ReFRaMe: 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.
ReFRaMe
Largest movements
- Stocks and contracts +€400,596
up €400,596 (+458%), from €87,477 to €488,072
- Cash -€31,274
down €31,274 (-93.2%), from €33,548 to €2,274
mainly Stocks and contracts (-€400,596) and Trade debts (-€27,446)
- Other debts +€200,000
up €200,000 (+10,000,000%), from €2 to €200,002
- Debts after one year +€173,793
up €173,793 (+257%), from €67,500 to €241,293
- Current portion of long-term debt +€33,925
up €33,925 (+452%), from €7,500 to €41,425
- Trade debts -€27,446
down €27,446 (-81.5%), from €33,675 to €6,229
- Profit (loss) carried forward -€13,099
down €13,099 (-566%), from -€2,313 to -€15,412
- Financial charges +€7,625
up €7,625 (+10,207%), from €75 to €7,700
- Gross operating margin -€4,419
down €4,419 (-515%), from -€858 to -€5,277
- Depreciation -€959
no longer reported in 2025 (was €959)
- Financial income +€382
up €382 (+2,421%), from €16 to €398
- Other operating charges +€82
up €82 (+18.8%), from €437 to €520
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 | €126,365 | €494,191 | +€367,827 | +291% |
| Fixed assets | 21/28 | - | €542 | +€542 | |
| Financial fixed assets | 28 | - | €542 | +€542 | |
| Current assets | 29/58 | €126,365 | €493,650 | +€367,285 | +291% |
| Stocks and contracts in progress | 3 | €87,477 | €488,072 | +€400,596 | +458% |
| Stocks | 30/36 | €87,477 | €488,072 | +€400,596 | +458% |
| Amounts receivable within one year | 40/41 | €3,957 | - | -€3,957 | |
| Other amounts receivable | 41 | €3,957 | - | -€3,957 | |
| Cash at bank and in hand | 54/58 | €33,548 | €2,274 | -€31,274 | -93.2% |
| Deferred charges and accrued income | 490/1 | €1,382 | €3,303 | +€1,921 | +139% |
| Total equity and liabilities | 10/49 | €126,365 | €494,191 | +€367,827 | +291% |
| Equity | 10/15 | €17,687 | €4,588 | -€13,099 | -74.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,313 | -€15,412 | -€13,099 | -566% |
| Amounts payable | 17/49 | €108,677 | €489,603 | +€380,926 | +351% |
| Amounts payable after more than one year | 17 | €67,500 | €241,293 | +€173,793 | +257% |
| Financial debts | 170/4 | €67,500 | €241,293 | +€173,793 | +257% |
| Amounts payable within one year | 42/48 | €41,177 | €248,311 | +€207,134 | +503% |
| Current portion of amounts payable after more than one year | 42 | €7,500 | €41,425 | +€33,925 | +452% |
| Trade debts | 44 | €33,675 | €6,229 | -€27,446 | -81.5% |
| Suppliers | 440/4 | €33,675 | €6,229 | -€27,446 | -81.5% |
| Taxes, remuneration and social security | 45 | - | €655 | +€655 | |
| Taxes | 450/3 | - | €655 | +€655 | |
| Other amounts payable | 47/48 | €2 | €200,002 | +€200,000 | +10,000,000% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €959 | - | -€959 | |
| Other operating charges | 640/8 | €437 | €520 | +€82 | +18.8% |
| Gross operating margin | 9900 | -€858 | -€5,277 | -€4,419 | -515% |
| Operating profit (loss) | 9901 | -€2,254 | -€5,797 | -€3,543 | -157% |
| Financial income | 75/76B | €16 | €398 | +€382 | +2,421% |
| Recurring financial income | 75 | €16 | €398 | +€382 | +2,421% |
| Financial charges | 65/66B | €75 | €7,700 | +€7,625 | +10,207% |
| Recurring financial charges | 65 | €75 | €7,700 | +€7,625 | +10,207% |
| Profit (loss) for the period before taxes | 9903 | -€2,313 | -€13,099 | -€10,787 | -466% |
| Profit (loss) for the period | 9904 | -€2,313 | -€13,099 | -€10,787 | -466% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,313 | -€13,099 | -€10,787 | -466% |
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 14 October 2026 via checked.be.