REFON: 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.
REFON
Largest movements
- Receivables within one year -€42,837
down €42,837 (-64.1%), from €66,805 to €23,967
of which Trade receivables: -€39,131
- Tangible fixed assets +€42,811
up €42,811 (+41.2%), from €103,803 to €146,614
of which Plant, machinery and equipment: +€31,855
- Cash -€34,645
down €34,645 (-80.0%), from €43,312 to €8,667
mainly Investment in fixed assets (net) (-€82,500) and Other debts (-€48,769)
- Other debts -€48,769
down €48,769 (-64.2%), from €75,976 to €27,207
- Current portion of long-term debt -€24,006
down €24,006 (-70.6%), from €34,006 to €10,000
- Profit (loss) carried forward +€20,023
up €20,023 (+9.6%), from -€209,593 to -€189,570
- Debts after one year +€15,833
up €15,833 (+7.9%), from €200,000 to €215,833
of which Other amounts payable: +€200,000
- Accrued charges and deferred income +€2,511
up €2,511 (+10687.6%), from €23 to €2,534
- Gross operating margin -€116,834
down €116,834 (-65.0%), from €179,833 to €62,999
- Depreciation +€8,244
up €8,244 (+26.2%), from €31,446 to €39,689
- Financial income -€6,348
down €6,348 (-89.9%), from €7,064 to €716
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 | €216,072 | €181,506 | -€34,565 | -16.0% |
| Fixed assets | 21/28 | €103,803 | €146,614 | +€42,811 | +41.2% |
| Tangible fixed assets | 22/27 | €103,803 | €146,614 | +€42,811 | +41.2% |
| Land and buildings | 22 | €51,816 | €66,178 | +€14,362 | +27.7% |
| Plant, machinery and equipment | 23 | €45,194 | €77,048 | +€31,855 | +70.5% |
| Furniture and vehicles | 24 | €6,794 | €3,387 | -€3,406 | -50.1% |
| Current assets | 29/58 | €112,268 | €34,892 | -€77,376 | -68.9% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €66,805 | €23,967 | -€42,837 | -64.1% |
| Trade receivables | 40 | €62,514 | €23,382 | -€39,131 | -62.6% |
| Other amounts receivable | 41 | €4,291 | €585 | -€3,706 | -86.4% |
| Cash at bank and in hand | 54/58 | €43,312 | €8,667 | -€34,645 | -80.0% |
| Deferred charges and accrued income | 490/1 | €2,151 | €2,258 | +€107 | +5.0% |
| Total equity and liabilities | 10/49 | €216,072 | €181,506 | -€34,565 | -16.0% |
| Equity | 10/15 | -€107,844 | -€87,821 | +€20,023 | +18.6% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €39,750 | €39,750 | = | 0.0% |
| Distributable reserves | 133 | €39,750 | €39,750 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€209,593 | -€189,570 | +€20,023 | +9.6% |
| Amounts payable | 17/49 | €323,915 | €269,327 | -€54,588 | -16.9% |
| Amounts payable after more than one year | 17 | €200,000 | €215,833 | +€15,833 | +7.9% |
| Financial debts | 170/4 | €200,000 | €15,833 | -€184,167 | -92.1% |
| Other amounts payable | 178/9 | - | €200,000 | +€200,000 | |
| Amounts payable within one year | 42/48 | €123,892 | €50,959 | -€72,932 | -58.9% |
| Current portion of amounts payable after more than one year | 42 | €34,006 | €10,000 | -€24,006 | -70.6% |
| Trade debts | 44 | €13,909 | €13,752 | -€157 | -1.1% |
| Suppliers | 440/4 | €13,909 | €13,752 | -€157 | -1.1% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Other amounts payable | 47/48 | €75,976 | €27,207 | -€48,769 | -64.2% |
| Accrued charges and deferred income | 492/3 | €23 | €2,534 | +€2,511 | +10687.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,446 | €39,689 | +€8,244 | +26.2% |
| Other operating charges | 640/8 | €1,959 | €1,606 | -€354 | -18.0% |
| Gross operating margin | 9900 | €179,833 | €62,999 | -€116,834 | -65.0% |
| Operating profit (loss) | 9901 | €146,428 | €21,704 | -€124,724 | -85.2% |
| Financial income | 75/76B | €7,064 | €716 | -€6,348 | -89.9% |
| Recurring financial income | 75 | €7,064 | €716 | -€6,348 | -89.9% |
| Financial charges | 65/66B | €3,579 | €2,397 | -€1,183 | -33.0% |
| Recurring financial charges | 65 | €3,579 | €2,397 | -€1,183 | -33.0% |
| Profit (loss) for the period before taxes | 9903 | €149,913 | €20,023 | -€129,890 | -86.6% |
| Profit (loss) for the period | 9904 | €149,913 | €20,023 | -€129,890 | -86.6% |
| Profit (loss) for the period to be appropriated | 9905 | €149,913 | €20,023 | -€129,890 | -86.6% |
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 9 October 2026 via checked.be.