ACTIVE

RAYFERENCE

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Financial year 2025 · closed on 31/12/2025
Net result
102,4 k €
+65.8% YoY
Gross margin
481,1 k €
+46.6% YoY
Equity
137,1 k €
+44.7% YoY
Workforce
4,1 ETP
+20.6% YoY

What does RAYFERENCE do?

RAYFERENCE is a Private limited company incorporated in 2014. Its main activity is: Computer programming activities. Its registered office is in Bruxelles. It employs on average 4,1 ETP workers (FTE).

Legal situation
● Normal situation
BCE/KBO no. / VAT
BE 0543.981.938
Incorporation
10/01/2014
Legal form
Private limited company
Registered office
Rue d'Alost 7
1000 Bruxelles · BruxellesSee on map
Contributed capital
20 405,00 €
Latest accounts
31/12/2025
Average workforce
4,1 ETP
Activities (NACE)
62010Computer programming activities· main62100Computer programming, consultancy and related activities72109Research and experimental development on natural sciences and engineering72190Other research and experimental development on natural sciences and engineering
Joint committees (2)
  • 200
  • 20000
Signals
ProfitableLow 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 10 financial years

2025202420232022202120202019201820172016
Income statement
Gross margin481,1 k €328,1 k €354,9 k €530,8 k €547,9 k €506,6 k €343,3 k €259,4 k €129,5 k €165,1 k €
EBITDA140 k €90,1 k €86,2 k €153,4 k €202,5 k €228,7 k €125,8 k €91,8 k €15,8 k €48 k €
Operating result130,9 k €80,8 k €73,3 k €141,4 k €194 k €225,1 k €120,3 k €71,7 k €-7,2 k €24,6 k €
Net result102,4 k €61,7 k €64,8 k €122,8 k €183,7 k €202,6 k €108,8 k €59 k €-8,2 k €15,8 k €
Balance sheet
Equity137,1 k €94,7 k €208 k €707,7 k €578,8 k €425 k €222,4 k €113,6 k €55,4 k €63,6 k €
Total assets496,8 k €316,8 k €377,8 k €907,7 k €743,1 k €652,6 k €302,5 k €384,2 k €197,5 k €134,6 k €
Cash123,4 k €111,2 k €203,1 k €709,7 k €421 k €424,8 k €155,6 k €162 k €87,1 k €92 k €
Debts171,8 k €134,3 k €42,8 k €81,9 k €164,4 k €227,5 k €80,1 k €254,7 k €67,7 k €60,5 k €
Other
Workforce4,1 ETP3,4 ETP3,9 ETP–––––––
Estimate

Indicative valuation

As an indication, this company is worth

between 500 k€ and 1 M€
See the valuation
Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 7 ended

Active mandates

Marta LUFFARELLI

Managing director · since 31 juillet 2023

Active
Vincent LEROY

Managing director · since 31 juillet 2023

Active
Yves GOVAERTS

Director · since 31 juillet 2023 · until 28 novembre 2027

Active

Ended mandates

Yves GOVAERTS

Director · since 31 mars 2016

Ended
Yves GOVAERTS

Manager · since 31 mars 2016

Ended
Marta LUFFARELLI

Director

Ended
Marta LUFFARELLI,

Managing director

Ended
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Annual accounts

Full financial information

202520242023202220212020
Type of accountAbridged modelAbridged modelAbridged modelMicro modelMicro modelMicro model
Start of the financial year01/01/202501/01/202401/01/202301/01/202201/01/202101/01/2020
Closing of the financial year31/12/202531/12/202431/12/202331/12/202231/12/202131/12/2020
Length of the financial year12 months12 months12 months12 months12 months12 months
Filing date28/08/202628/08/202526/08/202431/08/202329/07/202231/08/2021
General meeting27/07/202604/07/202511/06/202430/08/202313/07/202230/08/2021
Currency of the financial yearEUREUREUREUREUREUR
NBB quality labelSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controls
Ratios

Financial ratios

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Filings

Annual accounts filings

10 filings with the NBB

ModelClosingGeneral meetingFiledLanguageDocument
Abridged model31/12/202527/07/202628/08/2026FrenchPDF
Abridged model31/12/202404/07/202528/08/2025FrenchPDF
Abridged model31/12/202311/06/202426/08/2024FrenchPDF
Micro model31/12/202230/08/202331/08/2023FrenchPDF
Micro model31/12/202113/07/202229/07/2022FrenchPDF
Micro model31/12/202030/08/202131/08/2021FrenchPDF
Micro model31/12/201910/11/202011/11/2020FrenchPDF
Micro model31/12/201807/10/201907/10/2019FrenchPDF
Micro model31/12/201729/06/201820/07/2018FrenchPDF
Micro model31/12/201627/06/201731/07/2017FrenchPDF
Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 500 k€ and 1 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 · 7 ended

Active mandates

Marta LUFFARELLI

Managing director · since 31 juillet 2023

Active
Vincent LEROY

Managing director · since 31 juillet 2023

Active
Yves GOVAERTS

Director · since 31 juillet 2023 · until 28 novembre 2027

Active

Ended mandates

Yves GOVAERTS

Director · since 31 mars 2016

Ended
Yves GOVAERTS

Manager · since 31 mars 2016

Ended
Marta LUFFARELLI

Director

Ended
Marta LUFFARELLI,

Managing director

Ended
Shareholders

Ownership and network

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Try for 7 days
Belgian Official Gazette

Belgian Official Gazette publications

  • Mandates14/08/2023
    STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, …) - MODIFICATION FORME JURIDIQUE - DEMISSIONS, NOMINATIONS - ASSEMBLEE GENERALE
    PDF
  • Mandates28/02/2023
    SIEGE SOCIAL - DEMISSIONS, NOMINATIONS
    PDF
  • Capital / shares18/05/2016
    CAPITAL, ACTIONS - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, …) - MODIFICATION FORME JURIDIQUE
    PDF
  • Other21/01/2014
    RUBRIQUE CONSTITUTION (NOUVELLE PERSONNE MORALE, OUVERTURE SUCCURSALE, ETC...)
    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

Timeline

  1. 2025
    Annual accounts 2025102,4 k €↑
  2. 2024
    Annual accounts 202461,7 k €↓
  3. 2023
    Annual accounts 202364,8 k €↓
  4. 2022
    Annual accounts 2022122,8 k €↓
  5. 2021
    Annual accounts 2021183,7 k €↓
  6. 2020
    Annual accounts 2020202,6 k €↑
  7. 2019
    Annual accounts 2019108,8 k €↑
  8. 2018
    Annual accounts 201859 k €↑
  9. 2017
    Annual accounts 2017-8,2 k €↓
  10. 2016
    Annual accounts 201615,8 k €
  11. 10/01/2014
    IncorporationPrivate limited company