R.A.2: 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.
R.A.2
Largest movements
- Tangible fixed assets +€665,614
up €665,614 (+32.6%), from €2.0m to €2.7m
of which Land and buildings: +€683,992
- Stocks and contracts +€322,022
up €322,022 (+45.1%), from €713,727 to €1.0m
- Cash -€61,673
no longer reported in 2025 (was €61,673)
mainly Investment in fixed assets (net) (-€795,565) and Stocks and contracts (-€322,022)
- Other debts +€501,350
up €501,350 (+61.2%), from €819,103 to €1.3m
- Debts after one year +€297,871
up €297,871 (+18.4%), from €1.6m to €1.9m
- Tax, wage and social debts +€75,545
up €75,545 (+940%), from €8,034 to €83,579
- Current portion of long-term debt +€41,074
up €41,074 (+46.4%), from €88,555 to €129,629
- Depreciation -€10,069
down €10,069 (-7.2%), from €140,021 to €129,952
- Gross operating margin -€6,329
down €6,329 (-4.1%), from €155,356 to €149,027
- Financial charges +€5,435
up €5,435 (+229%), from €2,378 to €7,813
- Other operating charges -€2,092
down €2,092 (-18.8%), from €11,119 to €9,027
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 | €2,835,915 | €3,767,563 | +€931,648 | +32.9% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €2,043,867 | €2,709,481 | +€665,614 | +32.6% |
| Tangible fixed assets | 22/27 | €2,043,867 | €2,709,481 | +€665,614 | +32.6% |
| Land and buildings | 22 | €2,012,546 | €2,696,538 | +€683,992 | +34.0% |
| Plant, machinery and equipment | 23 | €1,868 | €906 | -€962 | -51.5% |
| Furniture and vehicles | 24 | €29,453 | €12,037 | -€17,416 | -59.1% |
| Current assets | 29/58 | €792,048 | €1,058,082 | +€266,034 | +33.6% |
| Stocks and contracts in progress | 3 | €713,727 | €1,035,749 | +€322,022 | +45.1% |
| Contracts in progress | 37 | €713,727 | €1,035,749 | +€322,022 | +45.1% |
| Amounts receivable within one year | 40/41 | €16,648 | €22,333 | +€5,685 | +34.1% |
| Trade receivables | 40 | €16,648 | €22,333 | +€5,685 | +34.1% |
| Other amounts receivable | 41 | €0 | €0 | = | |
| Cash at bank and in hand | 54/58 | €61,673 | - | -€61,673 | |
| Total equity and liabilities | 10/49 | €2,835,915 | €3,767,563 | +€931,648 | +32.9% |
| Equity | 10/15 | €216,109 | €217,684 | +€1,575 | +0.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €95,328 | €95,328 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €93,328 | €93,328 | = | 0.0% |
| Profit (loss) carried forward | 14 | €114,581 | €116,156 | +€1,575 | +1.4% |
| Amounts payable | 17/49 | €2,619,806 | €3,549,879 | +€930,073 | +35.5% |
| Amounts payable after more than one year | 17 | €1,616,827 | €1,914,698 | +€297,871 | +18.4% |
| Financial debts | 170/4 | €1,616,827 | €1,914,698 | +€297,871 | +18.4% |
| Amounts payable within one year | 42/48 | €1,002,979 | €1,631,885 | +€628,906 | +62.7% |
| Current portion of amounts payable after more than one year | 42 | €88,555 | €129,629 | +€41,074 | +46.4% |
| Trade debts | 44 | €87,287 | €98,224 | +€10,937 | +12.5% |
| Suppliers | 440/4 | €87,287 | €98,224 | +€10,937 | +12.5% |
| Taxes, remuneration and social security | 45 | €8,034 | €83,579 | +€75,545 | +940% |
| Taxes | 450/3 | €8,034 | €83,579 | +€75,545 | +940% |
| Other amounts payable | 47/48 | €819,103 | €1,320,453 | +€501,350 | +61.2% |
| Accrued charges and deferred income | 492/3 | - | €3,296 | +€3,296 | |
| Non-recurring operating income | 76A | - | €9,917 | +€9,917 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €140,021 | €129,952 | -€10,069 | -7.2% |
| Other operating charges | 640/8 | €11,119 | €9,027 | -€2,092 | -18.8% |
| Gross operating margin | 9900 | €155,356 | €149,027 | -€6,329 | -4.1% |
| Operating profit (loss) | 9901 | €4,216 | €10,048 | +€5,832 | +138% |
| Financial income | 75/76B | - | €23 | +€23 | |
| Recurring financial income | 75 | - | €23 | +€23 | |
| Financial charges | 65/66B | €2,378 | €7,813 | +€5,435 | +229% |
| Recurring financial charges | 65 | €2,378 | €7,813 | +€5,435 | +229% |
| Profit (loss) for the period before taxes | 9903 | €1,837 | €2,258 | +€420 | +22.9% |
| Income taxes | 67/77 | €748 | €683 | -€65 | -8.7% |
| Profit (loss) for the period | 9904 | €1,090 | €1,575 | +€485 | +44.5% |
| Profit (loss) for the period to be appropriated | 9905 | €1,090 | €1,575 | +€485 | +44.5% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.