ACTIVE

REFRINAM

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Financial year 2025 · closed on 31/12/2025

Net result

630 k €

-23.6% YoY

Gross margin

3,7 M €

+4.7% YoY

Equity

1,6 M €

+8.8% YoY

Workforce

38,2 ETP

+10.4% YoY

What does REFRINAM do?

REFRINAM is a Public limited company incorporated in 2001. Its registered office is in Jemeppe-sur-Sambre. It employs on average 38,2 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0474.889.234

Incorporation

29/05/2001

Legal form

Public limited company

Registered office

Rue Isidore-Derèse,Mornimont 114
5190 Jemeppe-sur-Sambre · WallonieSee on map

Contributed capital

111 500,00 €

Latest accounts

31/12/2025

Average workforce

38,2 ETP

Joint committees (2)

14901
218

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debts

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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	3,7 M €	+4.7%	3,5 M €	+7.3%	3,3 M €	+15.9%	2,8 M €	+21.5%	2,3 M €	+22.1%	1,9 M €	+31.6%	1,4 M €	+14.0%	1,3 M €	+0.5%	1,3 M €	+13.5%	1,1 M €	+11.0%	996,6 k €	-22.0%	1,3 M €	+14.2%	1,1 M €	+3.4%	1,1 M €	-1.5%	1,1 M €	+10.7%	992,1 k €	+21.4%	817,4 k €	-16.7%	980,6 k €	+2.4%	957,3 k €	-15.4%	1,1 M €
EBITDA	1 M €	-19.8%	1,2 M €	+27.2%	980,2 k €	+24.9%	785 k €	+26.7%	619,6 k €	+24.4%	497,9 k €	+231%	150,3 k €	+25.9%	119,4 k €	-25.6%	160,5 k €	+2.4%	156,7 k €	+21.3%	129,2 k €	-1.5%	131,1 k €	-9.0%	144 k €	+2.9%	139,9 k €	-17.2%	168,9 k €	+26.0%	134,1 k €	+408%	-43,6 k €	-134%	128,3 k €	-21.3%	162,9 k €	-11.4%	183,9 k €
Operating result	852,7 k €	-23.9%	1,1 M €	+30.9%	856,7 k €	+26.6%	676,7 k €	+33.5%	506,7 k €	+31.5%	385,4 k €	+850%	40,6 k €	+199%	13,6 k €	-82.4%	77,3 k €	-8.4%	84,4 k €	+80.0%	46,9 k €	-22.0%	60,1 k €	-41.8%	103,3 k €	+39.8%	73,9 k €	-30.7%	106,7 k €	+110%	50,8 k €	+140%	-126,8 k €	-311%	60,1 k €	-9.3%	66,2 k €	-34.5%	101,2 k €
