Rf TECHNOLOGIES: 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.
What changed
Rf TECHNOLOGIES
NACE 25.120, Manufacture of fabricated metal products, except machinery and equipment
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€8.5m
2024 · €6.5m+€2.0m
Equity
€39.8m
2024 · €31.6m+€8.2m
Cash
€3.2m
2024 · €2.0m+€1.2m
Balance sheet total
€58.6m
2024 · €48.3m+€10.3m
Largest movements
Assets
- Current investments +€5.3m
up €5.3m (+99.9%), from €5.3m to €10.6m
- Financial fixed assets +€3.6m
up €3.6m (+14.7%), from €24.2m to €27.8m
of which Affiliated companies: +€3.6m
- Cash +€1.2m
up €1.2m (+58.6%), from €2.0m to €3.2m
mainly Net result for the year (+€8.5m) and Trade debts (+€2.6m)
Equity and liabilities
- Reserves +€8.2m
up €8.2m (+26.0%), from €31.4m to €39.6m
of which Distributable reserves: +€8.0m
- Trade debts +€2.6m
up €2.6m (+19.8%), from €12.9m to €15.4m
Income statement
- Turnover +€5.5m
up €5.5m (+11.0%), from €50.4m to €55.9m
- Goods and materials +€1.7m
up €1.7m (+5.3%), from €31.7m to €33.4m
of which Purchases: +€2.2m
- Services and other goods +€1.2m
up €1.2m (+22.2%), from €5.2m to €6.4m
- Staff costs +€788,428
up €788,428 (+11.0%), from €7.1m to €7.9m
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.
Result 2024
€6.5m
Turnover
+€5.5m
Other operating income
+€253,776
Goods and materials
-€1.7m
Services and other goods
-€1.2m
Staff costs
-€788,428
Depreciation
+€66,450
Write-downs
+€90,539
Provisions
+€2,417
Other operating charges
-€90
Other operating items
-€64,764
Financial income
+€123,825
Financial charges
+€116,197
Taxes
-€522,195
Result 2025
€8.5m
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.
From operations
+€12.5m
Investment
-€10.5m
Financing
-€797,285
Cash 2024
€2.0m
From operations (derived)
+€12.5m
Net result for the year
+€8.5m
Depreciation
+€1.5m
Stocks and contracts
-€333,088
Receivables within one year
+€41,946
Deferred charges and accrued income
+€180,826
Provisions
+€2,046
Trade debts
+€2.6m
Tax, wage and social debts
+€467,000
Other debts
-€139,711
Accrued charges and deferred income
-€303,635
Investment (derived)
-€10.5m
Investment in fixed assets (net)
-€5.2m
Current investments
-€5.3m
Financing
-€797,285
Debts after one year
-€400,000
Current portion of long-term debt
-€97,285
Contributions, distributions and other
-€300,000
Cash 2025
€3.2m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €48,318,698 | €58,570,932 | +€10.3m | +21.2% |
| Fixed assets | 21/28 | €28,675,215 | €32,316,310 | +€3.6m | +12.7% |
| Intangible fixed assets | 21 | €1,762,888 | €1,715,615 | -€47,273 | -2.7% |
| Tangible fixed assets | 22/27 | €2,710,762 | €2,831,301 | +€120,539 | +4.4% |
| Land and buildings | 22 | €682,658 | €681,626 | -€1,032 | -0.2% |
| Plant, machinery and equipment | 23 | €1,874,274 | €1,990,372 | +€116,098 | +6.2% |
| Furniture and vehicles | 24 | €153,830 | €159,303 | +€5,473 | +3.6% |
| Financial fixed assets | 28 | €24,201,566 | €27,769,395 | +€3.6m | +14.7% |
| Affiliated companies | 280/1 | €24,080,727 | €27,700,992 | +€3.6m | +15.0% |
| Participating interests | 280 | €3,155,210 | €3,155,210 | = | 0.0% |
| Amounts receivable | 281 | €20,925,517 | €24,545,782 | +€3.6m | +17.3% |
| Companies linked by participating interests | 282/3 | €120,839 | €68,402 | -€52,436 | -43.4% |
| Participating interests | 282 | €120,839 | €68,402 | -€52,436 | -43.4% |
| Current assets | 29/58 | €19,643,483 | €26,254,622 | +€6.6m | +33.7% |
| Stocks and contracts in progress | 3 | €2,990,969 | €3,324,057 | +€333,088 | +11.1% |
| Stocks | 30/36 | €2,990,969 | €3,324,057 | +€333,088 | +11.1% |
| Raw materials and consumables | 30/31 | €2,990,969 | €3,324,057 | +€333,088 | +11.1% |
| Amounts receivable within one year | 40/41 | €8,631,140 | €8,589,194 | -€41,946 | -0.5% |
| Trade receivables | 40 | €7,583,835 | €7,465,314 | -€118,520 | -1.6% |
| Other amounts receivable | 41 | €1,047,305 | €1,123,880 | +€76,574 | +7.3% |
| Current investments | 50/53 | €5,324,600 | €10,645,700 | +€5.3m | +99.9% |
| Other investments | 51/53 | €5,324,600 | €10,645,700 | +€5.3m | +99.9% |
| Cash at bank and in hand | 54/58 | €2,012,194 | €3,191,918 | +€1.2m | +58.6% |
| Deferred charges and accrued income | 490/1 | €684,579 | €503,753 | -€180,826 | -26.4% |
| Total equity and liabilities | 10/49 | €48,318,698 | €58,570,932 | +€10.3m | +21.2% |
| Equity | 10/15 | €31,633,534 | €39,803,441 | +€8.2m | +25.8% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Capital | 10 | €250,000 | €250,000 | = | 0.0% |
