REFINCO: 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.
REFINCO
Largest movements
- Cash +€187,056
up €187,056 (+213%), from €87,626 to €274,683
mainly Receivables within one year (+€103,650) and Net result for the year (+€67,050)
- Receivables within one year -€103,650
down €103,650 (-81.8%), from €126,668 to €23,017
of which Other amounts receivable: -€108,111
- Tangible fixed assets -€11,943
down €11,943 (-26.3%), from €45,428 to €33,485
of which Furniture and vehicles: -€11,788
- Profit (loss) carried forward +€67,050
new in 2025: €67,050
- Gross operating margin +€3,643
up €3,643 (+4.0%), from €90,621 to €94,263
- Financial income -€956
down €956 (-24.2%), from €3,944 to €2,989
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.
Derived cash bridge
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 | €259,722 | €331,399 | +€71,676 | +27.6% |
| Fixed assets | 21/28 | €45,428 | €33,485 | -€11,943 | -26.3% |
| Tangible fixed assets | 22/27 | €45,428 | €33,485 | -€11,943 | -26.3% |
| Plant, machinery and equipment | 23 | €1,281 | €1,126 | -€156 | -12.1% |
| Furniture and vehicles | 24 | €44,147 | €32,359 | -€11,788 | -26.7% |
| Current assets | 29/58 | €214,294 | €297,913 | +€83,619 | +39.0% |
| Amounts receivable within one year | 40/41 | €126,668 | €23,017 | -€103,650 | -81.8% |
| Trade receivables | 40 | €16,154 | €20,614 | +€4,461 | +27.6% |
| Other amounts receivable | 41 | €110,514 | €2,403 | -€108,111 | -97.8% |
| Cash at bank and in hand | 54/58 | €87,626 | €274,683 | +€187,056 | +213% |
| Deferred charges and accrued income | 490/1 | - | €213 | +€213 | |
| Total equity and liabilities | 10/49 | €259,722 | €331,399 | +€71,676 | +27.6% |
| Equity | 10/15 | €236,220 | €303,271 | +€67,050 | +28.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €231,220 | €231,220 | = | 0.0% |
| Distributable reserves | 133 | €231,220 | €231,220 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €67,050 | +€67,050 | |
| Amounts payable | 17/49 | €23,502 | €28,128 | +€4,626 | +19.7% |
| Amounts payable within one year | 42/48 | €23,502 | €28,128 | +€4,626 | +19.7% |
| Trade debts | 44 | €592 | €2,649 | +€2,057 | +348% |
| Suppliers | 440/4 | €592 | €2,649 | +€2,057 | +348% |
| Taxes, remuneration and social security | 45 | €22,910 | €25,479 | +€2,569 | +11.2% |
| Taxes | 450/3 | €22,910 | €25,479 | +€2,569 | +11.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,943 | €11,943 | = | 0.0% |
| Other operating charges | 640/8 | €291 | €750 | +€458 | +157% |
| Gross operating margin | 9900 | €90,621 | €94,263 | +€3,643 | +4.0% |
| Operating profit (loss) | 9901 | €78,386 | €81,571 | +€3,185 | +4.1% |
| Financial income | 75/76B | €3,944 | €2,989 | -€956 | -24.2% |
| Recurring financial income | 75 | €3,944 | €2,989 | -€956 | -24.2% |
| Financial charges | 65/66B | €43 | €101 | +€57 | +132% |
| Recurring financial charges | 65 | €43 | €101 | +€57 | +132% |
| Profit (loss) for the period before taxes | 9903 | €82,287 | €84,459 | +€2,172 | +2.6% |
| Income taxes | 67/77 | €17,048 | €17,409 | +€361 | +2.1% |
| Profit (loss) for the period | 9904 | €65,239 | €67,050 | +€1,811 | +2.8% |
| Profit (loss) for the period to be appropriated | 9905 | €65,239 | €67,050 | +€1,811 | +2.8% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.