R.A.D.: 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.D.
Largest movements
- Tangible fixed assets +€829,012
up €829,012 (+67.5%), from €1.2m to €2.1m
of which Leasing and similar rights: +€1.1m
- Intangible fixed assets -€62,861
down €62,861 (-34.9%), from €179,942 to €117,081
- Receivables within one year -€61,362
down €61,362 (-9.7%), from €633,408 to €572,046
of which Trade receivables: -€107,904
- Cash +€35,903
up €35,903 (+41.4%), from €86,818 to €122,721
mainly Debts after one year (+€850,800) and Depreciation (+€707,781)
- Debts after one year +€850,800
up €850,800 (+295%), from €288,099 to €1.1m
- Current portion of long-term debt +€224,599
up €224,599 (+118%), from €191,098 to €415,697
- Trade debts -€173,076
down €173,076 (-20.9%), from €828,031 to €654,955
- Profit (loss) carried forward -€136,993
down €136,993 (-31.4%), from €435,858 to €298,865
- Depreciation +€277,220
up €277,220 (+64.4%), from €430,561 to €707,781
- Services and other goods -€252,465
down €252,465 (-14.7%), from €1.7m to €1.5m
- Turnover -€117,541
down €117,541 (-3.7%), from €3.2m to €3.1m
- Other operating income +€87,374
up €87,374 (+77.2%), from €113,191 to €200,565
- Financial charges +€38,563
up €38,563 (+208%), from €18,578 to €57,141
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 | €2,181,577 | €2,928,972 | +€747,395 | +34.3% |
| Fixed assets | 21/28 | €1,408,687 | €2,174,838 | +€766,151 | +54.4% |
| Intangible fixed assets | 21 | €179,942 | €117,081 | -€62,861 | -34.9% |
| Tangible fixed assets | 22/27 | €1,228,745 | €2,057,757 | +€829,012 | +67.5% |
| Plant, machinery and equipment | 23 | €170,492 | €78,003 | -€92,489 | -54.2% |
| Furniture and vehicles | 24 | €762,628 | €554,780 | -€207,848 | -27.3% |
| Leasing and similar rights | 25 | €295,625 | €1,424,974 | +€1.1m | +382% |
| Current assets | 29/58 | €772,890 | €754,134 | -€18,756 | -2.4% |
| Amounts receivable within one year | 40/41 | €633,408 | €572,046 | -€61,362 | -9.7% |
| Trade receivables | 40 | €608,650 | €500,746 | -€107,904 | -17.7% |
| Other amounts receivable | 41 | €24,758 | €71,300 | +€46,542 | +188% |
| Cash at bank and in hand | 54/58 | €86,818 | €122,721 | +€35,903 | +41.4% |
| Deferred charges and accrued income | 490/1 | €52,664 | €59,367 | +€6,703 | +12.7% |
| Total equity and liabilities | 10/49 | €2,181,577 | €2,928,972 | +€747,395 | +34.3% |
| Equity | 10/15 | €690,698 | €553,705 | -€136,993 | -19.8% |
| Contributions | 10/11 | €64,000 | €64,000 | = | 0.0% |
| Capital | 10 | €64,000 | €64,000 | = | 0.0% |
| Issued capital | 100 | €64,000 | €64,000 | = | 0.0% |
| Reserves | 13 | €190,840 | €190,840 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,400 | €6,400 | = | 0.0% |
| Legal reserve | 130 | €6,400 | €6,400 | = | 0.0% |
| Tax-exempt reserves | 132 | €114,440 | €114,440 | = | 0.0% |
| Distributable reserves | 133 | €70,000 | €70,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €435,858 | €298,865 | -€136,993 | -31.4% |
| Amounts payable | 17/49 | €1,490,879 | €2,375,267 | +€884,388 | +59.3% |
| Amounts payable after more than one year | 17 | €288,099 | €1,138,899 | +€850,800 | +295% |
| Financial debts | 170/4 | €288,099 | €1,138,899 | +€850,800 | +295% |
| Leasing and similar obligations | 172 | €178,635 | €1,101,970 | +€923,335 | +517% |
| Credit institutions | 173 | €109,464 | €36,929 | -€72,535 | -66.3% |
| Amounts payable within one year | 42/48 | €1,202,780 | €1,236,368 | +€33,588 | +2.8% |
| Current portion of amounts payable after more than one year | 42 | €191,098 | €415,697 | +€224,599 | +118% |
| Trade debts | 44 | €828,031 | €654,955 | -€173,076 | -20.9% |
| Suppliers | 440/4 | €828,031 | €654,955 | -€173,076 | -20.9% |
| Taxes, remuneration and social security | 45 | €183,651 | €165,716 | -€17,935 | -9.8% |
| Taxes | 450/3 | €42,439 | €6,141 | -€36,298 | -85.5% |
| Remuneration and social security | 454/9 | €141,212 | €159,575 | +€18,363 | +13.0% |
| Operating income | 70/76A | €3,304,877 | €3,281,439 | -€23,438 | -0.7% |
| Turnover | 70 | €3,191,686 | €3,074,145 | -€117,541 | -3.7% |
| Other operating income | 74 | €113,191 | €200,565 | +€87,374 | +77.2% |
| Non-recurring operating income | 76A | - | €6,729 | +€6,729 | |
| Operating charges | 60/66A | €3,297,171 | €3,361,009 | +€63,838 | +1.9% |
| Goods for resale, raw materials and consumables | 60 | €2,741 | €1,713 | -€1,028 | -37.5% |
| Purchases | 600/8 | €2,741 | €1,713 | -€1,028 | -37.5% |
| Services and other goods | 61 | €1,719,177 | €1,466,712 | -€252,465 | -14.7% |
| Remuneration, social security and pensions | 62 | €1,134,996 | €1,152,162 | +€17,166 | +1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €430,561 | €707,781 | +€277,220 | +64.4% |
| Other operating charges | 640/8 | €8,555 | €30,612 | +€22,057 | +258% |
| Non-recurring operating charges | 66A | €1,141 | €2,029 | +€888 | +77.8% |
| Operating profit (loss) | 9901 | €7,706 | -€79,570 | -€87,276 | |
| Financial income | 75/76B | €7 | - | -€7 | |
| Recurring financial income | 75 | €7 | - | -€7 | |
| Other financial income | 752/9 | €7 | - | -€7 | |
| Financial charges | 65/66B | €18,578 | €57,141 | +€38,563 | +208% |
| Recurring financial charges | 65 | €18,578 | €57,141 | +€38,563 | +208% |
| Debt charges | 650 | €17,381 | €55,401 | +€38,020 | +219% |
| Other financial charges | 652/9 | €1,197 | €1,740 | +€543 | +45.4% |
| Profit (loss) for the period before taxes | 9903 | -€10,865 | -€136,711 | -€125,846 | -1,158% |
| Income taxes | 67/77 | €242 | €282 | +€40 | +16.5% |
| Taxes | 670/3 | €242 | €282 | +€40 | +16.5% |
| Profit (loss) for the period | 9904 | -€11,107 | -€136,993 | -€125,886 | -1,133% |
| Profit (loss) for the period to be appropriated | 9905 | -€11,107 | -€136,993 | -€125,886 | -1,133% |
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 24 October 2026 via checked.be.