REFRINAM: 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
REFRINAM
NACE 43.240, Other construction installation
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€630,018
2024 · €825,150-€195,132
Equity
€1.6m
2024 · €1.5m+€130,018
Cash
€1.3m
2024 · €1.2m+€78,813
Balance sheet total
€3.8m
2024 · €3.3m+€560,242
Largest movements
Assets
- Stocks and contracts +€217,768
up €217,768 (+35.2%), from €619,061 to €836,829
- Tangible fixed assets +€157,011
up €157,011 (+50.6%), from €310,415 to €467,426
of which Leasing and similar rights: +€190,381
- Current investments +€91,536
up €91,536 (+36.6%), from €250,000 to €341,536
- Cash +€78,813
up €78,813 (+6.6%), from €1.2m to €1.3m
mainly Net result for the year (+€630,018) and Trade debts (+€160,998)
Equity and liabilities
- Trade debts +€160,998
up €160,998 (+24.8%), from €648,548 to €809,546
- Debts after one year +€135,096
up €135,096 (+226.1%), from €59,741 to €194,837
- Profit (loss) carried forward +€130,018
up €130,018 (+9.6%), from €1.4m to €1.5m
- Other debts +€100,000
up €100,000 (+25.0%), from €400,000 to €500,000
- Accrued charges and deferred income -€91,997
down €91,997 (-29.4%), from €313,018 to €221,021
Income statement
- Staff costs +€414,509
up €414,509 (+18.6%), from €2.2m to €2.6m
- Gross operating margin +€164,831
up €164,831 (+4.7%), from €3.5m to €3.7m
- Taxes -€79,911
down €79,911 (-27.5%), from €290,239 to €210,328
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
€825,150
Gross operating margin
+€164,831
Staff costs
-€414,509
Depreciation
-€19,425
Write-downs
-€2,648
Other operating charges
+€8,664
Other operating items
-€5,267
Financial income
-€4,839
Financial charges
-€1,849
Taxes
+€79,911
Result 2025
€630,018
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
+€773,883
Investment
-€394,331
Financing
-€300,739
Cash 2024
€1.2m
From operations (derived)
+€773,883
Net result for the year
+€630,018
Depreciation
+€145,285
Stocks and contracts
-€217,768
Receivables within one year
-€14,883
Deferred charges and accrued income
+€267
Trade debts
+€160,998
Tax, wage and social debts
+€61,962
Other debts
+€100,000
Accrued charges and deferred income
-€91,997
Investment (derived)
-€394,331
Investment in fixed assets (net)
-€302,794
Current investments
-€91,536
Financing
-€300,739
Debts after one year
+€135,096
Current portion of long-term debt
+€64,165
Contributions, distributions and other
-€500,000
Cash 2025
€1.3m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,265,726 | €3,825,967 | +€560,242 | +17.2% |
| Fixed assets | 21/28 | €314,269 | €471,778 | +€157,509 | +50.1% |
| Intangible fixed assets | 21 | €1,604 | €2,102 | +€498 | +31.1% |
| Tangible fixed assets | 22/27 | €310,415 | €467,426 | +€157,011 | +50.6% |
| Plant, machinery and equipment | 23 | €12,288 | €5,365 | -€6,923 | -56.3% |
| Furniture and vehicles | 24 | €82,405 | €66,408 | -€15,997 | -19.4% |
| Leasing and similar rights | 25 | €181,780 | €372,161 | +€190,381 | +104.7% |
| Other tangible fixed assets | 26 | €33,942 | €23,492 | -€10,450 | -30.8% |
| Financial fixed assets | 28 | €2,250 | €2,250 | = | 0.0% |
| Current assets | 29/58 | €2,951,456 | €3,354,189 | +€402,733 | +13.6% |
| Stocks and contracts in progress | 3 | €619,061 | €836,829 | +€217,768 | +35.2% |
| Stocks | 30/36 | €619,061 | €836,829 | +€217,768 | +35.2% |
