REFRACTORY PARTNERS: 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.
REFRACTORY PARTNERS
Largest movements
- Cash -€236,389
down €236,389 (-56.9%), from €415,116 to €178,726
mainly Short-term financial debts (-€405,360) and Stocks and contracts (-€89,937)
- Receivables within one year -€175,361
down €175,361 (-18.7%), from €936,055 to €760,694
of which Trade receivables: -€143,601
- Stocks and contracts +€89,937
up €89,937 (+14.3%), from €627,478 to €717,415
- Tangible fixed assets +€26,525
up €26,525 (+39.2%), from €67,677 to €94,202
of which Furniture and vehicles: +€30,141
- Deferred charges and accrued income -€24,578
down €24,578 (-86.8%), from €28,309 to €3,732
- Short-term financial debts -€405,360
down €405,360 (-92.8%), from €437,000 to €31,640
- Reserves +€154,443
up €154,443 (+19.3%), from €800,674 to €955,117
of which Distributable reserves: +€154,443
- Other debts -€37,000
no longer reported in 2025 (was €37,000)
- Provisions -€36,147
down €36,147 (-42.6%), from €84,841 to €48,694
- Gross operating margin -€106,686
down €106,686 (-13.0%), from €821,133 to €714,447
- Provisions -€49,828
down €49,828, from €13,681 to -€36,147
- Staff costs +€35,587
up €35,587 (+8.0%), from €443,147 to €478,734
- Write-downs -€33,546
down €33,546, from €3,710 to -€29,836
- Taxes -€16,374
down €16,374 (-22.6%), from €72,436 to €56,062
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 | €2,083,145 | €1,756,585 | -€326,560 | -15.7% |
| Fixed assets | 21/28 | €76,187 | €96,018 | +€19,831 | +26.0% |
| Intangible fixed assets | 21 | €8,400 | €1,706 | -€6,694 | -79.7% |
| Tangible fixed assets | 22/27 | €67,677 | €94,202 | +€26,525 | +39.2% |
| Plant, machinery and equipment | 23 | €1,587 | €1,796 | +€208 | +13.1% |
| Furniture and vehicles | 24 | €57,457 | €87,598 | +€30,141 | +52.5% |
| Leasing and similar rights | 25 | €1,519 | - | -€1,519 | |
| Other tangible fixed assets | 26 | €7,113 | €4,807 | -€2,306 | -32.4% |
| Financial fixed assets | 28 | €110 | €110 | = | 0.0% |
| Current assets | 29/58 | €2,006,958 | €1,660,567 | -€346,391 | -17.3% |
| Stocks and contracts in progress | 3 | €627,478 | €717,415 | +€89,937 | +14.3% |
| Stocks | 30/36 | €627,478 | €717,415 | +€89,937 | +14.3% |
| Amounts receivable within one year | 40/41 | €936,055 | €760,694 | -€175,361 | -18.7% |
| Trade receivables | 40 | €825,146 | €681,545 | -€143,601 | -17.4% |
| Other amounts receivable | 41 | €110,909 | €79,149 | -€31,761 | -28.6% |
| Cash at bank and in hand | 54/58 | €415,116 | €178,726 | -€236,389 | -56.9% |
| Deferred charges and accrued income | 490/1 | €28,309 | €3,732 | -€24,578 | -86.8% |
| Total equity and liabilities | 10/49 | €2,083,145 | €1,756,585 | -€326,560 | -15.7% |
| Equity | 10/15 | €862,674 | €1,017,117 | +€154,443 | +17.9% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €800,674 | €955,117 | +€154,443 | +19.3% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €155,770 | €155,770 | = | 0.0% |
| Distributable reserves | 133 | €638,704 | €793,147 | +€154,443 | +24.2% |
| Provisions and deferred taxes | 16 | €84,841 | €48,694 | -€36,147 | -42.6% |
| Provisions for liabilities and charges | 160/5 | €84,841 | €48,694 | -€36,147 | -42.6% |
| Pensions and similar obligations | 160 | €3,796 | €3,796 | = | 0.0% |
| Other liabilities and charges | 164/5 | €81,045 | €44,898 | -€36,147 | -44.6% |
| Amounts payable | 17/49 | €1,135,630 | €690,774 | -€444,856 | -39.2% |
| Amounts payable after more than one year | 17 | €18,510 | €31,182 | +€12,673 | +68.5% |
| Financial debts | 170/4 | €18,510 | €31,182 | +€12,673 | +68.5% |
| Amounts payable within one year | 42/48 | €1,117,120 | €659,586 | -€457,535 | -41.0% |
| Current portion of amounts payable after more than one year | 42 | €19,899 | €29,831 | +€9,932 | +49.9% |
| Financial debts | 43 | €437,000 | €31,640 | -€405,360 | -92.8% |
| Credit institutions | 430/8 | €437,000 | €31,640 | -€405,360 | -92.8% |
| Trade debts | 44 | €579,216 | €559,987 | -€19,229 | -3.3% |
| Suppliers | 440/4 | €579,216 | €559,987 | -€19,229 | -3.3% |
| Taxes, remuneration and social security | 45 | €44,005 | €38,127 | -€5,878 | -13.4% |
| Taxes | 450/3 | €1,324 | €1,463 | +€139 | +10.5% |
| Remuneration and social security | 454/9 | €42,681 | €36,664 | -€6,017 | -14.1% |
| Other amounts payable | 47/48 | €37,000 | - | -€37,000 | |
| Accrued charges and deferred income | 492/3 | - | €6 | +€6 | |
| Non-recurring operating income | 76A | €3,237 | €591 | -€2,646 | -81.7% |
| Remuneration, social security and pensions | 62 | €443,147 | €478,734 | +€35,587 | +8.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,773 | €34,443 | +€4,670 | +15.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,710 | -€29,836 | -€33,546 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €13,681 | -€36,147 | -€49,828 | |
| Other operating charges | 640/8 | €7,161 | €4,735 | -€2,426 | -33.9% |
| Non-recurring operating charges | 66A | €346 | - | -€346 | |
| Gross operating margin | 9900 | €821,133 | €714,447 | -€106,686 | -13.0% |
| Operating profit (loss) | 9901 | €323,315 | €262,518 | -€60,797 | -18.8% |
| Financial income | 75/76B | €3,337 | €2,059 | -€1,278 | -38.3% |
| Recurring financial income | 75 | €3,337 | €2,059 | -€1,278 | -38.3% |
| Financial charges | 65/66B | €65,448 | €54,072 | -€11,376 | -17.4% |
| Recurring financial charges | 65 | €65,448 | €54,072 | -€11,376 | -17.4% |
| Profit (loss) for the period before taxes | 9903 | €261,204 | €210,505 | -€50,699 | -19.4% |
| Income taxes | 67/77 | €72,436 | €56,062 | -€16,374 | -22.6% |
| Profit (loss) for the period | 9904 | €188,768 | €154,443 | -€34,325 | -18.2% |
| Transfer to tax-exempt reserves | 689 | €155,770 | - | -€155,770 | |
| Profit (loss) for the period to be appropriated | 9905 | €32,998 | €154,443 | +€121,445 | +368% |
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 25 October 2026 via checked.be.