REFACT: 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.
REFACT
Largest movements
- Cash +€76,497
up €76,497 (+95.5%), from €80,084 to €156,581
mainly Net result for the year (+€140,235) and Other debts (+€65,061)
- Receivables within one year -€6,552
down €6,552 (-15.7%), from €41,654 to €35,102
of which Trade receivables: -€6,922
- Other debts +€65,061
up €65,061 (+85.8%), from €75,808 to €140,869
- Tax, wage and social debts +€3,562
up €3,562 (+20.6%), from €17,263 to €20,824
- Gross operating margin +€80,325
up €80,325 (+78.3%), from €102,552 to €182,877
- Taxes +€20,295
up €20,295 (+96.7%), from €20,980 to €41,275
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 | €124,469 | €193,269 | +€68,800 | +55.3% |
| Fixed assets | 21/28 | €1,445 | €307 | -€1,139 | -78.8% |
| Tangible fixed assets | 22/27 | €891 | €263 | -€628 | -70.5% |
| Furniture and vehicles | 24 | €891 | €263 | -€628 | -70.5% |
| Financial fixed assets | 28 | €554 | €43 | -€511 | -92.2% |
| Current assets | 29/58 | €123,024 | €192,963 | +€69,939 | +56.9% |
| Amounts receivable within one year | 40/41 | €41,654 | €35,102 | -€6,552 | -15.7% |
| Trade receivables | 40 | €41,654 | €34,732 | -€6,922 | -16.6% |
| Other amounts receivable | 41 | - | €370 | +€370 | |
| Cash at bank and in hand | 54/58 | €80,084 | €156,581 | +€76,497 | +95.5% |
| Deferred charges and accrued income | 490/1 | €1,285 | €1,280 | -€5 | -0.4% |
| Total equity and liabilities | 10/49 | €124,469 | €193,269 | +€68,800 | +55.3% |
| Equity | 10/15 | €30,238 | €30,474 | +€235 | +0.8% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Profit (loss) carried forward | 14 | €9,778 | €10,014 | +€235 | +2.4% |
| Amounts payable | 17/49 | €94,231 | €162,795 | +€68,565 | +72.8% |
| Amounts payable within one year | 42/48 | €94,231 | €162,795 | +€68,565 | +72.8% |
| Trade debts | 44 | €1,160 | €1,101 | -€58 | -5.0% |
| Suppliers | 440/4 | €1,160 | €1,101 | -€58 | -5.0% |
| Taxes, remuneration and social security | 45 | €17,263 | €20,824 | +€3,562 | +20.6% |
| Taxes | 450/3 | €17,263 | €20,824 | +€3,562 | +20.6% |
| Other amounts payable | 47/48 | €75,808 | €140,869 | +€65,061 | +85.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €628 | €628 | = | 0.0% |
| Other operating charges | 640/8 | €672 | €694 | +€22 | +3.3% |
| Gross operating margin | 9900 | €102,552 | €182,877 | +€80,325 | +78.3% |
| Operating profit (loss) | 9901 | €101,253 | €181,555 | +€80,303 | +79.3% |
| Financial income | 75/76B | - | €4 | +€4 | |
| Recurring financial income | 75 | - | €4 | +€4 | |
| Financial charges | 65/66B | €42 | €49 | +€6 | +14.6% |
| Recurring financial charges | 65 | €42 | €49 | +€6 | +14.6% |
| Profit (loss) for the period before taxes | 9903 | €101,210 | €181,511 | +€80,301 | +79.3% |
| Income taxes | 67/77 | €20,980 | €41,275 | +€20,295 | +96.7% |
| Profit (loss) for the period | 9904 | €80,230 | €140,235 | +€60,005 | +74.8% |
| Profit (loss) for the period to be appropriated | 9905 | €80,230 | €140,235 | +€60,005 | +74.8% |
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 8 October 2026 via checked.be.