REFIN: 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.
REFIN
Largest movements
- Receivables within one year +€23,739
up €23,739 (+24.3%), from €97,847 to €121,586
- Receivables after one year -€13,810
down €13,810 (-7.7%), from €178,194 to €164,384
- Tangible fixed assets +€3,619
up €3,619 (+157.2%), from €2,303 to €5,922
of which Other tangible fixed assets: +€2,407
- Tax, wage and social debts +€19,523
up €19,523 (+86.4%), from €22,603 to €42,126
- Reserves +€16,877
up €16,877 (+7.6%), from €222,635 to €239,513
of which Distributable reserves: +€16,877
- Other debts -€12,425
down €12,425 (-19.9%), from €62,425 to €50,000
- Trade debts -€10,800
down €10,800 (-80.6%), from €13,394 to €2,593
- Other operating charges +€8,605
up €8,605 (+22.5%), from €38,327 to €46,932
- Taxes -€3,081
down €3,081 (-8.3%), from €37,104 to €34,023
- Financial income +€1,884
up €1,884 (+20.5%), from €9,192 to €11,076
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 | €337,137 | €350,327 | +€13,191 | +3.9% |
| Fixed assets | 21/28 | €2,303 | €5,922 | +€3,619 | +157.2% |
| Tangible fixed assets | 22/27 | €2,303 | €5,922 | +€3,619 | +157.2% |
| Plant, machinery and equipment | 23 | €1,808 | €1,070 | -€738 | -40.8% |
| Furniture and vehicles | 24 | €495 | €2,445 | +€1,950 | +393.9% |
| Other tangible fixed assets | 26 | - | €2,407 | +€2,407 | |
| Current assets | 29/58 | €334,834 | €344,405 | +€9,572 | +2.9% |
| Amounts receivable after more than one year | 29 | €178,194 | €164,384 | -€13,810 | -7.7% |
| Other amounts receivable | 291 | €178,194 | €164,384 | -€13,810 | -7.7% |
| Amounts receivable within one year | 40/41 | €97,847 | €121,586 | +€23,739 | +24.3% |
| Other amounts receivable | 41 | €97,847 | €121,586 | +€23,739 | +24.3% |
| Cash at bank and in hand | 54/58 | €52,657 | €49,287 | -€3,371 | -6.4% |
| Deferred charges and accrued income | 490/1 | €6,136 | €9,149 | +€3,013 | +49.1% |
| Total equity and liabilities | 10/49 | €337,137 | €350,327 | +€13,191 | +3.9% |
| Equity | 10/15 | €235,035 | €251,913 | +€16,877 | +7.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €222,635 | €239,513 | +€16,877 | +7.6% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €220,776 | €237,653 | +€16,877 | +7.6% |
| Amounts payable | 17/49 | €102,101 | €98,415 | -€3,687 | -3.6% |
| Amounts payable within one year | 42/48 | €102,101 | €98,415 | -€3,687 | -3.6% |
| Financial debts | 43 | €3,679 | €3,695 | +€16 | +0.4% |
| Credit institutions | 430/8 | €3,679 | €3,695 | +€16 | +0.4% |
| Trade debts | 44 | €13,394 | €2,593 | -€10,800 | -80.6% |
| Suppliers | 440/4 | €13,394 | €2,593 | -€10,800 | -80.6% |
| Taxes, remuneration and social security | 45 | €22,603 | €42,126 | +€19,523 | +86.4% |
| Taxes | 450/3 | €22,603 | €42,126 | +€19,523 | +86.4% |
| Other amounts payable | 47/48 | €62,425 | €50,000 | -€12,425 | -19.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,820 | €1,301 | -€519 | -28.5% |
| Other operating charges | 640/8 | €38,327 | €46,932 | +€8,605 | +22.5% |
| Gross operating margin | 9900 | €143,269 | €142,490 | -€779 | -0.5% |
| Operating profit (loss) | 9901 | €103,122 | €94,257 | -€8,865 | -8.6% |
| Financial income | 75/76B | €9,192 | €11,076 | +€1,884 | +20.5% |
| Recurring financial income | 75 | €9,192 | €11,076 | +€1,884 | +20.5% |
| Financial charges | 65/66B | €3,510 | €4,433 | +€923 | +26.3% |
| Recurring financial charges | 65 | €3,510 | €4,433 | +€923 | +26.3% |
| Profit (loss) for the period before taxes | 9903 | €108,804 | €100,900 | -€7,904 | -7.3% |
| Income taxes | 67/77 | €37,104 | €34,023 | -€3,081 | -8.3% |
| Profit (loss) for the period | 9904 | €71,700 | €66,877 | -€4,823 | -6.7% |
| Profit (loss) for the period to be appropriated | 9905 | €71,700 | €66,877 | -€4,823 | -6.7% |
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 8 October 2026 via checked.be.