REFRINAM EXPORT: 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.
REFRINAM EXPORT
Largest movements
- Receivables within one year -€77,982
down €77,982 (-30.5%), from €255,977 to €177,995
of which Trade receivables: -€115,264
- Tangible fixed assets -€25,733
down €25,733 (-2.3%), from €1.1m to €1.1m
of which Land and buildings: -€92,783
- Debts after one year -€60,515
down €60,515 (-17.7%), from €342,091 to €281,576
- Profit (loss) carried forward -€27,643
down €27,643 (-12.2%), from €226,953 to €199,310
- Trade debts -€24,021
down €24,021 (-7.9%), from €303,810 to €279,788
- Tax, wage and social debts -€16,047
down €16,047 (-30.4%), from €52,782 to €36,735
of which Remuneration and social security: -€8,717
- Gross operating margin -€85,158
down €85,158 (-17.2%), from €493,917 to €408,759
- Taxes -€32,855
down €32,855 (-98.4%), from €33,396 to €541
- Depreciation +€26,558
up €26,558 (+24.2%), from €109,897 to €136,456
- Staff costs -€17,125
down €17,125 (-7.2%), from €237,868 to €220,742
- Other operating charges -€11,545
down €11,545 (-35.3%), from €32,685 to €21,140
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,601,928 | €1,481,898 | -€120,030 | -7.5% |
| Fixed assets | 21/28 | €1,119,221 | €1,093,488 | -€25,733 | -2.3% |
| Tangible fixed assets | 22/27 | €1,119,221 | €1,093,488 | -€25,733 | -2.3% |
| Land and buildings | 22 | €980,657 | €887,874 | -€92,783 | -9.5% |
| Furniture and vehicles | 24 | €23,830 | €14,974 | -€8,855 | -37.2% |
| Leasing and similar rights | 25 | €114,735 | €190,639 | +€75,905 | +66.2% |
| Current assets | 29/58 | €482,707 | €388,411 | -€94,297 | -19.5% |
| Stocks and contracts in progress | 3 | €177,396 | €169,670 | -€7,726 | -4.4% |
| Stocks | 30/36 | €177,396 | €169,670 | -€7,726 | -4.4% |
| Amounts receivable within one year | 40/41 | €255,977 | €177,995 | -€77,982 | -30.5% |
| Trade receivables | 40 | €236,945 | €121,680 | -€115,264 | -48.6% |
| Other amounts receivable | 41 | €19,032 | €56,315 | +€37,283 | +195.9% |
| Cash at bank and in hand | 54/58 | €44,021 | €40,745 | -€3,276 | -7.4% |
| Deferred charges and accrued income | 490/1 | €5,314 | - | -€5,314 | |
| Total equity and liabilities | 10/49 | €1,601,928 | €1,481,898 | -€120,030 | -7.5% |
| Equity | 10/15 | €706,953 | €679,310 | -€27,643 | -3.9% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Capital | 10 | €200,000 | €200,000 | = | 0.0% |
| Issued capital | 100 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €280,000 | €280,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €20,000 | €20,000 | = | 0.0% |
| Legal reserve | 130 | €20,000 | €20,000 | = | 0.0% |
| Distributable reserves | 133 | €260,000 | €260,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €226,953 | €199,310 | -€27,643 | -12.2% |
| Amounts payable | 17/49 | €894,976 | €802,588 | -€92,388 | -10.3% |
| Amounts payable after more than one year | 17 | €342,091 | €281,576 | -€60,515 | -17.7% |
| Financial debts | 170/4 | €342,091 | €281,576 | -€60,515 | -17.7% |
| Amounts payable within one year | 42/48 | €537,946 | €513,542 | -€24,403 | -4.5% |
| Current portion of amounts payable after more than one year | 42 | €181,194 | €196,859 | +€15,665 | +8.6% |
| Trade debts | 44 | €303,810 | €279,788 | -€24,021 | -7.9% |
| Suppliers | 440/4 | €303,810 | €279,788 | -€24,021 | -7.9% |
| Taxes, remuneration and social security | 45 | €52,782 | €36,735 | -€16,047 | -30.4% |
| Taxes | 450/3 | €10,836 | €3,507 | -€7,329 | -67.6% |
| Remuneration and social security | 454/9 | €41,946 | €33,228 | -€8,717 | -20.8% |
| Other amounts payable | 47/48 | €160 | €160 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €14,939 | €7,469 | -€7,469 | -50.0% |
| Remuneration, social security and pensions | 62 | €237,868 | €220,742 | -€17,125 | -7.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €109,897 | €136,456 | +€26,558 | +24.2% |
| Other operating charges | 640/8 | €32,685 | €21,140 | -€11,545 | -35.3% |
| Non-recurring operating charges | 66A | - | €40,849 | +€40,849 | |
| Gross operating margin | 9900 | €493,917 | €408,759 | -€85,158 | -17.2% |
| Operating profit (loss) | 9901 | €113,467 | -€10,428 | -€123,895 | |
| Financial income | 75/76B | €257 | €270 | +€13 | +4.9% |
| Recurring financial income | 75 | €257 | €270 | +€13 | +4.9% |
| Financial charges | 65/66B | €13,395 | €16,944 | +€3,548 | +26.5% |
| Recurring financial charges | 65 | €13,395 | €16,944 | +€3,548 | +26.5% |
| Profit (loss) for the period before taxes | 9903 | €100,329 | -€27,102 | -€127,430 | |
| Income taxes | 67/77 | €33,396 | €541 | -€32,855 | -98.4% |
| Profit (loss) for the period | 9904 | €66,933 | -€27,643 | -€94,575 | |
| Profit (loss) for the period to be appropriated | 9905 | €66,933 | -€27,643 | -€94,575 |
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 6 October 2026 via checked.be.