Reflo: 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.
Reflo
Largest movements
- Tangible fixed assets +€38,284
up €38,284 (+408%), from €9,386 to €47,670
of which Furniture and vehicles: +€39,481
- Cash +€11,718
up €11,718 (+33.0%), from €35,511 to €47,229
mainly Net result for the year (+€42,753) and Other debts (+€39,775)
- Deferred charges and accrued income -€9,428
down €9,428 (-98.6%), from €9,562 to €135
- Receivables within one year +€1,498
up €1,498 (+62.5%), from €2,399 to €3,897
- Other debts +€39,775
up €39,775 (+89.5%), from €44,444 to €84,219
- Tax, wage and social debts +€4,541
up €4,541 (+62.9%), from €7,223 to €11,764
- Profit (loss) carried forward -€2,247
down €2,247 (-98.9%), from €2,273 to €26
- Gross operating margin +€9,086
up €9,086 (+17.4%), from €52,323 to €61,408
- Depreciation +€5,256
up €5,256 (+708%), from €742 to €5,998
- Taxes +€892
up €892 (+8.4%), from €10,606 to €11,498
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 | €56,858 | €98,931 | +€42,072 | +74.0% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €9,386 | €47,670 | +€38,284 | +408% |
| Tangible fixed assets | 22/27 | €9,386 | €47,670 | +€38,284 | +408% |
| Land and buildings | 22 | €7,507 | €6,717 | -€790 | -10.5% |
| Plant, machinery and equipment | 23 | €1,142 | €735 | -€407 | -35.7% |
| Furniture and vehicles | 24 | €737 | €40,218 | +€39,481 | +5,357% |
| Current assets | 29/58 | €47,472 | €51,260 | +€3,788 | +8.0% |
| Amounts receivable within one year | 40/41 | €2,399 | €3,897 | +€1,498 | +62.5% |
| Other amounts receivable | 41 | €2,399 | €3,897 | +€1,498 | +62.5% |
| Cash at bank and in hand | 54/58 | €35,511 | €47,229 | +€11,718 | +33.0% |
| Deferred charges and accrued income | 490/1 | €9,562 | €135 | -€9,428 | -98.6% |
| Total equity and liabilities | 10/49 | €56,858 | €98,931 | +€42,072 | +74.0% |
| Equity | 10/15 | €4,773 | €2,526 | -€2,247 | -47.1% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,273 | €26 | -€2,247 | -98.9% |
| Amounts payable | 17/49 | €52,085 | €96,405 | +€44,319 | +85.1% |
| Amounts payable within one year | 42/48 | €52,085 | €96,405 | +€44,319 | +85.1% |
| Trade debts | 44 | €418 | €422 | +€4 | +1.0% |
| Suppliers | 440/4 | €418 | €422 | +€4 | +1.0% |
| Taxes, remuneration and social security | 45 | €7,223 | €11,764 | +€4,541 | +62.9% |
| Taxes | 450/3 | €7,223 | €11,764 | +€4,541 | +62.9% |
| Other amounts payable | 47/48 | €44,444 | €84,219 | +€39,775 | +89.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €742 | €5,998 | +€5,256 | +708% |
| Other operating charges | 640/8 | €1,165 | €1,098 | -€67 | -5.7% |
| Gross operating margin | 9900 | €52,323 | €61,408 | +€9,086 | +17.4% |
| Operating profit (loss) | 9901 | €50,415 | €54,312 | +€3,897 | +7.7% |
| Financial income | 75/76B | €3 | - | -€3 | |
| Recurring financial income | 75 | €3 | - | -€3 | |
| Financial charges | 65/66B | €55 | €62 | +€6 | +11.4% |
| Recurring financial charges | 65 | €55 | €62 | +€6 | +11.4% |
| Profit (loss) for the period before taxes | 9903 | €50,363 | €54,250 | +€3,888 | +7.7% |
| Income taxes | 67/77 | €10,606 | €11,498 | +€892 | +8.4% |
| Profit (loss) for the period | 9904 | €39,757 | €42,753 | +€2,996 | +7.5% |
| Profit (loss) for the period to be appropriated | 9905 | €39,757 | €42,753 | +€2,996 | +7.5% |
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.