REFRESCO: 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.
What changed
REFRESCO
NACE 11.070, Manufacture of beverages
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.4m
2024 · €2.2m-€874,793
Equity
€39.6m
2024 · €38.2m+€1.4m
Cash
€14.6m
2024 · €9.1m+€5.4m
Balance sheet total
€46.4m
2024 · €45.1m+€1.3m
Largest movements
Assets
- Cash +€5.4m
up €5.4m (+59.4%), from €9.1m to €14.6m
mainly Depreciation (+€3.1m) and Receivables within one year (+€2.3m)
- Receivables within one year -€2.3m
down €2.3m (-16.6%), from €14.1m to €11.8m
of which Trade receivables: -€2.3m
- Tangible fixed assets -€1.9m
down €1.9m (-9.4%), from €20.6m to €18.6m
of which Plant, machinery and equipment: -€1.1m
Equity and liabilities
- Profit (loss) carried forward +€1.4m
up €1.4m (+5.7%), from €24.2m to €25.5m
- Revaluation surpluses -€1.0m
down €1.0m (-15.7%), from €6.4m to €5.4m
- Reserves +€1.0m
up €1.0m (+18.4%), from €5.4m to €6.4m
of which Distributable reserves: +€1.0m
Income statement
- Turnover -€1.4m
down €1.4m (-5.1%), from €26.9m to €25.5m
- Services and other goods -€1.1m
down €1.1m (-13.1%), from €8.3m to €7.2m
- Staff costs +€789,854
up €789,854 (+5.6%), from €14.1m to €14.9m
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
€2.2m
Turnover
-€1.4m
Other operating income
-€47,710
Goods and materials
-€114,557
Services and other goods
+€1.1m
Staff costs
-€789,854
Depreciation
+€117,343
Other operating charges
-€2,525
Financial income
+€203,929
Financial charges
-€12,753
Taxes
+€61,460
Result 2025
€1.4m
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
+€6.5m
Investment
-€1.0m
Financing
-€1,766
Cash 2024
€9.1m
From operations (derived)
+€6.5m
Net result for the year
+€1.4m
Depreciation
+€3.1m
Stocks and contracts
-€279,995
Receivables within one year
+€2.3m
Deferred charges and accrued income
-€29,300
Trade debts
-€359,075
Tax, wage and social debts
+€163,519
Accrued charges and deferred income
+€116,227
Investment (derived)
-€1.0m
Investment in fixed assets (net)
-€1.0m
Financing
-€1,766
Short-term financial debts
-€1,766
Cash 2025
€14.6m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €45,091,474 | €46,381,648 | +€1.3m | +2.9% |
| Fixed assets | 21/28 | €20,933,690 | €18,817,702 | -€2.1m | -10.1% |
| Intangible fixed assets | 21 | €254,259 | €63,565 | -€190,694 | -75.0% |
| Tangible fixed assets | 22/27 | €20,561,933 | €18,636,639 | -€1.9m | -9.4% |
| Land and buildings | 22 | €11,399,917 | €11,272,449 | -€127,468 | -1.1% |
| Plant, machinery and equipment | 23 | €7,057,222 | €5,920,639 | -€1.1m | -16.1% |
| Furniture and vehicles | 24 | €1,324,750 | €1,189,939 | -€134,810 | -10.2% |
| Assets under construction and advance payments | 27 | €780,044 | €253,612 | -€526,433 | -67.5% |
| Financial fixed assets | 28 | €117,498 | €117,498 | = | 0.0% |
| Other financial fixed assets | 284/8 | €117,498 | €117,498 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €117,498 | €117,498 | = | 0.0% |
| Current assets | 29/58 | €24,157,783 | €27,563,946 | +€3.4m | +14.1% |
| Stocks and contracts in progress | 3 | €882,908 | €1,162,904 | +€279,995 | +31.7% |
| Stocks | 30/36 | €882,908 | €1,162,904 | +€279,995 | +31.7% |
| Raw materials and consumables | 30/31 | €882,908 | €1,162,904 | +€279,995 | +31.7% |
| Amounts receivable within one year | 40/41 | €14,103,074 | €11,767,596 | -€2.3m | -16.6% |
| Trade receivables | 40 | €13,840,924 | €11,529,141 | -€2.3m | -16.7% |
| Other amounts receivable | 41 | €262,150 | €238,455 | -€23,695 | -9.0% |
| Cash at bank and in hand | 54/58 | €9,147,696 | €14,580,042 | +€5.4m | +59.4% |
| Deferred charges and accrued income | 490/1 | €24,105 | €53,405 | +€29,300 | +121.6% |
