Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
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Tight liquidity NBB
Cash and receivables cover 48 % of short-term debt in 2025; threshold 65 %.
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Shrinking team NBB
FTE fell two years in a row, from 17.3 to 8.3.
Financials
Financial year 2025
REFLOW from Zandhoven, company number BE0693999861, closed financial year 2025 with a result of € 25,532 after tax. For that financial year REFLOW recorded a gross margin of € 701,958 and equity of € 138,662. Compared with financial year 2024, the result moved from € 24,429 to € 25,532. Profitable, and profit is growing. The buffer is growing. High debts against a small own buffer. The most recent annual accounts were filed with the National Bank of Belgium on June 24, 2026.
€ 138,662
▲ 23% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 25,532
▲ 5% vs 2024
Profit after tax over the fiscal year.
€ 69,703
▼ 22% vs 2024
Cash and bank balances on the last day of the fiscal year.
Stays in the company
No dividend for 2025. Retained profit grew to € 137,562.
People and assets in 2025
8.3
▼ 6.9 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 521,623
▼ 41% vs 2024
€ 62,800 per full-time equivalent. Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
€ 135,033
▼ 28% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
€ 923,687
▲ 14% vs 2024
€ 47,720 is repaid this year. At this pace the long-term loan is gone in ≈ 12 years.
€ 368,339
▲ 11% vs 2024
Supplier invoices still open on the last day of the fiscal year.
€ 37,124
▼ 18% vs 2024
Taxes, VAT and social contributions still to pay.
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| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Gross margin | € 819,543 | € 1,041,270 | € 1,034,551 | € 701,958 | ▼ 32% |
| Profit after taxes | € 24,381 | € 30,628 | € 24,429 | € 25,532 | ▲ 5% |
| Equity | € 58,074 | € 88,701 | € 113,130 | € 138,662 | ▲ 23% |
| Total debts | € 1,320,089 | € 1,519,166 | € 1,588,598 | € 1,635,832 | ▲ 3% |
| Cash | € 11,364 | € 123,980 | € 89,461 | € 69,703 | ▼ 22% |
| Land & buildings | € 412,916 | € 391,886 | € 370,856 | € 565,329 | ▲ 52% |
| Retained profit | € 57,074 | € 87,601 | € 112,030 | € 137,562 | ▲ 23% |
| Bank debt | € 584,275 | € 676,568 | € 808,145 | € 923,687 | ▲ 14% |
| Balance sheet total | € 1,378,162 | € 1,607,868 | € 1,701,728 | € 1,774,495 | ▲ 4% |
| Employees (FTE) | 15.4 | 17.3 | 15.2 | 8.3 | ▼ 6.9 |
Key figures of REFLOW, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 31 July 2027.
What happened to REFLOW?
What happened at REFLOW in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- New annual accounts for financial year 2025: profit of € 25,532 (▲ 5% vs 2024). Source: NBB ↗
- Ruben Pellegroms became a director. NBB
- NETCONNECT BV became a director. NBB
- Kurt Cavens became a director. NBB
- New establishment in Zandhoven. KBO
- Start of the company according to the CBE. KBO
In short
From € 24,381 profit in 2022 to € 25,532 profit in 2025.
Paid € 44,079 in corporate taxes since 2022.
Best year ever: 2023, with € 30,628 profit.
On average € 84,600 of value added per employee in 2025.
A new publication or filing at REFLOW? We notify you, reason included.
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De Lijn 8 June 2026 New annual account 2025
filed on 8 June 2026
What was left
€ 20 k ▼ 91%
Money in the bank
€ 178 k ▼ 98%
Open the dossier →
NMBS 8 June 2026 New annual account 2025 What was left ▼ 80%
bpost 18 May 2026 New annual account 2025 What was left from loss to profit
Management
The stake of NETCONNECT comes from that shareholder’s own annual accounts; small companies do not report their shareholders themselves.
REFLOWBehind REFLOW are Ruben Pellegroms, NETCONNECT BV and Kurt Cavens. The shares are held by NETCONNECT (45%).
Directors
According to the 2025 annual accounts
since 2020
bestuurder · represented by Tom Op de Weerdt
since 2020
Kurt Cavens
bestuurder
Also active at: NETCONNECT, K & K INVEST, Link-it, TKR, PERISCOOP, Groep Netconnect
since 2020
Shareholders
45%
Participations
No participations in other companies reported.
Establishments
Establishment units
Physical locations of this company
Pulsebaan 52 box unit 5
2242 Zandhoven
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 1 companies are registered at this address.
All companies at this address →What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0693.999.861
- VAT number
- BE 0693.999.861
- Registered office
- Pulsebaan 52 bus unit 5, 2242 Zandhoven
- Names & denominations
- REFLOW
- Enterprise type
- Rechtspersoon
- Legal form
- Private limited company
- Legal situation
- Normale toestand
- Start date
- 1 April 2018
- Peppol
- Active · Active since 28 Jul 2024
- Activities · NACE
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