Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
-
Two loss years in a row NBB
Negative result in 2023 and 2024.
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Tight liquidity NBB
Cash and receivables cover 27 % of short-term debt in 2024; threshold 65 %.
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Busy address KBO
58 other companies have their registered office at the same address; threshold 10.
Financials
Financial year 2024
RELF Belgium SPE from Brussel, company number BE0738820888, closed financial year 2024 with a result of € -1.8 million after tax. For that financial year RELF Belgium SPE recorded revenue of € 1.3 million and equity of € 3.7 million. Compared with financial year 2023, the result moved from € -807,335 to € -1.8 million. The company made a loss. The buffer is growing. Debts are under control. The most recent annual accounts were filed with the National Bank of Belgium on October 15, 2025.
€ 3.7 million
▲ 6% vs 2023
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -1.8 million
▼ 120 % more loss than in 2023
Profit after tax over the fiscal year.
€ 930,982
▲ 99% vs 2023
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € -4.6 million.
Debts at end 2024
€ 12.3 million
▼ 4% vs 2023
Loans from banks and other lenders, long and short.
€ 141,192
▲ € 110,060 vs 2023
Supplier invoices still open on the last day of the fiscal year.
€ 96,382
▲ € 76,801 vs 2023
Corporate tax and VAT still to pay. No wage debt: nothing outstanding to staff or social security.
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| 2020 | 2021 | 2023 | 2024 | Change 2023 → 2024 | |
|---|---|---|---|---|---|
| Revenue | - | - | € 1,439,585 | € 1,339,786 | ▼ 7% |
| Gross margin | € 210,707 | € 349,973 | € 1,178,279 | € 800,849 | ▼ 32% |
| Profit after taxes | € -157,501 | € -915,517 | € -807,335 | € -1,779,881 | ▼ € 972,546 |
| Equity | € 2,281,499 | € 4,217,983 | € 3,466,733 | € 3,686,852 | ▲ 6% |
| Total debts | € 6,110,390 | € 14,722,397 | € 14,908,484 | € 16,611,427 | ▲ 11% |
| Cash | € 117,408 | € 385,307 | € 466,821 | € 930,982 | ▲ 99% |
| Land & buildings | € 8,043,653 | € 18,343,769 | € 17,662,198 | € 19,030,658 | ▲ 8% |
| Retained profit | € -157,501 | € -1,073,017 | € -2,824,267 | € -4,604,148 | ▼ € 1.8 million |
| Bank debt | € 5,856,000 | € 13,304,000 | € 12,804,000 | € 12,335,439 | ▼ 4% |
| Balance sheet total | € 8,391,890 | € 18,940,380 | € 18,375,218 | € 20,298,279 | ▲ 10% |
Key figures of RELF Belgium SPE, fiscal years 2020 to 2024, from the annual accounts filed with the National Bank of Belgium.The annual account for fiscal year 2025 has not been filed yet; it was expected before 31 July 2026.
What happened to RELF Belgium SPE?
What happened at RELF Belgium SPE in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- New annual accounts for financial year 2024: loss of € 1.8 million. filed late Source: NBB ↗
- New establishment in Brussel. KBO
- Start of the company according to the CBE. KBO
- Balazas Lados became a director. NBB
- John Paul Underwood became a director. NBB
In short
From € 157,501 loss in 2020 to € 1.8 million loss in 2024.
Paid € 498,518 in corporate taxes since 2020.
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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
Behind RELF Belgium SPE are Balazas Lados and John Paul Underwood.
Directors
According to the 2024 annual accounts
Balazas Lados
Director
since 2019
John Paul Underwood
Director
since 2019
Establishments
Establishment units
Physical locations of this company
Marnixlaan 23 box 5°V
1000 Brussel
Marnixlaan 23
1000 Brussel
Active since 6 December 2019
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 58 companies are registered at this address.
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€ 3.9 million revenue · 2025
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€ 14.4 million revenue · 2024
+53 more
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0738.820.888
- VAT number
- BE 0738.820.888
- Registered office
- Marnixlaan 23 bus 5°V, 1000 Brussel
- Names & denominations
- RELF Belgium SPE
- Enterprise type
- Rechtspersoon
- Legal form
- Private limited company
- Legal situation
- Normale toestand
- Start date
- 6 December 2019
- Peppol
- Active · Active since 1 Jan 2001
- Activities · NACE
Handel in eigen onroerend goed