| Total equity and liabilities | 10/49 | €45,091,474 | €46,381,648 | +€1.3m | +2.9% |
| Equity | 10/15 | €38,230,215 | €39,601,485 | +€1.4m | +3.6% |
| Contributions | 10/11 | €2,258,701 | €2,258,701 | = | 0.0% |
| Capital | 10 | €2,258,701 | €2,258,701 | = | 0.0% |
| Issued capital | 100 | €2,258,701 | €2,258,701 | = | 0.0% |
| Revaluation surpluses | 12 | €6,353,046 | €5,352,938 | -€1.0m | -15.7% |
| Reserves | 13 | €5,449,209 | €6,449,317 | +€1.0m | +18.4% |
| Non-distributable reserves | 130/1 | €285,920 | €285,920 | = | 0.0% |
| Legal reserve | 130 | €285,920 | €285,920 | = | 0.0% |
| Tax-exempt reserves | 132 | €115,804 | €115,804 | = | 0.0% |
| Distributable reserves | 133 | €5,047,485 | €6,047,593 | +€1.0m | +19.8% |
| Profit (loss) carried forward | 14 | €24,169,259 | €25,540,528 | +€1.4m | +5.7% |
| Amounts payable | 17/49 | €6,861,258 | €6,780,163 | -€81,095 | -1.2% |
| Amounts payable within one year | 42/48 | €6,682,074 | €6,484,751 | -€197,322 | -3.0% |
| Financial debts | 43 | €2,165 | €399 | -€1,766 | -81.6% |
| Credit institutions | 430/8 | €2,165 | €399 | -€1,766 | -81.6% |
| Trade debts | 44 | €2,683,149 | €2,324,073 | -€359,075 | -13.4% |
| Suppliers | 440/4 | €2,683,149 | €2,324,073 | -€359,075 | -13.4% |
| Taxes, remuneration and social security | 45 | €3,996,760 | €4,160,279 | +€163,519 | +4.1% |
| Taxes | 450/3 | €2,691,392 | €2,598,061 | -€93,331 | -3.5% |
| Remuneration and social security | 454/9 | €1,305,368 | €1,562,218 | +€256,850 | +19.7% |
| Accrued charges and deferred income | 492/3 | €179,185 | €295,412 | +€116,227 | +64.9% |
| Operating income | 70/76A | €30,254,065 | €28,831,437 | -€1.4m | -4.7% |
| Turnover | 70 | €26,882,110 | €25,507,192 | -€1.4m | -5.1% |
| Other operating income | 74 | €3,371,955 | €3,324,245 | -€47,710 | -1.4% |
| Operating charges | 60/66A | €26,861,111 | €26,565,912 | -€295,200 | -1.1% |
| Goods for resale, raw materials and consumables | 60 | €1,033,333 | €1,147,890 | +€114,557 | +11.1% |
| Purchases | 600/8 | €1,251,243 | €1,313,329 | +€62,085 | +5.0% |
| Change in stocks: decrease (increase) | 609 | -€217,910 | -€165,438 | +€52,472 | +24.1% |
| Services and other goods | 61 | €8,286,357 | €7,201,563 | -€1.1m | -13.1% |
| Remuneration, social security and pensions | 62 | €14,147,281 | €14,937,136 | +€789,854 | +5.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,256,050 | €3,138,707 | -€117,343 | -3.6% |
| Other operating charges | 640/8 | €138,090 | €140,615 | +€2,525 | +1.8% |
| Operating profit (loss) | 9901 | €3,392,954 | €2,265,525 | -€1.1m | -33.2% |
| Financial income | 75/76B | €86,656 | €290,584 | +€203,929 | +235.3% |
| Recurring financial income | 75 | €86,656 | €290,584 | +€203,929 | +235.3% |
| Income from current assets | 751 | €86,656 | €290,549 | +€203,893 | +235.3% |
| Other financial income | 752/9 | €0 | €35 | +€35 | |
| Financial charges | 65/66B | €19,111 | €31,864 | +€12,753 | +66.7% |
| Recurring financial charges | 65 | €19,111 | €31,864 | +€12,753 | +66.7% |
| Other financial charges | 652/9 | €19,111 | €31,864 | +€12,753 | +66.7% |
| Profit (loss) for the period before taxes | 9903 | €3,460,498 | €2,524,245 | -€936,253 | -27.1% |
| Income taxes | 67/77 | €1,214,436 | €1,152,976 | -€61,460 | -5.1% |
| Taxes | 670/3 | €1,214,436 | €1,152,976 | -€61,460 | -5.1% |
| Profit (loss) for the period | 9904 | €2,246,062 | €1,371,269 | -€874,793 | -38.9% |
| Profit (loss) for the period to be appropriated | 9905 | €2,246,062 | €1,371,269 | -€874,793 | -38.9% |
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 5 October 2026 via checked.be.