Net result	630 k €	-23.6%	825,2 k €	+30.5%	632,2 k €	+32.3%	478 k €	+29.9%	368 k €	+29.3%	284,6 k €	+5526%	5,1 k €	-74.5%	19,8 k €	+132%	8,6 k €	-76.7%	36,8 k €	+278%	9,7 k €	-40.9%	16,5 k €	-40.5%	27,7 k €	+12.4%	24,6 k €	-67.3%	75,2 k €	+1063%	6,5 k €	+104%	-153,2 k €	-654%	27,6 k €	+32.5%	20,9 k €	+858%	2,2 k €
Balance sheet
Equity	1,6 M €	+8.8%	1,5 M €	+40.3%	1,1 M €	+45.9%	723,5 k €	+49.0%	485,5 k €	+35.8%	357,5 k €	+31.0%	272,9 k €	+1.9%	267,8 k €	+8.0%	248 k €	+3.6%	239,4 k €	+18.1%	202,7 k €	+5.0%	192,9 k €	+9.3%	176,5 k €	+18.6%	148,8 k €	+19.8%	124,2 k €	+154%	48,9 k €	+15.2%	42,5 k €	-78.3%	195,6 k €	+65.8%	118 k €	+21.5%	97,1 k €
Total assets	3,8 M €	+17.2%	3,3 M €	+30.2%	2,5 M €	+14.0%	2,2 M €	-15.1%	2,6 M €	+13.4%	2,3 M €	+10.7%	2,1 M €	-3.0%	2,1 M €	+18.3%	1,8 M €	+16.7%	1,5 M €	+45.2%	1,1 M €	+1.6%	1 M €	-18.8%	1,3 M €	+17.3%	1,1 M €	-6.8%	1,2 M €	+9.1%	1,1 M €	-14.9%	1,3 M €	+21.3%	1 M €	-11.4%	1,2 M €	-2.9%	1,2 M €
Cash	1,3 M €	+6.6%	1,2 M €	+71.0%	696 k €	+45.9%	476,9 k €	+116%	220,7 k €	+94.4%	113,6 k €	+553%	17,4 k €	-86.9%	133,1 k €	+188%	46,2 k €	-45.2%	84,3 k €	+1.3%	83,3 k €	+38.9%	59,9 k €	-19.2%	74,2 k €	-34.0%	112,4 k €	+98.7%	56,6 k €	+7829%	713,6 €	+128%	313,2 €	+68.6%	185,8 €	+7.4%	173 €	-37.2%	275,6 €
Debts	2 M €	+35.5%	1,5 M €	+8.9%	1,4 M €	+1.9%	1,3 M €	-5.8%	1,4 M €	-5.4%	1,5 M €	-8.8%	1,6 M €	-11.7%	1,8 M €	+20.8%	1,5 M €	+18.1%	1,3 M €	+52.4%	850,1 k €	+2.9%	826,1 k €	-12.2%	941,2 k €	+10.6%	851 k €	-13.8%	986,9 k €	+11.4%	885,5 k €	-27.7%	1,2 M €	+44.3%	848,8 k €	-20.0%	1,1 M €	-5.0%	1,1 M €
Other
Workforce	38,2 ETP	+10.4%	34,6 ETP	+3.3%	33,5 ETP	+3.4%	32,4 ETP	+10.6%	29,3 ETP	+16.7%	25,1 ETP	+10.6%	22,7 ETP	+11.3%	20,4 ETP	-1.0%	20,6 ETP	+14.4%	18,0 ETP	+4.7%	17,2 ETP	-23.6%	22,5 ETP	+21.6%	18,5 ETP	+7.6%	17,2 ETP	-1.1%	17,4 ETP	+1.2%	17,2 ETP	+0.6%	17,1 ETP	-6.6%	18,3 ETP	0.0%	18,3 ETP	-5.7%	19,4 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 · 2 active · 19 ended

