RIFRAK: 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.
RIFRAK
Largest movements
- Current investments -€136,299
down €136,299 (-21.4%), from €635,663 to €499,364
- Tangible fixed assets +€92,844
up €92,844 (+7.9%), from €1.2m to €1.3m
of which Land and buildings: +€93,009
- Cash -€46,863
down €46,863 (-52.9%), from €88,527 to €41,664
mainly Investment in fixed assets (net) (-€100,733) and Tax, wage and social debts (-€36,000)
- Receivables within one year +€30,415
up €30,415 (+558.6%), from €5,445 to €35,860
- Tax, wage and social debts -€36,000
no longer reported in 2025 (was €36,000)
- Profit (loss) carried forward -€19,274
down €19,274 (-1.0%), from €1.8m to €1.8m
- Financial charges +€42,938
up €42,938 (+6881.1%), from €624 to €43,562
- Depreciation -€35,654
down €35,654 (-81.9%), from €43,543 to €7,889
- Financial income +€10,191
up €10,191 (+96.8%), from €10,529 to €20,720
- Taxes +€6,004
up €6,004, from -€3,981 to €2,023
- Gross operating margin +€4,647
up €4,647 (+30.1%), from €15,458 to €20,105
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 | €1,901,766 | €1,841,863 | -€59,903 | -3.1% |
| Fixed assets | 21/28 | €1,172,131 | €1,264,975 | +€92,844 | +7.9% |
| Tangible fixed assets | 22/27 | €1,172,131 | €1,264,975 | +€92,844 | +7.9% |
| Land and buildings | 22 | €1,171,197 | €1,264,206 | +€93,009 | +7.9% |
| Plant, machinery and equipment | 23 | €934 | €769 | -€165 | -17.7% |
| Current assets | 29/58 | €729,635 | €576,888 | -€152,747 | -20.9% |
| Amounts receivable within one year | 40/41 | €5,445 | €35,860 | +€30,415 | +558.6% |
| Other amounts receivable | 41 | €5,445 | €35,860 | +€30,415 | +558.6% |
| Current investments | 50/53 | €635,663 | €499,364 | -€136,299 | -21.4% |
| Cash at bank and in hand | 54/58 | €88,527 | €41,664 | -€46,863 | -52.9% |
| Total equity and liabilities | 10/49 | €1,901,766 | €1,841,863 | -€59,903 | -3.1% |
| Equity | 10/15 | €1,861,137 | €1,841,863 | -€19,274 | -1.0% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,840,677 | €1,821,403 | -€19,274 | -1.0% |
| Amounts payable | 17/49 | €40,629 | - | -€40,629 | |
| Amounts payable within one year | 42/48 | €40,629 | - | -€40,629 | |
| Taxes, remuneration and social security | 45 | €36,000 | - | -€36,000 | |
| Taxes | 450/3 | €36,000 | - | -€36,000 | |
| Other amounts payable | 47/48 | €4,629 | - | -€4,629 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,543 | €7,889 | -€35,654 | -81.9% |
| Other operating charges | 640/8 | €6,156 | €6,625 | +€469 | +7.6% |
| Gross operating margin | 9900 | €15,458 | €20,105 | +€4,647 | +30.1% |
| Operating profit (loss) | 9901 | -€34,241 | €5,591 | +€39,832 | |
| Financial income | 75/76B | €10,529 | €20,720 | +€10,191 | +96.8% |
| Recurring financial income | 75 | €10,529 | €20,720 | +€10,191 | +96.8% |
| Financial charges | 65/66B | €624 | €43,562 | +€42,938 | +6881.1% |
| Recurring financial charges | 65 | €624 | €43,562 | +€42,938 | +6881.1% |
| Profit (loss) for the period before taxes | 9903 | -€24,336 | -€17,251 | +€7,085 | +29.1% |
| Income taxes | 67/77 | -€3,981 | €2,023 | +€6,004 | |
| Profit (loss) for the period | 9904 | -€20,355 | -€19,274 | +€1,081 | +5.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€20,355 | -€19,274 | +€1,081 | +5.3% |
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 6 October 2026 via checked.be.