REFIELLO: 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.
REFIELLO
Largest movements
- Tangible fixed assets +€249,305
up €249,305 (+12.3%), from €2.0m to €2.3m
- Revaluation surpluses +€200,000
new in 2025: €200,000
- Other debts +€27,082
up €27,082 (+1.2%), from €2.2m to €2.2m
- Profit (loss) carried forward +€24,082
up €24,082 (+12.8%), from -€188,125 to -€164,043
- Gross operating margin +€106,060
up €106,060, from -€11,918 to €94,143
- Depreciation +€18,079
up €18,079 (+36.8%), from €49,194 to €67,273
- Financial income -€2,021
down €2,021 (-68.9%), from €2,931 to €911
- Other operating charges +€1,431
up €1,431 (+63.1%), from €2,268 to €3,698
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 | €2,057,388 | €2,293,210 | +€235,822 | +11.5% |
| Fixed assets | 21/28 | €2,020,246 | €2,269,551 | +€249,305 | +12.3% |
| Tangible fixed assets | 22/27 | €2,020,246 | €2,269,551 | +€249,305 | +12.3% |
| Land and buildings | 22 | €2,020,246 | €2,269,551 | +€249,305 | +12.3% |
| Current assets | 29/58 | €37,142 | €23,659 | -€13,483 | -36.3% |
| Cash at bank and in hand | 54/58 | €36,660 | €23,579 | -€13,082 | -35.7% |
| Deferred charges and accrued income | 490/1 | €482 | €80 | -€401 | -83.3% |
| Total equity and liabilities | 10/49 | €2,057,388 | €2,293,210 | +€235,822 | +11.5% |
| Equity | 10/15 | -€169,525 | €54,557 | +€224,082 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | - | €200,000 | +€200,000 | |
| Profit (loss) carried forward | 14 | -€188,125 | -€164,043 | +€24,082 | +12.8% |
| Amounts payable | 17/49 | €2,226,912 | €2,238,652 | +€11,740 | +0.5% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €2,221,222 | €2,238,652 | +€17,430 | +0.8% |
| Trade debts | 44 | €15,456 | €5,822 | -€9,635 | -62.3% |
| Suppliers | 440/4 | €15,456 | €5,822 | -€9,635 | -62.3% |
| Taxes, remuneration and social security | 45 | €17 | €0 | -€17 | -100.0% |
| Taxes | 450/3 | €17 | €0 | -€17 | -100.0% |
| Other amounts payable | 47/48 | €2,205,748 | €2,232,830 | +€27,082 | +1.2% |
| Accrued charges and deferred income | 492/3 | €5,690 | €0 | -€5,690 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,194 | €67,273 | +€18,079 | +36.8% |
| Other operating charges | 640/8 | €2,268 | €3,698 | +€1,431 | +63.1% |
| Gross operating margin | 9900 | -€11,918 | €94,143 | +€106,060 | |
| Operating profit (loss) | 9901 | -€63,379 | €23,171 | +€86,550 | |
| Financial income | 75/76B | €2,931 | €911 | -€2,021 | -68.9% |
| Recurring financial income | 75 | €2,931 | €911 | -€2,021 | -68.9% |
| Financial charges | 65/66B | €259 | €0 | -€259 | -100.0% |
| Recurring financial charges | 65 | €259 | €0 | -€259 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | -€60,706 | €24,082 | +€84,788 | |
| Profit (loss) for the period | 9904 | -€60,706 | €24,082 | +€84,788 | |
| Profit (loss) for the period to be appropriated | 9905 | -€60,706 | €24,082 | +€84,788 |
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.