REF TRADING: 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 TRADING
Largest movements
- Tangible fixed assets +€27,846
up €27,846 (+127.1%), from €21,910 to €49,756
of which Leasing and similar rights: +€28,160
- Stocks and contracts -€26,429
down €26,429 (-42.7%), from €61,947 to €35,518
- Cash +€3,278
up €3,278 (+6.3%), from €52,410 to €55,688
mainly Stocks and contracts (+€26,429) and Net result for the year (+€25,018)
- Receivables within one year -€3,026
down €3,026 (-25.5%), from €11,877 to €8,851
of which Trade receivables: -€5,238
- Trade debts -€39,770
down €39,770 (-86.8%), from €45,796 to €6,026
- Profit (loss) carried forward +€25,018
up €25,018 (+164.7%), from €15,186 to €40,203
- Debts after one year +€15,256
up €15,256 (+25.3%), from €60,311 to €75,567
- Current portion of long-term debt +€3,784
up €3,784 (+53.6%), from €7,054 to €10,837
- Other debts -€3,249
down €3,249 (-61.7%), from €5,268 to €2,019
- Gross operating margin +€59,917
up €59,917, from -€7,807 to €52,110
- Other operating charges +€5,848
up €5,848 (+541.1%), from €1,081 to €6,929
- Financial charges +€2,366
up €2,366 (+65.5%), from €3,612 to €5,979
- Depreciation +€1,018
up €1,018 (+7.5%), from €13,613 to €14,631
- Financial income +€685
up €685 (+1116.8%), from €61 to €747
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €148,928 | €149,814 | +€885 | +0.6% |
| Fixed assets | 21/28 | €21,910 | €49,756 | +€27,846 | +127.1% |
| Tangible fixed assets | 22/27 | €21,910 | €49,756 | +€27,846 | +127.1% |
| Furniture and vehicles | 24 | €830 | €516 | -€314 | -37.8% |
| Leasing and similar rights | 25 | €21,080 | €49,240 | +€28,160 | +133.6% |
| Current assets | 29/58 | €127,018 | €100,057 | -€26,961 | -21.2% |
| Stocks and contracts in progress | 3 | €61,947 | €35,518 | -€26,429 | -42.7% |
| Stocks | 30/36 | €61,947 | €35,518 | -€26,429 | -42.7% |
| Amounts receivable within one year | 40/41 | €11,877 | €8,851 | -€3,026 | -25.5% |
| Trade receivables | 40 | €10,960 | €5,722 | -€5,238 | -47.8% |
| Other amounts receivable | 41 | €917 | €3,129 | +€2,212 | +241.1% |
| Cash at bank and in hand | 54/58 | €52,410 | €55,688 | +€3,278 | +6.3% |
| Deferred charges and accrued income | 490/1 | €784 | - | -€784 | |
| Total equity and liabilities | 10/49 | €148,928 | €149,814 | +€885 | +0.6% |
| Equity | 10/15 | €27,046 | €52,063 | +€25,018 | +92.5% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 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 | €15,186 | €40,203 | +€25,018 | +164.7% |
| Amounts payable | 17/49 | €121,883 | €97,750 | -€24,132 | -19.8% |
| Amounts payable after more than one year | 17 | €60,311 | €75,567 | +€15,256 | +25.3% |
| Financial debts | 170/4 | €60,311 | €75,567 | +€15,256 | +25.3% |
| Amounts payable within one year | 42/48 | €61,571 | €22,183 | -€39,388 | -64.0% |
| Current portion of amounts payable after more than one year | 42 | €7,054 | €10,837 | +€3,784 | +53.6% |
| Trade debts | 44 | €45,796 | €6,026 | -€39,770 | -86.8% |
| Suppliers | 440/4 | €45,796 | €6,026 | -€39,770 | -86.8% |
| Taxes, remuneration and social security | 45 | €3,453 | €3,300 | -€153 | -4.4% |
| Taxes | 450/3 | €453 | €300 | -€153 | -33.7% |
| Remuneration and social security | 454/9 | €3,000 | €3,000 | = | 0.0% |
| Other amounts payable | 47/48 | €5,268 | €2,019 | -€3,249 | -61.7% |
| Non-recurring operating income | 76A | - | €14,050 | +€14,050 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,613 | €14,631 | +€1,018 | +7.5% |
| Other operating charges | 640/8 | €1,081 | €6,929 | +€5,848 | +541.1% |
| Gross operating margin | 9900 | -€7,807 | €52,110 | +€59,917 | |
| Operating profit (loss) | 9901 | -€22,501 | €30,550 | +€53,051 | |
| Financial income | 75/76B | €61 | €747 | +€685 | +1116.8% |
| Recurring financial income | 75 | €61 | €747 | +€685 | +1116.8% |
| Financial charges | 65/66B | €3,612 | €5,979 | +€2,366 | +65.5% |
| Recurring financial charges | 65 | €3,612 | €5,979 | +€2,366 | +65.5% |
| Profit (loss) for the period before taxes | 9903 | -€26,052 | €25,318 | +€51,370 | |
| Income taxes | 67/77 | €235 | €300 | +€65 | +27.6% |
| Profit (loss) for the period | 9904 | -€26,287 | €25,018 | +€51,305 | |
| Profit (loss) for the period to be appropriated | 9905 | -€26,287 | €25,018 | +€51,305 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.