REFARMA: 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.
REFARMA
Largest movements
- Receivables within one year +€17,561
up €17,561 (+1.3%), from €1.3m to €1.3m
No liability line moved by more than 1% of the balance sheet total.
- Financial income +€836
up €836 (+5.0%), from €16,725 to €17,561
- Gross operating margin +€469
up €469 (+22.5%), from -€2,086 to -€1,616
- Taxes +€290
up €290 (+7.9%), from €3,685 to €3,975
- Financial charges -€101
down €101 (-67.6%), from €150 to €49
- Other operating charges +€35
up €35 (+3.6%), from €968 to €1,003
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 | €1,323,906 | €1,341,267 | +€17,361 | +1.3% |
| Current assets | 29/58 | €1,323,906 | €1,341,267 | +€17,361 | +1.3% |
| Amounts receivable within one year | 40/41 | €1,323,706 | €1,341,267 | +€17,561 | +1.3% |
| Other amounts receivable | 41 | €1,323,706 | €1,341,267 | +€17,561 | +1.3% |
| Cash at bank and in hand | 54/58 | €0 | €0 | = | 0.0% |
| Deferred charges and accrued income | 490/1 | €200 | - | -€200 | |
| Total equity and liabilities | 10/49 | €1,323,906 | €1,341,267 | +€17,361 | +1.3% |
| Equity | 10/15 | €1,313,290 | €1,324,209 | +€10,918 | +0.8% |
| Contributions | 10/11 | €304,909 | €304,909 | = | 0.0% |
| Capital | 10 | €304,909 | €304,909 | = | 0.0% |
| Issued capital | 100 | €304,909 | €304,909 | = | 0.0% |
| Reserves | 13 | €405,042 | €405,042 | = | 0.0% |
| Non-distributable reserves | 130/1 | €30,491 | €30,491 | = | 0.0% |
| Legal reserve | 130 | €30,491 | €30,491 | = | 0.0% |
| Distributable reserves | 133 | €374,551 | €374,551 | = | 0.0% |
| Profit (loss) carried forward | 14 | €603,339 | €614,257 | +€10,918 | +1.8% |
| Amounts payable | 17/49 | €10,616 | €17,058 | +€6,442 | +60.7% |
| Amounts payable within one year | 42/48 | €8,500 | €15,703 | +€7,203 | +84.7% |
| Financial debts | 43 | €16 | €15 | -€1 | -9.0% |
| Credit institutions | 430/8 | €16 | €15 | -€1 | -9.0% |
| Taxes, remuneration and social security | 45 | €3,685 | €7,659 | +€3,975 | +108% |
| Taxes | 450/3 | €3,685 | €7,659 | +€3,975 | +108% |
| Other amounts payable | 47/48 | €4,799 | €8,029 | +€3,230 | +67.3% |
| Accrued charges and deferred income | 492/3 | €2,116 | €1,355 | -€760 | -35.9% |
| Other operating charges | 640/8 | €968 | €1,003 | +€35 | +3.6% |
| Gross operating margin | 9900 | -€2,086 | -€1,616 | +€469 | +22.5% |
| Operating profit (loss) | 9901 | -€3,053 | -€2,619 | +€434 | +14.2% |
| Financial income | 75/76B | €16,725 | €17,561 | +€836 | +5.0% |
| Recurring financial income | 75 | €16,725 | €17,561 | +€836 | +5.0% |
| Financial charges | 65/66B | €150 | €49 | -€101 | -67.6% |
| Recurring financial charges | 65 | €150 | €49 | -€101 | -67.6% |
| Profit (loss) for the period before taxes | 9903 | €13,522 | €14,893 | +€1,372 | +10.1% |
| Income taxes | 67/77 | €3,685 | €3,975 | +€290 | +7.9% |
| Profit (loss) for the period | 9904 | €9,837 | €10,918 | +€1,082 | +11.0% |
| Profit (loss) for the period to be appropriated | 9905 | €9,837 | €10,918 | +€1,082 | +11.0% |
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 27 October 2026 via checked.be.