REFRECO: 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.
What changed
REFRECO
NACE 33.120, Repair and maintenance of machinery
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€17,602
2024 · €161,830-€179,432
Equity
€630,270
2024 · €647,873-€17,602
Cash
€264,027
2024 · €424,162-€160,135
Balance sheet total
€4.6m
2024 · €5.9m-€1.3m
Largest movements
Assets
- Stocks and contracts -€1.2m
down €1.2m (-32.1%), from €3.7m to €2.5m
of which Stocks: -€2.9m
- Cash -€160,135
down €160,135 (-37.8%), from €424,162 to €264,027
mainly Accrued charges and deferred income (-€3.0m) and Receivables within one year (-€127,254)
- Receivables within one year +€127,254
up €127,254 (+12.6%), from €1.0m to €1.1m
of which Other amounts receivable: +€105,137
Equity and liabilities
- Accrued charges and deferred income -€3.0m
down €3.0m (-100.0%), from €3.0m to €610
- Advances received +€1.6m
new in 2025: €1.6m
- Short-term financial debts +€262,121
up €262,121 (+71.2%), from €368,337 to €630,457
- Trade debts -€90,986
down €90,986 (-15.3%), from €593,155 to €502,169
- Debts after one year -€74,839
down €74,839 (-12.4%), from €605,081 to €530,243
Income statement
- Staff costs +€305,237
up €305,237 (+17.9%), from €1.7m to €2.0m
- Gross operating margin +€78,535
up €78,535 (+3.7%), from €2.1m to €2.2m
- Taxes -€39,555
down €39,555 (-77.8%), from €50,834 to €11,280
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.
Result 2024
€161,830
Gross operating margin
+€78,535
Staff costs
-€305,237
Depreciation
+€11,866
Write-downs
+€9,441
Other operating charges
-€4,208
Other operating items
-€2,496
Financial income
-€14,931
Financial charges
+€8,043
Taxes
+€39,555
Result 2025
-€17,602
Cash bridge derived
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.
From operations
-€276,146
Investment
-€86,907
Financing
+€202,918
Cash 2024
€424,162
From operations (derived)
-€276,146
Net result for the year
-€17,602
Depreciation
+€135,084
Stocks and contracts
+€1.2m
Receivables within one year
-€127,254
Smaller working-capital items
-€2,209
Trade debts
-€90,986
Tax, wage and social debts
+€11,323
Advances received
+€1.6m
Accrued charges and deferred income
-€3.0m
Investment (derived)
-€86,907
Investment in fixed assets (net)
-€86,907
Financing
+€202,918
Debts after one year
-€74,839
Current portion of long-term debt
+€15,636
Short-term financial debts
+€262,121
Cash 2025
€264,027
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,884,192 | €4,615,506 | -€1.3m | -21.6% |
| Fixed assets | 21/28 | €750,698 | €702,521 | -€48,177 | -6.4% |
| Intangible fixed assets | 21 | €3,458 | €756 | -€2,701 | -78.1% |
| Tangible fixed assets | 22/27 | €747,240 | €701,765 | -€45,476 | -6.1% |
| Land and buildings | 22 | €330,063 | €302,190 | -€27,873 | -8.4% |
| Plant, machinery and equipment | 23 | €148,918 | €126,623 | -€22,295 | -15.0% |
| Furniture and vehicles | 24 | €268,259 | €272,951 | +€4,692 | +1.7% |
| Current assets | 29/58 | €5,133,494 | €3,912,985 | -€1.2m | -23.8% |
| Stocks and contracts in progress | 3 | €3,696,803 | €2,509,168 | -€1.2m | -32.1% |
| Stocks | 30/36 | €3,696,803 | €803,723 | -€2.9m | -78.3% |
| Contracts in progress | 37 | - | €1,705,445 | +€1.7m | |
| Amounts receivable within one year | 40/41 | €1,011,333 | €1,138,587 | +€127,254 | +12.6% |
