Le Relais: 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.
Le Relais
Largest movements
- Tangible fixed assets -€124,346
down €124,346 (-19.6%), from €635,420 to €511,074
- Receivables within one year +€56,250
up €56,250 (+38.9%), from €144,637 to €200,887
of which Other amounts receivable: +€92,145
- Cash +€15,961
up €15,961 (+6.0%), from €265,196 to €281,157
mainly Depreciation (+€126,824) and Trade debts (+€57,437)
- Debts after one year -€78,583
down €78,583 (-33.5%), from €234,326 to €155,743
- Trade debts +€57,437
up €57,437 (+94.2%), from €60,977 to €118,414
- Tax, wage and social debts -€30,633
down €30,633 (-27.1%), from €113,055 to €82,422
of which Taxes: -€27,601
- Other debts -€12,201
down €12,201 (-41.0%), from €29,749 to €17,548
- Gross operating margin -€175,882
down €175,882 (-18.3%), from €961,412 to €785,530
- Staff costs -€113,750
down €113,750 (-15.5%), from €735,371 to €621,621
- Taxes -€10,544
down €10,544 (-51.1%), from €20,639 to €10,095
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 | €1,096,170 | €1,049,635 | -€46,535 | -4.2% |
| Fixed assets | 21/28 | €635,420 | €511,074 | -€124,346 | -19.6% |
| Tangible fixed assets | 22/27 | €635,420 | €511,074 | -€124,346 | -19.6% |
| Land and buildings | 22 | €86,966 | €74,227 | -€12,739 | -14.6% |
| Plant, machinery and equipment | 23 | €332,266 | €273,859 | -€58,407 | -17.6% |
| Furniture and vehicles | 24 | €150,299 | €106,091 | -€44,208 | -29.4% |
| Other tangible fixed assets | 26 | €65,889 | €56,897 | -€8,992 | -13.6% |
| Current assets | 29/58 | €460,750 | €538,561 | +€77,811 | +16.9% |
| Stocks and contracts in progress | 3 | €36,015 | €44,704 | +€8,689 | +24.1% |
| Stocks | 30/36 | €36,015 | €44,704 | +€8,689 | +24.1% |
| Amounts receivable within one year | 40/41 | €144,637 | €200,887 | +€56,250 | +38.9% |
| Trade receivables | 40 | €44,633 | €8,738 | -€35,895 | -80.4% |
| Other amounts receivable | 41 | €100,004 | €192,149 | +€92,145 | +92.1% |
| Cash at bank and in hand | 54/58 | €265,196 | €281,157 | +€15,961 | +6.0% |
| Deferred charges and accrued income | 490/1 | €14,902 | €11,813 | -€3,089 | -20.7% |
| Total equity and liabilities | 10/49 | €1,096,170 | €1,049,635 | -€46,535 | -4.2% |
| Equity | 10/15 | €579,646 | €586,814 | +€7,168 | +1.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €559,646 | €566,814 | +€7,168 | +1.3% |
| Distributable reserves | 133 | €559,646 | €566,814 | +€7,168 | +1.3% |
| Amounts payable | 17/49 | €516,524 | €462,821 | -€53,703 | -10.4% |
| Amounts payable after more than one year | 17 | €234,326 | €155,743 | -€78,583 | -33.5% |
| Financial debts | 170/4 | €234,326 | €155,743 | -€78,583 | -33.5% |
| Amounts payable within one year | 42/48 | €282,198 | €307,078 | +€24,880 | +8.8% |
| Current portion of amounts payable after more than one year | 42 | €78,117 | €78,583 | +€466 | +0.6% |
| Financial debts | 43 | - | €10,111 | +€10,111 | |
| Credit institutions | 430/8 | - | €10,111 | +€10,111 | |
| Trade debts | 44 | €60,977 | €118,414 | +€57,437 | +94.2% |
| Suppliers | 440/4 | €60,977 | €118,414 | +€57,437 | +94.2% |
| Advances received on contracts in progress | 46 | €300 | - | -€300 | |
| Taxes, remuneration and social security | 45 | €113,055 | €82,422 | -€30,633 | -27.1% |
| Taxes | 450/3 | €40,291 | €12,690 | -€27,601 | -68.5% |
| Remuneration and social security | 454/9 | €72,764 | €69,732 | -€3,032 | -4.2% |
| Other amounts payable | 47/48 | €29,749 | €17,548 | -€12,201 | -41.0% |
| Non-recurring operating income | 76A | €17,392 | €4,059 | -€13,333 | -76.7% |
| Remuneration, social security and pensions | 62 | €735,371 | €621,621 | -€113,750 | -15.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €122,435 | €126,824 | +€4,389 | +3.6% |
| Other operating charges | 640/8 | €5,561 | €5,090 | -€471 | -8.5% |
| Non-recurring operating charges | 66A | €3,875 | €2,269 | -€1,606 | -41.4% |
| Gross operating margin | 9900 | €961,412 | €785,530 | -€175,882 | -18.3% |
| Operating profit (loss) | 9901 | €94,170 | €29,726 | -€64,444 | -68.4% |
| Financial income | 75/76B | €545 | €1,301 | +€756 | +139% |
| Recurring financial income | 75 | €545 | €1,301 | +€756 | +139% |
| Financial charges | 65/66B | €14,653 | €13,765 | -€888 | -6.1% |
| Recurring financial charges | 65 | €14,653 | €13,765 | -€888 | -6.1% |
| Profit (loss) for the period before taxes | 9903 | €80,062 | €17,262 | -€62,800 | -78.4% |
| Income taxes | 67/77 | €20,639 | €10,095 | -€10,544 | -51.1% |
| Profit (loss) for the period | 9904 | €59,423 | €7,167 | -€52,256 | -87.9% |
| Profit (loss) for the period to be appropriated | 9905 | €59,423 | €7,167 | -€52,256 | -87.9% |
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 29 October 2026 via checked.be.