Group R: 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
Group R
NACE 43.990, Other specialised construction activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€14,667
2024 · -€60,306+€74,973
Equity
€541,621
2024 · €543,953-€2,333
Cash
€3,562
2024 · €14,562-€11,000
Balance sheet total
€2.9m
2024 · €3.0m-€68,268
Largest movements
Assets
- Receivables within one year -€41,407
down €41,407 (-15.6%), from €264,594 to €223,186
of which Trade receivables: -€95,831
Equity and liabilities
- Debts after one year -€93,477
down €93,477 (-4.8%), from €1.9m to €1.8m
- Trade debts +€76,330
up €76,330 (+278%), from €27,428 to €103,757
- Tax, wage and social debts -€34,337
down €34,337 (-85.7%), from €40,086 to €5,748
of which Taxes: -€32,861
Income statement
- Depreciation -€98,617
down €98,617 (-35.5%), from €277,778 to €179,161
- Financial charges +€35,783
up €35,783 (+168%), from €21,243 to €57,027
- Gross operating margin +€13,457
up €13,457 (+5.7%), from €237,029 to €250,486
- Taxes +€4,454
up €4,454, from -€75 to €4,379
- Financial income +€3,190
up €3,190 (+172%), from €1,859 to €5,049
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
-€60,306
Gross operating margin
+€13,457
Staff costs
-€1,813
Depreciation
+€98,617
Other operating charges
-€332
Other operating items
+€65
Financial income
+€3,190
Financial charges
-€35,783
Taxes
-€4,454
Deferred taxes and other
+€2,028
Result 2025
€14,667
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
+€266,913
Investment
-€158,764
Financing
-€119,149
Cash 2024
€14,562
From operations (derived)
+€266,913
Net result for the year
+€14,667
Depreciation
+€179,161
Stocks and contracts
-€1,500
Receivables within one year
+€41,407
Deferred charges and accrued income
-€3,036
Provisions
-€7,941
Trade debts
+€76,330
Tax, wage and social debts
-€34,337
Other debts
+€2,162
Investment (derived)
-€158,764
Investment in fixed assets (net)
-€158,764
Financing
-€119,149
Debts after one year
-€93,477
Current portion of long-term debt
-€11,263
Short-term financial debts
+€2,590
Contributions, distributions and other
-€17,000
Cash 2025
€3,562
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,974,807 | €2,906,539 | -€68,268 | -2.3% |
| Fixed assets | 21/28 | €2,683,693 | €2,663,296 | -€20,397 | -0.8% |
| Tangible fixed assets | 22/27 | €2,683,693 | €2,662,933 | -€20,760 | -0.8% |
| Land and buildings | 22 | €2,489,596 | €2,499,301 | +€9,705 | +0.4% |
| Plant, machinery and equipment | 23 | €12,315 | €73,203 | +€60,888 | +494% |
| Furniture and vehicles | 24 | €9,141 | €9,512 | +€371 | +4.1% |
| Leasing and similar rights | 25 | €172,642 | €80,918 | -€91,724 | -53.1% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Financial fixed assets | 28 | - | €363 | +€363 | |
| Current assets | 29/58 | €291,114 | €243,243 | -€47,871 | -16.4% |
| Stocks and contracts in progress | 3 | €4,501 | €6,001 | +€1,500 | +33.3% |
| Stocks | 30/36 | €4,501 | €6,001 | +€1,500 | +33.3% |
| Amounts receivable within one year | 40/41 | €264,594 | €223,186 | -€41,407 | -15.6% |
| Trade receivables | 40 | €220,409 | €124,578 | -€95,831 | -43.5% |
| Other amounts receivable | 41 | €44,185 | €98,608 | +€54,423 | +123% |
| Cash at bank and in hand | 54/58 | €14,562 | €3,562 | -€11,000 | -75.5% |