| Amounts receivable within one year | 40/41 | €850,604 | €865,487 | +€14,883 | +1.7% |
| Trade receivables | 40 | €695,929 | €753,610 | +€57,681 | +8.3% |
| Other amounts receivable | 41 | €154,675 | €111,877 | -€42,798 | -27.7% |
| Current investments | 50/53 | €250,000 | €341,536 | +€91,536 | +36.6% |
| Cash at bank and in hand | 54/58 | €1,190,362 | €1,269,174 | +€78,813 | +6.6% |
| Deferred charges and accrued income | 490/1 | €41,429 | €41,162 | -€267 | -0.6% |
| Total equity and liabilities | 10/49 | €3,265,726 | €3,825,967 | +€560,242 | +17.2% |
| Equity | 10/15 | €1,480,844 | €1,610,862 | +€130,018 | +8.8% |
| Contributions | 10/11 | €111,500 | €111,500 | = | 0.0% |
| Capital | 10 | €111,500 | €111,500 | = | 0.0% |
| Issued capital | 100 | €111,500 | €111,500 | = | 0.0% |
| Reserves | 13 | €11,150 | €11,150 | = | 0.0% |
| Non-distributable reserves | 130/1 | €11,150 | €11,150 | = | 0.0% |
| Legal reserve | 130 | €11,150 | €11,150 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,358,194 | €1,488,212 | +€130,018 | +9.6% |
| Amounts payable | 17/49 | €1,784,882 | €2,215,105 | +€430,224 | +24.1% |
| Amounts payable after more than one year | 17 | €59,741 | €194,837 | +€135,096 | +226.1% |
| Financial debts | 170/4 | €59,741 | €194,837 | +€135,096 | +226.1% |
| Amounts payable within one year | 42/48 | €1,412,122 | €1,799,247 | +€387,125 | +27.4% |
| Current portion of amounts payable after more than one year | 42 | €142,536 | €206,701 | +€64,165 | +45.0% |
| Trade debts | 44 | €648,548 | €809,546 | +€160,998 | +24.8% |
| Suppliers | 440/4 | €648,548 | €809,546 | +€160,998 | +24.8% |
| Taxes, remuneration and social security | 45 | €221,038 | €283,000 | +€61,962 | +28.0% |
| Taxes | 450/3 | €2,524 | €8,976 | +€6,452 | +255.7% |
| Remuneration and social security | 454/9 | €218,514 | €274,024 | +€55,509 | +25.4% |
| Other amounts payable | 47/48 | €400,000 | €500,000 | +€100,000 | +25.0% |
| Accrued charges and deferred income | 492/3 | €313,018 | €221,021 | -€91,997 | -29.4% |
| Non-recurring operating income | 76A | €5,225 | €5,504 | +€279 | +5.3% |
| Remuneration, social security and pensions | 62 | €2,226,133 | €2,640,643 | +€414,509 | +18.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €125,860 | €145,285 | +€19,425 | +15.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €2,648 | +€2,648 | |
| Other operating charges | 640/8 | €21,873 | €13,208 | -€8,664 | -39.6% |
| Non-recurring operating charges | 66A | - | €5,267 | +€5,267 | |
| Gross operating margin | 9900 | €3,494,953 | €3,659,784 | +€164,831 | +4.7% |
| Operating profit (loss) | 9901 | €1,121,087 | €852,732 | -€268,355 | -23.9% |
| Financial income | 75/76B | €12,258 | €7,418 | -€4,839 | -39.5% |
| Recurring financial income | 75 | €12,258 | €7,418 | -€4,839 | -39.5% |
| Financial charges | 65/66B | €17,955 | €19,804 | +€1,849 | +10.3% |
| Recurring financial charges | 65 | €17,955 | €19,804 | +€1,849 | +10.3% |
| Profit (loss) for the period before taxes | 9903 | €1,115,390 | €840,346 | -€275,043 | -24.7% |
| Income taxes | 67/77 | €290,239 | €210,328 | -€79,911 | -27.5% |
| Profit (loss) for the period | 9904 | €825,150 | €630,018 | -€195,132 | -23.6% |
| Profit (loss) for the period to be appropriated | 9905 | €825,150 | €630,018 | -€195,132 | -23.6% |
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 2 October 2026 via checked.be.