Refisc: 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.
Refisc
Largest movements
- Current investments +€100,000
new in 2025: €100,000
- Cash -€22,391
down €22,391 (-13.3%), from €167,841 to €145,449
mainly Current investments (-€100,000) and Investment in fixed assets (net) (-€27,443)
- Tangible fixed assets +€17,502
up €17,502 (+413.3%), from €4,235 to €21,737
of which Furniture and vehicles: +€17,855
- Receivables within one year +€6,568
up €6,568 (+17.6%), from €37,414 to €43,982
- Deferred charges and accrued income +€5,446
new in 2025: €5,446
- Profit (loss) carried forward +€109,761
up €109,761 (+63.8%), from €172,106 to €281,867
- Accrued charges and deferred income -€3,501
down €3,501 (-94.1%), from €3,719 to €219
- Gross operating margin +€11,388
up €11,388 (+8.0%), from €141,511 to €152,899
- Depreciation +€9,208
up €9,208 (+1274.7%), from €722 to €9,930
- Taxes +€2,433
up €2,433 (+8.0%), from €30,316 to €32,749
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 | €209,490 | €316,625 | +€107,134 | +51.1% |
| Fixed assets | 21/28 | €4,235 | €21,747 | +€17,512 | +413.5% |
| Tangible fixed assets | 22/27 | €4,235 | €21,737 | +€17,502 | +413.3% |
| Plant, machinery and equipment | 23 | €1,271 | €918 | -€353 | -27.8% |
| Furniture and vehicles | 24 | €2,964 | €20,820 | +€17,855 | +602.4% |
| Financial fixed assets | 28 | - | €10 | +€10 | |
| Current assets | 29/58 | €205,255 | €294,877 | +€89,622 | +43.7% |
| Amounts receivable within one year | 40/41 | €37,414 | €43,982 | +€6,568 | +17.6% |
| Trade receivables | 40 | €37,414 | €43,982 | +€6,568 | +17.6% |
| Current investments | 50/53 | - | €100,000 | +€100,000 | |
| Cash at bank and in hand | 54/58 | €167,841 | €145,449 | -€22,391 | -13.3% |
| Deferred charges and accrued income | 490/1 | - | €5,446 | +€5,446 | |
| Total equity and liabilities | 10/49 | €209,490 | €316,625 | +€107,134 | +51.1% |
| Equity | 10/15 | €173,106 | €282,867 | +€109,761 | +63.4% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €172,106 | €281,867 | +€109,761 | +63.8% |
| Amounts payable | 17/49 | €36,384 | €33,758 | -€2,626 | -7.2% |
| Amounts payable within one year | 42/48 | €32,665 | €33,539 | +€874 | +2.7% |
| Trade debts | 44 | €446 | €535 | +€88 | +19.8% |
| Suppliers | 440/4 | €446 | €535 | +€88 | +19.8% |
| Taxes, remuneration and social security | 45 | €31,279 | €31,161 | -€117 | -0.4% |
| Taxes | 450/3 | €31,279 | €31,161 | -€117 | -0.4% |
| Other amounts payable | 47/48 | €940 | €1,843 | +€903 | +96.1% |
| Accrued charges and deferred income | 492/3 | €3,719 | €219 | -€3,501 | -94.1% |
| Remuneration, social security and pensions | 62 | €820 | - | -€820 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €722 | €9,930 | +€9,208 | +1274.7% |
| Other operating charges | 640/8 | €75 | €531 | +€456 | +608.3% |
| Gross operating margin | 9900 | €141,511 | €152,899 | +€11,388 | +8.0% |
| Operating profit (loss) | 9901 | €139,893 | €142,437 | +€2,544 | +1.8% |
| Financial income | 75/76B | €17 | €793 | +€777 | +4638.8% |
| Recurring financial income | 75 | €17 | €793 | +€777 | +4638.8% |
| Financial charges | 65/66B | €952 | €721 | -€230 | -24.2% |
| Recurring financial charges | 65 | €952 | €721 | -€230 | -24.2% |
| Profit (loss) for the period before taxes | 9903 | €138,958 | €142,509 | +€3,551 | +2.6% |
| Income taxes | 67/77 | €30,316 | €32,749 | +€2,433 | +8.0% |
| Profit (loss) for the period | 9904 | €108,642 | €109,761 | +€1,118 | +1.0% |
| Profit (loss) for the period to be appropriated | 9905 | €108,642 | €109,761 | +€1,118 | +1.0% |
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 30 September 2026 via checked.be.