ReFresh XL: 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.
ReFresh XL
Largest movements
- Receivables within one year -€41,002
down €41,002 (-35.4%), from €115,727 to €74,725
of which Other amounts receivable: -€35,668
- Tangible fixed assets +€19,807
up €19,807 (+43.7%), from €45,373 to €65,181
of which Other tangible fixed assets: +€15,984
- Deferred charges and accrued income +€11,999
up €11,999 (+25.2%), from €47,632 to €59,631
- Cash -€5,462
down €5,462 (-9.5%), from €57,646 to €52,184
mainly Net result for the year (-€64,415) and Investment in fixed assets (net) (-€33,172)
- Profit (loss) carried forward -€74,415
down €74,415, from €7,943 to -€66,472
- Debts within one year +€41,522
up €41,522 (+51.9%), from €79,984 to €121,506
of which Trade debts: +€29,515
- Accrued charges and deferred income +€21,584
up €21,584 (+32.5%), from €66,325 to €87,910
- Reserves +€10,000
up €10,000 (+21.2%), from €47,127 to €57,127
- Provisions -€10,000
down €10,000 (-100%), from €10,000 to €0
- Staff costs +€80,364
up €80,364 (+18.7%), from €430,138 to €510,501
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 | €274,215 | €258,946 | -€15,269 | -5.6% |
| Fixed assets | 21/28 | €51,395 | €70,222 | +€18,827 | +36.6% |
| Intangible fixed assets | 21 | €2,696 | €1,716 | -€980 | -36.3% |
| Tangible fixed assets | 22/27 | €45,373 | €65,181 | +€19,807 | +43.7% |
| Plant, machinery and equipment | 23 | €8,315 | €6,465 | -€1,850 | -22.2% |
| Furniture and vehicles | 24 | €28,573 | €33,684 | +€5,111 | +17.9% |
| Other tangible fixed assets | 26 | €8,486 | €24,470 | +€15,984 | +188% |
| Assets under construction and advance payments | 27 | - | €563 | +€563 | |
| Financial fixed assets | 28 | €3,325 | €3,325 | = | 0.0% |
| Current assets | 29/58 | €222,820 | €188,724 | -€34,096 | -15.3% |
| Stocks and contracts in progress | 3 | €1,816 | €2,185 | +€369 | +20.3% |
| Stocks | 30/36 | €1,816 | €2,185 | +€369 | +20.3% |
| Amounts receivable within one year | 40/41 | €115,727 | €74,725 | -€41,002 | -35.4% |
| Trade receivables | 40 | €9,995 | €4,661 | -€5,334 | -53.4% |
| Other amounts receivable | 41 | €105,732 | €70,064 | -€35,668 | -33.7% |
| Cash at bank and in hand | 54/58 | €57,646 | €52,184 | -€5,462 | -9.5% |
| Deferred charges and accrued income | 490/1 | €47,632 | €59,631 | +€11,999 | +25.2% |
| Total equity and liabilities | 10/49 | €274,215 | €258,946 | -€15,269 | -5.6% |
| Equity | 10/15 | €80,666 | €22,255 | -€58,411 | -72.4% |
| Reserves | 13 | €47,127 | €57,127 | +€10,000 | +21.2% |
| Profit (loss) carried forward | 14 | €7,943 | -€66,472 | -€74,415 | |
| Investment grants | 15 | €25,597 | €31,600 | +€6,003 | +23.5% |
| Provisions and deferred taxes | 16 | €10,000 | €0 | -€10,000 | -100% |
| Provisions for liabilities and charges | 160/5 | €10,000 | €0 | -€10,000 | -100% |
| Other liabilities and charges | 164/5 | €10,000 | €0 | -€10,000 | -100% |
| Amounts payable | 17/49 | €183,549 | €236,691 | +€53,143 | +29.0% |
| Amounts payable after more than one year | 17 | €37,239 | €27,276 | -€9,963 | -26.8% |
| Financial debts | 170/4 | €32,239 | €22,276 | -€9,963 | -30.9% |
| Other amounts payable | 178/9 | €5,000 | €5,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €79,984 | €121,506 | +€41,522 | +51.9% |
| Current portion of amounts payable after more than one year | 42 | €9,768 | €9,963 | +€195 | +2.0% |
| Trade debts | 44 | €9,358 | €38,873 | +€29,515 | +315% |
| Suppliers | 440/4 | €9,358 | €38,873 | +€29,515 | +315% |
| Advances received on contracts in progress | 46 | €100 | €0 | -€100 | -100% |
| Taxes, remuneration and social security | 45 | €59,858 | €71,969 | +€12,111 | +20.2% |
| Taxes | 450/3 | €906 | €0 | -€906 | -100% |
| Remuneration and social security | 454/9 | €58,952 | €71,969 | +€13,018 | +22.1% |
| Accrued charges and deferred income | 492/3 | €66,325 | €87,910 | +€21,584 | +32.5% |
| Remuneration, social security and pensions | 62 | €430,138 | €510,501 | +€80,364 | +18.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,791 | €14,345 | +€4,553 | +46.5% |
| Other operating charges | 640/8 | €672 | €934 | +€262 | +39.0% |
| Non-recurring operating charges | 66A | - | €562 | +€562 | |
| Gross operating margin | 9900 | €453,537 | €456,213 | +€2,676 | +0.6% |
| Operating profit (loss) | 9901 | €12,935 | -€60,129 | -€73,064 | |
| Financial income | 75/76B | €37 | €406 | +€368 | +985% |
| Recurring financial income | 75 | €37 | €406 | +€368 | +985% |
| Financial charges | 65/66B | €4,292 | €4,692 | +€400 | +9.3% |
| Recurring financial charges | 65 | €4,292 | €4,692 | +€400 | +9.3% |
| Profit (loss) for the period before taxes | 9903 | €8,681 | -€64,415 | -€73,096 | |
| Profit (loss) for the period | 9904 | €8,681 | -€64,415 | -€73,096 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,681 | -€64,415 | -€73,096 |
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 13 October 2026 via checked.be.