RIJFRA: 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.
RIJFRA
Largest movements
- Receivables within one year -€703,709
down €703,709 (-34.9%), from €2.0m to €1.3m
of which Trade receivables: -€1.3m
- Tangible fixed assets -€235,546
down €235,546 (-5.5%), from €4.3m to €4.0m
of which Land and buildings: -€150,914
- Stocks and contracts -€185,798
down €185,798 (-48.9%), from €380,286 to €194,488
of which Contracts in progress: -€100,000
- Cash +€145,383
up €145,383 (+437.8%), from €33,206 to €178,589
mainly Debts after one year (+€1.9m) and Receivables within one year (+€703,709)
- Debts after one year +€1.9m
up €1.9m (+108.6%), from €1.7m to €3.6m
- Advances received -€1.1m
down €1.1m (-100.0%), from €1.1m to €0
- Profit (loss) carried forward -€543,611
new in 2025: -€543,611
- Tax, wage and social debts -€392,737
down €392,737 (-88.7%), from €442,864 to €50,127
of which Taxes: -€379,582
- Accrued charges and deferred income -€324,410
down €324,410 (-61.5%), from €527,473 to €203,063
- Gross operating margin -€408,718
down €408,718 (-37.2%), from €1.1m to €689,967
- Write-downs +€102,943
new in 2025: €102,943
- Depreciation +€61,062
up €61,062 (+16.8%), from €362,530 to €423,591
- Financial charges +€30,475
up €30,475 (+23.0%), from €132,449 to €162,924
- Staff costs -€29,967
down €29,967 (-6.3%), from €476,625 to €446,658
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 | €6,716,636 | €5,737,752 | -€978,884 | -14.6% |
| Fixed assets | 21/28 | €4,268,761 | €4,033,215 | -€235,546 | -5.5% |
| Tangible fixed assets | 22/27 | €4,259,761 | €4,024,215 | -€235,546 | -5.5% |
| Land and buildings | 22 | €2,390,081 | €2,239,167 | -€150,914 | -6.3% |
| Plant, machinery and equipment | 23 | €1,167,739 | €1,129,549 | -€38,191 | -3.3% |
| Furniture and vehicles | 24 | €2,321 | €438 | -€1,883 | -81.1% |
| Other tangible fixed assets | 26 | €699,620 | €655,060 | -€44,559 | -6.4% |
| Financial fixed assets | 28 | €9,000 | €9,000 | = | 0.0% |
| Current assets | 29/58 | €2,447,875 | €1,704,538 | -€743,337 | -30.4% |
| Stocks and contracts in progress | 3 | €380,286 | €194,488 | -€185,798 | -48.9% |
| Stocks | 30/36 | €280,286 | €194,488 | -€85,798 | -30.6% |
| Contracts in progress | 37 | €100,000 | €0 | -€100,000 | -100.0% |
| Amounts receivable within one year | 40/41 | €2,015,221 | €1,311,512 | -€703,709 | -34.9% |
| Trade receivables | 40 | €1,406,940 | €67,026 | -€1.3m | -95.2% |
| Other amounts receivable | 41 | €608,281 | €1,244,486 | +€636,205 | +104.6% |
| Cash at bank and in hand | 54/58 | €33,206 | €178,589 | +€145,383 | +437.8% |
| Deferred charges and accrued income | 490/1 | €19,163 | €19,950 | +€787 | +4.1% |
| Total equity and liabilities | 10/49 | €6,716,636 | €5,737,752 | -€978,884 | -14.6% |
| Equity | 10/15 | €763,792 | €220,181 | -€543,611 | -71.2% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Capital | 10 | €150,000 | €150,000 | = | 0.0% |
| Issued capital | 100 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €613,792 | €613,792 | = | 0.0% |
| Non-distributable reserves | 130/1 | €15,000 | €15,000 | = | 0.0% |
| Legal reserve | 130 | €15,000 | €15,000 | = | 0.0% |
| Distributable reserves | 133 | €598,792 | €598,792 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€543,611 | -€543,611 | |
| Amounts payable | 17/49 | €5,952,844 | €5,517,571 | -€435,273 | -7.3% |
| Amounts payable after more than one year | 17 | €1,731,564 | €3,612,102 | +€1.9m | +108.6% |
| Financial debts | 170/4 | €1,731,564 | €3,612,102 | +€1.9m | +108.6% |
| Amounts payable within one year | 42/48 | €3,693,807 | €1,702,405 | -€2.0m | -53.9% |
| Current portion of amounts payable after more than one year | 42 | €353,063 | €316,361 | -€36,701 | -10.4% |
| Financial debts | 43 | €751,500 | €501,500 | -€250,000 | -33.3% |
| Credit institutions | 430/8 | €751,500 | €501,500 | -€250,000 | -33.3% |
| Trade debts | 44 | €489,268 | €329,361 | -€159,906 | -32.7% |
| Suppliers | 440/4 | €489,268 | €329,361 | -€159,906 | -32.7% |
| Advances received on contracts in progress | 46 | €1,066,105 | €0 | -€1.1m | -100.0% |
| Taxes, remuneration and social security | 45 | €442,864 | €50,127 | -€392,737 | -88.7% |
| Taxes | 450/3 | €388,253 | €8,671 | -€379,582 | -97.8% |
| Remuneration and social security | 454/9 | €54,611 | €41,456 | -€13,156 | -24.1% |
| Other amounts payable | 47/48 | €591,007 | €505,056 | -€85,951 | -14.5% |
| Accrued charges and deferred income | 492/3 | €527,473 | €203,063 | -€324,410 | -61.5% |
| Non-recurring operating income | 76A | €0 | €68,582 | +€68,582 | |
| Remuneration, social security and pensions | 62 | €476,625 | €446,658 | -€29,967 | -6.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €362,530 | €423,591 | +€61,062 | +16.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €102,943 | +€102,943 | |
| Other operating charges | 640/8 | €59,297 | €62,650 | +€3,354 | +5.7% |
| Non-recurring operating charges | 66A | €0 | €50,315 | +€50,315 | |
| Gross operating margin | 9900 | €1,098,686 | €689,967 | -€408,718 | -37.2% |
| Operating profit (loss) | 9901 | €200,234 | -€396,191 | -€596,425 | |
| Financial income | 75/76B | €12,109 | €15,712 | +€3,603 | +29.8% |
| Recurring financial income | 75 | €12,109 | €15,712 | +€3,603 | +29.8% |
| Financial charges | 65/66B | €132,449 | €162,924 | +€30,475 | +23.0% |
| Recurring financial charges | 65 | €132,449 | €162,924 | +€30,475 | +23.0% |
| Profit (loss) for the period before taxes | 9903 | €79,895 | -€543,402 | -€623,297 | |
| Income taxes | 67/77 | €17,291 | €209 | -€17,082 | -98.8% |
| Profit (loss) for the period | 9904 | €62,604 | -€543,611 | -€606,215 | |
| Profit (loss) for the period to be appropriated | 9905 | €62,604 | -€543,611 | -€606,215 |
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 3 October 2026 via checked.be.