| Trade receivables | 40 | €943,202 | €965,319 | +€22,117 | +2.3% |
| Other amounts receivable | 41 | €68,131 | €173,269 | +€105,137 | +154.3% |
| Cash at bank and in hand | 54/58 | €424,162 | €264,027 | -€160,135 | -37.8% |
| Deferred charges and accrued income | 490/1 | €1,196 | €1,203 | +€7 | +0.6% |
| Total equity and liabilities | 10/49 | €5,884,192 | €4,615,506 | -€1.3m | -21.6% |
| Equity | 10/15 | €647,873 | €630,270 | -€17,602 | -2.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €35,988 | €31,986 | -€4,002 | -11.1% |
| Reserves | 13 | €213,809 | €217,811 | +€4,002 | +1.9% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €213,809 | €217,811 | +€4,002 | +1.9% |
| Profit (loss) carried forward | 14 | €379,475 | €361,873 | -€17,602 | -4.6% |
| Amounts payable | 17/49 | €5,236,319 | €3,985,235 | -€1.3m | -23.9% |
| Amounts payable after more than one year | 17 | €605,081 | €530,243 | -€74,839 | -12.4% |
| Financial debts | 170/4 | €605,081 | €530,243 | -€74,839 | -12.4% |
| Amounts payable within one year | 42/48 | €1,655,747 | €3,454,382 | +€1.8m | +108.6% |
| Current portion of amounts payable after more than one year | 42 | €172,755 | €188,391 | +€15,636 | +9.1% |
| Financial debts | 43 | €368,337 | €630,457 | +€262,121 | +71.2% |
| Credit institutions | 430/8 | €368,337 | €630,457 | +€262,121 | +71.2% |
| Trade debts | 44 | €593,155 | €502,169 | -€90,986 | -15.3% |
| Suppliers | 440/4 | €593,155 | €502,169 | -€90,986 | -15.3% |
| Advances received on contracts in progress | 46 | - | €1,602,744 | +€1.6m | |
| Taxes, remuneration and social security | 45 | €315,299 | €326,621 | +€11,323 | +3.6% |
| Taxes | 450/3 | €113,895 | €67,236 | -€46,658 | -41.0% |
| Remuneration and social security | 454/9 | €201,404 | €259,385 | +€57,981 | +28.8% |
| Other amounts payable | 47/48 | €206,202 | €204,000 | -€2,202 | -1.1% |
| Accrued charges and deferred income | 492/3 | €2,975,491 | €610 | -€3.0m | -100.0% |
| Non-recurring operating income | 76A | €3,078 | €20,502 | +€17,424 | +566.2% |
| Remuneration, social security and pensions | 62 | €1,703,508 | €2,008,745 | +€305,237 | +17.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €146,950 | €135,084 | -€11,866 | -8.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €6,338 | -€3,103 | -€9,441 | |
| Other operating charges | 640/8 | €14,857 | €19,065 | +€4,208 | +28.3% |
| Non-recurring operating charges | 66A | €15,840 | €18,336 | +€2,496 | +15.8% |
| Gross operating margin | 9900 | €2,139,366 | €2,217,901 | +€78,535 | +3.7% |
| Operating profit (loss) | 9901 | €251,872 | €39,774 | -€212,099 | -84.2% |
| Financial income | 75/76B | €17,893 | €2,962 | -€14,931 | -83.4% |
| Recurring financial income | 75 | €17,893 | €2,962 | -€14,931 | -83.4% |
| Financial charges | 65/66B | €57,101 | €49,058 | -€8,043 | -14.1% |
| Recurring financial charges | 65 | €57,101 | €49,058 | -€8,043 | -14.1% |
| Profit (loss) for the period before taxes | 9903 | €212,665 | -€6,322 | -€218,987 | |
| Income taxes | 67/77 | €50,834 | €11,280 | -€39,555 | -77.8% |
| Profit (loss) for the period | 9904 | €161,830 | -€17,602 | -€179,432 | |
| Profit (loss) for the period to be appropriated | 9905 | €161,830 | -€17,602 | -€179,432 |
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 9 October 2026 via checked.be.