Refrax: 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.
Refrax
Largest movements
- Cash -€78,215
down €78,215 (-51.2%), from €152,719 to €74,505
mainly Contributions, distributions and other (-€100,000) and Receivables within one year (-€18,312)
- Receivables within one year +€18,312
up €18,312 (+77.7%), from €23,554 to €41,866
of which Other amounts receivable: +€17,779
- Reserves -€100,000
down €100,000 (-65.1%), from €153,724 to €53,724
- Profit (loss) carried forward +€55,264
up €55,264, from €0 to €55,264
- Tax, wage and social debts -€14,394
down €14,394 (-46.5%), from €30,980 to €16,586
of which Taxes: -€13,944
- Gross operating margin +€15,489
up €15,489 (+22.3%), from €69,433 to €84,923
- Taxes +€8,746
up €8,746 (+52.5%), from €16,671 to €25,418
- Write-downs -€2,325
down €2,325, from €1,981 to -€344
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 | €189,656 | €130,052 | -€59,604 | -31.4% |
| Fixed assets | 21/28 | €12,019 | €13,324 | +€1,305 | +10.9% |
| Tangible fixed assets | 22/27 | €11,459 | €12,764 | +€1,305 | +11.4% |
| Plant, machinery and equipment | 23 | €5,033 | €5,108 | +€76 | +1.5% |
| Furniture and vehicles | 24 | €6,426 | €6,448 | +€22 | +0.3% |
| Other tangible fixed assets | 26 | - | €1,207 | +€1,207 | |
| Financial fixed assets | 28 | €560 | €560 | = | 0.0% |
| Current assets | 29/58 | €177,637 | €116,728 | -€60,909 | -34.3% |
| Amounts receivable within one year | 40/41 | €23,554 | €41,866 | +€18,312 | +77.7% |
| Trade receivables | 40 | €21,259 | €21,792 | +€533 | +2.5% |
| Other amounts receivable | 41 | €2,295 | €20,074 | +€17,779 | +775% |
| Current investments | 50/53 | - | €358 | +€358 | |
| Cash at bank and in hand | 54/58 | €152,719 | €74,505 | -€78,215 | -51.2% |
| Deferred charges and accrued income | 490/1 | €1,363 | €0 | -€1,363 | -100% |
| Total equity and liabilities | 10/49 | €189,656 | €130,052 | -€59,604 | -31.4% |
| Equity | 10/15 | €155,724 | €110,988 | -€44,736 | -28.7% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €153,724 | €53,724 | -€100,000 | -65.1% |
| Distributable reserves | 133 | €153,724 | €53,724 | -€100,000 | -65.1% |
| Profit (loss) carried forward | 14 | €0 | €55,264 | +€55,264 | |
| Amounts payable | 17/49 | €33,932 | €19,064 | -€14,868 | -43.8% |
| Amounts payable within one year | 42/48 | €33,932 | €19,064 | -€14,868 | -43.8% |
| Financial debts | 43 | €147 | €0 | -€147 | -100% |
| Credit institutions | 430/8 | €147 | €0 | -€147 | -100% |
| Trade debts | 44 | €2,272 | €2,478 | +€206 | +9.1% |
| Suppliers | 440/4 | €2,272 | €2,478 | +€206 | +9.1% |
| Taxes, remuneration and social security | 45 | €30,980 | €16,586 | -€14,394 | -46.5% |
| Taxes | 450/3 | €29,080 | €15,136 | -€13,944 | -48.0% |
| Remuneration and social security | 454/9 | €1,900 | €1,450 | -€450 | -23.7% |
| Other amounts payable | 47/48 | €533 | €0 | -€533 | -100% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,849 | €4,603 | +€754 | +19.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,981 | -€344 | -€2,325 | |
| Other operating charges | 640/8 | €1,100 | €486 | -€614 | -55.8% |
| Gross operating margin | 9900 | €69,433 | €84,923 | +€15,489 | +22.3% |
| Operating profit (loss) | 9901 | €62,503 | €80,178 | +€17,675 | +28.3% |
| Financial income | 75/76B | €608 | €1,148 | +€540 | +88.9% |
| Recurring financial income | 75 | €608 | €1,148 | +€540 | +88.9% |
| Financial charges | 65/66B | €358 | €644 | +€286 | +79.9% |
| Recurring financial charges | 65 | €358 | €644 | +€286 | +79.9% |
| Profit (loss) for the period before taxes | 9903 | €62,753 | €80,682 | +€17,929 | +28.6% |
| Income taxes | 67/77 | €16,671 | €25,418 | +€8,746 | +52.5% |
| Profit (loss) for the period | 9904 | €46,081 | €55,264 | +€9,183 | +19.9% |
| Profit (loss) for the period to be appropriated | 9905 | €46,081 | €55,264 | +€9,183 | +19.9% |
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.