Active mandates

Christelle LECERTUA

Director · since 19 juin 2026 · until 18 juin 2032

Active

FCLE INVEST

Managing director · since 19 juin 2026 · until 18 juin 2032 · 0757.641.165

Active

Ended mandates

Christelle LECERTUA

Director · since 01 janvier 2021 · until 01 janvier 2027

Ended

Christelle LECRTUA

Director · since 01 janvier 2021 · until 01 janvier 2027

Ended

FCLE INVEST

Managing director · since 01 janvier 2021 · until 01 janvier 2027 · 0757.641.165

Ended

Frédéric JACQUES

Managing director · since 16 juin 2017 · until 16 juin 2023

Ended

At this address

Other companies at this address

Company	CBE no.
FRIELEC● Active	1038.719.154

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	29/06/2026	06/08/2025	24/06/2024	20/06/2023	04/07/2022	06/07/2021
General meeting	19/06/2026	20/06/2025	21/06/2024	16/06/2023	17/06/2022	18/06/2021
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	19/06/2026	29/06/2026	French	PDF
Abridged model	31/12/2024	20/06/2025	06/08/2025	French	PDF
Abridged model	31/12/2023	21/06/2024	24/06/2024	French	PDF
Abridged model	31/12/2022	16/06/2023	20/06/2023	French	PDF
Abridged model	31/12/2021	17/06/2022	04/07/2022	French	PDF
Abridged model	31/12/2020	18/06/2021	06/07/2021	French	PDF
Abridged model	31/12/2019	19/06/2020	29/06/2020	French	PDF
Abridged model	31/12/2018	21/06/2019	31/07/2019	French	PDF
Abridged model	31/12/2017	15/06/2018	29/06/2018	French	PDF
Abridged model	31/12/2016	16/06/2017	22/06/2017	French	PDF
Abridged model	31/12/2015	17/06/2016	11/08/2016	French	PDF
Abridged model	31/12/2014	19/06/2015	24/08/2015	French	PDF
Abridged model	31/12/2013	20/06/2014	25/06/2014	French	PDF
Abridged model	31/12/2012	21/06/2013	28/06/2013	French	PDF
Abridged model	31/12/2011	15/06/2012	29/06/2012	French	PDF
Abridged model	31/12/2010	17/06/2011	01/07/2011	French	PDF
Abridged model	31/12/2009	18/06/2010	27/08/2010	French	PDF
Abridged model	31/12/2008	19/06/2009	03/07/2009	French	PDF
Abridged model	31/12/2007	20/06/2008	23/06/2008	French	PDF
Abridged model	31/12/2006	15/06/2007	22/06/2007	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 · 2 active · 19 ended

Active mandates

Christelle LECERTUA

Director · since 19 juin 2026 · until 18 juin 2032

Active

FCLE INVEST

Managing director · since 19 juin 2026 · until 18 juin 2032 · 0757.641.165

Active

Ended mandates

Christelle LECERTUA

Director · since 01 janvier 2021 · until 01 janvier 2027

Ended

Christelle LECRTUA

Director · since 01 janvier 2021 · until 01 janvier 2027

Ended

FCLE INVEST

Managing director · since 01 janvier 2021 · until 01 janvier 2027 · 0757.641.165

Ended

Frédéric JACQUES

Managing director · since 16 juin 2017 · until 16 juin 2023

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Other24/05/2023
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Mandates07/01/2021
DEMISSIONS, NOMINATIONS
PDF
Registered office20/02/2020
SIEGE SOCIAL
PDF
Mandates09/08/2017
DEMISSIONS, NOMINATIONS
PDF
Mandates20/01/2012
DEMISSIONS, NOMINATIONS - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Mandates14/04/2011
DEMISSIONS, NOMINATIONS
PDF
Mandates22/01/2009
CAPITAL, ACTIONS - DEMISSIONS, NOMINATIONS
PDF
Mandates02/09/2005
DEMISSIONS, NOMINATIONS
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 2025630 k €↓
2024
Annual accounts 2024825,2 k €↑
2023
Annual accounts 2023632,2 k €↑
2022
Annual accounts 2022478 k €↑
2021
Annual accounts 2021368 k €↑
2020
Annual accounts 2020284,6 k €↑
2019
Annual accounts 20195,1 k €↓
2018
Annual accounts 201819,8 k €↑
2017
Annual accounts 20178,6 k €↓
2016
Annual accounts 201636,8 k €↑
2015
Annual accounts 20159,7 k €↓
2014
Annual accounts 201416,5 k €↓
2013
Annual accounts 201327,7 k €↑
2012
Annual accounts 201224,6 k €↓
2011
Annual accounts 201175,2 k €↑
2010
Annual accounts 20106,5 k €↑
2009
Annual accounts 2009-153,2 k €↓
2008
Annual accounts 200827,6 k €↑
2007
Annual accounts 200720,9 k €↑
2006
Annual accounts 20062,2 k €
29/05/2001
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

REFRINAM

Overview

What does REFRINAM 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