REFUGE: 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.
REFUGE
Largest movements
- Receivables within one year -€55,092
down €55,092 (-86.9%), from €63,370 to €8,278
of which Other amounts receivable: -€53,851
- Cash +€40,462
up €40,462 (+662.6%), from €6,107 to €46,569
mainly Receivables within one year (+€55,092) and Depreciation (+€19,886)
- Tangible fixed assets -€19,885
down €19,885 (-2.5%), from €783,594 to €763,709
- Debts after one year -€24,903
down €24,903 (-4.8%), from €523,082 to €498,179
- Tax, wage and social debts -€15,680
no longer reported in 2025 (was €15,680)
- Profit (loss) carried forward +€12,340
up €12,340 (+8.5%), from €144,360 to €156,700
- Gross operating margin +€21,952
up €21,952 (+74.5%), from €29,461 to €51,413
- Other operating charges +€12,643
up €12,643 (+316.4%), from €3,996 to €16,639
- Taxes -€8,928
new in 2025: -€8,928
- Financial income -€4,482
down €4,482 (-84.7%), from €5,295 to €813
- Financial charges -€1,599
down €1,599 (-11.5%), from €13,887 to €12,288
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 | €941,051 | €907,041 | -€34,010 | -3.6% |
| Fixed assets | 21/28 | €783,594 | €763,839 | -€19,755 | -2.5% |
| Tangible fixed assets | 22/27 | €783,594 | €763,709 | -€19,885 | -2.5% |
| Land and buildings | 22 | €783,594 | €763,709 | -€19,885 | -2.5% |
| Financial fixed assets | 28 | - | €130 | +€130 | |
| Current assets | 29/58 | €157,457 | €143,203 | -€14,254 | -9.1% |
| Amounts receivable after more than one year | 29 | €80,000 | €82,400 | +€2,400 | +3.0% |
| Other amounts receivable | 291 | €80,000 | €82,400 | +€2,400 | +3.0% |
| Amounts receivable within one year | 40/41 | €63,370 | €8,278 | -€55,092 | -86.9% |
| Trade receivables | 40 | €1,241 | - | -€1,241 | |
| Other amounts receivable | 41 | €62,129 | €8,278 | -€53,851 | -86.7% |
| Cash at bank and in hand | 54/58 | €6,107 | €46,569 | +€40,462 | +662.6% |
| Deferred charges and accrued income | 490/1 | €7,980 | €5,956 | -€2,024 | -25.4% |
| Total equity and liabilities | 10/49 | €941,051 | €907,041 | -€34,010 | -3.6% |
| Equity | 10/15 | €285,660 | €298,001 | +€12,341 | +4.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €128,900 | €128,901 | +€1 | 0.0% |
| Distributable reserves | 133 | €128,900 | €128,901 | +€1 | 0.0% |
| Profit (loss) carried forward | 14 | €144,360 | €156,700 | +€12,340 | +8.5% |
| Amounts payable | 17/49 | €655,391 | €609,041 | -€46,350 | -7.1% |
| Amounts payable after more than one year | 17 | €523,082 | €498,179 | -€24,903 | -4.8% |
| Financial debts | 170/4 | €523,082 | €498,179 | -€24,903 | -4.8% |
| Amounts payable within one year | 42/48 | €124,777 | €110,862 | -€13,915 | -11.2% |
| Current portion of amounts payable after more than one year | 42 | €48,613 | €53,592 | +€4,979 | +10.2% |
| Trade debts | 44 | €57,596 | €57,270 | -€326 | -0.6% |
| Suppliers | 440/4 | €57,596 | €57,270 | -€326 | -0.6% |
| Taxes, remuneration and social security | 45 | €15,680 | - | -€15,680 | |
| Taxes | 450/3 | €15,680 | - | -€15,680 | |
| Other amounts payable | 47/48 | €2,888 | - | -€2,888 | |
| Accrued charges and deferred income | 492/3 | €7,532 | - | -€7,532 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,886 | €19,886 | +€0 | 0.0% |
| Other operating charges | 640/8 | €3,996 | €16,639 | +€12,643 | +316.4% |
| Gross operating margin | 9900 | €29,461 | €51,413 | +€21,952 | +74.5% |
| Operating profit (loss) | 9901 | €5,579 | €14,888 | +€9,309 | +166.9% |
| Financial income | 75/76B | €5,295 | €813 | -€4,482 | -84.7% |
| Recurring financial income | 75 | €5,295 | €813 | -€4,482 | -84.7% |
| Financial charges | 65/66B | €13,887 | €12,288 | -€1,599 | -11.5% |
| Recurring financial charges | 65 | €13,887 | €12,288 | -€1,599 | -11.5% |
| Profit (loss) for the period before taxes | 9903 | -€3,013 | €3,413 | +€6,426 | |
| Income taxes | 67/77 | - | -€8,928 | -€8,928 | |
| Profit (loss) for the period | 9904 | -€3,013 | €12,341 | +€15,354 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,013 | €12,341 | +€15,354 |
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 3 October 2026 via checked.be.