RFR MANAGEMENT: 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.
RFR MANAGEMENT
Largest movements
- Tangible fixed assets -€7,287
down €7,287 (-17.1%), from €42,520 to €35,233
of which Furniture and vehicles: -€9,173
- Receivables within one year +€2,422
up €2,422 (+14.8%), from €16,349 to €18,771
of which Trade receivables: +€4,064
- Cash +€1,578
up €1,578 (+418%), from €378 to €1,956
mainly Depreciation (+€11,987) and Net result for the year (+€2,181)
- Deferred charges and accrued income -€1,500
no longer reported in 2025 (was €1,500)
- Other debts -€6,889
down €6,889 (-15.9%), from €43,279 to €36,389
- Profit (loss) carried forward +€2,181
up €2,181 (+26.6%), from -€8,208 to -€6,027
- Tax, wage and social debts -€1,701
down €1,701 (-14.8%), from €11,478 to €9,777
- Trade debts +€1,622
up €1,622 (+124%), from €1,308 to €2,930
- Gross operating margin +€4,376
up €4,376 (+34.4%), from €12,716 to €17,093
- Depreciation +€2,185
up €2,185 (+22.3%), from €9,803 to €11,987
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 | €61,047 | €56,259 | -€4,787 | -7.8% |
| Fixed assets | 21/28 | €42,820 | €35,533 | -€7,287 | -17.0% |
| Tangible fixed assets | 22/27 | €42,520 | €35,233 | -€7,287 | -17.1% |
| Furniture and vehicles | 24 | €24,579 | €15,406 | -€9,173 | -37.3% |
| Other tangible fixed assets | 26 | €17,941 | €19,827 | +€1,886 | +10.5% |
| Financial fixed assets | 28 | €300 | €300 | = | 0.0% |
| Current assets | 29/58 | €18,226 | €20,726 | +€2,500 | +13.7% |
| Amounts receivable within one year | 40/41 | €16,349 | €18,771 | +€2,422 | +14.8% |
| Trade receivables | 40 | €13,153 | €17,217 | +€4,064 | +30.9% |
| Other amounts receivable | 41 | €3,196 | €1,554 | -€1,642 | -51.4% |
| Cash at bank and in hand | 54/58 | €378 | €1,956 | +€1,578 | +418% |
| Deferred charges and accrued income | 490/1 | €1,500 | - | -€1,500 | |
| Total equity and liabilities | 10/49 | €61,047 | €56,259 | -€4,787 | -7.8% |
| Equity | 10/15 | €4,982 | €7,163 | +€2,181 | +43.8% |
| Contributions | 10/11 | €6,300 | €6,300 | = | 0.0% |
| Reserves | 13 | €6,890 | €6,890 | = | 0.0% |
| Distributable reserves | 133 | €6,890 | €6,890 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€8,208 | -€6,027 | +€2,181 | +26.6% |
| Amounts payable | 17/49 | €56,065 | €49,096 | -€6,969 | -12.4% |
| Amounts payable within one year | 42/48 | €56,065 | €49,096 | -€6,969 | -12.4% |
| Trade debts | 44 | €1,308 | €2,930 | +€1,622 | +124% |
| Suppliers | 440/4 | €1,308 | €2,930 | +€1,622 | +124% |
| Taxes, remuneration and social security | 45 | €11,478 | €9,777 | -€1,701 | -14.8% |
| Taxes | 450/3 | €11,478 | €9,777 | -€1,701 | -14.8% |
| Other amounts payable | 47/48 | €43,279 | €36,389 | -€6,889 | -15.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,803 | €11,987 | +€2,185 | +22.3% |
| Other operating charges | 640/8 | €782 | €803 | +€21 | +2.7% |
| Non-recurring operating charges | 66A | €497 | €613 | +€116 | +23.3% |
| Gross operating margin | 9900 | €12,716 | €17,093 | +€4,376 | +34.4% |
| Operating profit (loss) | 9901 | €1,634 | €3,688 | +€2,054 | +126% |
| Financial charges | 65/66B | €314 | €155 | -€160 | -50.8% |
| Recurring financial charges | 65 | €314 | €155 | -€160 | -50.8% |
| Profit (loss) for the period before taxes | 9903 | €1,320 | €3,534 | +€2,214 | +168% |
| Income taxes | 67/77 | €1,264 | €1,353 | +€89 | +7.0% |
| Profit (loss) for the period | 9904 | €56 | €2,181 | +€2,125 | +3,811% |
| Profit (loss) for the period to be appropriated | 9905 | €56 | €2,181 | +€2,125 | +3,811% |
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 26 October 2026 via checked.be.