REFRISUD: 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.
REFRISUD
Largest movements
- Receivables within one year +€53,098
up €53,098 (+171%), from €31,041 to €84,139
of which Trade receivables: +€54,743
- Tangible fixed assets +€19,154
up €19,154 (+47.7%), from €40,164 to €59,318
of which Furniture and vehicles: +€20,015
- Cash -€15,188
down €15,188 (-15.7%), from €96,457 to €81,269
mainly Receivables within one year (-€53,098) and Investment in fixed assets (net) (-€33,666)
- Stocks and contracts -€5,468
down €5,468 (-10.7%), from €51,250 to €45,782
- Other debts +€29,891
up €29,891 (+203%), from €14,743 to €44,634
- Profit (loss) carried forward +€25,818
up €25,818 (+15.9%), from €162,635 to €188,453
- Debts after one year -€7,221
down €7,221 (-49.2%), from €14,679 to €7,458
- Tax, wage and social debts +€4,100
new in 2025: €4,100
- Gross operating margin +€59,757
up €59,757, from -€19,498 to €40,259
- Write-downs -€4,643
down €4,643, from €2,268 to -€2,374
- Depreciation -€2,230
down €2,230 (-13.2%), from €16,902 to €14,673
- Financial income -€1,991
down €1,991 (-89.2%), from €2,233 to €242
- Financial charges -€1,705
down €1,705 (-71.7%), from €2,378 to €673
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 | €224,299 | €276,768 | +€52,469 | +23.4% |
| Fixed assets | 21/28 | €40,324 | €59,318 | +€18,994 | +47.1% |
| Tangible fixed assets | 22/27 | €40,164 | €59,318 | +€19,154 | +47.7% |
| Plant, machinery and equipment | 23 | €4,301 | €3,440 | -€861 | -20.0% |
| Furniture and vehicles | 24 | €35,863 | €55,878 | +€20,015 | +55.8% |
| Financial fixed assets | 28 | €160 | - | -€160 | |
| Current assets | 29/58 | €183,975 | €217,450 | +€33,475 | +18.2% |
| Stocks and contracts in progress | 3 | €51,250 | €45,782 | -€5,468 | -10.7% |
| Stocks | 30/36 | €51,250 | €45,782 | -€5,468 | -10.7% |
| Amounts receivable within one year | 40/41 | €31,041 | €84,139 | +€53,098 | +171% |
| Trade receivables | 40 | €12,506 | €67,249 | +€54,743 | +438% |
| Other amounts receivable | 41 | €18,535 | €16,891 | -€1,645 | -8.9% |
| Cash at bank and in hand | 54/58 | €96,457 | €81,269 | -€15,188 | -15.7% |
| Deferred charges and accrued income | 490/1 | €5,227 | €6,260 | +€1,033 | +19.8% |
| Total equity and liabilities | 10/49 | €224,299 | €276,768 | +€52,469 | +23.4% |
| Equity | 10/15 | €184,635 | €210,453 | +€25,818 | +14.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €162,635 | €188,453 | +€25,818 | +15.9% |
| Amounts payable | 17/49 | €39,664 | €66,315 | +€26,651 | +67.2% |
| Amounts payable after more than one year | 17 | €14,679 | €7,458 | -€7,221 | -49.2% |
| Financial debts | 170/4 | €14,679 | €7,458 | -€7,221 | -49.2% |
| Amounts payable within one year | 42/48 | €24,985 | €58,857 | +€33,872 | +136% |
| Current portion of amounts payable after more than one year | 42 | €6,993 | €7,221 | +€229 | +3.3% |
| Trade debts | 44 | €3,249 | €2,901 | -€348 | -10.7% |
| Suppliers | 440/4 | €3,249 | €2,901 | -€348 | -10.7% |
| Taxes, remuneration and social security | 45 | - | €4,100 | +€4,100 | |
| Taxes | 450/3 | - | €4,100 | +€4,100 | |
| Other amounts payable | 47/48 | €14,743 | €44,634 | +€29,891 | +203% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,902 | €14,673 | -€2,230 | -13.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,268 | -€2,374 | -€4,643 | |
| Other operating charges | 640/8 | €1,530 | €1,461 | -€68 | -4.5% |
| Gross operating margin | 9900 | -€19,498 | €40,259 | +€59,757 | |
| Operating profit (loss) | 9901 | -€40,198 | €26,500 | +€66,698 | |
| Financial income | 75/76B | €2,233 | €242 | -€1,991 | -89.2% |
| Recurring financial income | 75 | €2,233 | €242 | -€1,991 | -89.2% |
| Financial charges | 65/66B | €2,378 | €673 | -€1,705 | -71.7% |
| Recurring financial charges | 65 | €2,378 | €673 | -€1,705 | -71.7% |
| Profit (loss) for the period before taxes | 9903 | -€40,344 | €26,068 | +€66,412 | |
| Income taxes | 67/77 | €580 | €250 | -€330 | -56.9% |
| Profit (loss) for the period | 9904 | -€40,924 | €25,818 | +€66,742 | |
| Profit (loss) for the period to be appropriated | 9905 | -€40,924 | €25,818 | +€66,742 |
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 30 October 2026 via checked.be.