REFIL: 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.
REFIL
Largest movements
- Tangible fixed assets +€495,420
up €495,420 (+30.8%), from €1.6m to €2.1m
of which Land and buildings: +€521,096
- Receivables within one year -€224,973
down €224,973 (-44.8%), from €502,452 to €277,480
of which Other amounts receivable: -€281,521
- Cash +€65,590
up €65,590 (+478.8%), from €13,700 to €79,291
mainly Debts after one year (+€321,481) and Receivables within one year (+€224,973)
- Debts after one year +€321,481
up €321,481 (+43.8%), from €733,445 to €1.1m
- Short-term financial debts +€50,000
up €50,000 (+200.0%), from €25,000 to €75,000
- Tax, wage and social debts -€34,676
down €34,676 (-22.3%), from €155,286 to €120,610
- Gross operating margin -€293,467
down €293,467 (-79.0%), from €371,435 to €77,968
- Taxes -€160,856
down €160,856 (-97.3%), from €165,365 to €4,509
- Financial income -€34,758
down €34,758 (-52.6%), from €66,051 to €31,292
of which Non-recurring financial income: -€40,854
- Depreciation +€17,477
up €17,477 (+25.6%), from €68,318 to €85,795
- Financial charges +€4,301
up €4,301 (+22.4%), from €19,199 to €23,500
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 | €2,544,438 | €2,878,957 | +€334,519 | +13.1% |
| Fixed assets | 21/28 | €1,609,412 | €2,104,831 | +€495,420 | +30.8% |
| Tangible fixed assets | 22/27 | €1,609,412 | €2,104,831 | +€495,420 | +30.8% |
| Land and buildings | 22 | €1,361,953 | €1,883,049 | +€521,096 | +38.3% |
| Furniture and vehicles | 24 | €41,266 | €15,590 | -€25,677 | -62.2% |
| Other tangible fixed assets | 26 | €206,193 | €206,193 | = | 0.0% |
| Current assets | 29/58 | €935,027 | €774,126 | -€160,901 | -17.2% |
| Amounts receivable after more than one year | 29 | €350,000 | €350,000 | = | 0.0% |
| Other amounts receivable | 291 | €350,000 | €350,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €53,934 | €53,934 | = | 0.0% |
| Stocks | 30/36 | €53,934 | €53,934 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €502,452 | €277,480 | -€224,973 | -44.8% |
| Trade receivables | 40 | €9,565 | €66,113 | +€56,548 | +591.2% |
| Other amounts receivable | 41 | €492,887 | €211,367 | -€281,521 | -57.1% |
| Cash at bank and in hand | 54/58 | €13,700 | €79,291 | +€65,590 | +478.8% |
| Deferred charges and accrued income | 490/1 | €14,940 | €13,422 | -€1,519 | -10.2% |
| Total equity and liabilities | 10/49 | €2,544,438 | €2,878,957 | +€334,519 | +13.1% |
| Equity | 10/15 | €1,322,042 | €1,317,181 | -€4,861 | -0.4% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €1,272,042 | €1,267,181 | -€4,861 | -0.4% |
| Tax-exempt reserves | 132 | €605,890 | €583,813 | -€22,077 | -3.6% |
| Distributable reserves | 133 | €666,151 | €683,368 | +€17,216 | +2.6% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €201,963 | €194,604 | -€7,359 | -3.6% |
| Deferred taxes | 168 | €201,963 | €194,604 | -€7,359 | -3.6% |
| Amounts payable | 17/49 | €1,020,433 | €1,367,172 | +€346,739 | +34.0% |
| Amounts payable after more than one year | 17 | €733,445 | €1,054,926 | +€321,481 | +43.8% |
| Financial debts | 170/4 | €733,445 | €1,054,926 | +€321,481 | +43.8% |
| Amounts payable within one year | 42/48 | €286,023 | €312,246 | +€26,223 | +9.2% |
| Current portion of amounts payable after more than one year | 42 | €78,726 | €97,008 | +€18,282 | +23.2% |
| Financial debts | 43 | €25,000 | €75,000 | +€50,000 | +200.0% |
| Other loans | 439 | €25,000 | €75,000 | +€50,000 | +200.0% |
| Trade debts | 44 | €24,878 | €19,628 | -€5,250 | -21.1% |
| Suppliers | 440/4 | €24,878 | €19,628 | -€5,250 | -21.1% |
| Advances received on contracts in progress | 46 | €2,134 | €0 | -€2,134 | -100.0% |
| Taxes, remuneration and social security | 45 | €155,286 | €120,610 | -€34,676 | -22.3% |
| Taxes | 450/3 | €155,286 | €120,610 | -€34,676 | -22.3% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €965 | €0 | -€965 | -100.0% |
| Non-recurring operating income | 76A | €310,392 | €26,423 | -€283,969 | -91.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,318 | €85,795 | +€17,477 | +25.6% |
| Other operating charges | 640/8 | €6,136 | €7,677 | +€1,541 | +25.1% |
| Gross operating margin | 9900 | €371,435 | €77,968 | -€293,467 | -79.0% |
| Operating profit (loss) | 9901 | €296,981 | -€15,504 | -€312,484 | |
| Financial income | 75/76B | €66,051 | €31,292 | -€34,758 | -52.6% |
| Recurring financial income | 75 | €25,197 | €31,292 | +€6,095 | +24.2% |
| Non-recurring financial income | 76B | €40,854 | €0 | -€40,854 | -100.0% |
| Financial charges | 65/66B | €19,199 | €23,500 | +€4,301 | +22.4% |
| Recurring financial charges | 65 | €19,199 | €23,500 | +€4,301 | +22.4% |
| Profit (loss) for the period before taxes | 9903 | €343,832 | -€7,711 | -€351,543 | |
| Transfer from deferred taxes | 780 | €44,146 | €7,359 | -€36,787 | -83.3% |
| Income taxes | 67/77 | €165,365 | €4,509 | -€160,856 | -97.3% |
| Profit (loss) for the period | 9904 | €222,613 | -€4,861 | -€227,474 | |
| Transfer from tax-exempt reserves | 789 | €132,438 | €22,077 | -€110,361 | -83.3% |
| Profit (loss) for the period to be appropriated | 9905 | €355,051 | €17,216 | -€337,835 | -95.2% |
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 3 October 2026 via checked.be.