ACTIVE

BELREF

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Financial year 2025 · closed on 31/12/2025

Net result

-267,4 k €

+68.0% YoY

Revenue

6,3 M €

+5.4% YoY

Equity

1,9 M €

-12.5% YoY

Workforce

24,2 ETP

-5.8% YoY

What does BELREF do?

BELREF is a Public limited company incorporated in 2017. Its main activity is: Manufacture of refractory products. Its registered office is in Saint-Ghislain. It employs on average 24,2 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0672.930.570

Incorporation

22/03/2017

Legal form

Public limited company

Registered office

Rue de la Rivièrette(SG) 100
7330 Saint-Ghislain · WallonieSee on map

Contributed capital

2 800 000,00 €

Latest accounts

31/12/2025

Average workforce

24,2 ETP

Activities (NACE)

23200Manufacture of refractory products· main 23200Manufacture of refractory products

Joint committees (2)

Signals

Solid equityGood liquidityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue

View the BCE/KBO Public Search record →

Health score

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✦ Verdict · Analyst summary

Financials

Trend over 9 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017
Income statement
Revenue	6,3 M €	+5.4%	6,0 M €	-10.5%	6,7 M €	+3.5%	6,4 M €	+5.6%	6,1 M €	-21.0%	7,7 M €	-1.8%	7,8 M €	-18.5%	9,6 M €	+97.9%	4,9 M €
EBITDA	147,3 k €	+153%	-276,6 k €	-171%	392,1 k €	+34.1%	292,3 k €	+694%	36,8 k €	-90.8%	402,5 k €	-51.7%	833,2 k €	-58.7%	2,0 M €	+126%	890,0 k €
Operating result	-404,3 k €	+46.7%	-758,2 k €	-640%	140,5 k €	+45.1%	96,9 k €	+151%	-190,4 k €	-598%	38,2 k €	-92.5%	511,6 k €	-72.0%	1,8 M €	+162%	695,4 k €
Net result	-267,4 k €	+68.0%	-835,5 k €	-1396%	64,5 k €	-33.1%	96,4 k €	+140%	-238,2 k €	-2321%	10,7 k €	-96.8%	335,9 k €	-72.6%	1,2 M €	+200%	409,1 k €
Balance sheet
Equity	1,9 M €	-12.5%	2,1 M €	-1.6%	2,2 M €	+62.3%	1,3 M €	+7.8%	1,2 M €	-16.1%	1,5 M €	+0.7%	1,5 M €	+14.4%	1,3 M €	+110%	609,1 k €
Total assets	4,8 M €	+1.4%	4,7 M €	-19.2%	5,9 M €	+45.0%	4,0 M €	+5.4%	3,8 M €	-18.0%	4,7 M €	+9.9%	4,3 M €	-21.8%	5,5 M €	+18.9%	4,6 M €
Cash	577,0 k €	+421%	110,9 k €	-72.1%	397,5 k €	-33.8%	600,0 k €	+133%	257,5 k €	-32.7%	382,4 k €	+194%	130,2 k €	-58.8%	315,7 k €	+31.3%	240,4 k €
Debts	2,9 M €	+12.1%	2,6 M €	-30.5%	3,7 M €	+38.0%	2,7 M €	+4.7%	2,5 M €	-19.2%	3,2 M €	+13.6%	2,8 M €	-32.1%	4,1 M €	+9.8%	3,7 M €
Other
Workforce	24,2 ETP	-5.8%	25,7 ETP	+7.5%	23,9 ETP	+3.5%	23,1 ETP	-4.5%	24,2 ETP	+4.3%	23,2 ETP	+17.2%	19,8 ETP	+5.9%	18,7 ETP	+39.6%	13,4 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 0 € and 100 k€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 9 ended

Active mandates

Domenico LEONE

Managing director · since 20 mai 2025 · until 20 mai 2031

Active

Dominique JUNG

Director · since 20 mai 2025 · until 20 mai 2031

Active

MYLEO

Director · since 20 mai 2025 · until 20 mai 2031 · 0748.581.662

Represented by Romain LEONE

Active

Ended mandates

Domenico LEONE

Managing director · since 17 mai 2022 · until 16 mai 2028

Ended

Dominique JUNG

Director · since 17 mai 2022 · until 16 mai 2028

Ended

Société de Gestion Industrielle

Director · since 17 mai 2022 · until 16 mai 2028 · 0420.881.515

Represented by Philippe BRILOT

Ended

Domenico LEONE

Managing director · since 22 mars 2017 · until 15 mai 2022

Ended

At this address

Other companies at this address

Company	CBE no.
IPRATEC● Active	0475.225.170

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	20/05/2026	05/07/2025	15/06/2024	05/06/2023	30/05/2022	10/06/2021
General meeting	19/05/2026	20/05/2025	21/05/2024	16/05/2023	17/05/2022	18/05/2021
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

9 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	19/05/2026	20/05/2026	French	PDF
Full model	31/12/2024	20/05/2025	05/07/2025	French	PDF
Full model	31/12/2023	21/05/2024	15/06/2024	French	PDF
Full model	31/12/2022	16/05/2023	05/06/2023	French	PDF
Full model	31/12/2021	17/05/2022	30/05/2022	French	PDF
Full model	31/12/2020	18/05/2021	10/06/2021	French	PDF
Full model	31/12/2019	19/05/2020	07/07/2020	French	PDF
Full model	31/12/2018	21/05/2019	18/06/2019	French	PDF
Full model	31/12/2017	19/05/2018	06/06/2018	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 0 € and 100 k€

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 · 9 ended

Active mandates

Domenico LEONE

Managing director · since 20 mai 2025 · until 20 mai 2031

Active

Dominique JUNG

Director · since 20 mai 2025 · until 20 mai 2031

Active

MYLEO

Director · since 20 mai 2025 · until 20 mai 2031 · 0748.581.662

Represented by Romain LEONE

Active

Ended mandates

Domenico LEONE

Managing director · since 17 mai 2022 · until 16 mai 2028

Ended

Dominique JUNG

Director · since 17 mai 2022 · until 16 mai 2028

Ended

Société de Gestion Industrielle

Director · since 17 mai 2022 · until 16 mai 2028 · 0420.881.515

Represented by Philippe BRILOT

Ended

Domenico LEONE

Managing director · since 22 mars 2017 · until 15 mai 2022

Ended

Shareholders

Ownership and network

Looking for more information about this company?

Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates07/07/2025
DEMISSIONS, NOMINATIONS
PDF
Capital / shares06/06/2024
CAPITAL, ACTIONS
PDF
Capital / shares15/06/2023
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - DIVERS - CAPITAL, ACTIONS
PDF
Mandates31/05/2023
DEMISSIONS, NOMINATIONS
PDF
Mandates13/06/2022
DEMISSIONS, NOMINATIONS
PDF
Other30/07/2020
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - OBJET
PDF
Mandates11/06/2020
DEMISSIONS, NOMINATIONS
PDF
Capital / shares24/07/2019
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 2025-267,4 k €↑
2024
Annual accounts 2024-835,5 k €↓
2023
Annual accounts 202364,5 k €↓
2022
Annual accounts 202296,4 k €↑
2021
Annual accounts 2021-238,2 k €↓
2020
Annual accounts 202010,7 k €↓
2019
Annual accounts 2019335,9 k €↓
2018
Annual accounts 20181,2 M €↑
2017
Annual accounts 2017409,1 k €
22/03/2017
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

BELREF

Overview

What does BELREF do?

Trend over 9 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