| Issued capital | 100 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €31,383,534 | €39,553,441 | +€8.2m | +26.0% |
| Non-distributable reserves | 130/1 | €25,000 | €25,000 | = | 0.0% |
| Legal reserve | 130 | €25,000 | €25,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €149,987 | €349,844 | +€199,857 | +133.2% |
| Distributable reserves | 133 | €31,208,548 | €39,178,598 | +€8.0m | +25.5% |
| Provisions and deferred taxes | 16 | €79,393 | €81,439 | +€2,046 | +2.6% |
| Provisions for liabilities and charges | 160/5 | €79,393 | €81,439 | +€2,046 | +2.6% |
| Major repairs and maintenance | 162 | €38,914 | €38,914 | = | 0.0% |
| Other liabilities and charges | 164/5 | €40,479 | €42,525 | +€2,046 | +5.1% |
| Amounts payable | 17/49 | €16,605,771 | €18,686,052 | +€2.1m | +12.5% |
| Amounts payable after more than one year | 17 | €1,100,000 | €700,000 | -€400,000 | -36.4% |
| Financial debts | 170/4 | €1,100,000 | €700,000 | -€400,000 | -36.4% |
| Credit institutions | 173 | €1,100,000 | €700,000 | -€400,000 | -36.4% |
| Amounts payable within one year | 42/48 | €15,043,087 | €17,827,003 | +€2.8m | +18.5% |
| Current portion of amounts payable after more than one year | 42 | €497,285 | €400,000 | -€97,285 | -19.6% |
| Trade debts | 44 | €12,884,561 | €15,438,473 | +€2.6m | +19.8% |
| Suppliers | 440/4 | €12,884,561 | €15,438,473 | +€2.6m | +19.8% |
| Taxes, remuneration and social security | 45 | €832,069 | €1,299,070 | +€467,000 | +56.1% |
| Taxes | 450/3 | €9,766 | €242,313 | +€232,547 | +2381.1% |
| Remuneration and social security | 454/9 | €822,303 | €1,056,757 | +€234,453 | +28.5% |
| Other amounts payable | 47/48 | €829,172 | €689,460 | -€139,711 | -16.8% |
| Accrued charges and deferred income | 492/3 | €462,684 | €159,049 | -€303,635 | -65.6% |
| Operating income | 70/76A | €53,089,697 | €58,221,969 | +€5.1m | +9.7% |
| Turnover | 70 | €50,354,593 | €55,888,382 | +€5.5m | +11.0% |
| Other operating income | 74 | €2,079,811 | €2,333,587 | +€253,776 | +12.2% |
| Non-recurring operating income | 76A | €655,293 | - | -€655,293 | |
| Operating charges | 60/66A | €46,480,006 | €49,365,895 | +€2.9m | +6.2% |
| Goods for resale, raw materials and consumables | 60 | €31,669,156 | €33,358,541 | +€1.7m | +5.3% |
| Purchases | 600/8 | €31,476,041 | €33,672,912 | +€2.2m | +7.0% |
| Change in stocks: decrease (increase) | 609 | €193,115 | -€314,371 | -€507,486 | |
| Services and other goods | 61 | €5,209,188 | €6,367,109 | +€1.2m | +22.2% |
| Remuneration, social security and pensions | 62 | €7,138,059 | €7,926,487 | +€788,428 | +11.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,587,484 | €1,521,034 | -€66,450 | -4.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €71,822 | -€18,717 | -€90,539 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €4,463 | €2,046 | -€2,417 | -54.2% |
| Other operating charges | 640/8 | €44,678 | €44,768 | +€90 | +0.2% |
| Non-recurring operating charges | 66A | €755,156 | €164,627 | -€590,529 | -78.2% |
| Operating profit (loss) | 9901 | €6,609,691 | €8,856,074 | +€2.2m | +34.0% |
| Financial income | 75/76B | €1,319,824 | €1,443,649 | +€123,825 | +9.4% |
| Recurring financial income | 75 | €1,319,824 | €1,443,649 | +€123,825 | +9.4% |
| Income from financial fixed assets | 750 | €381,836 | €468,858 | +€87,022 | +22.8% |
| Income from current assets | 751 | €931,393 | €972,374 | +€40,981 | +4.4% |
| Other financial income | 752/9 | €6,595 | €2,417 | -€4,178 | -63.4% |
| Financial charges | 65/66B | €350,930 | €234,733 | -€116,197 | -33.1% |
| Recurring financial charges | 65 | €350,930 | €234,733 | -€116,197 | -33.1% |
| Debt charges | 650 | €237,135 | €145,131 | -€92,005 | -38.8% |
| Other financial charges | 652/9 | €113,795 | €89,602 | -€24,192 | -21.3% |
| Profit (loss) for the period before taxes | 9903 | €7,578,586 | €10,064,990 | +€2.5m | +32.8% |
| Income taxes | 67/77 | €1,072,888 | €1,595,083 | +€522,195 | +48.7% |
| Taxes | 670/3 | €1,072,888 | €1,595,083 | +€522,195 | +48.7% |
| Profit (loss) for the period | 9904 | €6,505,697 | €8,469,907 | +€2.0m | +30.2% |
| Transfer to tax-exempt reserves | 689 | €149,987 | €199,857 | +€49,870 | +33.2% |
| Profit (loss) for the period to be appropriated | 9905 | €6,355,711 | €8,270,050 | +€1.9m | +30.1% |
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 7 October 2026 via checked.be.