REFL: 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.
REFL
Largest movements
- Tangible fixed assets -€405,264
down €405,264 (-1.9%), from €21.2m to €20.8m
- Debts after one year -€1.0m
down €1.0m (-5.6%), from €17.9m to €16.9m
- Profit (loss) carried forward +€367,992
up €367,992, from -€367,992 to €0
- Financial income -€312,049
down €312,049 (-54.2%), from €575,706 to €263,657
- Financial charges -€242,895
down €242,895 (-23.6%), from €1.0m to €788,179
- Gross operating margin -€238,191
down €238,191 (-12.0%), from €2.0m to €1.7m
- Taxes +€214,007
up €214,007, from €0 to €214,007
- Write-downs -€49,110
down €49,110 (-100%), from €49,110 to €0
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 | €22,110,755 | €21,414,296 | -€696,459 | -3.1% |
| Fixed assets | 21/28 | €21,229,853 | €20,824,590 | -€405,264 | -1.9% |
| Tangible fixed assets | 22/27 | €21,229,853 | €20,824,590 | -€405,264 | -1.9% |
| Land and buildings | 22 | €21,229,853 | €20,824,590 | -€405,264 | -1.9% |
| Current assets | 29/58 | €880,902 | €589,706 | -€291,196 | -33.1% |
| Amounts receivable within one year | 40/41 | €548,105 | €424,035 | -€124,070 | -22.6% |
| Trade receivables | 40 | €495,392 | €421,608 | -€73,784 | -14.9% |
| Other amounts receivable | 41 | €52,713 | €2,428 | -€50,285 | -95.4% |
| Cash at bank and in hand | 54/58 | €319,313 | €152,072 | -€167,242 | -52.4% |
| Deferred charges and accrued income | 490/1 | €13,484 | €13,600 | +€116 | +0.9% |
| Total equity and liabilities | 10/49 | €22,110,755 | €21,414,296 | -€696,459 | -3.1% |
| Equity | 10/15 | €3,666,699 | €4,044,354 | +€377,655 | +10.3% |
| Contributions | 10/11 | €4,034,691 | €4,034,691 | = | 0.0% |
| Reserves | 13 | - | €9,663 | +€9,663 | |
| Distributable reserves | 133 | - | €9,663 | +€9,663 | |
| Profit (loss) carried forward | 14 | -€367,992 | €0 | +€367,992 | |
| Amounts payable | 17/49 | €18,444,056 | €17,369,942 | -€1.1m | -5.8% |
| Amounts payable after more than one year | 17 | €17,940,905 | €16,940,905 | -€1.0m | -5.6% |
| Financial debts | 170/4 | €17,940,905 | €16,940,905 | -€1.0m | -5.6% |
| Amounts payable within one year | 42/48 | €13,764 | €48,381 | +€34,617 | +251% |
| Trade debts | 44 | €13,764 | €48,381 | +€34,617 | +251% |
| Suppliers | 440/4 | €13,764 | €48,381 | +€34,617 | +251% |
| Accrued charges and deferred income | 492/3 | €489,387 | €380,656 | -€108,731 | -22.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €405,837 | €405,264 | -€573 | -0.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €49,110 | €0 | -€49,110 | -100% |
| Other operating charges | 640/8 | €213,602 | €220,306 | +€6,704 | +3.1% |
| Gross operating margin | 9900 | €1,979,943 | €1,741,753 | -€238,191 | -12.0% |
| Operating profit (loss) | 9901 | €1,311,394 | €1,116,183 | -€195,211 | -14.9% |
| Financial income | 75/76B | €575,706 | €263,657 | -€312,049 | -54.2% |
| Recurring financial income | 75 | €575,706 | €263,657 | -€312,049 | -54.2% |
| Financial charges | 65/66B | €1,031,074 | €788,179 | -€242,895 | -23.6% |
| Recurring financial charges | 65 | €1,031,074 | €788,179 | -€242,895 | -23.6% |
| Profit (loss) for the period before taxes | 9903 | €856,027 | €591,662 | -€264,365 | -30.9% |
| Income taxes | 67/77 | €0 | €214,007 | +€214,007 | |
| Profit (loss) for the period | 9904 | €856,027 | €377,655 | -€478,372 | -55.9% |
| Profit (loss) for the period to be appropriated | 9905 | €856,027 | €377,655 | -€478,372 | -55.9% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.