André REHEUL: 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.
What changed
André REHEUL
NACE 49.410, Freight transport by road
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€2,785
2024 · €21,014-€23,799
Equity
€926,657
2024 · €929,442-€2,785
Cash
€280,526
2024 · €280,936-€410
Balance sheet total
€2.4m
2024 · €2.0m+€370,100
Largest movements
Assets
- Tangible fixed assets +€367,810
up €367,810 (+65.0%), from €565,666 to €933,476
of which Leasing and similar rights: +€346,960
Equity and liabilities
- Debts after one year +€287,533
up €287,533 (+86.4%), from €332,927 to €620,460
- Current portion of long-term debt +€63,171
up €63,171 (+27.8%), from €227,089 to €290,260
- Trade debts +€42,009
up €42,009 (+12.6%), from €334,599 to €376,608
Income statement
- Gross operating margin -€98,874
down €98,874 (-5.1%), from €1.9m to €1.8m
- Depreciation -€44,845
down €44,845 (-14.6%), from €306,373 to €261,528
- Staff costs -€24,907
down €24,907 (-1.6%), from €1.5m to €1.5m
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.
Result 2024
€21,014
Gross operating margin
-€98,874
Staff costs
+€24,907
Depreciation
+€44,845
Other operating charges
+€2,688
Other operating items
+€146
Financial income
-€4
Financial charges
-€569
Taxes
+€3,062
Result 2025
-€2,785
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€277,954
Investment
-€629,069
Financing
+€350,705
Cash 2024
€280,936
From operations (derived)
+€277,954
Net result for the year
-€2,785
Depreciation
+€261,528
Stocks and contracts
+€8,197
Receivables within one year
-€11,237
Deferred charges and accrued income
+€71
Trade debts
+€42,009
Tax, wage and social debts
-€19,829
Investment (derived)
-€629,069
Investment in fixed assets (net)
-€629,069
Financing
+€350,705
Debts after one year
+€287,533
Current portion of long-term debt
+€63,171
Cash 2025
€280,526
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,001,793 | €2,371,893 | +€370,100 | +18.5% |
| Fixed assets | 21/28 | €573,982 | €941,523 | +€367,540 | +64.0% |
| Tangible fixed assets | 22/27 | €565,666 | €933,476 | +€367,810 | +65.0% |
| Plant, machinery and equipment | 23 | €42,703 | €58,312 | +€15,609 | +36.6% |
| Furniture and vehicles | 24 | €5,393 | €10,634 | +€5,242 | +97.2% |
| Leasing and similar rights | 25 | €517,571 | €864,530 | +€346,960 | +67.0% |
| Financial fixed assets | 28 | €8,316 | €8,046 | -€270 | -3.2% |
| Current assets | 29/58 | €1,427,811 | €1,430,371 | +€2,560 | +0.2% |
| Stocks and contracts in progress | 3 | €55,421 | €47,225 | -€8,197 | -14.8% |
| Stocks | 30/36 | €55,421 | €47,225 | -€8,197 | -14.8% |
| Amounts receivable within one year | 40/41 | €1,091,217 | €1,102,454 | +€11,237 | +1.0% |
| Trade receivables | 40 | €683,158 | €549,013 | -€134,145 | -19.6% |
| Other amounts receivable | 41 | €408,059 | €553,441 | +€145,382 | +35.6% |
| Cash at bank and in hand | 54/58 | €280,936 | €280,526 | -€410 | -0.1% |
| Deferred charges and accrued income | 490/1 | €237 | €166 | -€71 | -29.8% |
| Total equity and liabilities | 10/49 | €2,001,793 | €2,371,893 | +€370,100 | +18.5% |
| Equity | 10/15 | €929,442 | €926,657 | -€2,785 | -0.3% |
| Contributions | 10/11 | €297,472 | €297,472 | = | 0.0% |
| Capital | 10 | €297,472 | €297,472 | = | 0.0% |
| Issued capital | 100 | €297,472 | €297,472 | = | 0.0% |
| Reserves | 13 | €630,957 | €633,957 | +€3,000 | +0.5% |
| Non-distributable reserves | 130/1 | €29,747 | €29,747 | = | 0.0% |
| Legal reserve | 130 | €29,747 | €29,747 | = | 0.0% |
| Tax-exempt reserves | 132 | €48,539 | €51,539 | +€3,000 | +6.2% |
| Distributable reserves | 133 | €552,670 | €552,670 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,014 | -€4,772 | -€5,785 | |
| Amounts payable | 17/49 | €1,072,350 | €1,445,236 | +€372,886 | +34.8% |
| Amounts payable after more than one year | 17 | €332,927 | €620,460 | +€287,533 | +86.4% |
| Financial debts | 170/4 | €332,927 | €620,460 | +€287,533 | +86.4% |
| Amounts payable within one year | 42/48 | €739,423 | €824,776 | +€85,352 | +11.5% |
| Current portion of amounts payable after more than one year | 42 | €227,089 | €290,260 | +€63,171 | +27.8% |
| Trade debts | 44 | €334,599 | €376,608 | +€42,009 | +12.6% |
| Suppliers | 440/4 | €334,599 | €376,608 | +€42,009 | +12.6% |
| Taxes, remuneration and social security | 45 | €177,736 | €157,907 | -€19,829 | -11.2% |
| Taxes | 450/3 | €25,711 | €11,765 | -€13,946 | -54.2% |
| Remuneration and social security | 454/9 | €152,025 | €146,142 | -€5,883 | -3.9% |
| Non-recurring operating income | 76A | €20,000 | €3,000 | -€17,000 | -85.0% |
| Remuneration, social security and pensions | 62 | €1,537,140 | €1,512,232 | -€24,907 | -1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €306,373 | €261,528 | -€44,845 | -14.6% |
| Other operating charges | 640/8 | €22,304 | €19,616 | -€2,688 | -12.1% |
| Non-recurring operating charges | 66A | €5,093 | €4,947 | -€146 | -2.9% |
| Gross operating margin | 9900 | €1,924,047 | €1,825,173 | -€98,874 | -5.1% |
| Operating profit (loss) | 9901 | €53,138 | €26,850 | -€26,288 | -49.5% |
| Financial income | 75/76B | €4 | - | -€4 | |
| Recurring financial income | 75 | €4 | - | -€4 | |
| Financial charges | 65/66B | €24,714 | €25,283 | +€569 | +2.3% |
| Recurring financial charges | 65 | €24,714 | €25,283 | +€569 | +2.3% |
| Profit (loss) for the period before taxes | 9903 | €28,427 | €1,567 | -€26,861 | -94.5% |
| Income taxes | 67/77 | €7,413 | €4,352 | -€3,062 | -41.3% |
| Profit (loss) for the period | 9904 | €21,014 | -€2,785 | -€23,799 | |
| Transfer to tax-exempt reserves | 689 | €20,000 | €3,000 | -€17,000 | -85.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,014 | -€5,785 | -€6,799 |
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 19 October 2026 via checked.be.