Ref.lex: 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.
Ref.lex
Largest movements
- Current investments +€310,000
up €310,000 (+148.8%), from €208,400 to €518,400
- Cash -€220,253
down €220,253 (-80.2%), from €274,640 to €54,387
mainly Contributions, distributions and other (-€667,553) and Current investments (-€310,000)
- Receivables within one year +€40,292
up €40,292 (+83.6%), from €48,202 to €88,493
of which Trade receivables: +€45,304
- Other debts +€585,849
new in 2025: €585,849
- Profit (loss) carried forward -€498,729
no longer reported in 2025 (was €498,729)
- Tax, wage and social debts +€38,310
up €38,310 (+406.6%), from €9,421 to €47,731
- Gross operating margin -€84,680
down €84,680 (-26.4%), from €320,596 to €235,915
- Financial income -€79,373
no longer reported in 2025 (was €79,373)
of which Non-recurring financial income: -€79,345
- Taxes -€14,620
down €14,620 (-18.9%), from €77,172 to €62,552
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €534,836 | €663,051 | +€128,214 | +24.0% |
| Fixed assets | 21/28 | €3,078 | €1,545 | -€1,534 | -49.8% |
| Tangible fixed assets | 22/27 | €3,078 | €1,545 | -€1,534 | -49.8% |
| Plant, machinery and equipment | 23 | €55 | €314 | +€259 | +471.1% |
| Furniture and vehicles | 24 | €3,023 | €1,230 | -€1,793 | -59.3% |
| Current assets | 29/58 | €531,758 | €661,506 | +€129,748 | +24.4% |
| Amounts receivable within one year | 40/41 | €48,202 | €88,493 | +€40,292 | +83.6% |
| Trade receivables | 40 | €35,362 | €80,665 | +€45,304 | +128.1% |
| Other amounts receivable | 41 | €12,840 | €7,828 | -€5,012 | -39.0% |
| Current investments | 50/53 | €208,400 | €518,400 | +€310,000 | +148.8% |
| Cash at bank and in hand | 54/58 | €274,640 | €54,387 | -€220,253 | -80.2% |
| Deferred charges and accrued income | 490/1 | €516 | €226 | -€290 | -56.3% |
| Total equity and liabilities | 10/49 | €534,836 | €663,051 | +€128,214 | +24.0% |
| Equity | 10/15 | €519,189 | €20,460 | -€498,729 | -96.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €498,729 | - | -€498,729 | |
| Amounts payable | 17/49 | €15,647 | €642,591 | +€626,943 | +4006.8% |
| Amounts payable within one year | 42/48 | €15,647 | €642,591 | +€626,943 | +4006.8% |
| Financial debts | 43 | €299 | - | -€299 | |
| Credit institutions | 430/8 | €299 | - | -€299 | |
| Trade debts | 44 | €5,927 | €9,010 | +€3,083 | +52.0% |
| Suppliers | 440/4 | €5,927 | €9,010 | +€3,083 | +52.0% |
| Taxes, remuneration and social security | 45 | €9,421 | €47,731 | +€38,310 | +406.6% |
| Taxes | 450/3 | €9,421 | €47,731 | +€38,310 | +406.6% |
| Other amounts payable | 47/48 | - | €585,849 | +€585,849 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,471 | €1,855 | -€616 | -24.9% |
| Other operating charges | 640/8 | €573 | €1,112 | +€539 | +94.2% |
| Gross operating margin | 9900 | €320,596 | €235,915 | -€84,680 | -26.4% |
| Operating profit (loss) | 9901 | €317,552 | €232,948 | -€84,604 | -26.6% |
| Financial income | 75/76B | €79,373 | - | -€79,373 | |
| Recurring financial income | 75 | €28 | - | -€28 | |
| Non-recurring financial income | 76B | €79,345 | - | -€79,345 | |
| Financial charges | 65/66B | €1,885 | €1,571 | -€314 | -16.6% |
| Recurring financial charges | 65 | €1,885 | €1,571 | -€314 | -16.6% |
| Profit (loss) for the period before taxes | 9903 | €395,039 | €231,377 | -€163,663 | -41.4% |
| Income taxes | 67/77 | €77,172 | €62,552 | -€14,620 | -18.9% |
| Profit (loss) for the period | 9904 | €317,867 | €168,824 | -€149,043 | -46.9% |
| Profit (loss) for the period to be appropriated | 9905 | €317,867 | €168,824 | -€149,043 | -46.9% |
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 8 October 2026 via checked.be.