NORMAL SITUATION

THE REFERENCE

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Financial year 2025 · closed on 31/12/2025

Net result

-678,3 k €

-708.7% YoY

Revenue

12,4 M €

-16.1% YoY

Equity

969,3 k €

-41.2% YoY

Workforce

75,4 ETP

-10.6% YoY

Company — Normal situation.

What does THE REFERENCE do?

THE REFERENCE is a company registered in Belgium. It employs on average 75,4 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0474.475.203

Legal form

Private limited company

Contributed capital

1 250 000,00 €

Latest accounts

31/12/2025

Average workforce

75,4 ETP

Joint committees (1)

Signals

Good liquidityHealthy social debtsHigh revenue

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
Revenue	12,4 M €	-16.1%	14,8 M €	-8.2%	16,1 M €	+2.7%	15,7 M €	+12.6%	13,9 M €	-6.2%	14,8 M €	-11.3%	16,7 M €	-2.3%	17,1 M €	+21.2%	14,1 M €	+9.7%	12,9 M €	+9.7%	11,7 M €	+8.1%	10,9 M €	+8.9%	10 M €	+8.3%	9,2 M €	-2.9%	9,5 M €	+25.7%	7,5 M €	+14.2%	6,6 M €	+1.5%	6,5 M €	+22.8%	5,3 M €	+44.7%	3,7 M €
EBITDA	-568,1 k €	-202%	557,4 k €	+6.6%	523 k €	-27.1%	717,9 k €	+19.6%	600,4 k €	+32.6%	452,7 k €	+72.0%	263,2 k €	-56.0%	598,7 k €	+8.0%	554,3 k €	+43.2%	387 k €	-23.3%	504,5 k €	-31.1%	732,6 k €	+95.6%	374,5 k €	-33.6%	563,8 k €	-49.1%	1,1 M €	+7.2%	1 M €	+36.3%	757,8 k €	+70.3%	445 k €	+20.6%	368,9 k €	+194%	-393 k €
Operating result	-691,1 k €	-270%	407,7 k €	+14.4%	356,6 k €	-21.0%	451,5 k €	+71.3%	263,6 k €	+50.4%	175,2 k €	+484%	-45,7 k €	-119%	246,3 k €	-15.5%	291,5 k €	+37.0%	212,8 k €	-46.8%	400,1 k €	-26.7%	545,6 k €	+156%	213,5 k €	-45.7%	393,4 k €	-63.2%	1,1 M €	+18.6%	902,6 k €	+27.3%	709,1 k €	+76.2%	402,5 k €	+18.3%	340,1 k €	+181%	-421,2 k €
Net result	-678,3 k €	-709%	111,4 k €	+96.1%	56,8 k €	-76.7%	243,6 k €	+264%	67 k €	+601%	-13,4 k €	+94.3%	-236,2 k €	-2982%	8,2 k €	-85.7%	57,3 k €	+90.3%	30,1 k €	-82.6%	173,2 k €	-29.9%	247,2 k €	+207%	80,4 k €	-75.3%	325,5 k €	-63.9%	901,2 k €	+6.7%	844,8 k €	+34.7%	627 k €	+86.1%	336,9 k €	+12.2%	300,1 k €	+151%	-585,9 k €
Balance sheet
Equity	969,3 k €	-41.2%	1,6 M €	+7.3%	1,5 M €	+3.8%	1,5 M €	+19.7%	1,2 M €	+5.7%	1,2 M €	+170%	432,2 k €	-35.3%	668,4 k €	+1.2%	660,2 k €	+1.1%	652,9 k €	+4.8%	622,7 k €	-0.3%	624,5 k €	-32.7%	927,3 k €	+9.5%	846,9 k €	+3.1%	821,4 k €	+57.9%	520,2 k €	+1148%	-49,6 k €	+92.7%	-676,6 k €	+33.2%	-1 M €	+22.8%	-1,3 M €
Total assets	3,5 M €	-24.4%	4,7 M €	-15.0%	5,5 M €	-20.6%	6,9 M €	+6.3%	6,5 M €	-4.3%	6,8 M €	-3.2%	7 M €	-7.7%	7,6 M €	+26.8%	6 M €	+19.9%	5 M €	+0.4%	5 M €	+2.8%	4,8 M €	+6.3%	4,6 M €	-9.2%	5 M €	+6.3%	4,7 M €	+8.8%	4,3 M €	+56.7%	2,8 M €	+22.2%	2,3 M €	+40.8%	1,6 M €	-25.2%	2,2 M €
Cash	972,2 k €	-17.0%	1,2 M €	-27.2%	1,6 M €	+248%	462 k €	+195%	156,8 k €	-78.7%	736 k €	+402%	146,5 k €	-51.7%	303 k €	+1087%	25,5 k €	-55.0%	56,7 k €	-77.9%	256,2 k €	+183%	90,5 k €	+19.4%	75,8 k €	-52.3%	159 k €	+158%	61,5 k €	-54.4%	135,1 k €	-62.1%	356,1 k €	+959%	33,6 k €	+210%	10,9 k €	+7394%	145 €
Debts	1,9 M €	-25.7%	2,6 M €	-19.6%	3,2 M €	-39.9%	5,3 M €	+3.5%	5,1 M €	-5.8%	5,5 M €	-16.6%	6,5 M €	-3.9%	6,8 M €	+29.0%	5,3 M €	+22.7%	4,3 M €	-1.0%	4,3 M €	+2.8%	4,2 M €	+16.2%	3,6 M €	-12.0%	4,1 M €	+6.4%	3,9 M €	+3.9%	3,7 M €	+39.1%	2,7 M €	+0.3%	2,7 M €	+19.1%	2,2 M €	-22.7%	2,9 M €
Other
Workforce	75,4 ETP	-10.6%	84,3 ETP	-7.7%	91,3 ETP	+1.9%	89,6 ETP	+1.1%	88,6 ETP	-12.4%	101,1 ETP	-13.1%	116,4 ETP	+7.1%	108,7 ETP	+12.4%	96,7 ETP	+19.4%	81,0 ETP	+3.6%	78,2 ETP	+8.3%	72,2 ETP	+10.2%	65,5 ETP	+6.3%	61,6 ETP	+11.4%	55,3 ETP	+27.1%	43,5 ETP	+7.1%	40,6 ETP	+1.0%	40,2 ETP	+40.6%	28,6 ETP	-0.7%	28,8 ETP

