REFLEX HDJ: 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 HDJ
Largest movements
- Receivables within one year +€1.4m
up €1.4m (+32.7%), from €4.4m to €5.9m
of which Trade receivables: +€1.5m
- Cash -€151,618
down €151,618 (-47.0%), from €322,286 to €170,668
mainly Receivables within one year (-€1.4m) and Contributions, distributions and other (-€899,999)
- Other debts +€900,933
up €900,933 (+874692.3%), from €103 to €901,036
- Accrued charges and deferred income +€218,820
up €218,820 (+12.3%), from €1.8m to €2.0m
- Trade debts -€194,609
down €194,609 (-29.7%), from €655,587 to €460,978
- Tax, wage and social debts +€167,049
up €167,049 (+75.8%), from €220,331 to €387,380
of which Taxes: +€166,453
- Profit (loss) carried forward +€128,408
up €128,408 (+6.8%), from €1.9m to €2.0m
- Gross operating margin +€825,333
up €825,333 (+67.2%), from €1.2m to €2.1m
- Taxes +€176,370
up €176,370 (+108.9%), from €161,889 to €338,259
- Staff costs +€66,918
up €66,918 (+11.2%), from €597,499 to €664,417
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 | €4,750,774 | €6,037,979 | +€1.3m | +27.1% |
| Fixed assets | 21/28 | €18,087 | €13,489 | -€4,598 | -25.4% |
| Tangible fixed assets | 22/27 | €18,087 | €13,489 | -€4,598 | -25.4% |
| Furniture and vehicles | 24 | €11,973 | €8,538 | -€3,435 | -28.7% |
| Other tangible fixed assets | 26 | €6,114 | €4,951 | -€1,164 | -19.0% |
| Current assets | 29/58 | €4,732,687 | €6,024,490 | +€1.3m | +27.3% |
| Amounts receivable within one year | 40/41 | €4,410,401 | €5,853,822 | +€1.4m | +32.7% |
| Trade receivables | 40 | €4,171,561 | €5,683,694 | +€1.5m | +36.2% |
| Other amounts receivable | 41 | €238,840 | €170,128 | -€68,712 | -28.8% |
| Cash at bank and in hand | 54/58 | €322,286 | €170,668 | -€151,618 | -47.0% |
| Total equity and liabilities | 10/49 | €4,750,774 | €6,037,979 | +€1.3m | +27.1% |
| Equity | 10/15 | €1,911,034 | €2,039,442 | +€128,408 | +6.7% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,881,034 | €2,009,442 | +€128,408 | +6.8% |
| Amounts payable | 17/49 | €2,839,740 | €3,998,536 | +€1.2m | +40.8% |
| Amounts payable after more than one year | 17 | €117,713 | €58,949 | -€58,764 | -49.9% |
| Financial debts | 170/4 | €117,713 | €58,949 | -€58,764 | -49.9% |
| Amounts payable within one year | 42/48 | €947,801 | €1,946,541 | +€998,740 | +105.4% |
| Current portion of amounts payable after more than one year | 42 | €71,780 | €197,147 | +€125,367 | +174.7% |
| Trade debts | 44 | €655,587 | €460,978 | -€194,609 | -29.7% |
| Suppliers | 440/4 | €655,587 | €460,978 | -€194,609 | -29.7% |
| Taxes, remuneration and social security | 45 | €220,331 | €387,380 | +€167,049 | +75.8% |
| Taxes | 450/3 | €142,205 | €308,658 | +€166,453 | +117.1% |
| Remuneration and social security | 454/9 | €78,126 | €78,722 | +€596 | +0.8% |
| Other amounts payable | 47/48 | €103 | €901,036 | +€900,933 | +874692.3% |
| Accrued charges and deferred income | 492/3 | €1,774,226 | €1,993,046 | +€218,820 | +12.3% |
| Remuneration, social security and pensions | 62 | €597,499 | €664,417 | +€66,918 | +11.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,505 | €7,726 | -€1,779 | -18.7% |
| Other operating charges | 640/8 | €1,500 | €1,954 | +€454 | +30.3% |
| Gross operating margin | 9900 | €1,228,199 | €2,053,532 | +€825,333 | +67.2% |
| Operating profit (loss) | 9901 | €619,695 | €1,379,435 | +€759,740 | +122.6% |
| Financial income | 75/76B | €642 | €1,014 | +€372 | +58.0% |
| Recurring financial income | 75 | €642 | €1,014 | +€372 | +58.0% |
| Financial charges | 65/66B | €16,341 | €13,783 | -€2,558 | -15.7% |
| Recurring financial charges | 65 | €16,341 | €13,783 | -€2,558 | -15.7% |
| Profit (loss) for the period before taxes | 9903 | €603,996 | €1,366,667 | +€762,671 | +126.3% |
| Income taxes | 67/77 | €161,889 | €338,259 | +€176,370 | +108.9% |
| Profit (loss) for the period | 9904 | €442,107 | €1,028,408 | +€586,301 | +132.6% |
| Profit (loss) for the period to be appropriated | 9905 | €442,107 | €1,028,408 | +€586,301 | +132.6% |
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 11 October 2026 via checked.be.