Le Refuge: 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.
Le Refuge
Largest movements
- Tangible fixed assets -€14,938
down €14,938 (-7.4%), from €201,199 to €186,261
of which Land and buildings: -€12,806
- Stocks and contracts -€4,171
down €4,171 (-58.6%), from €7,114 to €2,943
- Deferred charges and accrued income -€2,617
down €2,617 (-75.9%), from €3,448 to €831
- Other debts -€34,116
down €34,116 (-100%), from €34,116 to €0
- Debts after one year +€29,718
up €29,718 (+28.6%), from €103,732 to €133,450
of which Other amounts payable: +€31,385
- Profit (loss) carried forward -€20,437
down €20,437 (-28.9%), from -€70,772 to -€91,209
- Current portion of long-term debt +€5,438
up €5,438 (+39.1%), from €13,910 to €19,348
- Trade debts -€5,204
down €5,204 (-28.5%), from €18,278 to €13,074
- Gross operating margin -€7,807
down €7,807 (-48.6%), from €16,062 to €8,254
- Write-downs +€4,500
new in 2025: €4,500
- Other operating charges -€1,803
down €1,803 (-38.1%), from €4,732 to €2,929
- Financial income -€219
down €219 (-65.6%), from €333 to €115
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 | €212,347 | €190,775 | -€21,572 | -10.2% |
| Fixed assets | 21/28 | €201,290 | €186,351 | -€14,938 | -7.4% |
| Tangible fixed assets | 22/27 | €201,199 | €186,261 | -€14,938 | -7.4% |
| Land and buildings | 22 | €193,087 | €180,280 | -€12,806 | -6.6% |
| Plant, machinery and equipment | 23 | €8,112 | €5,980 | -€2,132 | -26.3% |
| Financial fixed assets | 28 | €91 | €91 | = | 0.0% |
| Current assets | 29/58 | €11,057 | €4,424 | -€6,634 | -60.0% |
| Stocks and contracts in progress | 3 | €7,114 | €2,943 | -€4,171 | -58.6% |
| Stocks | 30/36 | €7,114 | €2,943 | -€4,171 | -58.6% |
| Amounts receivable within one year | 40/41 | €87 | €568 | +€481 | +551% |
| Trade receivables | 40 | - | €568 | +€568 | |
| Other amounts receivable | 41 | €87 | €0 | -€87 | -100% |
| Cash at bank and in hand | 54/58 | €408 | €82 | -€327 | -80.0% |
| Deferred charges and accrued income | 490/1 | €3,448 | €831 | -€2,617 | -75.9% |
| Total equity and liabilities | 10/49 | €212,347 | €190,775 | -€21,572 | -10.2% |
| Equity | 10/15 | €29,320 | €8,883 | -€20,437 | -69.7% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €91 | €91 | = | 0.0% |
| Distributable reserves | 133 | €91 | €91 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€70,772 | -€91,209 | -€20,437 | -28.9% |
| Amounts payable | 17/49 | €183,027 | €181,893 | -€1,135 | -0.6% |
| Amounts payable after more than one year | 17 | €103,732 | €133,450 | +€29,718 | +28.6% |
| Financial debts | 170/4 | €103,732 | €102,065 | -€1,667 | -1.6% |
| Other amounts payable | 178/9 | €0 | €31,385 | +€31,385 | |
| Amounts payable within one year | 42/48 | €77,401 | €47,382 | -€30,019 | -38.8% |
| Current portion of amounts payable after more than one year | 42 | €13,910 | €19,348 | +€5,438 | +39.1% |
| Financial debts | 43 | €7,849 | €8,852 | +€1,004 | +12.8% |
| Credit institutions | 430/8 | €7,849 | €8,852 | +€1,004 | +12.8% |
| Trade debts | 44 | €18,278 | €13,074 | -€5,204 | -28.5% |
| Suppliers | 440/4 | €18,278 | €13,074 | -€5,204 | -28.5% |
| Taxes, remuneration and social security | 45 | €3,248 | €6,107 | +€2,859 | +88.0% |
| Taxes | 450/3 | €1,248 | €607 | -€641 | -51.3% |
| Remuneration and social security | 454/9 | €2,000 | €5,500 | +€3,500 | +175% |
| Other amounts payable | 47/48 | €34,116 | €0 | -€34,116 | -100% |
| Accrued charges and deferred income | 492/3 | €1,895 | €1,061 | -€834 | -44.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,938 | €14,938 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €4,500 | +€4,500 | |
| Other operating charges | 640/8 | €4,732 | €2,929 | -€1,803 | -38.1% |
| Gross operating margin | 9900 | €16,062 | €8,254 | -€7,807 | -48.6% |
| Operating profit (loss) | 9901 | -€3,608 | -€14,113 | -€10,505 | -291% |
| Financial income | 75/76B | €333 | €115 | -€219 | -65.6% |
| Recurring financial income | 75 | €333 | €115 | -€219 | -65.6% |
| Financial charges | 65/66B | €6,281 | €6,439 | +€158 | +2.5% |
| Recurring financial charges | 65 | €6,281 | €6,439 | +€158 | +2.5% |
| Profit (loss) for the period before taxes | 9903 | -€9,556 | -€20,437 | -€10,881 | -114% |
| Profit (loss) for the period | 9904 | -€9,556 | -€20,437 | -€10,881 | -114% |
| Profit (loss) for the period to be appropriated | 9905 | -€9,556 | -€20,437 | -€10,881 | -114% |
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.