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 39 ended

Active mandates

Frédéric Desonnay

Managing director · since 01 octobre 2023

Active

Jason Peterson

Managing director · since 01 octobre 2023

Active

Ended mandates

Alexandre Papanastassiou

Director · since 14 février 2022 · until 01 octobre 2023

Ended

Alexandre Papanastassiou

Director · since 14 février 2022 · until 14 février 2026

Ended

Isabel Donvil

Managing director · since 14 février 2022 · until 01 octobre 2023

Ended

Isabel Donvil

Managing director · since 14 février 2022 · until 14 février 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	30/06/2026	04/06/2025	28/06/2024	13/06/2023	24/06/2022	26/05/2021
General meeting	19/06/2026	13/05/2025	27/06/2024	31/05/2023	21/06/2022	11/05/2021
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

22 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	19/06/2026	30/06/2026	Dutch	PDF
Full model	31/12/2024	13/05/2025	04/06/2025	Dutch	PDF
Full model	31/12/2023	27/06/2024	28/06/2024	Dutch	PDF
Full model	31/12/2022	31/05/2023	13/06/2023	Dutch	PDF
Full model	31/12/2021	21/06/2022	24/06/2022	Dutch	PDF
Full model	31/12/2020	11/05/2021	26/05/2021	Dutch	PDF
Full model	31/12/2019	12/05/2020	05/06/2020	Dutch	PDF
Full model	31/12/2018	27/05/2019	17/06/2019	Dutch	PDF
Full model	31/12/2017	08/05/2018	11/05/2018	Dutch	PDF
Full model	31/12/2016	09/05/2017	16/05/2017	Dutch	PDF
Full model	31/12/2015	10/05/2016	17/05/2016	Dutch	PDF
Full modelCorrection	31/12/2014	12/05/2015	01/09/2015	Dutch	PDF
Full model	31/12/2014	12/05/2015	05/06/2015	Dutch	PDF
Full model	31/12/2013	13/05/2014	10/06/2014	Dutch	PDF
Full modelCorrection	31/12/2012	14/05/2013	13/08/2013	Dutch	PDF
Full model	31/12/2012	14/05/2013	14/06/2013	Dutch	PDF
Full model	31/12/2011	08/05/2012	04/06/2012	Dutch	PDF
Full model	31/12/2010	10/05/2011	31/05/2011	Dutch	PDF
Full model	31/12/2009	11/05/2010	02/06/2010	Dutch	PDF
Full model	31/12/2008	13/05/2009	09/06/2009	Dutch	PDF
Full model	31/12/2007	13/05/2008	23/05/2008	Dutch	PDF
Full model	31/12/2006	08/05/2007	08/06/2007	Dutch	PDF

Estimate

Indicative valuation

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 · 39 ended

Active mandates

Frédéric Desonnay

Managing director · since 01 octobre 2023

Active

Jason Peterson

Managing director · since 01 octobre 2023

Active

Ended mandates

Alexandre Papanastassiou

Director · since 14 février 2022 · until 01 octobre 2023

Ended

Alexandre Papanastassiou

Director · since 14 février 2022 · until 14 février 2026

Ended

Isabel Donvil

Managing director · since 14 février 2022 · until 01 octobre 2023

Ended

Isabel Donvil

Managing director · since 14 février 2022 · until 14 février 2026

Ended

Shareholders

Ownership and network

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Competition

Similar companies

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

See the Business plan

2025
Annual accounts 2025-678,3 k €↓
2024
Annual accounts 2024111,4 k €↑
2023
Annual accounts 202356,8 k €↓
2022
Annual accounts 2022243,6 k €↑
2021
Annual accounts 202167 k €↑
2020
Annual accounts 2020-13,4 k €↑
2019
Annual accounts 2019-236,2 k €↓
2018
Annual accounts 20188,2 k €↓
2017
Annual accounts 201757,3 k €↑
2016
Annual accounts 201630,1 k €↓
2015
Annual accounts 2015173,2 k €↓
2014
Annual accounts 2014247,2 k €↑
2013
Annual accounts 201380,4 k €↓
2012
Annual accounts 2012325,5 k €↓
2011
Annual accounts 2011901,2 k €↑
2010
Annual accounts 2010844,8 k €↑
2009
Annual accounts 2009627 k €↑
2008
Annual accounts 2008336,9 k €↑
2007
Annual accounts 2007300,1 k €↑
2006
Annual accounts 2006-585,9 k €

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

THE REFERENCE

Overview

What does THE REFERENCE do?

Trend over 20 financial years

Board of directors

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Similar companies

Similar companies

Timeline