REFAI: 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.
REFAI
Largest movements
- Cash +€628
up €628 (+30.0%), from €2,097 to €2,725
mainly Net result for the year (+€1,250)
- Profit (loss) carried forward +€1,250
up €1,250 (+3.8%), from -€33,257 to -€32,006
- Tax, wage and social debts -€436
down €436 (-5.9%), from €7,335 to €6,900
- Trade debts -€187
down €187 (-74.6%), from €250 to €63
- Gross operating margin -€4,428
down €4,428 (-70.3%), from €6,295 to €1,867
- Other operating charges +€76
up €76 (+19.6%), from €387 to €463
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 | €2,097 | €2,725 | +€628 | +30.0% |
| Current assets | 29/58 | €2,097 | €2,725 | +€628 | +30.0% |
| Cash at bank and in hand | 54/58 | €2,097 | €2,725 | +€628 | +30.0% |
| Total equity and liabilities | 10/49 | €2,097 | €2,725 | +€628 | +30.0% |
| Equity | 10/15 | -€20,847 | -€19,597 | +€1,250 | +6.0% |
| Contributions | 10/11 | €12,410 | €12,410 | = | 0.0% |
| Contributions outside capital | 11 | €12,410 | - | -€12,410 | |
| Other | 1109/19 | €12,410 | - | -€12,410 | |
| Profit (loss) carried forward | 14 | -€33,257 | -€32,006 | +€1,250 | +3.8% |
| Amounts payable | 17/49 | €22,944 | €22,322 | -€622 | -2.7% |
| Amounts payable within one year | 42/48 | €22,944 | €22,322 | -€622 | -2.7% |
| Trade debts | 44 | €250 | €63 | -€187 | -74.6% |
| Suppliers | 440/4 | €250 | €63 | -€187 | -74.6% |
| Taxes, remuneration and social security | 45 | €7,335 | €6,900 | -€436 | -5.9% |
| Taxes | 450/3 | €7,335 | €6,900 | -€436 | -5.9% |
| Other amounts payable | 47/48 | €15,359 | €15,359 | = | 0.0% |
| Other operating charges | 640/8 | €387 | €463 | +€76 | +19.6% |
| Gross operating margin | 9900 | €6,295 | €1,867 | -€4,428 | -70.3% |
| Operating profit (loss) | 9901 | €5,908 | €1,404 | -€4,504 | -76.2% |
| Financial charges | 65/66B | €161 | €154 | -€7 | -4.3% |
| Recurring financial charges | 65 | €161 | €154 | -€7 | -4.3% |
| Profit (loss) for the period before taxes | 9903 | €5,747 | €1,250 | -€4,497 | -78.2% |
| Profit (loss) for the period | 9904 | €5,747 | €1,250 | -€4,497 | -78.2% |
| Profit (loss) for the period to be appropriated | 9905 | €5,747 | €1,250 | -€4,497 | -78.2% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.