RAFINA: what changed
Two fiscal 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.
What changed
RAFINA
NACE 46.331, Wholesale trade
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€861,317
2024 · €829,328+€31,989
Equity
€5.1m
2024 · €4.2m+€861,317
Cash
€343,691
2024 · €347,758-€4,067
Balance sheet total
€8.9m
2024 · €7.6m+€1.2m
Largest movements
Assets
- Tangible fixed assets +€1.4m
up €1.4m (+63.1%), from €2.2m to €3.6m
of which Land and buildings: +€1.2m
- Receivables within one year +€256,330
up €256,330 (+8.3%), from €3.1m to €3.3m
of which Trade receivables: +€320,890
- Stocks and contracts -€198,004
down €198,004 (-19.2%), from €1.0m to €831,614
- Intangible fixed assets -€185,652
down €185,652 (-20.1%), from €922,354 to €736,702
Equity and liabilities
- Reserves +€869,977
up €869,977 (+26.1%), from €3.3m to €4.2m
of which Distributable reserves: +€722,627
- Trade debts +€253,196
up €253,196 (+15.4%), from €1.6m to €1.9m
- Current portion of long-term debt +€175,214
up €175,214 (+46.1%), from €379,689 to €554,903
Income statement
- Gross operating margin +€204,723
up €204,723 (+5.6%), from €3.7m to €3.9m
- Staff costs +€114,698
up €114,698 (+5.4%), from €2.1m to €2.2m
- Depreciation +€101,310
up €101,310 (+22.4%), from €452,938 to €554,249
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.
Result 2024
€829,328
Gross operating margin
+€204,723
Staff costs
-€114,698
Depreciation
-€101,310
Write-downs
-€1,202
Other operating charges
+€12,515
Other operating items
+€32,607
Financial income
+€1,588
Financial charges
-€18,223
Taxes
+€15,989
Result 2025
€861,317
Cash bridge derived
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.
From operations
+€1.5m
Investment
-€1.8m
Financing
+€251,654
Cash 2024
€347,758
From operations (derived)
+€1.5m
Net result for the year
+€861,317
Depreciation
+€554,249
Stocks and contracts
+€198,004
Receivables within one year
-€256,330
Deferred charges and accrued income
+€6,755
Trade debts
+€253,196
Tax, wage and social debts
-€87,219
Other debts
-€26,700
Accrued charges and deferred income
-€2,840
Investment (derived)
-€1.8m
Investment in fixed assets (net)
-€1.8m
Financing
+€251,654
Debts after one year
+€76,440
Current portion of long-term debt
+€175,214
Contributions, distributions and other
+€0
Cash 2025
€343,691
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,603,509 | €8,852,916 | +€1.2m | +16.4% |
| Fixed assets | 21/28 | €3,123,867 | €4,325,769 | +€1.2m | +38.5% |
| Intangible fixed assets | 21 | €922,354 | €736,702 | -€185,652 | -20.1% |
| Tangible fixed assets | 22/27 | €2,200,297 | €3,587,852 | +€1.4m | +63.1% |
| Land and buildings | 22 | €1,571,097 | €2,774,449 | +€1.2m | +76.6% |
| Plant, machinery and equipment | 23 | €361,197 | €308,419 | -€52,778 | -14.6% |
| Furniture and vehicles | 24 | €84,286 | €132,774 | +€48,488 | +57.5% |
| Leasing and similar rights | 25 | €183,717 | €372,211 | +€188,493 | +102.6% |
| Financial fixed assets | 28 | €1,215 | €1,215 | = | 0.0% |
| Current assets | 29/58 | €4,479,642 | €4,527,147 | +€47,505 | +1.1% |
| Stocks and contracts in progress | 3 | €1,029,617 | €831,614 | -€198,004 | -19.2% |
| Stocks | 30/36 | €1,029,617 | €831,614 | -€198,004 | -19.2% |
| Amounts receivable within one year | 40/41 | €3,080,202 | €3,336,532 | +€256,330 | +8.3% |
