REFRA CONCEPTS: 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.
REFRA CONCEPTS
Largest movements
- Current investments +€200,000
up €200,000 (+100%), from €200,000 to €400,000
- Cash -€155,358
down €155,358 (-24.3%), from €639,888 to €484,530
mainly Contributions, distributions and other (-€330,411) and Investment in fixed assets (net) (-€257,026)
- Tangible fixed assets +€151,135
up €151,135 (+22.5%), from €670,740 to €821,875
of which Plant, machinery and equipment: +€218,779
- Receivables within one year -€114,586
down €114,586 (-63.2%), from €181,226 to €66,639
of which Trade receivables: -€121,022
- Deferred charges and accrued income +€19,461
up €19,461 (+190%), from €10,257 to €29,718
- Trade debts +€42,679
up €42,679 (+31.9%), from €133,930 to €176,609
- Tax, wage and social debts -€34,439
down €34,439 (-45.9%), from €74,982 to €40,543
of which Taxes: -€26,567
- Accrued charges and deferred income +€31,353
up €31,353 (+355%), from €8,834 to €40,187
- Debts after one year +€25,172
up €25,172 (+5.8%), from €431,750 to €456,921
- Current portion of long-term debt +€19,421
up €19,421 (+28.1%), from €69,208 to €88,629
- Gross operating margin +€162,170
up €162,170 (+14.0%), from €1.2m to €1.3m
- Staff costs +€93,177
up €93,177 (+14.8%), from €631,418 to €724,594
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 | €1,741,837 | €1,839,067 | +€97,231 | +5.6% |
| Fixed assets | 21/28 | €670,740 | €821,875 | +€151,135 | +22.5% |
| Tangible fixed assets | 22/27 | €670,740 | €821,875 | +€151,135 | +22.5% |
| Land and buildings | 22 | €603,482 | €546,042 | -€57,440 | -9.5% |
| Plant, machinery and equipment | 23 | €45,901 | €264,681 | +€218,779 | +477% |
| Furniture and vehicles | 24 | €21,357 | €11,153 | -€10,204 | -47.8% |
| Current assets | 29/58 | €1,071,097 | €1,017,192 | -€53,905 | -5.0% |
| Stocks and contracts in progress | 3 | €39,726 | €36,305 | -€3,421 | -8.6% |
| Stocks | 30/36 | €39,726 | €36,305 | -€3,421 | -8.6% |
| Amounts receivable within one year | 40/41 | €181,226 | €66,639 | -€114,586 | -63.2% |
| Trade receivables | 40 | €143,211 | €22,189 | -€121,022 | -84.5% |
| Other amounts receivable | 41 | €38,015 | €44,451 | +€6,436 | +16.9% |
| Current investments | 50/53 | €200,000 | €400,000 | +€200,000 | +100% |
| Cash at bank and in hand | 54/58 | €639,888 | €484,530 | -€155,358 | -24.3% |
| Deferred charges and accrued income | 490/1 | €10,257 | €29,718 | +€19,461 | +190% |
| Total equity and liabilities | 10/49 | €1,741,837 | €1,839,067 | +€97,231 | +5.6% |
| Equity | 10/15 | €1,022,106 | €1,034,293 | +€12,187 | +1.2% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €947,106 | €959,293 | +€12,187 | +1.3% |
| Distributable reserves | 133 | €947,106 | €959,293 | +€12,187 | +1.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €719,731 | €804,774 | +€85,044 | +11.8% |
| Amounts payable after more than one year | 17 | €431,750 | €456,921 | +€25,172 | +5.8% |
| Financial debts | 170/4 | €431,750 | €456,921 | +€25,172 | +5.8% |
| Amounts payable within one year | 42/48 | €279,147 | €307,666 | +€28,519 | +10.2% |
| Current portion of amounts payable after more than one year | 42 | €69,208 | €88,629 | +€19,421 | +28.1% |
| Trade debts | 44 | €133,930 | €176,609 | +€42,679 | +31.9% |
| Suppliers | 440/4 | €133,930 | €176,609 | +€42,679 | +31.9% |
| Taxes, remuneration and social security | 45 | €74,982 | €40,543 | -€34,439 | -45.9% |
| Taxes | 450/3 | €67,110 | €40,543 | -€26,567 | -39.6% |
| Remuneration and social security | 454/9 | €7,872 | €0 | -€7,872 | -100% |
| Other amounts payable | 47/48 | €1,027 | €1,885 | +€858 | +83.5% |
| Accrued charges and deferred income | 492/3 | €8,834 | €40,187 | +€31,353 | +355% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €631,418 | €724,594 | +€93,177 | +14.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €104,852 | €105,891 | +€1,039 | +1.0% |
| Other operating charges | 640/8 | €6,505 | €6,796 | +€291 | +4.5% |
| Gross operating margin | 9900 | €1,159,407 | €1,321,578 | +€162,170 | +14.0% |
| Operating profit (loss) | 9901 | €416,633 | €484,297 | +€67,663 | +16.2% |
| Financial income | 75/76B | €18,408 | €14,157 | -€4,251 | -23.1% |
| Recurring financial income | 75 | €18,408 | €7,959 | -€10,449 | -56.8% |
| Non-recurring financial income | 76B | - | €6,198 | +€6,198 | |
| Financial charges | 65/66B | €12,594 | €12,850 | +€256 | +2.0% |
| Recurring financial charges | 65 | €12,594 | €12,850 | +€256 | +2.0% |
| Profit (loss) for the period before taxes | 9903 | €422,448 | €485,604 | +€63,156 | +15.0% |
| Income taxes | 67/77 | €138,363 | €143,007 | +€4,643 | +3.4% |
| Profit (loss) for the period | 9904 | €284,085 | €342,598 | +€58,513 | +20.6% |
| Profit (loss) for the period to be appropriated | 9905 | €284,085 | €342,598 | +€58,513 | +20.6% |
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 15 October 2026 via checked.be.