R.F.N.: what changed
R.F.N.
Largest movements
- Tangible fixed assets +€91,746
up €91,746 (+417%), from €21,989 to €113,735
- Cash -€29,100
down €29,100 (-66.0%), from €44,074 to €14,974
mainly Investment in fixed assets (net) (-€98,485) and Receivables within one year (-€18,682)
- Receivables within one year +€18,682
up €18,682 (+703%), from €2,658 to €21,340
of which Trade receivables: +€21,340
- Other debts +€72,050
up €72,050 (+350%), from €20,566 to €92,616
- Trade debts +€14,480
up €14,480 (+142%), from €10,198 to €24,679
- Profit (loss) carried forward -€10,172
down €10,172 (-64.3%), from -€15,813 to -€25,985
- Tax, wage and social debts +€4,969
new in 2025: €4,969
- Depreciation +€6,739
new in 2025: €6,739
- Gross operating margin +€4,773
up €4,773 (+60.4%), from -€7,902 to -€3,130
- Taxes -€1,020
no longer reported in 2025 (was €1,020)
- Financial charges -€270
down €270 (-47.1%), from €573 to €303
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €79,220 | €160,549 | +€81,328 | +103% |
| Fixed assets | 21/28 | €32,489 | €124,235 | +€91,746 | +282% |
| Tangible fixed assets | 22/27 | €21,989 | €113,735 | +€91,746 | +417% |
| Plant, machinery and equipment | 23 | €21,989 | €113,735 | +€91,746 | +417% |
| Financial fixed assets | 28 | €10,500 | €10,500 | = | 0.0% |
| Current assets | 29/58 | €46,732 | €36,314 | -€10,418 | -22.3% |
| Amounts receivable within one year | 40/41 | €2,658 | €21,340 | +€18,682 | +703% |
| Trade receivables | 40 | - | €21,340 | +€21,340 | |
| Other amounts receivable | 41 | €2,658 | - | -€2,658 | |
| Cash at bank and in hand | 54/58 | €44,074 | €14,974 | -€29,100 | -66.0% |
| Total equity and liabilities | 10/49 | €79,220 | €160,549 | +€81,328 | +103% |
| Equity | 10/15 | -€1,543 | -€11,715 | -€10,172 | -659% |
| Contributions | 10/11 | €12,410 | €12,410 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€15,813 | -€25,985 | -€10,172 | -64.3% |
| Amounts payable | 17/49 | €80,764 | €172,264 | +€91,500 | +113% |
| Amounts payable after more than one year | 17 | €50,000 | €50,000 | = | 0.0% |
| Financial debts | 170/4 | €50,000 | €50,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €30,764 | €122,264 | +€91,500 | +297% |
| Trade debts | 44 | €10,198 | €24,679 | +€14,480 | +142% |
| Suppliers | 440/4 | €10,198 | €24,679 | +€14,480 | +142% |
| Taxes, remuneration and social security | 45 | - | €4,969 | +€4,969 | |
| Taxes | 450/3 | - | €4,969 | +€4,969 | |
| Other amounts payable | 47/48 | €20,566 | €92,616 | +€72,050 | +350% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €6,739 | +€6,739 | |
| Gross operating margin | 9900 | -€7,902 | -€3,130 | +€4,773 | +60.4% |
| Operating profit (loss) | 9901 | -€7,902 | -€9,869 | -€1,966 | -24.9% |
| Financial charges | 65/66B | €573 | €303 | -€270 | -47.1% |
| Recurring financial charges | 65 | €573 | €303 | -€270 | -47.1% |
| Profit (loss) for the period before taxes | 9903 | -€8,475 | -€10,172 | -€1,696 | -20.0% |
| Income taxes | 67/77 | €1,020 | - | -€1,020 | |
| Profit (loss) for the period | 9904 | -€9,495 | -€10,172 | -€676 | -7.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€9,495 | -€10,172 | -€676 | -7.1% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.