REFLOW: 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.
REFLOW
Largest movements
- Tangible fixed assets +€138,488
up €138,488 (+24.2%), from €571,782 to €710,271
of which Land and buildings: +€194,473
- Cash -€19,758
down €19,758 (-22.1%), from €89,461 to €69,703
mainly Investment in fixed assets (net) (-€226,100) and Other debts (-€97,616)
- Deferred charges and accrued income -€18,129
down €18,129 (-48.2%), from €37,596 to €19,467
- Other debts -€97,616
down €97,616 (-24.1%), from €404,298 to €306,682
- Debts after one year +€65,572
up €65,572 (+14.2%), from €460,396 to €525,968
- Short-term financial debts +€50,000
up €50,000 (+16.7%), from €300,000 to €350,000
- Trade debts +€37,460
up €37,460 (+11.3%), from €330,879 to €368,339
- Reserves +€24,429
up €24,429 (+27.9%), from €87,601 to €112,030
- Staff costs -€358,156
down €358,156 (-40.7%), from €879,780 to €521,623
- Gross operating margin -€332,593
down €332,593 (-32.1%), from €1.0m to €701,958
- Write-downs +€22,062
no longer reported in 2025 (was -€22,062)
- Other operating charges -€19,966
down €19,966 (-67.3%), from €29,682 to €9,717
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 | €1,701,728 | €1,774,495 | +€72,766 | +4.3% |
| Fixed assets | 21/28 | €573,532 | €712,021 | +€138,488 | +24.1% |
| Tangible fixed assets | 22/27 | €571,782 | €710,271 | +€138,488 | +24.2% |
| Land and buildings | 22 | €370,856 | €565,329 | +€194,473 | +52.4% |
| Plant, machinery and equipment | 23 | €14,156 | €9,908 | -€4,248 | -30.0% |
| Furniture and vehicles | 24 | €186,770 | €135,033 | -€51,737 | -27.7% |
| Financial fixed assets | 28 | €1,750 | €1,750 | = | 0.0% |
| Current assets | 29/58 | €1,128,196 | €1,062,474 | -€65,722 | -5.8% |
| Stocks and contracts in progress | 3 | €521,298 | €505,418 | -€15,880 | -3.0% |
| Stocks | 30/36 | €296,602 | €285,368 | -€11,233 | -3.8% |
| Contracts in progress | 37 | €224,696 | €220,049 | -€4,647 | -2.1% |
| Amounts receivable within one year | 40/41 | €479,842 | €467,887 | -€11,955 | -2.5% |
| Trade receivables | 40 | €390,857 | €396,908 | +€6,051 | +1.5% |
| Other amounts receivable | 41 | €88,984 | €70,979 | -€18,006 | -20.2% |
| Cash at bank and in hand | 54/58 | €89,461 | €69,703 | -€19,758 | -22.1% |
| Deferred charges and accrued income | 490/1 | €37,596 | €19,467 | -€18,129 | -48.2% |
| Total equity and liabilities | 10/49 | €1,701,728 | €1,774,495 | +€72,766 | +4.3% |
| Equity | 10/15 | €113,130 | €138,662 | +€25,532 | +22.6% |
| Contributions | 10/11 | €1,100 | €1,100 | = | 0.0% |
| Reserves | 13 | €87,601 | €112,030 | +€24,429 | +27.9% |
| Distributable reserves | 133 | €87,601 | €112,030 | +€24,429 | +27.9% |
| Profit (loss) carried forward | 14 | €24,429 | €25,532 | +€1,103 | +4.5% |
| Amounts payable | 17/49 | €1,588,598 | €1,635,832 | +€47,234 | +3.0% |
| Amounts payable after more than one year | 17 | €460,396 | €525,968 | +€65,572 | +14.2% |
| Financial debts | 170/4 | €460,396 | €525,968 | +€65,572 | +14.2% |
| Amounts payable within one year | 42/48 | €1,128,202 | €1,109,865 | -€18,337 | -1.6% |
| Current portion of amounts payable after more than one year | 42 | €47,749 | €47,720 | -€29 | -0.1% |
| Financial debts | 43 | €300,000 | €350,000 | +€50,000 | +16.7% |
| Credit institutions | 430/8 | €300,000 | €350,000 | +€50,000 | +16.7% |
| Trade debts | 44 | €330,879 | €368,339 | +€37,460 | +11.3% |
| Suppliers | 440/4 | €330,879 | €368,339 | +€37,460 | +11.3% |
| Taxes, remuneration and social security | 45 | €45,277 | €37,124 | -€8,153 | -18.0% |
| Taxes | 450/3 | €15,935 | €14,618 | -€1,317 | -8.3% |
| Remuneration and social security | 454/9 | €29,342 | €22,506 | -€6,836 | -23.3% |
| Other amounts payable | 47/48 | €404,298 | €306,682 | -€97,616 | -24.1% |
| Remuneration, social security and pensions | 62 | €879,780 | €521,623 | -€358,156 | -40.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €80,292 | €87,612 | +€7,320 | +9.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€22,062 | - | +€22,062 | |
| Other operating charges | 640/8 | €29,682 | €9,717 | -€19,966 | -67.3% |
| Gross operating margin | 9900 | €1,034,551 | €701,958 | -€332,593 | -32.1% |
| Operating profit (loss) | 9901 | €66,858 | €83,006 | +€16,148 | +24.2% |
| Financial income | 75/76B | €6,145 | €2,898 | -€3,247 | -52.8% |
| Recurring financial income | 75 | €6,145 | €2,898 | -€3,247 | -52.8% |
| Financial charges | 65/66B | €38,610 | €46,043 | +€7,433 | +19.3% |
| Recurring financial charges | 65 | €38,610 | €46,043 | +€7,433 | +19.3% |
| Profit (loss) for the period before taxes | 9903 | €34,393 | €39,862 | +€5,468 | +15.9% |
| Income taxes | 67/77 | €9,964 | €14,330 | +€4,365 | +43.8% |
| Profit (loss) for the period | 9904 | €24,429 | €25,532 | +€1,103 | +4.5% |
| Profit (loss) for the period to be appropriated | 9905 | €24,429 | €25,532 | +€1,103 | +4.5% |
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.