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
- Cash -€159,767
down €159,767 (-17.3%), from €924,742 to €764,975
mainly Net result for the year (-€219,962) and Investment in fixed assets (net) (-€911)
- Tangible fixed assets -€24,353
down €24,353 (-8.7%), from €279,406 to €255,053
- Receivables within one year -€17,226
down €17,226 (-6.4%), from €267,592 to €250,366
of which Trade receivables: -€24,121
- Profit (loss) carried forward -€138,936
down €138,936 (-39.4%), from €352,839 to €213,903
- Reserves -€81,026
down €81,026 (-23.7%), from €342,349 to €261,323
- Debts within one year +€18,893
up €18,893 (+4.8%), from €390,526 to €409,418
- Gross operating margin -€34,406
down €34,406 (-4.1%), from €836,859 to €802,454
- Write-downs +€31,664
up €31,664 (+60.7%), from €52,207 to €83,870
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 | €1,556,739 | €1,355,594 | -€201,145 | -12.9% |
| Fixed assets | 21/28 | €316,119 | €291,912 | -€24,206 | -7.7% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €279,406 | €255,053 | -€24,353 | -8.7% |
| Land and buildings | 22 | €234,534 | €227,328 | -€7,205 | -3.1% |
| Plant, machinery and equipment | 23 | €9,420 | €6,280 | -€3,140 | -33.3% |
| Furniture and vehicles | 24 | €27,917 | €20,377 | -€7,540 | -27.0% |
| Other tangible fixed assets | 26 | €7,536 | €1,068 | -€6,468 | -85.8% |
| Financial fixed assets | 28 | €36,713 | €36,859 | +€147 | +0.4% |
| Current assets | 29/58 | €1,240,620 | €1,063,681 | -€176,939 | -14.3% |
| Amounts receivable within one year | 40/41 | €267,592 | €250,366 | -€17,226 | -6.4% |
| Trade receivables | 40 | €141,897 | €117,776 | -€24,121 | -17.0% |
| Other amounts receivable | 41 | €125,695 | €132,590 | +€6,895 | +5.5% |
| Cash at bank and in hand | 54/58 | €924,742 | €764,975 | -€159,767 | -17.3% |
| Deferred charges and accrued income | 490/1 | €48,286 | €48,341 | +€54 | +0.1% |
| Total equity and liabilities | 10/49 | €1,556,739 | €1,355,594 | -€201,145 | -12.9% |
| Equity | 10/15 | €695,189 | €475,227 | -€219,962 | -31.6% |
| Reserves | 13 | €342,349 | €261,323 | -€81,026 | -23.7% |
| Profit (loss) carried forward | 14 | €352,839 | €213,903 | -€138,936 | -39.4% |
| Provisions and deferred taxes | 16 | €471,025 | €470,949 | -€76 | 0.0% |
| Provisions for liabilities and charges | 160/5 | €471,025 | €470,949 | -€76 | 0.0% |
| Environmental obligations | 163 | €471,025 | €470,949 | -€76 | 0.0% |
| Amounts payable | 17/49 | €390,526 | €409,418 | +€18,893 | +4.8% |
| Amounts payable within one year | 42/48 | €390,526 | €409,418 | +€18,893 | +4.8% |
| Trade debts | 44 | €58,698 | €55,562 | -€3,137 | -5.3% |
| Suppliers | 440/4 | €58,698 | €55,562 | -€3,137 | -5.3% |
| Taxes, remuneration and social security | 45 | €115,562 | €106,127 | -€9,435 | -8.2% |
| Taxes | 450/3 | - | €0 | = | |
| Remuneration and social security | 454/9 | €115,562 | €106,127 | -€9,435 | -8.2% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Turnover | 70 | €0 | - | = | |
| Membership fees, donations, legacies and grants | 73 | €0 | - | = | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Goods, raw materials, services and sundry goods | 60/61 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €858,865 | €852,446 | -€6,419 | -0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,460 | €25,117 | +€1,658 | +7.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €52,207 | €83,870 | +€31,664 | +60.7% |
| Other operating charges | 640/8 | €54,658 | €60,713 | +€6,055 | +11.1% |
| Non-recurring operating charges | 66A | €0 | €418 | +€418 | |
| Gross operating margin | 9900 | €836,859 | €802,454 | -€34,406 | -4.1% |
| Operating profit (loss) | 9901 | -€40,648 | -€220,111 | -€179,463 | -442% |
| Financial income | 75/76B | €215 | €319 | +€104 | +48.4% |
| Recurring financial income | 75 | €215 | €319 | +€104 | +48.4% |
| Financial charges | 65/66B | €481 | €171 | -€310 | -64.5% |
| Recurring financial charges | 65 | €481 | €171 | -€310 | -64.5% |
| Profit (loss) for the period before taxes | 9903 | -€40,914 | -€219,962 | -€179,048 | -438% |
| Profit (loss) for the period | 9904 | -€40,914 | -€219,962 | -€179,048 | -438% |
| Profit (loss) for the period to be appropriated | 9905 | -€40,914 | -€219,962 | -€179,048 | -438% |
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 22 October 2026 via checked.be.