ACTIVE

REFERENCES

Export PDF

Financial year 2025 · closed on 31/12/2025

Net result

-50,7 k €

-306.4% YoY

Gross margin

1,1 M €

-24.4% YoY

Equity

168,2 k €

-23.2% YoY

Workforce

16,0 ETP

-19.6% YoY

What does REFERENCES do?

REFERENCES is a Public limited company incorporated in 2011. Its main activity is: Media representation. Its registered office is in Bruxelles. It employs on average 16,0 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0839.044.852

Incorporation

06/09/2011

Legal form

Public limited company

Registered office

Rue Royale 100
1000 Bruxelles · BruxellesSee on map

Contributed capital

100 000,00 €

Latest accounts

31/12/2025

Average workforce

16,0 ETP

Activities (NACE)

73120Media representation· main 73120Media representation

Joint committees (2)

Signals

Good liquidityHealthy social debts

View the BCE/KBO Public Search record →

Health score

Available with a Rovalta subscriptionTry for 7 days

Recommended credit limit

✦ Verdict · Analyst summary

Financials

Trend over 14 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012
Income statement
Gross margin	1,1 M €	-24.4%	1,5 M €	-13.8%	1,7 M €	+8.4%	1,6 M €	+56.9%	1 M €	+30.8%	784,8 k €	-2.6%	805,6 k €	+18.8%	677,9 k €	+25.3%	541,1 k €	+3.8%	521,4 k €		–		–		–		–
EBITDA	-93,8 k €	-397%	31,5 k €	-65.4%	91,1 k €	+222%	28,3 k €	-72.3%	102,4 k €	+366%	-38,5 k €	-1137%	3,7 k €	-96.7%	110,9 k €	+1034%	-11,9 k €	-111%	105,8 k €	+26.1%	83,9 k €	-74.3%	326,3 k €	+48.1%	220,4 k €	+160%	-366,8 k €
Operating result	-56,1 k €	-4162%	-1,3 k €	-113%	10,5 k €	-63.8%	29,1 k €	-69.7%	96,1 k €	+478%	-25,4 k €	+23.5%	-33,3 k €	-133%	101,5 k €	+405%	-33,3 k €	-193%	35,9 k €	+186%	12,5 k €	-95.5%	277,9 k €	+55.5%	178,7 k €	+138%	-465,4 k €
Net result	-50,7 k €	-306%	24,6 k €	-23.3%	32,1 k €	+97.2%	16,3 k €	-76.2%	68,4 k €	+346%	-27,8 k €	-25.5%	-22,2 k €	-135%	64 k €	+332%	-27,6 k €	-244%	19,2 k €	+294%	4,9 k €	-98.1%	260,5 k €	+47.2%	177 k €	+138%	-470,2 k €
Balance sheet
Equity	168,2 k €	-23.2%	218,9 k €	+12.7%	194,3 k €	+19.8%	162,3 k €	+11.1%	146 k €	+88.1%	77,6 k €	-26.4%	105,5 k €	-17.4%	127,7 k €	+100%	63,7 k €	-30.2%	91,3 k €	+26.6%	72,1 k €	+7.2%	67,2 k €	+135%	-193,2 k €	+47.8%	-370,2 k €
Total assets	917,2 k €	-12.2%	1 M €	-35.6%	1,6 M €	+16.5%	1,4 M €	+15.4%	1,2 M €	-19.1%	1,5 M €	-23.9%	2 M €	-23.9%	2,6 M €	+274%	688 k €	+34.5%	511,4 k €	+3.4%	494,4 k €	-22.0%	634,2 k €	-29.0%	892,8 k €	+1.5%	879,9 k €
Cash	16,4 k €	-14.6%	19,2 k €		–		–		–		–		–		–		–		–		–		–		–		50 €
Debts	572,9 k €	-11.5%	647,4 k €	-36.7%	1 M €	+24.8%	819,3 k €	+19.9%	683,4 k €	-45.3%	1,2 M €	-25.0%	1,7 M €	-29.0%	2,3 M €	+276%	624 k €	+48.6%	419,8 k €	-0.4%	421,6 k €	-25.2%	563,7 k €	-47.7%	1,1 M €	-12.8%	1,2 M €
Other
Workforce	16,0 ETP	-19.6%	19,9 ETP	-5.2%	21,0 ETP	-1.9%	21,4 ETP	+60.9%	13,3 ETP	+27.9%	10,4 ETP	-5.5%	11,0 ETP	+31.0%	8,4 ETP	+23.5%	6,8 ETP	+6.2%	6,4 ETP	+6.7%	6,0 ETP	+1.7%	5,9 ETP	-11.9%	6,7 ETP	-18.3%	8,2 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 100 k€ and 250 k€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 20 ended

