ACTIVE

REFL

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Financial year 2025 · closed on 31/12/2025
Net result
377,7 k €
-55.9% YoY
Gross margin
1,7 M €
-12.0% YoY
Equity
4 M €
+10.3% YoY

What does REFL do?

REFL is a Private limited company incorporated in 2019. Its main activity is: Rental and operating of own or leased real estate. Its registered office is in Merchtem.

Legal situation
● Normal situation
BCE/KBO no. / VAT
BE 0721.553.207
Incorporation
26/02/2019
Legal form
Private limited company
Registered office
Kleistraat 68
1785 Merchtem · FlandreSee on map
Contributed capital
4 034 691,00 €
Latest accounts
31/12/2025
Activities (NACE)
68201Rental and operating of own or leased real estate· main68201Rental and operating of own or leased real estate68203Rental and operating of own or leased real estate68203Rental and operating of own or leased real estate73110Advertising agencies73110Advertising agencies
Signals
ProfitableGood liquidityPositive cashflowPositive EBITDA
View the BCE/KBO Public Search record →
Health score
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✦ Verdict · Analyst summary
Financials

Trend over 6 financial years

202520242023202220212020
Income statement
Gross margin1,7 M €2 M €2 M €1,8 M €1,7 M €84,6 k €
EBITDA1,5 M €1,8 M €1,8 M €1,6 M €1,5 M €6,2 k €
Operating result1,1 M €1,3 M €1,4 M €1,2 M €-769,7 k €-1,1 M €
Net result377,7 k €856 k €837 k €756,3 k €-1,4 M €-1,4 M €
Balance sheet
Equity4 M €3,7 M €2,8 M €2 M €1,2 M €2,7 M €
Total assets21,4 M €22,1 M €23,1 M €23,4 M €23,1 M €25,3 M €
Cash152,1 k €319,3 k €1,2 M €805,3 k €172,8 k €185,9 k €
Debts17 M €18 M €19,8 M €20,9 M €21,4 M €22,7 M €
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 · 1 active · 2 ended

Active mandates

RE-tail Return Partners II

Director · since 26 février 2019 · 0720.913.007

Represented by Philip De Greve

Active

Ended mandates

RE-tail Return Partners II

Director · since 26 février 2019 · 0720.913.007

Represented by Philip De Greve

Ended
RE-tail Return Partners II

Director · since 26 février 2019 · until 26 mai 2026 · 0720.913.007

Represented by Philip DE GREVE

Ended
At this address

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PERTINEA FUND MANAGEMENT● Active
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RE-tail Return Partners I● Active
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RE-tail Return Partners II● Active
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Re-tail Return Partners III● Active
1030.551.457
Annual accounts

Full financial information

202520242023202220212020
Type of accountAbridged modelAbridged modelAbridged modelAbridged modelAbridged modelAbridged model
Start of the financial year01/01/202501/01/202401/01/202301/01/202201/01/202126/02/2019
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 months23 months
Filing date29/05/202602/06/202530/05/202426/05/202302/06/202228/05/2021
General meeting26/05/202627/05/202528/05/202423/05/202324/05/202225/05/2021
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

6 filings with the NBB

ModelClosingGeneral meetingFiledLanguageDocument
Abridged model31/12/202526/05/202629/05/2026DutchPDF
Abridged model31/12/202427/05/202502/06/2025DutchPDF
Abridged model31/12/202328/05/202430/05/2024DutchPDF
Abridged model31/12/202223/05/202326/05/2023DutchPDF
Abridged model31/12/202124/05/202202/06/2022DutchPDF
Abridged model31/12/202025/05/202128/05/2021DutchPDF
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 · 1 active · 2 ended

Active mandates

RE-tail Return Partners II

Director · since 26 février 2019 · 0720.913.007

Represented by Philip De Greve

Active

Ended mandates

RE-tail Return Partners II

Director · since 26 février 2019 · 0720.913.007

Represented by Philip De Greve

Ended
RE-tail Return Partners II

Director · since 26 février 2019 · until 26 mai 2026 · 0720.913.007

Represented by Philip DE GREVE

Ended
Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

  • Other04/09/2020
    BENAMING - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, …) - WIJZIGING RECHTSVORM
    PDF
  • Other31/08/2020
    WIJZIGING RECHTSVORM - BENAMING - DIVERSEN
    PDF
  • Registered office12/08/2020
    MAATSCHAPPELIJKE ZETEL
    PDF
  • Other28/02/2019
    RUBRIEK OPRICHTING (NIEUWE RECHTSPERSOON, OPENING BIJKANTOOR, ENZ...)
    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 2025377,7 k €↓
  2. 2024
    Annual accounts 2024856 k €↑
  3. 2023
    Annual accounts 2023837 k €↑
  4. 2022
    Annual accounts 2022756,3 k €↑
  5. 2021
    Annual accounts 2021-1,4 M €↓
  6. 2020
    Annual accounts 2020-1,4 M €
  7. 26/02/2019
    IncorporationPrivate limited company