5 M €	-25.2%	2,1 M €	+22.5%	1,7 M €	+102%	831,4 k €	+42.5%	583,5 k €	+30.4%	447,5 k €	-7.1%	481,9 k €	-42.9%	844,5 k €	+444%	-245,6 k €	-143%	570,9 k €	-40.3%	956,5 k €	+5.8%	904,2 k €
Net result	643,5 k €	+53.5%	419,2 k €	-66.5%	1,3 M €	+31.4%	952,7 k €	+134%	406,9 k €	-54.8%	900,1 k €	+220%	-747,3 k €	-144%	1,7 M €	+102%	842,9 k €	+3.4%	815,3 k €	-7.2%	878,9 k €	+134%	376 k €	+92.5%	195,3 k €	+132%	84,1 k €	-35.9%	131,3 k €	-71.2%	456,1 k €	+208%	-420,4 k €	-310%	200 k €	-52.0%	416,4 k €	+2.4%	406,7 k €
Balance sheet
Equity	6,5 M €	+2.5%	6,3 M €	+1.7%	6,2 M €	+11.2%	5,6 M €	+9.3%	5,1 M €	+4.2%	4,9 M €	+10.0%	4,5 M €	-14.3%	5,2 M €	+21.7%	4,3 M €	+11.5%	3,9 M €	+14.5%	3,4 M €	+18.7%	2,8 M €	+15.3%	2,5 M €	+4.2%	2,4 M €	-0.7%	2,4 M €	+2.8%	2,3 M €	+16.7%	2 M €	-17.5%	2,4 M €	+4.3%	2,3 M €	+10.4%	2,1 M €
Total assets	16,4 M €	-7.5%	17,8 M €	-18.2%	21,7 M €	+23.3%	17,6 M €	+13.2%	15,6 M €	+2.9%	15,1 M €	-20.4%	19 M €	+9.2%	17,4 M €	+42.7%	12,2 M €	-4.2%	12,7 M €	-2.7%	13,1 M €	+12.2%	11,7 M €	+35.0%	8,6 M €	-4.6%	9,1 M €	-0.1%	9,1 M €	-8.1%	9,9 M €	-1.5%	10 M €	-8.1%	10,9 M €	-1.1%	11 M €	+17.4%	9,4 M €
Cash	453,4 k €	-33.9%	685,7 k €	+23.5%	555 k €	-28.1%	772,5 k €	+85.2%	417,1 k €	-67.9%	1,3 M €	+90.3%	683,2 k €	-69.8%	2,3 M €	+125%	1 M €	+73.3%	580,6 k €	+69.2%	343,1 k €	-33.9%	519,1 k €	-10.0%	577,1 k €	+14.5%	503,9 k €	+57.7%	319,5 k €	+5.2%	303,6 k €	+10.4%	274,9 k €	-74.7%	1,1 M €	-26.3%	1,5 M €	+98.7%	740,5 k €
Debts	9,4 M €	-13.6%	10,9 M €	-26.3%	14,8 M €	+30.1%	11,4 M €	+15.3%	9,9 M €	+0.6%	9,8 M €	-30.8%	14,2 M €	+18.6%	12 M €	+56.1%	7,7 M €	-11.4%	8,7 M €	-6.6%	9,3 M €	+7.9%	8,6 M €	+44.6%	5,9 M €	-7.8%	6,4 M €	-1.8%	6,6 M €	-11.5%	7,4 M €	-4.8%	7,8 M €	-6.1%	8,3 M €	-2.8%	8,5 M €	+20.3%	7,1 M €
Other
Workforce	196,0 ETP	-6.2%	209,0 ETP	+0.1%	208,7 ETP	-2.8%	214,8 ETP	-1.9%	218,9 ETP	+15.5%	189,6 ETP	-7.3%	204,6 ETP	-2.6%	210,0 ETP	+12.0%	187,5 ETP	+5.6%	177,5 ETP	+4.2%	170,4 ETP	+3.8%	164,2 ETP	+25.5%	130,8 ETP	-22.0%	167,6 ETP	+17.5%	142,6 ETP	-5.6%	151,0 ETP	+14.2%	132,2 ETP	-10.1%	147,1 ETP	-0.9%	148,5 ETP	+0.3%	148,1 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 5 M€ and 10 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 21 ended

