REFLEXION: 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.
REFLEXION
Largest movements
- Current investments -€381,223
down €381,223 (-100.0%), from €381,223 to €0
- Cash +€347,227
up €347,227 (+241.2%), from €143,956 to €491,183
mainly Current investments (+€381,223) and Depreciation (+€122,372)
- Tangible fixed assets +€88,182
up €88,182 (+27.6%), from €319,066 to €407,248
of which Plant, machinery and equipment: +€84,963
- Deferred charges and accrued income +€46,633
up €46,633 (+640.5%), from €7,281 to €53,914
- Stocks and contracts -€42,515
down €42,515 (-31.6%), from €134,407 to €91,893
- Profit (loss) carried forward +€71,126
up €71,126 (+11.6%), from €612,691 to €683,817
- Tax, wage and social debts -€25,662
down €25,662 (-38.6%), from €66,516 to €40,855
of which Remuneration and social security: -€30,180
- Trade debts +€13,256
up €13,256 (+134.3%), from €9,871 to €23,127
- Depreciation +€37,126
up €37,126 (+43.6%), from €85,246 to €122,372
- Gross operating margin +€11,718
up €11,718 (+2.5%), from €464,640 to €476,358
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 | €998,515 | €1,060,966 | +€62,451 | +6.3% |
| Fixed assets | 21/28 | €319,364 | €407,545 | +€88,182 | +27.6% |
| Tangible fixed assets | 22/27 | €319,066 | €407,248 | +€88,182 | +27.6% |
| Land and buildings | 22 | €50,681 | €28,455 | -€22,226 | -43.9% |
| Plant, machinery and equipment | 23 | €20,977 | €105,940 | +€84,963 | +405.0% |
| Furniture and vehicles | 24 | €247,408 | €272,853 | +€25,445 | +10.3% |
| Financial fixed assets | 28 | €297 | €297 | = | 0.0% |
| Current assets | 29/58 | €679,152 | €653,421 | -€25,731 | -3.8% |
| Stocks and contracts in progress | 3 | €134,407 | €91,893 | -€42,515 | -31.6% |
| Stocks | 30/36 | €134,407 | €91,893 | -€42,515 | -31.6% |
| Amounts receivable within one year | 40/41 | €12,284 | €16,432 | +€4,148 | +33.8% |
| Trade receivables | 40 | €8,647 | €5,694 | -€2,953 | -34.2% |
| Other amounts receivable | 41 | €3,637 | €10,738 | +€7,101 | +195.2% |
| Current investments | 50/53 | €381,223 | €0 | -€381,223 | -100.0% |
| Cash at bank and in hand | 54/58 | €143,956 | €491,183 | +€347,227 | +241.2% |
| Deferred charges and accrued income | 490/1 | €7,281 | €53,914 | +€46,633 | +640.5% |
| Total equity and liabilities | 10/49 | €998,515 | €1,060,966 | +€62,451 | +6.3% |
| Equity | 10/15 | €922,115 | €996,985 | +€74,870 | +8.1% |
| Contributions | 10/11 | €208,000 | €208,000 | = | 0.0% |
| Capital | 10 | €208,000 | €208,000 | = | 0.0% |
| Issued capital | 100 | €208,000 | €208,000 | = | 0.0% |
| Reserves | 13 | €101,424 | €105,167 | +€3,743 | +3.7% |
| Non-distributable reserves | 130/1 | €7,558 | €11,301 | +€3,743 | +49.5% |
| Legal reserve | 130 | €7,558 | €11,301 | +€3,743 | +49.5% |
| Distributable reserves | 133 | €93,866 | €93,866 | = | 0.0% |
| Profit (loss) carried forward | 14 | €612,691 | €683,817 | +€71,126 | +11.6% |
| Amounts payable | 17/49 | €76,400 | €63,981 | -€12,419 | -16.3% |
| Amounts payable within one year | 42/48 | €76,387 | €63,981 | -€12,406 | -16.2% |
| Trade debts | 44 | €9,871 | €23,127 | +€13,256 | +134.3% |
| Suppliers | 440/4 | €9,871 | €23,127 | +€13,256 | +134.3% |
| Taxes, remuneration and social security | 45 | €66,516 | €40,855 | -€25,662 | -38.6% |
| Taxes | 450/3 | €16,281 | €20,799 | +€4,518 | +27.7% |
| Remuneration and social security | 454/9 | €50,235 | €20,055 | -€30,180 | -60.1% |
| Accrued charges and deferred income | 492/3 | €13 | €0 | -€13 | -100.0% |
| Non-recurring operating income | 76A | €2,427 | €0 | -€2,427 | -100.0% |
| Remuneration, social security and pensions | 62 | €272,240 | €270,569 | -€1,671 | -0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €85,246 | €122,372 | +€37,126 | +43.6% |
| Other operating charges | 640/8 | €9,715 | €10,097 | +€382 | +3.9% |
| Non-recurring operating charges | 66A | - | €1,400 | +€1,400 | |
| Gross operating margin | 9900 | €464,640 | €476,358 | +€11,718 | +2.5% |
| Operating profit (loss) | 9901 | €97,439 | €71,920 | -€25,519 | -26.2% |
| Financial income | 75/76B | €6,000 | €3,352 | -€2,648 | -44.1% |
| Recurring financial income | 75 | €6,000 | €3,352 | -€2,648 | -44.1% |
| Financial charges | 65/66B | €228 | €402 | +€174 | +76.1% |
| Recurring financial charges | 65 | €228 | €402 | +€174 | +76.1% |
| Profit (loss) for the period before taxes | 9903 | €103,210 | €74,870 | -€28,341 | -27.5% |
| Profit (loss) for the period | 9904 | €103,210 | €74,870 | -€28,341 | -27.5% |
| Profit (loss) for the period to be appropriated | 9905 | €103,210 | €74,870 | -€28,341 | -27.5% |
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 8 October 2026 via checked.be.