REFIBO: 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.
REFIBO
Largest movements
- Receivables within one year +€136,294
up €136,294 (+45.8%), from €297,383 to €433,678
of which Trade receivables: +€125,719
- Cash -€61,721
down €61,721 (-33.1%), from €186,748 to €125,027
mainly Receivables within one year (-€136,294) and Tax, wage and social debts (-€38,135)
- Receivables after one year -€51,000
down €51,000 (-33.6%), from €151,879 to €100,879
- Tangible fixed assets -€23,673
down €23,673 (-21.6%), from €109,777 to €86,105
of which Furniture and vehicles: -€19,042
- Intangible fixed assets -€11,514
down €11,514 (-89.0%), from €12,943 to €1,429
- Tax, wage and social debts -€38,135
down €38,135 (-42.1%), from €90,681 to €52,547
of which Taxes: -€22,436
- Trade debts +€28,065
up €28,065 (+66.9%), from €41,981 to €70,047
- Other debts -€28,040
down €28,040 (-23.8%), from €117,852 to €89,812
- Debts after one year +€23,989
up €23,989 (+44.0%), from €54,476 to €78,466
- Turnover -€97,813
down €97,813 (-9.0%), from €1.1m to €984,231
- Gross operating margin -€72,029
down €72,029 (-17.6%), from €410,047 to €338,018
- Purchases and services -€53,004
down €53,004 (-7.5%), from €709,169 to €656,165
- Write-downs +€32,712
up €32,712 (+77.9%), from -€42,001 to -€9,289
- Staff costs -€20,720
down €20,720 (-7.4%), from €280,002 to €259,282
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 | €793,189 | €781,546 | -€11,642 | -1.5% |
| Fixed assets | 21/28 | €122,720 | €87,533 | -€35,187 | -28.7% |
| Intangible fixed assets | 21 | €12,943 | €1,429 | -€11,514 | -89.0% |
| Tangible fixed assets | 22/27 | €109,777 | €86,105 | -€23,673 | -21.6% |
| Plant, machinery and equipment | 23 | €20,638 | €16,008 | -€4,630 | -22.4% |
| Furniture and vehicles | 24 | €89,139 | €70,097 | -€19,042 | -21.4% |
| Current assets | 29/58 | €670,469 | €694,013 | +€23,544 | +3.5% |
| Amounts receivable after more than one year | 29 | €151,879 | €100,879 | -€51,000 | -33.6% |
| Other amounts receivable | 291 | €151,879 | €100,879 | -€51,000 | -33.6% |
| Amounts receivable within one year | 40/41 | €297,383 | €433,678 | +€136,294 | +45.8% |
| Trade receivables | 40 | €297,383 | €423,103 | +€125,719 | +42.3% |
| Other amounts receivable | 41 | - | €10,575 | +€10,575 | |
| Cash at bank and in hand | 54/58 | €186,748 | €125,027 | -€61,721 | -33.1% |
| Deferred charges and accrued income | 490/1 | €34,459 | €34,430 | -€29 | -0.1% |
| Total equity and liabilities | 10/49 | €793,189 | €781,546 | -€11,642 | -1.5% |
| Equity | 10/15 | €399,683 | €400,055 | +€372 | +0.1% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €2,343 | €2,343 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,343 | €2,343 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,343 | €2,343 | = | 0.0% |
| Profit (loss) carried forward | 14 | €147,340 | €147,713 | +€372 | +0.3% |
| Amounts payable | 17/49 | €393,506 | €381,491 | -€12,015 | -3.1% |
| Amounts payable after more than one year | 17 | €54,476 | €78,466 | +€23,989 | +44.0% |
| Financial debts | 170/4 | €54,476 | €78,466 | +€23,989 | +44.0% |
| Amounts payable within one year | 42/48 | €337,143 | €294,481 | -€42,662 | -12.7% |
| Current portion of amounts payable after more than one year | 42 | €86,628 | €82,076 | -€4,552 | -5.3% |
| Trade debts | 44 | €41,981 | €70,047 | +€28,065 | +66.9% |
| Suppliers | 440/4 | €41,981 | €70,047 | +€28,065 | +66.9% |
| Taxes, remuneration and social security | 45 | €90,681 | €52,547 | -€38,135 | -42.1% |
| Taxes | 450/3 | €52,612 | €30,176 | -€22,436 | -42.6% |
| Remuneration and social security | 454/9 | €38,070 | €22,371 | -€15,699 | -41.2% |
| Other amounts payable | 47/48 | €117,852 | €89,812 | -€28,040 | -23.8% |
| Accrued charges and deferred income | 492/3 | €1,887 | €8,544 | +€6,658 | +352.9% |
| Turnover | 70 | €1,082,044 | €984,231 | -€97,813 | -9.0% |
| Goods, raw materials, services and sundry goods | 60/61 | €709,169 | €656,165 | -€53,004 | -7.5% |
| Remuneration, social security and pensions | 62 | €280,002 | €259,282 | -€20,720 | -7.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,405 | €42,318 | +€1,912 | +4.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€42,001 | -€9,289 | +€32,712 | +77.9% |
| Other operating charges | 640/8 | €11,357 | €17,250 | +€5,893 | +51.9% |
| Gross operating margin | 9900 | €410,047 | €338,018 | -€72,029 | -17.6% |
| Operating profit (loss) | 9901 | €120,283 | €28,457 | -€91,826 | -76.3% |
| Financial income | 75/76B | €35,534 | €15,096 | -€20,438 | -57.5% |
| Recurring financial income | 75 | €25,505 | €11,104 | -€14,401 | -56.5% |
| Non-recurring financial income | 76B | €10,030 | €3,992 | -€6,037 | -60.2% |
| Financial charges | 65/66B | €7,085 | €11,755 | +€4,669 | +65.9% |
| Recurring financial charges | 65 | €6,676 | €9,430 | +€2,754 | +41.3% |
| Non-recurring financial charges | 66B | €409 | €2,324 | +€1,915 | +467.8% |
| Profit (loss) for the period before taxes | 9903 | €148,732 | €31,798 | -€116,934 | -78.6% |
| Income taxes | 67/77 | €29,752 | €14,425 | -€15,326 | -51.5% |
| Profit (loss) for the period | 9904 | €118,980 | €17,372 | -€101,608 | -85.4% |
| Profit (loss) for the period to be appropriated | 9905 | €118,980 | €17,372 | -€101,608 | -85.4% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.