Active mandates

Bernard MARCHANT

Director · since 06 juin 2023 · until 02 juin 2026

Active

Pierre LEERSCHOOL

Managing director · since 06 juin 2023 · until 02 juin 2026

Active

Thierry HUGOT

Director · since 06 juin 2023 · until 02 juin 2026

Active

Ended mandates

Bernard MARCHANT

Director · since 02 juin 2020 · until 06 juin 2023

Ended

Pascal VAN DER BIEST

Director · since 02 juin 2020 · until 30 novembre 2020

Ended

Pierre LEERSCHOOL

Managing director · since 02 juin 2020 · until 06 juin 2023

Ended

Thierry HUGOT

Director · since 02 juin 2020 · until 06 juin 2023

Ended

At this address

Other companies at this address

Company	CBE no.
Auxiliaire Rossel● Active	0403.538.014
Belgian News Media● Active	0407.273.207
BELGIAN PUBLISHING EXPERIENCE● Active	1022.975.064
Caisse de Retraite du Personnel du Soir et de l'Agence Rossel● Active	0410.589.122
COACH&RACE● Active	0690.920.211
COPIEPRESSE● Active	0471.612.218
CTR - MEDIA● Active	0432.916.146
EDITIONS CINE - REVUE● Active	0450.382.381
eFluenz● Active	0703.907.224
GROUPE VLAN● Active	0403.513.367
GROUPE VLAN REAL ESTATE● Active	0804.432.975
Immovlan● Active	0761.369.034
KONTNU APP● Active	1022.230.243
LA PRESSE.be-ALLIANCE DES MEDIAS D'INFORMATION● Active	0467.899.096
Les Editions rurales - De Landelijke Uitgeverijen● Active	0403.502.578
Look Live Media● Active	0654.728.620
MMB CONSULT● Active	1008.057.355
NET EVENTS● Active	0472.775.030
Oeuvres du Soir● Active	0454.353.839
PACRINA● Active	0875.161.417

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	03/06/2026	06/06/2025	19/06/2024	27/06/2023	04/07/2022	01/07/2021
General meeting	02/06/2026	03/06/2025	04/06/2024	06/06/2023	07/06/2022	01/06/2021
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

Looking for more information about this company?

Try for 7 days

Filings

Annual accounts filings

14 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	02/06/2026	03/06/2026	French	PDF
Abridged model	31/12/2024	03/06/2025	06/06/2025	French	PDF
Abridged model	31/12/2023	04/06/2024	19/06/2024	French	PDF
Abridged model	31/12/2022	06/06/2023	27/06/2023	French	PDF
Abridged model	31/12/2021	07/06/2022	04/07/2022	French	PDF
Abridged model	31/12/2020	01/06/2021	01/07/2021	French	PDF
Abridged model	31/12/2019	02/06/2020	27/08/2020	French	PDF
Abridged model	31/12/2018	04/06/2019	26/08/2019	French	PDF
Abridged model	31/12/2017	05/06/2018	30/08/2018	French	PDF
Abridged model	31/12/2016	06/06/2017	12/06/2017	French	PDF
Full model	31/12/2015	07/06/2016	18/07/2016	French	PDF
Full model	31/12/2014	02/06/2015	18/08/2015	French	PDF
Full model	31/12/2013	03/06/2014	25/07/2014	French	PDF
Full model	31/12/2012	04/06/2013	26/08/2013	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 100 k€ and 250 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 · 20 ended

Active mandates

Bernard MARCHANT

Director · since 06 juin 2023 · until 02 juin 2026

Active

Pierre LEERSCHOOL

Managing director · since 06 juin 2023 · until 02 juin 2026

Active

Thierry HUGOT

Director · since 06 juin 2023 · until 02 juin 2026

Active

Ended mandates

Bernard MARCHANT

Director · since 02 juin 2020 · until 06 juin 2023

Ended

Pascal VAN DER BIEST

Director · since 02 juin 2020 · until 30 novembre 2020

Ended

Pierre LEERSCHOOL

Managing director · since 02 juin 2020 · until 06 juin 2023

Ended

Thierry HUGOT

Director · since 02 juin 2020 · until 06 juin 2023

Ended

Shareholders

Ownership and network

Looking for more information about this company?

Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates06/11/2024
DEMISSIONS, NOMINATIONS
PDF
Mandates29/08/2023
DEMISSIONS, NOMINATIONS
PDF
Other27/12/2022
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Mandates14/12/2020
DEMISSIONS, NOMINATIONS
PDF
Mandates17/12/2018
DENOMINATION
PDF
Mandates06/07/2017
SIEGE SOCIAL - DEMISSIONS, NOMINATIONS
PDF
Mandates25/04/2017
DEMISSIONS, NOMINATIONS
PDF
Mandates03/12/2014
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 2025-50,7 k €↓
2024
Annual accounts 202424,6 k €↓
2023
Annual accounts 202332,1 k €↑
2022
Annual accounts 202216,3 k €↓
2021
Annual accounts 202168,4 k €↑
2020
Annual accounts 2020-27,8 k €↓
2019
Annual accounts 2019-22,2 k €↓
2018
Annual accounts 201864 k €↑
2017
Annual accounts 2017-27,6 k €↓
2016
Annual accounts 201619,2 k €↑
2015
Annual accounts 20154,9 k €↓
2014
Annual accounts 2014260,5 k €↑
2013
Annual accounts 2013177 k €↑
2012
Annual accounts 2012-470,2 k €
06/09/2011
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

REFERENCES

Overview

What does REFERENCES do?

Trend over 14 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