REFACOM: 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.
REFACOM
Largest movements
- Receivables within one year -€358,046
down €358,046 (-33.4%), from €1.1m to €714,644
of which Trade receivables: -€356,598
- Formation expenses +€50,363
up €50,363 (+36.4%), from €138,261 to €188,624
- Cash -€35,747
down €35,747 (-19.8%), from €180,419 to €144,672
mainly Trade debts (-€205,104) and Investment in fixed assets (net) (-€162,983)
- Trade debts -€205,104
down €205,104 (-25.3%), from €810,284 to €605,180
- Tax, wage and social debts -€97,511
down €97,511 (-46.6%), from €209,407 to €111,896
of which Taxes: -€104,643
- Short-term financial debts -€54,653
down €54,653 (-8.0%), from €684,932 to €630,279
- Gross operating margin -€44,079
down €44,079 (-6.1%), from €723,922 to €679,843
- Staff costs -€20,982
down €20,982 (-4.1%), from €515,642 to €494,659
- Write-downs -€9,919
down €9,919 (-131%), from -€7,581 to -€17,500
- Financial charges -€7,894
down €7,894 (-16.7%), from €47,367 to €39,473
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,921,847 | €2,543,893 | -€377,954 | -12.9% |
| Formation expenses | 20 | €138,261 | €188,624 | +€50,363 | +36.4% |
| Fixed assets | 21/28 | €313,790 | €292,498 | -€21,292 | -6.8% |
| Intangible fixed assets | 21 | €43,872 | €28,655 | -€15,217 | -34.7% |
| Tangible fixed assets | 22/27 | €269,918 | €263,843 | -€6,075 | -2.3% |
| Plant, machinery and equipment | 23 | €178,348 | €176,109 | -€2,240 | -1.3% |
| Furniture and vehicles | 24 | €91,570 | €87,734 | -€3,836 | -4.2% |
| Current assets | 29/58 | €2,469,796 | €2,062,771 | -€407,025 | -16.5% |
| Stocks and contracts in progress | 3 | €1,210,699 | €1,197,751 | -€12,948 | -1.1% |
| Stocks | 30/36 | €1,210,699 | €1,197,751 | -€12,948 | -1.1% |
| Amounts receivable within one year | 40/41 | €1,072,690 | €714,644 | -€358,046 | -33.4% |
| Trade receivables | 40 | €1,063,770 | €707,172 | -€356,598 | -33.5% |
| Other amounts receivable | 41 | €8,920 | €7,472 | -€1,448 | -16.2% |
| Cash at bank and in hand | 54/58 | €180,419 | €144,672 | -€35,747 | -19.8% |
| Deferred charges and accrued income | 490/1 | €5,989 | €5,705 | -€285 | -4.8% |
| Total equity and liabilities | 10/49 | €2,921,847 | €2,543,893 | -€377,954 | -12.9% |
| Equity | 10/15 | €1,025,289 | €1,035,822 | +€10,533 | +1.0% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Capital | 10 | €150,000 | €150,000 | = | 0.0% |
| Issued capital | 100 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €875,000 | €885,000 | +€10,000 | +1.1% |
| Non-distributable reserves | 130/1 | €15,000 | €15,000 | = | 0.0% |
| Legal reserve | 130 | €15,000 | €15,000 | = | 0.0% |
| Distributable reserves | 133 | €860,000 | €870,000 | +€10,000 | +1.2% |
| Profit (loss) carried forward | 14 | €289 | €822 | +€533 | +184% |
| Provisions and deferred taxes | 16 | €37,500 | €20,000 | -€17,500 | -46.7% |
| Provisions for liabilities and charges | 160/5 | €37,500 | €20,000 | -€17,500 | -46.7% |
| Other liabilities and charges | 164/5 | €37,500 | €20,000 | -€17,500 | -46.7% |
| Amounts payable | 17/49 | €1,859,057 | €1,488,070 | -€370,987 | -20.0% |
| Amounts payable after more than one year | 17 | €103,235 | €94,504 | -€8,731 | -8.5% |
| Financial debts | 170/4 | €103,235 | €94,504 | -€8,731 | -8.5% |
| Amounts payable within one year | 42/48 | €1,755,823 | €1,393,567 | -€362,256 | -20.6% |
| Current portion of amounts payable after more than one year | 42 | €51,200 | €46,212 | -€4,988 | -9.7% |
| Financial debts | 43 | €684,932 | €630,279 | -€54,653 | -8.0% |
| Credit institutions | 430/8 | €684,932 | €630,279 | -€54,653 | -8.0% |
| Trade debts | 44 | €810,284 | €605,180 | -€205,104 | -25.3% |
| Suppliers | 440/4 | €810,284 | €605,180 | -€205,104 | -25.3% |
| Taxes, remuneration and social security | 45 | €209,407 | €111,896 | -€97,511 | -46.6% |
| Taxes | 450/3 | €149,608 | €44,965 | -€104,643 | -69.9% |
| Remuneration and social security | 454/9 | €59,799 | €66,931 | +€7,132 | +11.9% |
| Remuneration, social security and pensions | 62 | €515,642 | €494,659 | -€20,982 | -4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €134,531 | €133,912 | -€619 | -0.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€7,581 | -€17,500 | -€9,919 | -131% |
| Other operating charges | 640/8 | €11,336 | €6,003 | -€5,333 | -47.0% |
| Gross operating margin | 9900 | €723,922 | €679,843 | -€44,079 | -6.1% |
| Operating profit (loss) | 9901 | €69,995 | €62,768 | -€7,226 | -10.3% |
| Financial income | 75/76B | €1,471 | €7 | -€1,464 | -99.5% |
| Recurring financial income | 75 | €1,471 | €7 | -€1,464 | -99.5% |
| Financial charges | 65/66B | €47,367 | €39,473 | -€7,894 | -16.7% |
| Recurring financial charges | 65 | €47,367 | €39,473 | -€7,894 | -16.7% |
| Profit (loss) for the period before taxes | 9903 | €24,098 | €23,302 | -€796 | -3.3% |
| Income taxes | 67/77 | €9,348 | €12,769 | +€3,421 | +36.6% |
| Profit (loss) for the period | 9904 | €14,750 | €10,533 | -€4,217 | -28.6% |
| Profit (loss) for the period to be appropriated | 9905 | €14,750 | €10,533 | -€4,217 | -28.6% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.