REFRIPEC: 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.
REFRIPEC
Largest movements
- Cash -€51,660
down €51,660 (-89.7%), from €57,565 to €5,905
mainly Contributions, distributions and other (-€47,417) and Current investments (-€45,000)
- Current investments +€45,000
new in 2024: €45,000
- Receivables within one year -€20,689
down €20,689 (-60.4%), from €34,254 to €13,565
of which Trade receivables: -€22,504
- Tangible fixed assets -€1,954
down €1,954 (-16.8%), from €11,597 to €9,644
of which Land and buildings: -€1,425
- Reserves -€53,623
down €53,623 (-64.6%), from €82,972 to €29,349
- Other debts +€41,990
new in 2024: €41,990
- Trade debts -€9,436
down €9,436 (-88.8%), from €10,621 to €1,185
- Tax, wage and social debts -€7,261
no longer reported in 2024 (was €7,261)
- Gross operating margin -€33,636
down €33,636, from €32,719 to -€918
- Taxes -€6,419
down €6,419 (-88.4%), from €7,261 to €842
- Depreciation +€438
up €438 (+13.1%), from €3,336 to €3,774
- Other operating charges +€368
up €368 (+161.9%), from €228 to €596
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €104,354 | €75,024 | -€29,330 | -28.1% |
| Formation expenses | 20 | €937 | €469 | -€469 | -50.0% |
| Fixed assets | 21/28 | €11,597 | €9,644 | -€1,954 | -16.8% |
| Tangible fixed assets | 22/27 | €11,597 | €9,644 | -€1,954 | -16.8% |
| Land and buildings | 22 | €6,064 | €4,639 | -€1,425 | -23.5% |
| Plant, machinery and equipment | 23 | €2,759 | €2,405 | -€354 | -12.8% |
| Furniture and vehicles | 24 | €2,774 | €2,600 | -€174 | -6.3% |
| Current assets | 29/58 | €91,819 | €64,911 | -€26,908 | -29.3% |
| Amounts receivable within one year | 40/41 | €34,254 | €13,565 | -€20,689 | -60.4% |
| Trade receivables | 40 | €26,675 | €4,171 | -€22,504 | -84.4% |
| Other amounts receivable | 41 | €7,579 | €9,394 | +€1,815 | +23.9% |
| Current investments | 50/53 | - | €45,000 | +€45,000 | |
| Cash at bank and in hand | 54/58 | €57,565 | €5,905 | -€51,660 | -89.7% |
| Deferred charges and accrued income | 490/1 | - | €441 | +€441 | |
| Total equity and liabilities | 10/49 | €104,354 | €75,024 | -€29,330 | -28.1% |
| Equity | 10/15 | €85,472 | €31,849 | -€53,623 | -62.7% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Capital | 10 | €2,500 | €2,500 | = | 0.0% |
| Issued capital | 100 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €82,972 | €29,349 | -€53,623 | -64.6% |
| Distributable reserves | 133 | €82,972 | €29,349 | -€53,623 | -64.6% |
| Amounts payable | 17/49 | €18,882 | €43,175 | +€24,293 | +128.7% |
| Amounts payable within one year | 42/48 | €18,882 | €43,175 | +€24,293 | +128.7% |
| Trade debts | 44 | €10,621 | €1,185 | -€9,436 | -88.8% |
| Suppliers | 440/4 | €10,621 | €1,185 | -€9,436 | -88.8% |
| Advances received on contracts in progress | 46 | €1,000 | - | -€1,000 | |
| Taxes, remuneration and social security | 45 | €7,261 | - | -€7,261 | |
| Taxes | 450/3 | €7,261 | - | -€7,261 | |
| Other amounts payable | 47/48 | - | €41,990 | +€41,990 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,336 | €3,774 | +€438 | +13.1% |
| Other operating charges | 640/8 | €228 | €596 | +€368 | +161.9% |
| Gross operating margin | 9900 | €32,719 | -€918 | -€33,636 | |
| Operating profit (loss) | 9901 | €29,155 | -€5,288 | -€34,443 | |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €111 | €76 | -€34 | -30.9% |
| Recurring financial charges | 65 | €111 | €76 | -€34 | -30.9% |
| Profit (loss) for the period before taxes | 9903 | €29,045 | -€5,364 | -€34,409 | |
| Income taxes | 67/77 | €7,261 | €842 | -€6,419 | -88.4% |
| Profit (loss) for the period | 9904 | €21,783 | -€6,207 | -€27,990 | |
| Profit (loss) for the period to be appropriated | 9905 | €21,783 | -€6,207 | -€27,990 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.