RF Construct: 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.
RF Construct
Largest movements
- Receivables within one year +€25,302
up €25,302 (+13.9%), from €182,059 to €207,361
of which Trade receivables: +€26,500
- Deferred charges and accrued income +€17,305
up €17,305 (+1,473%), from €1,175 to €18,480
- Cash +€3,225
up €3,225 (+206%), from €1,567 to €4,792
mainly Net result for the year (+€26,151) and Tax, wage and social debts (+€12,425)
- Reserves +€26,000
up €26,000 (+40.7%), from €63,860 to €89,860
- Tax, wage and social debts +€12,425
up €12,425 (+152%), from €8,174 to €20,599
of which Remuneration and social security: +€6,999
- Trade debts +€7,256
up €7,256 (+94.2%), from €7,704 to €14,960
- Gross operating margin +€34,651
up €34,651 (+720%), from €4,814 to €39,465
- Taxes +€9,826
new in 2025: €9,826
- Write-downs -€7,193
no longer reported in 2025 (was €7,193)
- Other operating charges -€1,272
down €1,272 (-52.3%), from €2,434 to €1,162
- Financial charges +€1,101
up €1,101 (+89.8%), from €1,225 to €2,326
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 | €184,800 | €230,633 | +€45,833 | +24.8% |
| Current assets | 29/58 | €184,800 | €230,633 | +€45,833 | +24.8% |
| Amounts receivable within one year | 40/41 | €182,059 | €207,361 | +€25,302 | +13.9% |
| Trade receivables | 40 | €16,148 | €42,649 | +€26,500 | +164% |
| Other amounts receivable | 41 | €165,910 | €164,713 | -€1,198 | -0.7% |
| Cash at bank and in hand | 54/58 | €1,567 | €4,792 | +€3,225 | +206% |
| Deferred charges and accrued income | 490/1 | €1,175 | €18,480 | +€17,305 | +1,473% |
| Total equity and liabilities | 10/49 | €184,800 | €230,633 | +€45,833 | +24.8% |
| Equity | 10/15 | €168,922 | €195,074 | +€26,151 | +15.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €63,860 | €89,860 | +€26,000 | +40.7% |
| Distributable reserves | 133 | €63,860 | €89,860 | +€26,000 | +40.7% |
| Profit (loss) carried forward | 14 | €98,862 | €99,014 | +€151 | +0.2% |
| Amounts payable | 17/49 | €15,878 | €35,559 | +€19,681 | +124% |
| Amounts payable within one year | 42/48 | €15,878 | €35,559 | +€19,681 | +124% |
| Trade debts | 44 | €7,704 | €14,960 | +€7,256 | +94.2% |
| Suppliers | 440/4 | €7,704 | €14,960 | +€7,256 | +94.2% |
| Taxes, remuneration and social security | 45 | €8,174 | €20,599 | +€12,425 | +152% |
| Taxes | 450/3 | €5,074 | €10,500 | +€5,426 | +107% |
| Remuneration and social security | 454/9 | €3,100 | €10,099 | +€6,999 | +226% |
| Non-recurring operating income | 76A | - | €24,673 | +€24,673 | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €7,193 | - | -€7,193 | |
| Other operating charges | 640/8 | €2,434 | €1,162 | -€1,272 | -52.3% |
| Gross operating margin | 9900 | €4,814 | €39,465 | +€34,651 | +720% |
| Operating profit (loss) | 9901 | -€4,812 | €38,303 | +€43,116 | |
| Financial charges | 65/66B | €1,225 | €2,326 | +€1,101 | +89.8% |
| Recurring financial charges | 65 | €1,225 | €2,326 | +€1,101 | +89.8% |
| Profit (loss) for the period before taxes | 9903 | -€6,038 | €35,977 | +€42,015 | |
| Income taxes | 67/77 | - | €9,826 | +€9,826 | |
| Profit (loss) for the period | 9904 | -€6,038 | €26,151 | +€32,189 | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,038 | €26,151 | +€32,189 |
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 18 October 2026 via checked.be.