Reficore: 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.
Reficore
Largest movements
- Tangible fixed assets -€77,903
down €77,903 (-33.3%), from €233,967 to €156,063
of which Plant, machinery and equipment: -€64,347
- Cash -€10,008
down €10,008 (-47.6%), from €21,035 to €11,027
mainly Net result for the year (-€105,642) and Trade debts (-€14,996)
- Profit (loss) carried forward -€105,642
down €105,642 (-15.2%), from -€695,227 to -€800,869
- Debts after one year +€32,000
up €32,000 (+4.1%), from €785,920 to €817,920
- Trade debts -€14,996
down €14,996 (-29.1%), from €51,470 to €36,474
- Gross operating margin +€30,735
up €30,735 (+55.6%), from -€55,319 to -€24,585
- Depreciation -€22,335
down €22,335 (-22.3%), from €100,239 to €77,903
- Financial charges +€2,025
up €2,025 (+1339.1%), from €151 to €2,176
- Other operating charges -€1,066
down €1,066 (-51.3%), from €2,080 to €1,014
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 | €262,102 | €173,464 | -€88,639 | -33.8% |
| Fixed assets | 21/28 | €233,967 | €156,063 | -€77,903 | -33.3% |
| Tangible fixed assets | 22/27 | €233,967 | €156,063 | -€77,903 | -33.3% |
| Land and buildings | 22 | €91,962 | €78,405 | -€13,557 | -14.7% |
| Plant, machinery and equipment | 23 | €142,005 | €77,658 | -€64,347 | -45.3% |
| Current assets | 29/58 | €28,135 | €17,400 | -€10,735 | -38.2% |
| Amounts receivable within one year | 40/41 | €5,247 | €3,913 | -€1,334 | -25.4% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €5,247 | €3,913 | -€1,334 | -25.4% |
| Cash at bank and in hand | 54/58 | €21,035 | €11,027 | -€10,008 | -47.6% |
| Deferred charges and accrued income | 490/1 | €1,853 | €2,461 | +€608 | +32.8% |
| Total equity and liabilities | 10/49 | €262,102 | €173,464 | -€88,639 | -33.8% |
| Equity | 10/15 | -€659,227 | -€764,869 | -€105,642 | -16.0% |
| Contributions | 10/11 | €36,000 | €36,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€695,227 | -€800,869 | -€105,642 | -15.2% |
| Amounts payable | 17/49 | €921,329 | €938,333 | +€17,004 | +1.8% |
| Amounts payable after more than one year | 17 | €785,920 | €817,920 | +€32,000 | +4.1% |
| Financial debts | 170/4 | €785,920 | €817,920 | +€32,000 | +4.1% |
| Amounts payable within one year | 42/48 | €118,628 | €103,632 | -€14,996 | -12.6% |
| Financial debts | 43 | €14,000 | €14,000 | = | 0.0% |
| Other loans | 439 | €14,000 | €14,000 | = | 0.0% |
| Trade debts | 44 | €51,470 | €36,474 | -€14,996 | -29.1% |
| Suppliers | 440/4 | €51,470 | €36,474 | -€14,996 | -29.1% |
| Advances received on contracts in progress | 46 | €4,215 | €4,215 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €32,464 | €32,464 | = | 0.0% |
| Remuneration and social security | 454/9 | €32,464 | €32,464 | = | 0.0% |
| Other amounts payable | 47/48 | €16,479 | €16,479 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €16,781 | €16,781 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €163 | €170 | +€7 | +4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €100,239 | €77,903 | -€22,335 | -22.3% |
| Other operating charges | 640/8 | €2,080 | €1,014 | -€1,066 | -51.3% |
| Gross operating margin | 9900 | -€55,319 | -€24,585 | +€30,735 | +55.6% |
| Operating profit (loss) | 9901 | -€157,802 | -€103,672 | +€54,130 | +34.3% |
| Financial income | 75/76B | €102 | €206 | +€104 | +102.6% |
| Recurring financial income | 75 | €102 | €206 | +€104 | +102.6% |
| Financial charges | 65/66B | €151 | €2,176 | +€2,025 | +1339.1% |
| Recurring financial charges | 65 | €151 | €2,176 | +€2,025 | +1339.1% |
| Profit (loss) for the period before taxes | 9903 | -€157,851 | -€105,642 | +€52,209 | +33.1% |
| Profit (loss) for the period | 9904 | -€157,851 | -€105,642 | +€52,209 | +33.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€157,851 | -€105,642 | +€52,209 | +33.1% |
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 7 October 2026 via checked.be.