REFORBUS: 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.
REFORBUS
Largest movements
- Receivables within one year +€79,773
up €79,773 (+91.5%), from €87,153 to €166,926
of which Trade receivables: +€82,552
- Current investments -€75,000
down €75,000 (-100%), from €75,000 to €0
- Cash -€25,260
down €25,260 (-52.5%), from €48,085 to €22,825
mainly Contributions, distributions and other (-€167,709) and Receivables within one year (-€79,773)
- Tangible fixed assets -€3,420
down €3,420 (-67.8%), from €5,042 to €1,621
of which Furniture and vehicles: -€4,192
- Reserves -€46,776
down €46,776 (-25.4%), from €184,377 to €137,600
- Tax, wage and social debts +€22,660
up €22,660 (+110%), from €20,630 to €43,290
- Gross operating margin +€15,359
up €15,359 (+10.6%), from €144,678 to €160,037
- Taxes +€3,937
up €3,937 (+12.8%), from €30,863 to €34,800
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 | €215,544 | €191,797 | -€23,747 | -11.0% |
| Fixed assets | 21/28 | €5,042 | €1,621 | -€3,420 | -67.8% |
| Tangible fixed assets | 22/27 | €5,042 | €1,621 | -€3,420 | -67.8% |
| Plant, machinery and equipment | 23 | - | €771 | +€771 | |
| Furniture and vehicles | 24 | €5,042 | €850 | -€4,192 | -83.1% |
| Current assets | 29/58 | €210,503 | €190,176 | -€20,327 | -9.7% |
| Amounts receivable within one year | 40/41 | €87,153 | €166,926 | +€79,773 | +91.5% |
| Trade receivables | 40 | €84,373 | €166,926 | +€82,552 | +97.8% |
| Other amounts receivable | 41 | €2,779 | €0 | -€2,779 | -100% |
| Current investments | 50/53 | €75,000 | €0 | -€75,000 | -100% |
| Cash at bank and in hand | 54/58 | €48,085 | €22,825 | -€25,260 | -52.5% |
| Deferred charges and accrued income | 490/1 | €265 | €426 | +€161 | +60.6% |
| Total equity and liabilities | 10/49 | €215,544 | €191,797 | -€23,747 | -11.0% |
| Equity | 10/15 | €194,377 | €147,600 | -€46,776 | -24.1% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €184,377 | €137,600 | -€46,776 | -25.4% |
| Distributable reserves | 133 | €184,377 | €137,600 | -€46,776 | -25.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €21,168 | €44,197 | +€23,029 | +109% |
| Amounts payable within one year | 42/48 | €21,140 | €44,188 | +€23,048 | +109% |
| Trade debts | 44 | €510 | €867 | +€357 | +70.0% |
| Suppliers | 440/4 | €510 | €867 | +€357 | +70.0% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €20,630 | €43,290 | +€22,660 | +110% |
| Taxes | 450/3 | €20,630 | €43,290 | +€22,660 | +110% |
| Other amounts payable | 47/48 | - | €31 | +€31 | |
| Accrued charges and deferred income | 492/3 | €27 | €9 | -€19 | -68.3% |
| Remuneration, social security and pensions | 62 | €250 | €0 | -€250 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,192 | €4,202 | +€11 | +0.3% |
| Other operating charges | 640/8 | €890 | €902 | +€11 | +1.3% |
| Gross operating margin | 9900 | €144,678 | €160,037 | +€15,359 | +10.6% |
| Operating profit (loss) | 9901 | €139,346 | €154,933 | +€15,587 | +11.2% |
| Financial income | 75/76B | €1,298 | €921 | -€378 | -29.1% |
| Recurring financial income | 75 | €1,298 | €921 | -€378 | -29.1% |
| Financial charges | 65/66B | €94 | €121 | +€27 | +28.4% |
| Recurring financial charges | 65 | €94 | €121 | +€27 | +28.4% |
| Profit (loss) for the period before taxes | 9903 | €140,550 | €155,733 | +€15,183 | +10.8% |
| Income taxes | 67/77 | €30,863 | €34,800 | +€3,937 | +12.8% |
| Profit (loss) for the period | 9904 | €109,687 | €120,933 | +€11,246 | +10.3% |
| Profit (loss) for the period to be appropriated | 9905 | €109,687 | €120,933 | +€11,246 | +10.3% |
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 13 October 2026 via checked.be.