REFLEKS: 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.
REFLEKS
Largest movements
- Cash +€22,586
up €22,586 (+10.4%), from €218,135 to €240,721
mainly Other debts (+€77,341) and Net result for the year (+€61,390)
- Financial fixed assets +€12,240
up €12,240 (+125.0%), from €9,792 to €22,032
- Tangible fixed assets -€3,287
down €3,287 (-7.9%), from €41,809 to €38,522
of which Furniture and vehicles: -€2,174
- Other debts +€77,341
up €77,341 (+235.5%), from €32,843 to €110,184
- Reserves -€48,794
down €48,794 (-21.5%), from €226,424 to €177,629
of which Distributable reserves: -€48,794
- Tax, wage and social debts +€7,567
up €7,567 (+72.2%), from €10,480 to €18,047
- Gross operating margin +€14,470
up €14,470 (+19.5%), from €74,255 to €88,724
- Taxes +€4,990
up €4,990 (+25.8%), from €19,357 to €24,346
- Depreciation -€2,408
down €2,408 (-42.3%), from €5,695 to €3,287
- Financial income +€989
up €989 (+124.1%), from €797 to €1,787
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 | €273,477 | €307,585 | +€34,108 | +12.5% |
| Fixed assets | 21/28 | €51,601 | €60,554 | +€8,953 | +17.3% |
| Tangible fixed assets | 22/27 | €41,809 | €38,522 | -€3,287 | -7.9% |
| Land and buildings | 22 | €33,269 | €32,156 | -€1,113 | -3.3% |
| Furniture and vehicles | 24 | €8,540 | €6,366 | -€2,174 | -25.5% |
| Financial fixed assets | 28 | €9,792 | €22,032 | +€12,240 | +125.0% |
| Current assets | 29/58 | €221,876 | €247,031 | +€25,155 | +11.3% |
| Amounts receivable within one year | 40/41 | €1,870 | €4,770 | +€2,900 | +155.1% |
| Trade receivables | 40 | €14 | €51 | +€37 | +259.9% |
| Other amounts receivable | 41 | €1,856 | €4,719 | +€2,863 | +154.3% |
| Cash at bank and in hand | 54/58 | €218,135 | €240,721 | +€22,586 | +10.4% |
| Deferred charges and accrued income | 490/1 | €1,871 | €1,540 | -€331 | -17.7% |
| Total equity and liabilities | 10/49 | €273,477 | €307,585 | +€34,108 | +12.5% |
| Equity | 10/15 | €226,424 | €177,629 | -€48,794 | -21.5% |
| Reserves | 13 | €226,424 | €177,629 | -€48,794 | -21.5% |
| Tax-exempt reserves | 132 | €564 | €564 | = | 0.0% |
| Distributable reserves | 133 | €225,860 | €177,066 | -€48,794 | -21.6% |
| Amounts payable | 17/49 | €47,054 | €129,955 | +€82,902 | +176.2% |
| Amounts payable within one year | 42/48 | €47,054 | €129,955 | +€82,902 | +176.2% |
| Trade debts | 44 | €3,731 | €1,474 | -€2,256 | -60.5% |
| Suppliers | 440/4 | €3,731 | €1,474 | -€2,256 | -60.5% |
| Advances received on contracts in progress | 46 | - | €250 | +€250 | |
| Taxes, remuneration and social security | 45 | €10,480 | €18,047 | +€7,567 | +72.2% |
| Taxes | 450/3 | €10,480 | €18,047 | +€7,567 | +72.2% |
| Other amounts payable | 47/48 | €32,843 | €110,184 | +€77,341 | +235.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,695 | €3,287 | -€2,408 | -42.3% |
| Other operating charges | 640/8 | €987 | €1,019 | +€33 | +3.3% |
| Gross operating margin | 9900 | €74,255 | €88,724 | +€14,470 | +19.5% |
| Operating profit (loss) | 9901 | €67,573 | €84,418 | +€16,845 | +24.9% |
| Financial income | 75/76B | €797 | €1,787 | +€989 | +124.1% |
| Recurring financial income | 75 | €797 | €1,787 | +€989 | +124.1% |
| Financial charges | 65/66B | €325 | €468 | +€143 | +43.9% |
| Recurring financial charges | 65 | €325 | €468 | +€143 | +43.9% |
| Profit (loss) for the period before taxes | 9903 | €68,045 | €85,736 | +€17,692 | +26.0% |
| Income taxes | 67/77 | €19,357 | €24,346 | +€4,990 | +25.8% |
| Profit (loss) for the period | 9904 | €48,688 | €61,390 | +€12,702 | +26.1% |
| Profit (loss) for the period to be appropriated | 9905 | €48,688 | €61,390 | +€12,702 | +26.1% |
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 9 October 2026 via checked.be.