REFINA: 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.
REFINA
Largest movements
- Deferred charges and accrued income +€1.3m
up €1.3m (+48.3%), from €2.6m to €3.9m
- Stocks and contracts -€613,612
down €613,612 (-1.9%), from €32.8m to €32.2m
- Receivables within one year -€421,489
down €421,489 (-77.2%), from €546,152 to €124,663
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin -€296,553
down €296,553 (-15.4%), from €1.9m to €1.6m
- Other operating charges -€70,389
down €70,389 (-68.0%), from €103,476 to €33,086
- Financial charges -€66,573
down €66,573 (-5.2%), from €1.3m to €1.2m
- Financial income +€58,413
up €58,413 (+255.1%), from €22,898 to €81,311
- Taxes -€25,237
down €25,237 (-18.1%), from €139,303 to €114,066
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 | €36,207,661 | €36,350,672 | +€143,012 | +0.4% |
| Fixed assets | 21/28 | €307 | - | -€307 | |
| Tangible fixed assets | 22/27 | €307 | - | -€307 | |
| Plant, machinery and equipment | 23 | €307 | - | -€307 | |
| Current assets | 29/58 | €36,207,353 | €36,350,672 | +€143,319 | +0.4% |
| Stocks and contracts in progress | 3 | €32,835,115 | €32,221,503 | -€613,612 | -1.9% |
| Stocks | 30/36 | €32,835,115 | €32,221,503 | -€613,612 | -1.9% |
| Amounts receivable within one year | 40/41 | €546,152 | €124,663 | -€421,489 | -77.2% |
| Other amounts receivable | 41 | €546,152 | €124,663 | -€421,489 | -77.2% |
| Cash at bank and in hand | 54/58 | €187,797 | €92,729 | -€95,068 | -50.6% |
| Deferred charges and accrued income | 490/1 | €2,638,289 | €3,911,777 | +€1.3m | +48.3% |
| Total equity and liabilities | 10/49 | €36,207,661 | €36,350,672 | +€143,012 | +0.4% |
| Equity | 10/15 | €6,362,133 | €6,504,262 | +€142,129 | +2.2% |
| Contributions | 10/11 | €2,844,123 | €2,844,123 | = | 0.0% |
| Capital | 10 | €2,844,123 | €2,844,123 | = | 0.0% |
| Issued capital | 100 | €2,844,123 | €2,844,123 | = | 0.0% |
| Reserves | 13 | €3,518,010 | €3,660,139 | +€142,129 | +4.0% |
| Non-distributable reserves | 130/1 | €284,412 | €284,412 | = | 0.0% |
| Legal reserve | 130 | €284,412 | €284,412 | = | 0.0% |
| Distributable reserves | 133 | €3,233,598 | €3,375,726 | +€142,129 | +4.4% |
| Amounts payable | 17/49 | €29,845,527 | €29,846,410 | +€883 | 0.0% |
| Amounts payable after more than one year | 17 | €5,232,000 | €5,332,000 | +€100,000 | +1.9% |
| Financial debts | 170/4 | €5,232,000 | €5,332,000 | +€100,000 | +1.9% |
| Amounts payable within one year | 42/48 | €24,566,565 | €24,462,461 | -€104,104 | -0.4% |
| Current portion of amounts payable after more than one year | 42 | €258,000 | - | -€258,000 | |
| Financial debts | 43 | €24,043,217 | €24,146,770 | +€103,553 | +0.4% |
| Credit institutions | 430/8 | €24,043,217 | €24,146,770 | +€103,553 | +0.4% |
| Trade debts | 44 | €10,719 | €30,756 | +€20,037 | +186.9% |
| Suppliers | 440/4 | €10,719 | €30,756 | +€20,037 | +186.9% |
| Taxes, remuneration and social security | 45 | €32,800 | - | -€32,800 | |
| Taxes | 450/3 | €32,800 | - | -€32,800 | |
| Other amounts payable | 47/48 | €221,828 | €284,935 | +€63,107 | +28.4% |
| Accrued charges and deferred income | 492/3 | €46,963 | €51,950 | +€4,987 | +10.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €837 | €307 | -€530 | -63.3% |
| Other operating charges | 640/8 | €103,476 | €33,086 | -€70,389 | -68.0% |
| Gross operating margin | 9900 | €1,929,305 | €1,632,752 | -€296,553 | -15.4% |
| Operating profit (loss) | 9901 | €1,824,993 | €1,599,359 | -€225,634 | -12.4% |
| Financial income | 75/76B | €22,898 | €81,311 | +€58,413 | +255.1% |
| Recurring financial income | 75 | €22,898 | €81,311 | +€58,413 | +255.1% |
| Financial charges | 65/66B | €1,291,049 | €1,224,475 | -€66,573 | -5.2% |
| Recurring financial charges | 65 | €1,291,049 | €1,224,475 | -€66,573 | -5.2% |
| Profit (loss) for the period before taxes | 9903 | €556,842 | €456,194 | -€100,648 | -18.1% |
| Income taxes | 67/77 | €139,303 | €114,066 | -€25,237 | -18.1% |
| Profit (loss) for the period | 9904 | €417,539 | €342,129 | -€75,411 | -18.1% |
| Profit (loss) for the period to be appropriated | 9905 | €417,539 | €342,129 | -€75,411 | -18.1% |
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 6 October 2026 via checked.be.