REFUEL Antwerp: 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.
REFUEL Antwerp
Largest movements
- Cash +€46,968
up €46,968 (+234.9%), from €19,992 to €66,960
mainly Net result for the year (+€36,841) and Depreciation (+€21,448)
- Tangible fixed assets -€15,468
down €15,468 (-13.7%), from €112,762 to €97,293
of which Other tangible fixed assets: -€10,346
- Receivables within one year -€5,009
down €5,009 (-72.2%), from €6,936 to €1,927
of which Trade receivables: -€5,009
- Profit (loss) carried forward +€36,841
up €36,841 (+69.4%), from -€53,065 to -€16,223
- Debts after one year -€15,185
down €15,185 (-10.6%), from €143,593 to €128,409
- Tax, wage and social debts +€2,764
up €2,764 (+645.5%), from €428 to €3,193
- Gross operating margin +€34,658
up €34,658 (+110.2%), from €31,439 to €66,097
- Other operating charges -€2,847
down €2,847 (-58.5%), from €4,865 to €2,018
- Depreciation +€1,109
up €1,109 (+5.5%), from €20,338 to €21,448
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 | €156,152 | €182,215 | +€26,062 | +16.7% |
| Fixed assets | 21/28 | €124,904 | €109,035 | -€15,869 | -12.7% |
| Intangible fixed assets | 21 | €1,192 | €791 | -€401 | -33.6% |
| Tangible fixed assets | 22/27 | €112,762 | €97,293 | -€15,468 | -13.7% |
| Plant, machinery and equipment | 23 | €29,557 | €24,435 | -€5,122 | -17.3% |
| Other tangible fixed assets | 26 | €83,205 | €72,858 | -€10,346 | -12.4% |
| Financial fixed assets | 28 | €10,950 | €10,950 | = | 0.0% |
| Current assets | 29/58 | €31,248 | €73,180 | +€41,932 | +134.2% |
| Amounts receivable within one year | 40/41 | €6,936 | €1,927 | -€5,009 | -72.2% |
| Trade receivables | 40 | €6,921 | €1,912 | -€5,009 | -72.4% |
| Other amounts receivable | 41 | €15 | €15 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €19,992 | €66,960 | +€46,968 | +234.9% |
| Deferred charges and accrued income | 490/1 | €4,320 | €4,293 | -€27 | -0.6% |
| Total equity and liabilities | 10/49 | €156,152 | €182,215 | +€26,062 | +16.7% |
| Equity | 10/15 | -€13,065 | €23,777 | +€36,841 | |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€53,065 | -€16,223 | +€36,841 | +69.4% |
| Amounts payable | 17/49 | €169,217 | €158,438 | -€10,779 | -6.4% |
| Amounts payable after more than one year | 17 | €143,593 | €128,409 | -€15,185 | -10.6% |
| Financial debts | 170/4 | €143,593 | €128,409 | -€15,185 | -10.6% |
| Amounts payable within one year | 42/48 | €25,245 | €29,579 | +€4,335 | +17.2% |
| Current portion of amounts payable after more than one year | 42 | €14,809 | €15,185 | +€375 | +2.5% |
| Trade debts | 44 | €5,107 | €6,336 | +€1,229 | +24.1% |
| Suppliers | 440/4 | €5,107 | €6,336 | +€1,229 | +24.1% |
| Taxes, remuneration and social security | 45 | €428 | €3,193 | +€2,764 | +645.5% |
| Taxes | 450/3 | €428 | €3,193 | +€2,764 | +645.5% |
| Other amounts payable | 47/48 | €4,900 | €4,866 | -€34 | -0.7% |
| Accrued charges and deferred income | 492/3 | €379 | €450 | +€71 | +18.8% |
| Non-recurring operating income | 76A | - | €194 | +€194 | |
| Remuneration, social security and pensions | 62 | - | €472 | +€472 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,338 | €21,448 | +€1,109 | +5.5% |
| Other operating charges | 640/8 | €4,865 | €2,018 | -€2,847 | -58.5% |
| Gross operating margin | 9900 | €31,439 | €66,097 | +€34,658 | +110.2% |
| Operating profit (loss) | 9901 | €6,236 | €42,159 | +€35,924 | +576.1% |
| Financial income | 75/76B | €2 | €0 | -€2 | -100.0% |
| Recurring financial income | 75 | €2 | €0 | -€2 | -100.0% |
| Financial charges | 65/66B | €5,433 | €5,318 | -€115 | -2.1% |
| Recurring financial charges | 65 | €5,433 | €5,318 | -€115 | -2.1% |
| Profit (loss) for the period before taxes | 9903 | €805 | €36,841 | +€36,036 | +4477.1% |
| Profit (loss) for the period | 9904 | €805 | €36,841 | +€36,036 | +4477.1% |
| Profit (loss) for the period to be appropriated | 9905 | €805 | €36,841 | +€36,036 | +4477.1% |
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 11 October 2026 via checked.be.