Refactory: 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.
Refactory
Largest movements
- Receivables within one year +€39,612
up €39,612 (+363.6%), from €10,894 to €50,506
of which Other amounts receivable: +€39,554
- Cash -€3,666
down €3,666 (-91.5%), from €4,006 to €340
mainly Receivables within one year (-€39,612) and Other debts (-€9,954)
- Deferred charges and accrued income -€2,095
down €2,095 (-49.1%), from €4,265 to €2,169
- Tangible fixed assets -€1,938
down €1,938 (-23.7%), from €8,164 to €6,226
of which Land and buildings: -€1,500
- Reserves +€30,567
up €30,567 (+651.5%), from €4,692 to €35,259
- Tax, wage and social debts +€15,947
up €15,947 (+1064.0%), from €1,499 to €17,446
of which Taxes: +€15,947
- Other debts -€9,954
down €9,954 (-100.0%), from €9,954 to €0
- Debts after one year -€3,801
down €3,801 (-100.0%), from €3,801 to €0
- Current portion of long-term debt -€1,307
down €1,307 (-25.7%), from €5,084 to €3,777
- Gross operating margin -€10,714
down €10,714 (-20.2%), from €52,967 to €42,253
- Taxes +€7,188
up €7,188 (+594.0%), from €1,210 to €8,398
- Financial income +€1,328
up €1,328, from €0 to €1,328
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 | €28,029 | €59,940 | +€31,912 | +113.9% |
| Formation expenses | 20 | €700 | €700 | = | 0.0% |
| Fixed assets | 21/28 | €8,164 | €6,226 | -€1,938 | -23.7% |
| Tangible fixed assets | 22/27 | €8,164 | €6,226 | -€1,938 | -23.7% |
| Land and buildings | 22 | €5,334 | €3,834 | -€1,500 | -28.1% |
| Plant, machinery and equipment | 23 | €1,999 | €1,841 | -€158 | -7.9% |
| Furniture and vehicles | 24 | €831 | €551 | -€280 | -33.7% |
| Current assets | 29/58 | €19,165 | €53,015 | +€33,850 | +176.6% |
| Amounts receivable within one year | 40/41 | €10,894 | €50,506 | +€39,612 | +363.6% |
| Trade receivables | 40 | €9,667 | €9,725 | +€57 | +0.6% |
| Other amounts receivable | 41 | €1,227 | €40,781 | +€39,554 | +3224.7% |
| Cash at bank and in hand | 54/58 | €4,006 | €340 | -€3,666 | -91.5% |
| Deferred charges and accrued income | 490/1 | €4,265 | €2,169 | -€2,095 | -49.1% |
| Total equity and liabilities | 10/49 | €28,029 | €59,940 | +€31,912 | +113.9% |
| Equity | 10/15 | €7,692 | €38,259 | +€30,567 | +397.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €4,692 | €35,259 | +€30,567 | +651.5% |
| Distributable reserves | 133 | €4,692 | €35,259 | +€30,567 | +651.5% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €20,337 | €21,682 | +€1,345 | +6.6% |
| Amounts payable after more than one year | 17 | €3,801 | €0 | -€3,801 | -100.0% |
| Financial debts | 170/4 | €3,801 | €0 | -€3,801 | -100.0% |
| Amounts payable within one year | 42/48 | €16,536 | €21,682 | +€5,145 | +31.1% |
| Current portion of amounts payable after more than one year | 42 | €5,084 | €3,777 | -€1,307 | -25.7% |
| Trade debts | 44 | €0 | €459 | +€459 | |
| Suppliers | 440/4 | €0 | €459 | +€459 | |
| Taxes, remuneration and social security | 45 | €1,499 | €17,446 | +€15,947 | +1064.0% |
| Taxes | 450/3 | €1,499 | €17,446 | +€15,947 | +1064.0% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €9,954 | €0 | -€9,954 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,991 | €3,480 | -€511 | -12.8% |
| Other operating charges | 640/8 | €387 | €629 | +€241 | +62.3% |
| Gross operating margin | 9900 | €52,967 | €42,253 | -€10,714 | -20.2% |
| Operating profit (loss) | 9901 | €48,589 | €38,145 | -€10,444 | -21.5% |
| Financial income | 75/76B | €0 | €1,328 | +€1,328 | |
| Recurring financial income | 75 | €0 | €1,328 | +€1,328 | |
| Financial charges | 65/66B | €545 | €508 | -€37 | -6.7% |
| Recurring financial charges | 65 | €545 | €508 | -€37 | -6.7% |
| Profit (loss) for the period before taxes | 9903 | €48,044 | €38,965 | -€9,079 | -18.9% |
| Income taxes | 67/77 | €1,210 | €8,398 | +€7,188 | +594.0% |
| Profit (loss) for the period | 9904 | €46,834 | €30,567 | -€16,267 | -34.7% |
| Profit (loss) for the period to be appropriated | 9905 | €46,834 | €30,567 | -€16,267 | -34.7% |
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 6 October 2026 via checked.be.