REFTECH: 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.
REFTECH
Largest movements
- Cash +€58,653
up €58,653 (+260%), from €22,551 to €81,204
mainly Net result for the year (+€43,450) and Other debts (+€20,590)
- Tangible fixed assets +€5,406
up €5,406 (+55.5%), from €9,742 to €15,148
of which Plant, machinery and equipment: +€4,249
- Receivables within one year -€1,313
down €1,313 (-16.3%), from €8,043 to €6,730
of which Other amounts receivable: -€1,770
- Other debts +€20,590
up €20,590 (+626%), from €3,289 to €23,879
- Profit (loss) carried forward +€19,920
up €19,920 (+72.3%), from €27,550 to €47,470
- Tax, wage and social debts +€12,424
up €12,424 (+1,567%), from €793 to €13,217
of which Taxes: +€13,146
- Trade debts +€9,736
up €9,736 (+234%), from €4,159 to €13,894
- Gross operating margin +€67,254
up €67,254 (+116%), from €58,146 to €125,400
- Staff costs +€21,588
up €21,588 (+55.2%), from €39,078 to €60,666
- Taxes +€9,211
up €9,211 (+285%), from €3,230 to €12,441
- Depreciation +€2,890
up €2,890 (+113%), from €2,552 to €5,442
- Financial charges +€1,307
up €1,307 (+119%), from €1,097 to €2,404
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 | €41,043 | €103,460 | +€62,417 | +152% |
| Fixed assets | 21/28 | €9,742 | €15,148 | +€5,406 | +55.5% |
| Tangible fixed assets | 22/27 | €9,742 | €15,148 | +€5,406 | +55.5% |
| Land and buildings | 22 | €2,315 | €1,856 | -€459 | -19.8% |
| Plant, machinery and equipment | 23 | €2,494 | €6,743 | +€4,249 | +170% |
| Furniture and vehicles | 24 | €4,933 | €6,549 | +€1,616 | +32.8% |
| Current assets | 29/58 | €31,301 | €88,312 | +€57,011 | +182% |
| Amounts receivable within one year | 40/41 | €8,043 | €6,730 | -€1,313 | -16.3% |
| Trade receivables | 40 | €6,274 | €6,730 | +€457 | +7.3% |
| Other amounts receivable | 41 | €1,770 | - | -€1,770 | |
| Cash at bank and in hand | 54/58 | €22,551 | €81,204 | +€58,653 | +260% |
| Deferred charges and accrued income | 490/1 | €706 | €378 | -€329 | -46.5% |
| Total equity and liabilities | 10/49 | €41,043 | €103,460 | +€62,417 | +152% |
| Equity | 10/15 | €32,550 | €52,470 | +€19,920 | +61.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €27,550 | €47,470 | +€19,920 | +72.3% |
| Amounts payable | 17/49 | €8,493 | €50,990 | +€42,497 | +500% |
| Amounts payable within one year | 42/48 | €8,241 | €50,990 | +€42,749 | +519% |
| Trade debts | 44 | €4,159 | €13,894 | +€9,736 | +234% |
| Suppliers | 440/4 | €4,159 | €13,894 | +€9,736 | +234% |
| Taxes, remuneration and social security | 45 | €793 | €13,217 | +€12,424 | +1,567% |
| Taxes | 450/3 | €71 | €13,217 | +€13,146 | +18,547% |
| Remuneration and social security | 454/9 | €722 | - | -€722 | |
| Other amounts payable | 47/48 | €3,289 | €23,879 | +€20,590 | +626% |
| Accrued charges and deferred income | 492/3 | €252 | - | -€252 | |
| Non-recurring operating income | 76A | €11,769 | - | -€11,769 | |
| Remuneration, social security and pensions | 62 | €39,078 | €60,666 | +€21,588 | +55.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,552 | €5,442 | +€2,890 | +113% |
| Other operating charges | 640/8 | €1,145 | €2,046 | +€901 | +78.7% |
| Gross operating margin | 9900 | €58,146 | €125,400 | +€67,254 | +116% |
| Operating profit (loss) | 9901 | €15,371 | €57,247 | +€41,875 | +272% |
| Financial income | 75/76B | €324 | €1,047 | +€723 | +223% |
| Recurring financial income | 75 | €324 | €1,047 | +€723 | +223% |
| Financial charges | 65/66B | €1,097 | €2,404 | +€1,307 | +119% |
| Recurring financial charges | 65 | €1,097 | €2,404 | +€1,307 | +119% |
| Profit (loss) for the period before taxes | 9903 | €14,599 | €55,890 | +€41,292 | +283% |
| Income taxes | 67/77 | €3,230 | €12,441 | +€9,211 | +285% |
| Profit (loss) for the period | 9904 | €11,369 | €43,450 | +€32,081 | +282% |
| Profit (loss) for the period to be appropriated | 9905 | €11,369 | €43,450 | +€32,081 | +282% |
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 23 October 2026 via checked.be.