Active mandates

Domenico LEONE

Managing director · since 14 mai 2025 · until 14 mai 2031

Active

MYLEO

Director · since 14 mai 2025 · until 14 mai 2031 · 0748.581.662

Represented by Romain LEONE

Active

Vincent MARIQUE

Director · since 14 mai 2025 · until 14 mai 2031

Active

Ended mandates

Domenico LEONE

Managing director · since 13 mai 2020 · until 13 mai 2026

Ended

Société de Gestion Industrielle

Director · since 13 mai 2020 · until 13 mai 2026 · 0420.881.515

Represented by Philippe BRILOT

Ended

Vincent MARIQUE

Director · since 13 mai 2020 · until 13 mai 2026

Ended

Vincent MARIQUE

Director · since 13 mai 2015 · until 13 mai 2020

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	11/07/2026	05/07/2025	15/06/2024	05/06/2023	30/05/2022	10/06/2021
General meeting	13/05/2026	14/05/2025	08/05/2024	10/05/2023	11/05/2022	12/05/2021
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
Full model	31/12/2025	13/05/2026	11/07/2026	French	PDF
Full model	31/12/2024	14/05/2025	05/07/2025	French	PDF
Full model	31/12/2023	08/05/2024	15/06/2024	French	PDF
Full model	31/12/2022	10/05/2023	05/06/2023	French	PDF
Full model	31/12/2021	11/05/2022	30/05/2022	French	PDF
Full model	31/12/2020	12/05/2021	10/06/2021	French	PDF
Full model	31/12/2019	13/05/2020	07/07/2020	French	PDF
Full model	31/12/2018	08/05/2019	18/06/2019	French	PDF
Full model	31/12/2017	09/05/2018	06/06/2018	French	PDF
Full model	31/12/2016	10/05/2017	28/07/2017	French	PDF
Full model	31/12/2015	11/05/2016	17/05/2016	French	PDF
Full model	31/12/2014	13/05/2015	23/07/2015	French	PDF
Full model	31/12/2013	14/05/2014	02/07/2014	French	PDF
Full model	31/12/2012	08/05/2013	08/07/2013	French	PDF
Full model	31/12/2011	09/05/2012	21/07/2012	French	PDF
Full model	31/12/2010	11/05/2011	11/07/2011	French	PDF
Full model	31/12/2009	11/05/2010	25/07/2010	French	PDF
Full model	31/12/2008	13/05/2009	25/07/2009	French	PDF
Full model	31/12/2007	14/05/2008	23/06/2008	French	PDF
Full model	31/12/2006	09/05/2007	28/06/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 5 M€ and 10 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 · 21 ended

Active mandates

Domenico LEONE

Managing director · since 14 mai 2025 · until 14 mai 2031

Active

MYLEO

Director · since 14 mai 2025 · until 14 mai 2031 · 0748.581.662

Represented by Romain LEONE

Active

Vincent MARIQUE

Director · since 14 mai 2025 · until 14 mai 2031

Active

Ended mandates

Domenico LEONE

Managing director · since 13 mai 2020 · until 13 mai 2026

Ended

Société de Gestion Industrielle

Director · since 13 mai 2020 · until 13 mai 2026 · 0420.881.515

Represented by Philippe BRILOT

Ended

Vincent MARIQUE

Director · since 13 mai 2020 · until 13 mai 2026

Ended

Vincent MARIQUE

Director · since 13 mai 2015 · until 13 mai 2020

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Other02/07/2026
—
PDF
Mandates17/06/2025
DEMISSIONS, NOMINATIONS
PDF
Mandates10/06/2022
DEMISSIONS, NOMINATIONS
PDF
Other30/07/2020
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - OBJET
PDF
Mandates18/06/2020
DEMISSIONS, NOMINATIONS
PDF
Mandates08/07/2019
DEMISSIONS, NOMINATIONS
PDF
Mandates06/07/2016
DEMISSIONS, NOMINATIONS
PDF
Capital / shares07/06/2016
CAPITAL, ACTIONS
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 2025643,5 k €↑
2024
Annual accounts 2024419,2 k €↓
2023
Annual accounts 20231,3 M €↑
2022
Annual accounts 2022952,7 k €↑
2021
Annual accounts 2021406,9 k €↓
2020
Annual accounts 2020900,1 k €↑
2019
Annual accounts 2019-747,3 k €↓
2018
Annual accounts 20181,7 M €↑
2017
Annual accounts 2017842,9 k €↑
2016
Annual accounts 2016815,3 k €↓
2015
Annual accounts 2015878,9 k €↑
2014
Annual accounts 2014376 k €↑
2013
Annual accounts 2013195,3 k €↑
2012
Annual accounts 201284,1 k €↓
2011
Annual accounts 2011131,3 k €↓
2010
Annual accounts 2010456,1 k €↑
2009
Annual accounts 2009-420,4 k €↓
2008
Annual accounts 2008200 k €↓
2008
Name changeFUSIREF REFRACTORIES
2007
Annual accounts 2007416,4 k €↑
2006
Annual accounts 2006406,7 k €
2006
Name changeFUSIREF
23/11/1987
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

FUSIREF REFRACTORIES (SA)

Overview

What does FUSIREF REFRACTORIES do?

Trend over 20 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