REFO: 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.
REFO
Largest movements
- Tangible fixed assets +€234,402
up €234,402 (+172%), from €136,477 to €370,879
of which Land and buildings: +€269,152
- Cash -€116,679
down €116,679 (-60.5%), from €192,892 to €76,214
mainly Investment in fixed assets (net) (-€271,609) and Receivables within one year (-€17,550)
- Receivables within one year +€17,550
up €17,550 (+6,781%), from €259 to €17,809
of which Trade receivables: +€9,565
- Stocks and contracts +€15,234
up €15,234 (+38.2%), from €39,919 to €55,152
- Debts after one year +€151,481
up €151,481 (+157%), from €96,694 to €248,176
- Trade debts +€17,077
up €17,077 (+27.1%), from €63,127 to €80,204
- Tax, wage and social debts -€16,934
down €16,934 (-54.1%), from €31,311 to €14,377
of which Remuneration and social security: -€9,972
- Profit (loss) carried forward -€8,494
down €8,494 (-10.3%), from €82,170 to €73,676
- Current portion of long-term debt +€6,679
up €6,679 (+25.8%), from €25,846 to €32,525
- Gross operating margin -€11,009
down €11,009 (-4.9%), from €224,918 to €213,909
- Depreciation +€9,389
up €9,389 (+33.8%), from €27,819 to €37,207
- Taxes -€7,125
down €7,125 (-97.4%), from €7,317 to €192
- Financial charges +€4,866
up €4,866 (+71.8%), from €6,773 to €11,638
- Staff costs +€3,751
up €3,751 (+2.2%), from €168,680 to €172,431
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 | €372,685 | €522,280 | +€149,595 | +40.1% |
| Fixed assets | 21/28 | €136,722 | €371,123 | +€234,402 | +171% |
| Tangible fixed assets | 22/27 | €136,477 | €370,879 | +€234,402 | +172% |
| Land and buildings | 22 | - | €269,152 | +€269,152 | |
| Plant, machinery and equipment | 23 | - | €7,829 | +€7,829 | |
| Furniture and vehicles | 24 | €36,368 | €20,902 | -€15,466 | -42.5% |
| Other tangible fixed assets | 26 | €84,910 | €72,997 | -€11,913 | -14.0% |
| Assets under construction and advance payments | 27 | €15,200 | - | -€15,200 | |
| Financial fixed assets | 28 | €244 | €244 | = | 0.0% |
| Current assets | 29/58 | €235,963 | €151,156 | -€84,807 | -35.9% |
| Stocks and contracts in progress | 3 | €39,919 | €55,152 | +€15,234 | +38.2% |
| Stocks | 30/36 | €39,919 | €55,152 | +€15,234 | +38.2% |
| Amounts receivable within one year | 40/41 | €259 | €17,809 | +€17,550 | +6,781% |
| Trade receivables | 40 | €259 | €9,824 | +€9,565 | +3,696% |
| Other amounts receivable | 41 | - | €7,985 | +€7,985 | |
| Cash at bank and in hand | 54/58 | €192,892 | €76,214 | -€116,679 | -60.5% |
| Deferred charges and accrued income | 490/1 | €2,893 | €1,981 | -€912 | -31.5% |
| Total equity and liabilities | 10/49 | €372,685 | €522,280 | +€149,595 | +40.1% |
| Equity | 10/15 | €152,170 | €143,676 | -€8,494 | -5.6% |
| Contributions | 10/11 | €70,000 | €70,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €82,170 | €73,676 | -€8,494 | -10.3% |
| Amounts payable | 17/49 | €220,515 | €378,604 | +€158,089 | +71.7% |
| Amounts payable after more than one year | 17 | €96,694 | €248,176 | +€151,481 | +157% |
| Financial debts | 170/4 | €96,694 | €248,176 | +€151,481 | +157% |
| Amounts payable within one year | 42/48 | €123,606 | €130,428 | +€6,822 | +5.5% |
| Current portion of amounts payable after more than one year | 42 | €25,846 | €32,525 | +€6,679 | +25.8% |
| Trade debts | 44 | €63,127 | €80,204 | +€17,077 | +27.1% |
| Suppliers | 440/4 | €63,127 | €80,204 | +€17,077 | +27.1% |
| Taxes, remuneration and social security | 45 | €31,311 | €14,377 | -€16,934 | -54.1% |
| Taxes | 450/3 | €6,962 | - | -€6,962 | |
| Remuneration and social security | 454/9 | €24,349 | €14,377 | -€9,972 | -41.0% |
| Other amounts payable | 47/48 | €3,322 | €3,322 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €214 | - | -€214 | |
| Non-recurring operating income | 76A | €0 | €2 | +€2 | +4,260% |
| Remuneration, social security and pensions | 62 | €168,680 | €172,431 | +€3,751 | +2.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,819 | €37,207 | +€9,389 | +33.8% |
| Other operating charges | 640/8 | €1,105 | €1,637 | +€532 | +48.1% |
| Non-recurring operating charges | 66A | €0 | €0 | -€0 | -90.9% |
| Gross operating margin | 9900 | €224,918 | €213,909 | -€11,009 | -4.9% |
| Operating profit (loss) | 9901 | €27,314 | €2,634 | -€24,681 | -90.4% |
| Financial income | 75/76B | €3,033 | €703 | -€2,331 | -76.8% |
| Recurring financial income | 75 | €3,033 | €703 | -€2,331 | -76.8% |
| Financial charges | 65/66B | €6,773 | €11,638 | +€4,866 | +71.8% |
| Recurring financial charges | 65 | €6,773 | €11,638 | +€4,866 | +71.8% |
| Profit (loss) for the period before taxes | 9903 | €23,575 | -€8,302 | -€31,877 | |
| Income taxes | 67/77 | €7,317 | €192 | -€7,125 | -97.4% |
| Profit (loss) for the period | 9904 | €16,258 | -€8,494 | -€24,752 | |
| Profit (loss) for the period to be appropriated | 9905 | €16,258 | -€8,494 | -€24,752 |
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 18 October 2026 via checked.be.