REFLEX: 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.
REFLEX
Largest movements
- Receivables within one year -€58,072
down €58,072 (-4.0%), from €1.5m to €1.4m
of which Trade receivables: -€58,072
- Cash +€44,448
up €44,448 (+18.3%), from €243,368 to €287,816
mainly Receivables within one year (+€58,072) and Net result for the year (+€35,663)
- Trade debts -€58,367
down €58,367 (-67.1%), from €86,973 to €28,606
- Profit (loss) carried forward +€30,663
up €30,663 (+6.8%), from €449,675 to €480,338
- Gross operating margin +€164,668
up €164,668 (+61.1%), from €269,442 to €434,109
- Other operating charges +€131,276
up €131,276 (+533%), from €24,609 to €155,885
- Taxes +€10,876
up €10,876 (+89.0%), from €12,224 to €23,100
- Staff costs +€9,409
up €9,409 (+4.6%), from €203,314 to €212,723
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 | €1,865,439 | €1,847,140 | -€18,299 | -1.0% |
| Fixed assets | 21/28 | €160,821 | €156,146 | -€4,675 | -2.9% |
| Tangible fixed assets | 22/27 | €10,821 | €6,146 | -€4,675 | -43.2% |
| Land and buildings | 22 | €7,020 | €6,146 | -€873 | -12.4% |
| Plant, machinery and equipment | 23 | €3,802 | - | -€3,802 | |
| Financial fixed assets | 28 | €150,000 | €150,000 | = | 0.0% |
| Current assets | 29/58 | €1,704,618 | €1,690,994 | -€13,624 | -0.8% |
| Amounts receivable within one year | 40/41 | €1,461,250 | €1,403,178 | -€58,072 | -4.0% |
| Trade receivables | 40 | €798,000 | €739,928 | -€58,072 | -7.3% |
| Other amounts receivable | 41 | €663,250 | €663,250 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €243,368 | €287,816 | +€44,448 | +18.3% |
| Total equity and liabilities | 10/49 | €1,865,439 | €1,847,140 | -€18,299 | -1.0% |
| Equity | 10/15 | €1,741,675 | €1,777,338 | +€35,663 | +2.0% |
| Contributions | 10/11 | €1,250,000 | €1,250,000 | = | 0.0% |
| Capital | 10 | €1,250,000 | €1,250,000 | = | 0.0% |
| Issued capital | 100 | €1,250,000 | €1,250,000 | = | 0.0% |
| Reserves | 13 | €42,000 | €47,000 | +€5,000 | +11.9% |
| Non-distributable reserves | 130/1 | €42,000 | €47,000 | +€5,000 | +11.9% |
| Legal reserve | 130 | €42,000 | €47,000 | +€5,000 | +11.9% |
| Profit (loss) carried forward | 14 | €449,675 | €480,338 | +€30,663 | +6.8% |
| Amounts payable | 17/49 | €123,765 | €69,803 | -€53,962 | -43.6% |
| Amounts payable within one year | 42/48 | €123,190 | €69,281 | -€53,909 | -43.8% |
| Trade debts | 44 | €86,973 | €28,606 | -€58,367 | -67.1% |
| Suppliers | 440/4 | €86,973 | €28,606 | -€58,367 | -67.1% |
| Taxes, remuneration and social security | 45 | €25,978 | €29,861 | +€3,884 | +14.9% |
| Taxes | 450/3 | €12,470 | €13,570 | +€1,099 | +8.8% |
| Remuneration and social security | 454/9 | €13,507 | €16,291 | +€2,784 | +20.6% |
| Other amounts payable | 47/48 | €10,239 | €10,814 | +€575 | +5.6% |
| Accrued charges and deferred income | 492/3 | €575 | €522 | -€53 | -9.2% |
| Remuneration, social security and pensions | 62 | €203,314 | €212,723 | +€9,409 | +4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,549 | €4,675 | -€3,874 | -45.3% |
| Other operating charges | 640/8 | €24,609 | €155,885 | +€131,276 | +533% |
| Gross operating margin | 9900 | €269,442 | €434,109 | +€164,668 | +61.1% |
| Operating profit (loss) | 9901 | €32,969 | €60,826 | +€27,857 | +84.5% |
| Financial income | 75/76B | €118 | €15 | -€103 | -87.2% |
| Recurring financial income | 75 | €118 | €15 | -€103 | -87.2% |
| Financial charges | 65/66B | €1,107 | €2,078 | +€971 | +87.8% |
| Recurring financial charges | 65 | €1,107 | €2,078 | +€971 | +87.8% |
| Profit (loss) for the period before taxes | 9903 | €31,980 | €58,763 | +€26,783 | +83.7% |
| Income taxes | 67/77 | €12,224 | €23,100 | +€10,876 | +89.0% |
| Profit (loss) for the period | 9904 | €19,756 | €35,663 | +€15,907 | +80.5% |
| Profit (loss) for the period to be appropriated | 9905 | €19,756 | €35,663 | +€15,907 | +80.5% |
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 16 October 2026 via checked.be.