REFIAL: 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.
REFIAL
Largest movements
- Stocks and contracts +€61,951
up €61,951 (+22.4%), from €276,008 to €337,958
of which Stocks: +€62,789
- Deferred charges and accrued income +€29,205
new in 2025: €29,205
- Tangible fixed assets -€10,275
down €10,275 (-11.4%), from €90,330 to €80,055
of which Leasing and similar rights: -€7,068
- Other debts +€66,959
up €66,959 (+15.3%), from €438,262 to €505,221
- Tax, wage and social debts -€8,561
down €8,561 (-47.2%), from €18,120 to €9,559
of which Remuneration and social security: -€9,098
- Trade debts +€7,454
up €7,454 (+9.1%), from €81,590 to €89,045
- Staff costs -€41,306
down €41,306 (-45.5%), from €90,827 to €49,521
- Gross operating margin -€25,970
down €25,970 (-21.0%), from €123,835 to €97,865
- Depreciation +€3,062
up €3,062 (+14.1%), from €21,745 to €24,807
- Other operating charges +€1,510
up €1,510 (+65.4%), from €2,309 to €3,818
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 | €570,801 | €645,565 | +€74,764 | +13.1% |
| Fixed assets | 21/28 | €91,888 | €80,635 | -€11,252 | -12.2% |
| Intangible fixed assets | 21 | €1,557 | €580 | -€977 | -62.8% |
| Tangible fixed assets | 22/27 | €90,330 | €80,055 | -€10,275 | -11.4% |
| Plant, machinery and equipment | 23 | €43,740 | €43,532 | -€208 | -0.5% |
| Furniture and vehicles | 24 | €6,795 | €4,640 | -€2,155 | -31.7% |
| Leasing and similar rights | 25 | €35,246 | €28,178 | -€7,068 | -20.1% |
| Other tangible fixed assets | 26 | €4,550 | €3,706 | -€844 | -18.5% |
| Current assets | 29/58 | €478,913 | €564,929 | +€86,017 | +18.0% |
| Stocks and contracts in progress | 3 | €276,008 | €337,958 | +€61,951 | +22.4% |
| Stocks | 30/36 | €210,883 | €273,672 | +€62,789 | +29.8% |
| Contracts in progress | 37 | €65,125 | €64,286 | -€838 | -1.3% |
| Amounts receivable within one year | 40/41 | €146,180 | €140,485 | -€5,695 | -3.9% |
| Trade receivables | 40 | €134,252 | €131,990 | -€2,262 | -1.7% |
| Other amounts receivable | 41 | €11,927 | €8,494 | -€3,433 | -28.8% |
| Cash at bank and in hand | 54/58 | €56,725 | €57,282 | +€556 | +1.0% |
| Deferred charges and accrued income | 490/1 | - | €29,205 | +€29,205 | |
| Total equity and liabilities | 10/49 | €570,801 | €645,565 | +€74,764 | +13.1% |
| Equity | 10/15 | €28,698 | €32,745 | +€4,047 | +14.1% |
| Contributions | 10/11 | €9,850 | €9,850 | = | 0.0% |
| Reserves | 13 | €12,718 | €12,718 | = | 0.0% |
| Distributable reserves | 133 | €12,718 | €12,718 | = | 0.0% |
| Profit (loss) carried forward | 14 | €6,130 | €10,177 | +€4,047 | +66.0% |
| Amounts payable | 17/49 | €542,103 | €612,820 | +€70,718 | +13.0% |
| Amounts payable after more than one year | 17 | €1,300 | €6,902 | +€5,602 | +430.8% |
| Financial debts | 170/4 | €1,300 | €6,902 | +€5,602 | +430.8% |
| Amounts payable within one year | 42/48 | €539,970 | €605,918 | +€65,949 | +12.2% |
| Current portion of amounts payable after more than one year | 42 | €1,998 | €2,093 | +€96 | +4.8% |
| Trade debts | 44 | €81,590 | €89,045 | +€7,454 | +9.1% |
| Suppliers | 440/4 | €81,590 | €89,045 | +€7,454 | +9.1% |
| Taxes, remuneration and social security | 45 | €18,120 | €9,559 | -€8,561 | -47.2% |
| Taxes | 450/3 | €4,161 | €4,698 | +€537 | +12.9% |
| Remuneration and social security | 454/9 | €13,958 | €4,860 | -€9,098 | -65.2% |
| Other amounts payable | 47/48 | €438,262 | €505,221 | +€66,959 | +15.3% |
| Accrued charges and deferred income | 492/3 | €833 | - | -€833 | |
| Remuneration, social security and pensions | 62 | €90,827 | €49,521 | -€41,306 | -45.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,745 | €24,807 | +€3,062 | +14.1% |
| Other operating charges | 640/8 | €2,309 | €3,818 | +€1,510 | +65.4% |
| Non-recurring operating charges | 66A | - | €7,036 | +€7,036 | |
| Gross operating margin | 9900 | €123,835 | €97,865 | -€25,970 | -21.0% |
| Operating profit (loss) | 9901 | €8,955 | €12,683 | +€3,728 | +41.6% |
| Financial income | 75/76B | €244 | €102 | -€143 | -58.3% |
| Recurring financial income | 75 | €244 | €102 | -€143 | -58.3% |
| Financial charges | 65/66B | €5,717 | €5,925 | +€208 | +3.6% |
| Recurring financial charges | 65 | €5,717 | €5,925 | +€208 | +3.6% |
| Profit (loss) for the period before taxes | 9903 | €3,482 | €6,860 | +€3,378 | +97.0% |
| Income taxes | 67/77 | €2,132 | €2,813 | +€681 | +31.9% |
| Profit (loss) for the period | 9904 | €1,350 | €4,047 | +€2,697 | +199.8% |
| Profit (loss) for the period to be appropriated | 9905 | €1,350 | €4,047 | +€2,697 | +199.8% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.