| Deferred charges and accrued income | 490/1 | €7,457 | €10,493 | +€3,036 | +40.7% |
| Total equity and liabilities | 10/49 | €2,974,807 | €2,906,539 | -€68,268 | -2.3% |
| Equity | 10/15 | €543,953 | €541,621 | -€2,333 | -0.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €539,937 | €537,604 | -€2,333 | -0.4% |
| Non-distributable reserves | 130/1 | €1,855 | €0 | -€1,855 | -100% |
| Reserves not available under the articles | 1311 | €1,855 | €0 | -€1,855 | -100% |
| Tax-exempt reserves | 132 | €494,982 | €471,160 | -€23,822 | -4.8% |
| Distributable reserves | 133 | €43,100 | €66,444 | +€23,344 | +54.2% |
| Profit (loss) carried forward | 14 | -€8,384 | -€8,383 | +€0 | 0.0% |
| Provisions and deferred taxes | 16 | €164,994 | €157,053 | -€7,941 | -4.8% |
| Deferred taxes | 168 | €164,994 | €157,053 | -€7,941 | -4.8% |
| Amounts payable | 17/49 | €2,265,859 | €2,207,865 | -€57,994 | -2.6% |
| Amounts payable after more than one year | 17 | €1,931,825 | €1,838,349 | -€93,477 | -4.8% |
| Financial debts | 170/4 | €1,931,825 | €1,838,349 | -€93,477 | -4.8% |
| Amounts payable within one year | 42/48 | €334,034 | €369,516 | +€35,482 | +10.6% |
| Current portion of amounts payable after more than one year | 42 | €233,259 | €221,996 | -€11,263 | -4.8% |
| Financial debts | 43 | €143 | €2,734 | +€2,590 | +1,805% |
| Credit institutions | 430/8 | €143 | €371 | +€228 | +159% |
| Other loans | 439 | - | €2,363 | +€2,363 | |
| Trade debts | 44 | €27,428 | €103,757 | +€76,330 | +278% |
| Suppliers | 440/4 | €27,428 | €103,757 | +€76,330 | +278% |
| Taxes, remuneration and social security | 45 | €40,086 | €5,748 | -€34,337 | -85.7% |
| Taxes | 450/3 | €37,086 | €4,224 | -€32,861 | -88.6% |
| Remuneration and social security | 454/9 | €3,000 | €1,524 | -€1,476 | -49.2% |
| Other amounts payable | 47/48 | €33,118 | €35,280 | +€2,162 | +6.5% |
| Non-recurring operating income | 76A | €3,000 | €85,136 | +€82,136 | +2,738% |
| Remuneration, social security and pensions | 62 | €0 | €1,813 | +€1,813 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €277,778 | €179,161 | -€98,617 | -35.5% |
| Other operating charges | 640/8 | €6,096 | €6,428 | +€332 | +5.5% |
| Non-recurring operating charges | 66A | €65 | €0 | -€65 | -100% |
| Gross operating margin | 9900 | €237,029 | €250,486 | +€13,457 | +5.7% |
| Operating profit (loss) | 9901 | -€46,909 | €63,084 | +€109,993 | |
| Financial income | 75/76B | €1,859 | €5,049 | +€3,190 | +172% |
| Recurring financial income | 75 | €1,859 | €5,049 | +€3,190 | +172% |
| Financial charges | 65/66B | €21,243 | €57,027 | +€35,783 | +168% |
| Recurring financial charges | 65 | €21,243 | €57,027 | +€35,783 | +168% |
| Profit (loss) for the period before taxes | 9903 | -€66,294 | €11,106 | +€77,399 | |
| Transfer from deferred taxes | 780 | €5,913 | €7,941 | +€2,028 | +34.3% |
| Income taxes | 67/77 | -€75 | €4,379 | +€4,454 | |
| Profit (loss) for the period | 9904 | -€60,306 | €14,667 | +€74,973 | |
| Transfer from tax-exempt reserves | 789 | €17,738 | €23,822 | +€6,084 | +34.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€42,568 | €38,489 | +€81,058 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.