RIFRAR: 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.
RIFRAR
Largest movements
- Cash -€109,008
down €109,008 (-27.7%), from €393,602 to €284,594
mainly Net result for the year (-€101,537) and Receivables within one year (-€72,886)
- Receivables within one year +€72,886
up €72,886 (+2,493%), from €2,923 to €75,809
of which Other amounts receivable: +€75,121
- Reserves -€101,537
down €101,537 (-19.3%), from €525,203 to €423,666
of which Distributable reserves: -€88,883
- Advances received +€60,000
up €60,000 (+77.1%), from €77,833 to €137,833
- Gross operating margin -€33,050
down €33,050 (-2,070%), from -€1,597 to -€34,646
- Depreciation +€7,918
up €7,918 (+15.0%), from €52,807 to €60,725
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 | €1,434,143 | €1,392,115 | -€42,028 | -2.9% |
| Fixed assets | 21/28 | €1,036,408 | €1,024,823 | -€11,585 | -1.1% |
| Tangible fixed assets | 22/27 | €1,036,408 | €1,024,823 | -€11,585 | -1.1% |
| Land and buildings | 22 | €1,033,462 | €982,182 | -€51,280 | -5.0% |
| Plant, machinery and equipment | 23 | €1,212 | €965 | -€247 | -20.4% |
| Furniture and vehicles | 24 | €1,733 | €41,676 | +€39,943 | +2,304% |
| Current assets | 29/58 | €397,736 | €367,292 | -€30,444 | -7.7% |
| Amounts receivable within one year | 40/41 | €2,923 | €75,809 | +€72,886 | +2,493% |
| Trade receivables | 40 | €2,236 | €0 | -€2,236 | -100% |
| Other amounts receivable | 41 | €688 | €75,809 | +€75,121 | +10,925% |
| Cash at bank and in hand | 54/58 | €393,602 | €284,594 | -€109,008 | -27.7% |
| Deferred charges and accrued income | 490/1 | €1,210 | €6,888 | +€5,678 | +469% |
| Total equity and liabilities | 10/49 | €1,434,143 | €1,392,115 | -€42,028 | -2.9% |
| Equity | 10/15 | €1,281,403 | €1,179,866 | -€101,537 | -7.9% |
| Contributions | 10/11 | €756,200 | €756,200 | = | 0.0% |
| Reserves | 13 | €525,203 | €423,666 | -€101,537 | -19.3% |
| Tax-exempt reserves | 132 | €58,976 | €46,322 | -€12,654 | -21.5% |
| Distributable reserves | 133 | €466,227 | €377,344 | -€88,883 | -19.1% |
| Provisions and deferred taxes | 16 | €19,659 | €15,441 | -€4,218 | -21.5% |
| Deferred taxes | 168 | €19,659 | €15,441 | -€4,218 | -21.5% |
| Amounts payable | 17/49 | €133,081 | €196,809 | +€63,727 | +47.9% |
| Amounts payable within one year | 42/48 | €129,155 | €192,206 | +€63,051 | +48.8% |
| Trade debts | 44 | €1,280 | €0 | -€1,280 | -100% |
| Suppliers | 440/4 | €1,280 | €0 | -€1,280 | -100% |
| Advances received on contracts in progress | 46 | €77,833 | €137,833 | +€60,000 | +77.1% |
| Taxes, remuneration and social security | 45 | - | €1,582 | +€1,582 | |
| Taxes | 450/3 | - | €1,582 | +€1,582 | |
| Other amounts payable | 47/48 | €50,041 | €52,790 | +€2,749 | +5.5% |
| Accrued charges and deferred income | 492/3 | €3,927 | €4,603 | +€676 | +17.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,807 | €60,725 | +€7,918 | +15.0% |
| Other operating charges | 640/8 | €7,240 | €7,202 | -€37 | -0.5% |
| Gross operating margin | 9900 | -€1,597 | -€34,646 | -€33,050 | -2,070% |
| Operating profit (loss) | 9901 | -€61,643 | -€102,574 | -€40,931 | -66.4% |
| Financial income | 75/76B | €1,052 | €863 | -€189 | -18.0% |
| Recurring financial income | 75 | €1,052 | €863 | -€189 | -18.0% |
| Financial charges | 65/66B | €4,105 | €3,907 | -€197 | -4.8% |
| Recurring financial charges | 65 | €4,105 | €3,907 | -€197 | -4.8% |
| Profit (loss) for the period before taxes | 9903 | -€64,696 | -€105,618 | -€40,922 | -63.3% |
| Transfer from deferred taxes | 780 | €4,218 | €4,218 | = | 0.0% |
| Income taxes | 67/77 | €128 | €137 | +€9 | +7.4% |
| Profit (loss) for the period | 9904 | -€60,605 | -€101,537 | -€40,932 | -67.5% |
| Transfer from tax-exempt reserves | 789 | €12,654 | €12,654 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€47,951 | -€88,883 | -€40,932 | -85.4% |
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 16 October 2026 via checked.be.