REFIT CONSTRUCT: 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.
REFIT CONSTRUCT
Largest movements
- Tangible fixed assets +€1.5m
up €1.5m (+260.3%), from €565,979 to €2.0m
of which Land and buildings: +€1.4m
- Cash -€616,982
down €616,982 (-90.7%), from €680,109 to €63,127
mainly Investment in fixed assets (net) (-€1.6m) and Net result for the year (-€159,725)
- Current investments -€135,146
no longer reported in 2025 (was €135,146)
- Debts after one year +€819,642
up €819,642 (+2384.3%), from €34,376 to €854,018
of which Financial debts: +€819,642
- Reserves -€87,204
down €87,204 (-8.6%), from €1.0m to €926,224
of which Tax-exempt reserves: -€87,204
- Profit (loss) carried forward -€72,521
down €72,521, from €5,433 to -€67,088
- Current portion of long-term debt +€70,010
up €70,010 (+844.7%), from €8,288 to €78,298
- Provisions -€29,068
down €29,068 (-8.6%), from €337,598 to €308,530
- Gross operating margin -€1.4m
down €1.4m, from €1.4m to -€12,254
- Depreciation +€130,526
up €130,526 (+503.1%), from €25,944 to €156,470
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 | €1,431,501 | €2,157,298 | +€725,796 | +50.7% |
| Fixed assets | 21/28 | €565,979 | €2,039,417 | +€1.5m | +260.3% |
| Tangible fixed assets | 22/27 | €565,979 | €2,039,417 | +€1.5m | +260.3% |
| Land and buildings | 22 | €433,935 | €1,879,189 | +€1.4m | +333.1% |
| Plant, machinery and equipment | 23 | €88,528 | €70,605 | -€17,922 | -20.2% |
| Furniture and vehicles | 24 | €43,517 | €89,622 | +€46,105 | +105.9% |
| Current assets | 29/58 | €865,522 | €117,881 | -€747,641 | -86.4% |
| Stocks and contracts in progress | 3 | €8,180 | €17,985 | +€9,805 | +119.9% |
| Stocks | 30/36 | €8,180 | €17,985 | +€9,805 | +119.9% |
| Amounts receivable within one year | 40/41 | €38,213 | €33,370 | -€4,843 | -12.7% |
| Trade receivables | 40 | €50 | €25,198 | +€25,148 | +49817.3% |
| Other amounts receivable | 41 | €38,163 | €8,172 | -€29,990 | -78.6% |
| Current investments | 50/53 | €135,146 | - | -€135,146 | |
| Cash at bank and in hand | 54/58 | €680,109 | €63,127 | -€616,982 | -90.7% |
| Deferred charges and accrued income | 490/1 | €3,874 | €3,399 | -€475 | -12.3% |
| Total equity and liabilities | 10/49 | €1,431,501 | €2,157,298 | +€725,796 | +50.7% |
| Equity | 10/15 | €1,037,462 | €877,737 | -€159,725 | -15.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,013,429 | €926,224 | -€87,204 | -8.6% |
| Non-distributable reserves | 130/1 | €634 | €634 | = | 0.0% |
| Reserves not available under the articles | 1311 | €634 | €634 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,012,795 | €925,590 | -€87,204 | -8.6% |
| Profit (loss) carried forward | 14 | €5,433 | -€67,088 | -€72,521 | |
| Provisions and deferred taxes | 16 | €337,598 | €308,530 | -€29,068 | -8.6% |
| Deferred taxes | 168 | €337,598 | €308,530 | -€29,068 | -8.6% |
| Amounts payable | 17/49 | €56,441 | €971,031 | +€914,590 | +1620.4% |
| Amounts payable after more than one year | 17 | €34,376 | €854,018 | +€819,642 | +2384.3% |
| Financial debts | 170/4 | €33,856 | €853,498 | +€819,642 | +2421.0% |
| Other amounts payable | 178/9 | €520 | €520 | = | 0.0% |
| Amounts payable within one year | 42/48 | €22,065 | €114,393 | +€92,328 | +418.4% |
| Current portion of amounts payable after more than one year | 42 | €8,288 | €78,298 | +€70,010 | +844.7% |
| Trade debts | 44 | €2,590 | €21,533 | +€18,943 | +731.3% |
| Suppliers | 440/4 | €2,590 | €21,533 | +€18,943 | +731.3% |
| Other amounts payable | 47/48 | €11,187 | €14,562 | +€3,375 | +30.2% |
| Accrued charges and deferred income | 492/3 | - | €2,621 | +€2,621 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,944 | €156,470 | +€130,526 | +503.1% |
| Other operating charges | 640/8 | €11,934 | €9,258 | -€2,676 | -22.4% |
| Gross operating margin | 9900 | €1,400,926 | -€12,254 | -€1.4m | |
| Operating profit (loss) | 9901 | €1,363,048 | -€177,982 | -€1.5m | |
| Financial income | 75/76B | - | €2,172 | +€2,172 | |
| Recurring financial income | 75 | - | €2,172 | +€2,172 | |
| Financial charges | 65/66B | €9,814 | €12,984 | +€3,170 | +32.3% |
| Recurring financial charges | 65 | €9,814 | €12,984 | +€3,170 | +32.3% |
| Profit (loss) for the period before taxes | 9903 | €1,353,235 | -€188,793 | -€1.5m | |
| Transfer from deferred taxes | 780 | €5,033 | €29,068 | +€24,035 | +477.5% |
| Transfer to deferred taxes | 680 | €342,632 | - | -€342,632 | |
| Profit (loss) for the period | 9904 | €1,015,636 | -€159,725 | -€1.2m | |
| Transfer from tax-exempt reserves | 789 | €15,100 | €87,204 | +€72,104 | +477.5% |
| Transfer to tax-exempt reserves | 689 | €1,027,895 | - | -€1.0m | |
| Profit (loss) for the period to be appropriated | 9905 | €2,841 | -€72,521 | -€75,362 |
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 29 September 2026 via checked.be.