FERME REFAT: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
FERME REFAT
Largest movements
- Cash -€125,011
down €125,011 (-58.0%), from €215,567 to €90,555
mainly Debts after one year (-€225,000) and Investment in fixed assets (net) (-€21,145)
- Tangible fixed assets -€42,528
down €42,528 (-2.3%), from €1.8m to €1.8m
of which Land and buildings: -€48,747
- Debts after one year -€225,000
no longer reported in 2025 (was €225,000)
- Profit (loss) carried forward +€59,220
up €59,220 (+27.7%), from -€213,948 to -€154,729
- Gross operating margin -€45,769
down €45,769 (-24.9%), from €183,695 to €137,926
- Staff costs -€33,879
no longer reported in 2025 (was €33,879)
- Financial charges -€21,735
down €21,735 (-77.0%), from €28,231 to €6,496
- Depreciation -€1,986
down €1,986 (-3.0%), from €65,658 to €63,672
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,188,661 | €2,005,318 | -€183,343 | -8.4% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €1,942,853 | €1,900,325 | -€42,528 | -2.2% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €1,813,584 | €1,771,057 | -€42,528 | -2.3% |
| Land and buildings | 22 | €1,812,479 | €1,763,732 | -€48,747 | -2.7% |
| Plant, machinery and equipment | 23 | €639 | €7,325 | +€6,686 | +1,047% |
| Furniture and vehicles | 24 | €467 | €0 | -€467 | -100% |
| Financial fixed assets | 28 | €129,268 | €129,268 | = | 0.0% |
| Current assets | 29/58 | €245,808 | €104,993 | -€140,815 | -57.3% |
| Amounts receivable within one year | 40/41 | €30,054 | €14,250 | -€15,804 | -52.6% |
| Trade receivables | 40 | €30,054 | €14,250 | -€15,804 | -52.6% |
| Cash at bank and in hand | 54/58 | €215,567 | €90,555 | -€125,011 | -58.0% |
| Deferred charges and accrued income | 490/1 | €188 | €188 | = | 0.0% |
| Total equity and liabilities | 10/49 | €2,188,661 | €2,005,318 | -€183,343 | -8.4% |
| Equity | 10/15 | €1,941,434 | €1,991,279 | +€49,846 | +2.6% |
| Contributions | 10/11 | €2,033,518 | €2,033,518 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€213,948 | -€154,729 | +€59,220 | +27.7% |
| Investment grants | 15 | €121,864 | €112,490 | -€9,374 | -7.7% |
| Amounts payable | 17/49 | €247,227 | €14,039 | -€233,188 | -94.3% |
| Amounts payable after more than one year | 17 | €225,000 | - | -€225,000 | |
| Other amounts payable | 178/9 | €225,000 | - | -€225,000 | |
| Amounts payable within one year | 42/48 | €7,092 | €10,353 | +€3,261 | +46.0% |
| Trade debts | 44 | €198 | €4,286 | +€4,088 | +2,062% |
| Suppliers | 440/4 | €198 | €4,286 | +€4,088 | +2,062% |
| Taxes, remuneration and social security | 45 | €893 | €67 | -€826 | -92.5% |
| Taxes | 450/3 | €893 | €67 | -€826 | -92.5% |
| Other amounts payable | 47/48 | €6,000 | €6,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €15,135 | €3,686 | -€11,450 | -75.6% |
| Remuneration, social security and pensions | 62 | €33,879 | - | -€33,879 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,658 | €63,672 | -€1,986 | -3.0% |
| Other operating charges | 640/8 | €17,262 | €17,913 | +€651 | +3.8% |
| Gross operating margin | 9900 | €183,695 | €137,926 | -€45,769 | -24.9% |
| Operating profit (loss) | 9901 | €66,897 | €56,341 | -€10,556 | -15.8% |
| Financial income | 75/76B | €9,378 | €9,375 | -€4 | 0.0% |
| Recurring financial income | 75 | €9,378 | €9,375 | -€4 | 0.0% |
| Financial charges | 65/66B | €28,231 | €6,496 | -€21,735 | -77.0% |
| Recurring financial charges | 65 | €28,231 | €6,496 | -€21,735 | -77.0% |
| Profit (loss) for the period before taxes | 9903 | €48,044 | €59,220 | +€11,176 | +23.3% |
| Profit (loss) for the period | 9904 | €48,044 | €59,220 | +€11,176 | +23.3% |
| Profit (loss) for the period to be appropriated | 9905 | €48,044 | €59,220 | +€11,176 | +23.3% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.