REFUGES: 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.
REFUGES
Largest movements
- Receivables within one year -€7,978
down €7,978 (-66.3%), from €12,032 to €4,054
of which Other amounts receivable: -€5,433
- Cash +€5,713
up €5,713 (+2369.9%), from €241 to €5,954
mainly Other debts (+€14,470) and Receivables within one year (+€7,978)
- Tangible fixed assets -€1,665
down €1,665 (-15.2%), from €10,977 to €9,312
of which Plant, machinery and equipment: -€1,065
- Deferred charges and accrued income +€1,205
up €1,205 (+113.5%), from €1,062 to €2,267
- Intangible fixed assets -€919
down €919 (-23.8%), from €3,867 to €2,948
- Trade debts -€15,021
down €15,021 (-57.1%), from €26,309 to €11,287
- Other debts +€14,470
up €14,470 (+18.9%), from €76,540 to €91,010
- Advances received -€4,835
down €4,835 (-58.1%), from €8,315 to €3,480
- Tax, wage and social debts +€1,764
up €1,764 (+626.4%), from €282 to €2,045
of which Remuneration and social security: +€1,090
- Profit (loss) carried forward +€603
up €603 (+0.8%), from -€74,026 to -€73,422
- Staff costs +€10,476
new in 2025: €10,476
- Gross operating margin -€6,676
down €6,676 (-29.4%), from €22,703 to €16,028
- Depreciation +€1,074
up €1,074 (+54.7%), from €1,963 to €3,037
- Other operating charges +€351
up €351 (+41.0%), from €856 to €1,207
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 | €49,852 | €46,818 | -€3,034 | -6.1% |
| Fixed assets | 21/28 | €14,887 | €12,513 | -€2,374 | -15.9% |
| Intangible fixed assets | 21 | €3,867 | €2,948 | -€919 | -23.8% |
| Tangible fixed assets | 22/27 | €10,977 | €9,312 | -€1,665 | -15.2% |
| Plant, machinery and equipment | 23 | €5,028 | €3,963 | -€1,065 | -21.2% |
| Other tangible fixed assets | 26 | €5,949 | €5,349 | -€600 | -10.1% |
| Financial fixed assets | 28 | €43 | €253 | +€210 | +484.8% |
| Current assets | 29/58 | €34,965 | €34,305 | -€660 | -1.9% |
| Stocks and contracts in progress | 3 | €21,630 | €22,030 | +€400 | +1.8% |
| Stocks | 30/36 | €21,630 | €22,030 | +€400 | +1.8% |
| Amounts receivable within one year | 40/41 | €12,032 | €4,054 | -€7,978 | -66.3% |
| Trade receivables | 40 | €3,163 | €618 | -€2,545 | -80.5% |
| Other amounts receivable | 41 | €8,869 | €3,436 | -€5,433 | -61.3% |
| Cash at bank and in hand | 54/58 | €241 | €5,954 | +€5,713 | +2369.9% |
| Deferred charges and accrued income | 490/1 | €1,062 | €2,267 | +€1,205 | +113.5% |
| Total equity and liabilities | 10/49 | €49,852 | €46,818 | -€3,034 | -6.1% |
| Equity | 10/15 | -€61,626 | -€61,022 | +€603 | +1.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€74,026 | -€73,422 | +€603 | +0.8% |
| Amounts payable | 17/49 | €111,478 | €107,840 | -€3,637 | -3.3% |
| Amounts payable within one year | 42/48 | €111,446 | €107,823 | -€3,623 | -3.3% |
| Trade debts | 44 | €26,309 | €11,287 | -€15,021 | -57.1% |
| Suppliers | 440/4 | €26,309 | €11,287 | -€15,021 | -57.1% |
| Advances received on contracts in progress | 46 | €8,315 | €3,480 | -€4,835 | -58.1% |
| Taxes, remuneration and social security | 45 | €282 | €2,045 | +€1,764 | +626.4% |
| Taxes | 450/3 | €282 | €955 | +€674 | +239.4% |
| Remuneration and social security | 454/9 | - | €1,090 | +€1,090 | |
| Other amounts payable | 47/48 | €76,540 | €91,010 | +€14,470 | +18.9% |
| Accrued charges and deferred income | 492/3 | €32 | €18 | -€14 | -44.1% |
| Remuneration, social security and pensions | 62 | - | €10,476 | +€10,476 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,963 | €3,037 | +€1,074 | +54.7% |
| Other operating charges | 640/8 | €856 | €1,207 | +€351 | +41.0% |
| Gross operating margin | 9900 | €22,703 | €16,028 | -€6,676 | -29.4% |
| Operating profit (loss) | 9901 | €19,885 | €1,308 | -€18,577 | -93.4% |
| Financial income | 75/76B | €3 | - | -€3 | |
| Recurring financial income | 75 | €3 | - | -€3 | |
| Financial charges | 65/66B | €548 | €481 | -€68 | -12.3% |
| Recurring financial charges | 65 | €548 | €481 | -€68 | -12.3% |
| Profit (loss) for the period before taxes | 9903 | €19,340 | €828 | -€18,512 | -95.7% |
| Income taxes | 67/77 | €150 | €224 | +€75 | +50.1% |
| Profit (loss) for the period | 9904 | €19,190 | €603 | -€18,587 | -96.9% |
| Profit (loss) for the period to be appropriated | 9905 | €19,190 | €603 | -€18,587 | -96.9% |
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 1 October 2026 via checked.be.