RFAG: 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.
RFAG
Largest movements
- Receivables within one year +€129,406
up €129,406 (+190.7%), from €67,843 to €197,250
of which Other amounts receivable: +€129,966
- Deferred charges and accrued income -€28,586
down €28,586 (-95.3%), from €30,001 to €1,415
- Cash -€5,003
down €5,003 (-35.0%), from €14,281 to €9,278
mainly Receivables within one year (-€129,406) and Advances received (-€26,185)
- Trade debts +€115,394
up €115,394 (+187.1%), from €61,669 to €177,064
- Advances received -€26,185
down €26,185 (-100.0%), from €26,193 to €8
- Profit (loss) carried forward +€18,592
up €18,592 (+14.9%), from -€124,446 to -€105,854
- Tax, wage and social debts -€10,940
down €10,940 (-36.3%), from €30,113 to €19,173
of which Remuneration and social security: -€12,103
- Debts after one year -€9,400
down €9,400 (-49.6%), from €18,954 to €9,554
- Gross operating margin +€110,111
up €110,111 (+203.0%), from €54,229 to €164,339
- Staff costs +€19,304
up €19,304 (+15.4%), from €125,046 to €144,350
- Other operating charges -€2,069
no longer reported in 2025 (was €2,069)
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 | €112,523 | €209,001 | +€96,478 | +85.7% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €398 | €1,059 | +€661 | +165.9% |
| Tangible fixed assets | 22/27 | €173 | €834 | +€661 | +381.6% |
| Furniture and vehicles | 24 | €173 | €834 | +€661 | +381.6% |
| Financial fixed assets | 28 | €225 | €225 | = | 0.0% |
| Current assets | 29/58 | €112,125 | €207,942 | +€95,817 | +85.5% |
| Amounts receivable within one year | 40/41 | €67,843 | €197,250 | +€129,406 | +190.7% |
| Trade receivables | 40 | €21,863 | €21,303 | -€559 | -2.6% |
| Other amounts receivable | 41 | €45,981 | €175,946 | +€129,966 | +282.7% |
| Cash at bank and in hand | 54/58 | €14,281 | €9,278 | -€5,003 | -35.0% |
| Deferred charges and accrued income | 490/1 | €30,001 | €1,415 | -€28,586 | -95.3% |
| Total equity and liabilities | 10/49 | €112,523 | €209,001 | +€96,478 | +85.7% |
| Equity | 10/15 | -€34,446 | -€15,854 | +€18,592 | +54.0% |
| Contributions | 10/11 | €90,000 | €90,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€124,446 | -€105,854 | +€18,592 | +14.9% |
| Amounts payable | 17/49 | €146,969 | €224,855 | +€77,886 | +53.0% |
| Amounts payable after more than one year | 17 | €18,954 | €9,554 | -€9,400 | -49.6% |
| Trade debts | 175 | €18,954 | €9,554 | -€9,400 | -49.6% |
| Amounts payable within one year | 42/48 | €128,015 | €215,301 | +€87,286 | +68.2% |
| Current portion of amounts payable after more than one year | 42 | €9,400 | €18,800 | +€9,400 | +100.0% |
| Trade debts | 44 | €61,669 | €177,064 | +€115,394 | +187.1% |
| Suppliers | 440/4 | €61,669 | €177,064 | +€115,394 | +187.1% |
| Advances received on contracts in progress | 46 | €26,193 | €8 | -€26,185 | -100.0% |
| Taxes, remuneration and social security | 45 | €30,113 | €19,173 | -€10,940 | -36.3% |
| Taxes | 450/3 | €3,162 | €4,325 | +€1,163 | +36.8% |
| Remuneration and social security | 454/9 | €26,951 | €14,848 | -€12,103 | -44.9% |
| Other amounts payable | 47/48 | €640 | €256 | -€384 | -60.0% |
| Remuneration, social security and pensions | 62 | €125,046 | €144,350 | +€19,304 | +15.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €561 | €98 | -€463 | -82.6% |
| Other operating charges | 640/8 | €2,069 | - | -€2,069 | |
| Gross operating margin | 9900 | €54,229 | €164,339 | +€110,111 | +203.0% |
| Operating profit (loss) | 9901 | -€73,447 | €19,892 | +€93,339 | |
| Financial income | 75/76B | - | €11 | +€11 | |
| Recurring financial income | 75 | - | €11 | +€11 | |
| Financial charges | 65/66B | €65 | €1,311 | +€1,246 | +1910.8% |
| Recurring financial charges | 65 | €65 | €1,311 | +€1,246 | +1910.8% |
| Profit (loss) for the period before taxes | 9903 | -€73,512 | €18,592 | +€92,104 | |
| Profit (loss) for the period | 9904 | -€73,512 | €18,592 | +€92,104 | |
| Profit (loss) for the period to be appropriated | 9905 | -€73,512 | €18,592 | +€92,104 |
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.