REFRACTION: 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.
REFRACTION
Largest movements
- Receivables within one year -€6,117
down €6,117 (-37.5%), from €16,311 to €10,194
of which Other amounts receivable: -€11,851
- Tangible fixed assets +€1,485
up €1,485 (+26.9%), from €5,510 to €6,995
of which Furniture and vehicles: +€2,249
- Deferred charges and accrued income +€1,270
up €1,270 (+21.8%), from €5,822 to €7,092
- Debts after one year -€33,000
down €33,000 (-100%), from €33,000 to €0
- Trade debts +€10,890
up €10,890 (+753%), from €1,445 to €12,335
- Reserves +€10,309
up €10,309 (+15.4%), from €66,860 to €77,169
of which Distributable reserves: +€10,309
- Other debts +€8,411
up €8,411, from €0 to €8,411
- Short-term financial debts -€4,495
down €4,495 (-100%), from €4,495 to €0
- Other operating charges -€37,130
down €37,130 (-71.3%), from €52,047 to €14,916
- Gross operating margin +€29,129
up €29,129 (+91.1%), from €31,975 to €61,104
- Financial charges -€13,582
down €13,582 (-86.9%), from €15,638 to €2,055
- Financial income -€1,810
down €1,810 (-35.0%), from €5,175 to €3,365
- Taxes +€947
up €947 (+10.6%), from €8,922 to €9,869
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 | €118,421 | €114,610 | -€3,811 | -3.2% |
| Fixed assets | 21/28 | €5,510 | €6,995 | +€1,485 | +26.9% |
| Tangible fixed assets | 22/27 | €5,510 | €6,995 | +€1,485 | +26.9% |
| Plant, machinery and equipment | 23 | €5,510 | €4,746 | -€765 | -13.9% |
| Furniture and vehicles | 24 | €0 | €2,249 | +€2,249 | +22,494,800% |
| Current assets | 29/58 | €112,911 | €107,615 | -€5,295 | -4.7% |
| Amounts receivable after more than one year | 29 | €84,674 | €84,674 | = | 0.0% |
| Trade receivables | 290 | €24,674 | €24,674 | = | 0.0% |
| Other amounts receivable | 291 | €60,000 | €60,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €16,311 | €10,194 | -€6,117 | -37.5% |
| Trade receivables | 40 | €4,055 | €9,789 | +€5,734 | +141% |
| Other amounts receivable | 41 | €12,256 | €405 | -€11,851 | -96.7% |
| Cash at bank and in hand | 54/58 | €6,104 | €5,656 | -€449 | -7.3% |
| Deferred charges and accrued income | 490/1 | €5,822 | €7,092 | +€1,270 | +21.8% |
| Total equity and liabilities | 10/49 | €118,421 | €114,610 | -€3,811 | -3.2% |
| Equity | 10/15 | €71,317 | €81,626 | +€10,309 | +14.5% |
| Contributions | 10/11 | €17,680 | €17,680 | = | 0.0% |
| Reserves | 13 | €66,860 | €77,169 | +€10,309 | +15.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Other | 1319 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €65,000 | €75,309 | +€10,309 | +15.9% |
| Profit (loss) carried forward | 14 | -€13,223 | -€13,223 | = | 0.0% |
| Amounts payable | 17/49 | €47,104 | €32,985 | -€14,119 | -30.0% |
| Amounts payable after more than one year | 17 | €33,000 | €0 | -€33,000 | -100% |
| Financial debts | 170/4 | €33,000 | €0 | -€33,000 | -100% |
| Amounts payable within one year | 42/48 | €14,104 | €32,985 | +€18,881 | +134% |
| Financial debts | 43 | €4,495 | €0 | -€4,495 | -100% |
| Credit institutions | 430/8 | €4,495 | €0 | -€4,495 | -100% |
| Trade debts | 44 | €1,445 | €12,335 | +€10,890 | +753% |
| Suppliers | 440/4 | €1,445 | €12,335 | +€10,890 | +753% |
| Taxes, remuneration and social security | 45 | €8,164 | €12,239 | +€4,075 | +49.9% |
| Taxes | 450/3 | €8,164 | €12,239 | +€4,075 | +49.9% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €0 | €8,411 | +€8,411 | |
| Non-recurring operating income | 76A | - | €21,092 | +€21,092 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,770 | €1,356 | -€414 | -23.4% |
| Other operating charges | 640/8 | €52,047 | €14,916 | -€37,130 | -71.3% |
| Non-recurring operating charges | 66A | - | €964 | +€964 | |
| Gross operating margin | 9900 | €31,975 | €61,104 | +€29,129 | +91.1% |
| Operating profit (loss) | 9901 | -€21,841 | €43,868 | +€65,709 | |
| Financial income | 75/76B | €5,175 | €3,365 | -€1,810 | -35.0% |
| Recurring financial income | 75 | €5,175 | €3,365 | -€1,810 | -35.0% |
| Financial charges | 65/66B | €15,638 | €2,055 | -€13,582 | -86.9% |
| Recurring financial charges | 65 | €15,638 | €2,055 | -€13,582 | -86.9% |
| Profit (loss) for the period before taxes | 9903 | -€32,304 | €45,177 | +€77,481 | |
| Income taxes | 67/77 | €8,922 | €9,869 | +€947 | +10.6% |
| Profit (loss) for the period | 9904 | -€41,226 | €35,309 | +€76,535 | |
| Profit (loss) for the period to be appropriated | 9905 | -€41,226 | €35,309 | +€76,535 |
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 17 October 2026 via checked.be.