| Trade receivables | 40 | €2,953,766 | €3,274,656 | +€320,890 | +10.9% |
| Other amounts receivable | 41 | €126,436 | €61,877 | -€64,560 | -51.1% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €347,758 | €343,691 | -€4,067 | -1.2% |
| Deferred charges and accrued income | 490/1 | €22,064 | €15,310 | -€6,755 | -30.6% |
| Total equity and liabilities | 10/49 | €7,603,509 | €8,852,916 | +€1.2m | +16.4% |
| Equity | 10/15 | €4,197,680 | €5,058,997 | +€861,317 | +20.5% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Revaluation surpluses | 12 | €796,763 | €788,102 | -€8,660 | -1.1% |
| Reserves | 13 | €3,338,918 | €4,208,895 | +€869,977 | +26.1% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,115,100 | €1,262,450 | +€147,350 | +13.2% |
| Distributable reserves | 133 | €2,217,618 | €2,940,245 | +€722,627 | +32.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €3,405,828 | €3,793,919 | +€388,091 | +11.4% |
| Amounts payable after more than one year | 17 | €604,029 | €680,469 | +€76,440 | +12.7% |
| Financial debts | 170/4 | €604,029 | €680,469 | +€76,440 | +12.7% |
| Amounts payable within one year | 42/48 | €2,778,444 | €3,092,935 | +€314,491 | +11.3% |
| Current portion of amounts payable after more than one year | 42 | €379,689 | €554,903 | +€175,214 | +46.1% |
| Trade debts | 44 | €1,641,610 | €1,894,806 | +€253,196 | +15.4% |
| Suppliers | 440/4 | €1,641,610 | €1,894,806 | +€253,196 | +15.4% |
| Taxes, remuneration and social security | 45 | €377,776 | €290,557 | -€87,219 | -23.1% |
| Taxes | 450/3 | €64,234 | €4,533 | -€59,701 | -92.9% |
| Remuneration and social security | 454/9 | €313,542 | €286,024 | -€27,518 | -8.8% |
| Other amounts payable | 47/48 | €379,369 | €352,669 | -€26,700 | -7.0% |
| Accrued charges and deferred income | 492/3 | €23,355 | €20,515 | -€2,840 | -12.2% |
| Non-recurring operating income | 76A | €9,524 | €0 | -€9,524 | -100.0% |
| Remuneration, social security and pensions | 62 | €2,128,051 | €2,242,749 | +€114,698 | +5.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €452,938 | €554,249 | +€101,310 | +22.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€107,495 | -€106,293 | +€1,202 | +1.1% |
| Other operating charges | 640/8 | €45,917 | €33,403 | -€12,515 | -27.3% |
| Non-recurring operating charges | 66A | €32,607 | €0 | -€32,607 | -100.0% |
| Gross operating margin | 9900 | €3,675,939 | €3,880,662 | +€204,723 | +5.6% |
| Operating profit (loss) | 9901 | €1,123,920 | €1,156,555 | +€32,635 | +2.9% |
| Financial income | 75/76B | €89,491 | €91,079 | +€1,588 | +1.8% |
| Recurring financial income | 75 | €89,491 | €91,079 | +€1,588 | +1.8% |
| Financial charges | 65/66B | €66,795 | €85,018 | +€18,223 | +27.3% |
| Recurring financial charges | 65 | €66,795 | €85,018 | +€18,223 | +27.3% |
| Profit (loss) for the period before taxes | 9903 | €1,146,615 | €1,162,615 | +€16,000 | +1.4% |
| Income taxes | 67/77 | €317,287 | €301,298 | -€15,989 | -5.0% |
| Profit (loss) for the period | 9904 | €829,328 | €861,317 | +€31,989 | +3.9% |
| Transfer from tax-exempt reserves | 789 | €181,030 | €168,400 | -€12,630 | -7.0% |
| Transfer to tax-exempt reserves | 689 | €315,750 | €315,750 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €694,608 | €713,967 | +€19,359 | +2.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.