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 +€7,055
up €7,055 (+6.7%), from €105,201 to €112,256
of which Furniture and vehicles: +€14,572
- Receivables within one year +€3,003
up €3,003 (+188%), from €1,598 to €4,601
- Current investments -€2,919
down €2,919 (-2.1%), from €137,572 to €134,653
- Reserves +€3,200
up €3,200 (+7.9%), from €40,532 to €43,732
of which Distributable reserves: +€3,200
- Tax, wage and social debts +€2,930
up €2,930 (+102%), from €2,878 to €5,808
- Other debts +€2,618
new in 2025: €2,618
- Gross operating margin +€3,307
up €3,307 (+21.0%), from €15,779 to €19,086
- Turnover +€2,902
up €2,902 (+5.5%), from €52,481 to €55,383
- Taxes +€919
up €919 (+46.1%), from €1,995 to €2,914
- Depreciation +€681
up €681 (+8.8%), from €7,709 to €8,390
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 | €245,068 | €253,508 | +€8,440 | +3.4% |
| Fixed assets | 21/28 | €105,201 | €112,256 | +€7,055 | +6.7% |
| Tangible fixed assets | 22/27 | €105,201 | €112,256 | +€7,055 | +6.7% |
| Land and buildings | 22 | €97,807 | €90,290 | -€7,517 | -7.7% |
| Furniture and vehicles | 24 | €7,394 | €21,966 | +€14,572 | +197% |
| Current assets | 29/58 | €139,867 | €141,252 | +€1,385 | +1.0% |
| Amounts receivable within one year | 40/41 | €1,598 | €4,601 | +€3,003 | +188% |
| Other amounts receivable | 41 | €1,598 | €4,601 | +€3,003 | +188% |
| Current investments | 50/53 | €137,572 | €134,653 | -€2,919 | -2.1% |
| Cash at bank and in hand | 54/58 | €697 | €1,333 | +€636 | +91.2% |
| Deferred charges and accrued income | 490/1 | - | €665 | +€665 | |
| Total equity and liabilities | 10/49 | €245,068 | €253,508 | +€8,440 | +3.4% |
| Equity | 10/15 | €241,337 | €244,586 | +€3,249 | +1.3% |
| Contributions | 10/11 | €42,142 | €42,142 | = | 0.0% |
| Reserves | 13 | €40,532 | €43,732 | +€3,200 | +7.9% |
| Non-distributable reserves | 130/1 | €4,214 | €4,214 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,214 | €4,214 | = | 0.0% |
| Tax-exempt reserves | 132 | €23,018 | €23,018 | = | 0.0% |
| Distributable reserves | 133 | €13,300 | €16,500 | +€3,200 | +24.1% |
| Profit (loss) carried forward | 14 | €158,663 | €158,712 | +€49 | 0.0% |
| Amounts payable | 17/49 | €3,731 | €8,922 | +€5,191 | +139% |
| Amounts payable within one year | 42/48 | €3,731 | €8,922 | +€5,191 | +139% |
| Trade debts | 44 | €853 | €496 | -€357 | -41.9% |
| Suppliers | 440/4 | €853 | €496 | -€357 | -41.9% |
| Taxes, remuneration and social security | 45 | €2,878 | €5,808 | +€2,930 | +102% |
| Taxes | 450/3 | €2,878 | €5,808 | +€2,930 | +102% |
| Other amounts payable | 47/48 | - | €2,618 | +€2,618 | |
| Turnover | 70 | €52,481 | €55,383 | +€2,902 | +5.5% |
| Goods, raw materials, services and sundry goods | 60/61 | €36,702 | €36,297 | -€405 | -1.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,709 | €8,390 | +€681 | +8.8% |
| Other operating charges | 640/8 | €2,543 | €2,148 | -€395 | -15.5% |
| Gross operating margin | 9900 | €15,779 | €19,086 | +€3,307 | +21.0% |
| Operating profit (loss) | 9901 | €5,527 | €8,548 | +€3,021 | +54.7% |
| Financial income | 75/76B | €522 | €653 | +€131 | +25.1% |
| Recurring financial income | 75 | €522 | €653 | +€131 | +25.1% |
| Financial charges | 65/66B | €238 | €238 | = | 0.0% |
| Recurring financial charges | 65 | €238 | €238 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €5,811 | €8,963 | +€3,152 | +54.2% |
| Income taxes | 67/77 | €1,995 | €2,914 | +€919 | +46.1% |
| Profit (loss) for the period | 9904 | €3,816 | €6,049 | +€2,233 | +58.5% |
| Profit (loss) for the period to be appropriated | 9905 | €3,816 | €6,049 | +€2,233 | +58.5% |
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 18 October 2026 via checked.be.