REFRAMINERALS: what changed
Two fiscal 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.
REFRAMINERALS
Largest movements
- Receivables after one year -€26,000
down €26,000 (-56.5%), from €46,000 to €20,000
- Receivables within one year -€5,201
down €5,201 (-60.2%), from €8,639 to €3,438
of which Trade receivables: -€5,500
- Profit (loss) carried forward -€27,043
down €27,043, from €13,080 to -€13,962
- Advances received -€4,845
no longer reported in 2025 (was €4,845)
- Gross operating margin -€32,339
down €32,339, from €8,231 to -€24,108
- Financial charges -€3,259
down €3,259 (-63.2%), from €5,154 to €1,895
- Depreciation -€1,063
down €1,063 (-48.6%), from €2,185 to €1,122
- Other operating charges -€436
down €436 (-37.7%), from €1,154 to €719
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.
Cash bridge derived
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €58,203 | €26,435 | -€31,768 | -54.6% |
| Fixed assets | 21/28 | €1,864 | €1,600 | -€264 | -14.1% |
| Tangible fixed assets | 22/27 | €1,864 | €1,600 | -€264 | -14.1% |
| Furniture and vehicles | 24 | €1,864 | €1,600 | -€264 | -14.1% |
| Current assets | 29/58 | €56,339 | €24,835 | -€31,504 | -55.9% |
| Amounts receivable after more than one year | 29 | €46,000 | €20,000 | -€26,000 | -56.5% |
| Other amounts receivable | 291 | €46,000 | €20,000 | -€26,000 | -56.5% |
| Amounts receivable within one year | 40/41 | €8,639 | €3,438 | -€5,201 | -60.2% |
| Trade receivables | 40 | €8,344 | €2,844 | -€5,500 | -65.9% |
| Other amounts receivable | 41 | €295 | €593 | +€299 | +101.3% |
| Deferred charges and accrued income | 490/1 | €1,700 | €1,397 | -€303 | -17.8% |
| Total equity and liabilities | 10/49 | €58,203 | €26,435 | -€31,768 | -54.6% |
| Equity | 10/15 | €27,340 | €298 | -€27,043 | -98.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €13,080 | -€13,962 | -€27,043 | |
| Amounts payable | 17/49 | €30,863 | €26,138 | -€4,725 | -15.3% |
| Amounts payable within one year | 42/48 | €30,863 | €26,138 | -€4,725 | -15.3% |
| Financial debts | 43 | €25,326 | €25,600 | +€274 | +1.1% |
| Credit institutions | 430/8 | €25,326 | €25,600 | +€274 | +1.1% |
| Trade debts | 44 | €218 | €508 | +€290 | +132.8% |
| Suppliers | 440/4 | €218 | €508 | +€290 | +132.8% |
| Advances received on contracts in progress | 46 | €4,845 | - | -€4,845 | |
| Taxes, remuneration and social security | 45 | €24 | - | -€24 | |
| Taxes | 450/3 | €24 | - | -€24 | |
| Other amounts payable | 47/48 | €451 | €29 | -€421 | -93.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,185 | €1,122 | -€1,063 | -48.6% |
| Other operating charges | 640/8 | €1,154 | €719 | -€436 | -37.7% |
| Gross operating margin | 9900 | €8,231 | -€24,108 | -€32,339 | |
| Operating profit (loss) | 9901 | €4,891 | -€25,949 | -€30,840 | |
| Financial income | 75/76B | €920 | €955 | +€35 | +3.8% |
| Recurring financial income | 75 | €920 | €955 | +€35 | +3.8% |
| Financial charges | 65/66B | €5,154 | €1,895 | -€3,259 | -63.2% |
| Recurring financial charges | 65 | €5,154 | €1,895 | -€3,259 | -63.2% |
| Profit (loss) for the period before taxes | 9903 | €657 | -€26,889 | -€27,546 | |
| Income taxes | 67/77 | €154 | €154 | = | 0.0% |
| Profit (loss) for the period | 9904 | €503 | -€27,043 | -€27,546 | |
| Profit (loss) for the period to be appropriated | 9905 | €503 | -€27,043 | -€27,546 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.