B.D. RAD: 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.
B.D. RAD
Largest movements
- Current investments +€1.0m
new in 2025: €1.0m
- Cash -€809,837
down €809,837 (-67.3%), from €1.2m to €394,070
mainly Current investments (-€1.0m) and Contributions, distributions and other (-€439,500)
- Receivables within one year +€239,424
up €239,424 (+18875.7%), from €1,268 to €240,693
- Other debts +€419,733
up €419,733 (+2123.4%), from €19,767 to €439,500
- Gross operating margin -€136,561
down €136,561 (-19.5%), from €698,561 to €562,000
- Taxes -€71,394
down €71,394 (-33.5%), from €213,125 to €141,731
- Financial income +€50,282
up €50,282, from €0 to €50,282
- Other operating charges +€9,224
up €9,224 (+1598.2%), from €577 to €9,801
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 | €1,224,138 | €1,637,509 | +€413,371 | +33.8% |
| Fixed assets | 21/28 | €16,182 | €0 | -€16,182 | -100.0% |
| Tangible fixed assets | 22/27 | €16,182 | €0 | -€16,182 | -100.0% |
| Furniture and vehicles | 24 | €16,182 | €0 | -€16,182 | -100.0% |
| Current assets | 29/58 | €1,207,955 | €1,637,509 | +€429,553 | +35.6% |
| Amounts receivable within one year | 40/41 | €1,268 | €240,693 | +€239,424 | +18875.7% |
| Other amounts receivable | 41 | €1,268 | €240,693 | +€239,424 | +18875.7% |
| Current investments | 50/53 | - | €1,000,000 | +€1.0m | |
| Cash at bank and in hand | 54/58 | €1,203,907 | €394,070 | -€809,837 | -67.3% |
| Deferred charges and accrued income | 490/1 | €2,780 | €2,745 | -€34 | -1.2% |
| Total equity and liabilities | 10/49 | €1,224,138 | €1,637,509 | +€413,371 | +33.8% |
| Equity | 10/15 | €1,076,252 | €1,076,722 | +€470 | 0.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €1,071,252 | €1,071,722 | +€470 | 0.0% |
| Distributable reserves | 133 | €1,071,252 | €1,071,722 | +€470 | 0.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €147,886 | €560,787 | +€412,901 | +279.2% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €147,886 | €550,217 | +€402,331 | +272.1% |
| Current portion of amounts payable after more than one year | 42 | €11,415 | €0 | -€11,415 | -100.0% |
| Financial debts | 43 | €5,191 | €21,121 | +€15,930 | +306.9% |
| Credit institutions | 430/8 | €5,191 | €21,121 | +€15,930 | +306.9% |
| Trade debts | 44 | €11,388 | €0 | -€11,388 | -100.0% |
| Suppliers | 440/4 | €11,388 | €0 | -€11,388 | -100.0% |
| Taxes, remuneration and social security | 45 | €100,125 | €89,596 | -€10,529 | -10.5% |
| Taxes | 450/3 | €100,125 | €89,596 | -€10,529 | -10.5% |
| Other amounts payable | 47/48 | €19,767 | €439,500 | +€419,733 | +2123.4% |
| Accrued charges and deferred income | 492/3 | €0 | €10,569 | +€10,569 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,067 | €16,182 | -€885 | -5.2% |
| Other operating charges | 640/8 | €577 | €9,801 | +€9,224 | +1598.2% |
| Gross operating margin | 9900 | €698,561 | €562,000 | -€136,561 | -19.5% |
| Operating profit (loss) | 9901 | €680,917 | €536,017 | -€144,900 | -21.3% |
| Financial income | 75/76B | €0 | €50,282 | +€50,282 | |
| Recurring financial income | 75 | €0 | €50,282 | +€50,282 | |
| Financial charges | 65/66B | €2,750 | €4,598 | +€1,849 | +67.2% |
| Recurring financial charges | 65 | €2,750 | €4,598 | +€1,849 | +67.2% |
| Profit (loss) for the period before taxes | 9903 | €678,167 | €581,701 | -€96,466 | -14.2% |
| Income taxes | 67/77 | €213,125 | €141,731 | -€71,394 | -33.5% |
| Profit (loss) for the period | 9904 | €465,042 | €439,970 | -€25,072 | -5.4% |
| Profit (loss) for the period to be appropriated | 9905 | €465,042 | €439,970 | -€25,072 | -5.4% |
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 30 September 2026 via checked.be.