R-BAG: 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-BAG
Largest movements
- Cash -€85,875
down €85,875 (-34.8%), from €246,466 to €160,591
mainly Trade debts (-€69,415) and Investment in fixed assets (net) (-€65,014)
- Tangible fixed assets +€60,341
up €60,341 (+815%), from €7,400 to €67,741
of which Furniture and vehicles: +€54,660
- Receivables within one year +€46,369
up €46,369 (+29.9%), from €154,976 to €201,345
of which Trade receivables: +€39,284
- Intangible fixed assets -€18,650
down €18,650 (-16.7%), from €111,900 to €93,250
- Deferred charges and accrued income +€17,677
up €17,677 (+220%), from €8,017 to €25,694
- Trade debts -€69,415
down €69,415 (-26.1%), from €266,092 to €196,677
- Profit (loss) carried forward +€67,930
up €67,930 (+66.5%), from €102,126 to €170,056
- Tax, wage and social debts +€22,804
up €22,804 (+96.4%), from €23,667 to €46,472
of which Taxes: +€22,968
- Debts after one year -€12,334
down €12,334 (-13.8%), from €89,216 to €76,881
- Current portion of long-term debt +€8,009
up €8,009 (+19.7%), from €40,592 to €48,601
- Gross operating margin +€85,219
up €85,219 (+53.1%), from €160,637 to €245,856
- Staff costs +€67,712
up €67,712 (+101%), from €66,844 to €134,556
- Taxes -€4,671
down €4,671 (-27.7%), from €16,846 to €12,175
- Depreciation +€4,411
up €4,411 (+19.6%), from €22,513 to €26,924
- Write-downs -€3,488
down €3,488, from €751 to -€2,737
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 | €532,359 | €548,621 | +€16,261 | +3.1% |
| Fixed assets | 21/28 | €122,900 | €160,991 | +€38,091 | +31.0% |
| Intangible fixed assets | 21 | €111,900 | €93,250 | -€18,650 | -16.7% |
| Tangible fixed assets | 22/27 | €7,400 | €67,741 | +€60,341 | +815% |
| Plant, machinery and equipment | 23 | - | €5,681 | +€5,681 | |
| Furniture and vehicles | 24 | €7,400 | €62,060 | +€54,660 | +739% |
| Financial fixed assets | 28 | €3,600 | €0 | -€3,600 | -100% |
| Current assets | 29/58 | €409,459 | €387,630 | -€21,829 | -5.3% |
| Amounts receivable within one year | 40/41 | €154,976 | €201,345 | +€46,369 | +29.9% |
| Trade receivables | 40 | €139,976 | €179,260 | +€39,284 | +28.1% |
| Other amounts receivable | 41 | €15,000 | €22,085 | +€7,085 | +47.2% |
| Cash at bank and in hand | 54/58 | €246,466 | €160,591 | -€85,875 | -34.8% |
| Deferred charges and accrued income | 490/1 | €8,017 | €25,694 | +€17,677 | +220% |
| Total equity and liabilities | 10/49 | €532,359 | €548,621 | +€16,261 | +3.1% |
| Equity | 10/15 | €111,126 | €179,056 | +€67,930 | +61.1% |
| Contributions | 10/11 | €9,000 | €9,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €102,126 | €170,056 | +€67,930 | +66.5% |
| Amounts payable | 17/49 | €421,233 | €369,564 | -€51,669 | -12.3% |
| Amounts payable after more than one year | 17 | €89,216 | €76,881 | -€12,334 | -13.8% |
| Financial debts | 170/4 | €89,216 | €76,881 | -€12,334 | -13.8% |
| Amounts payable within one year | 42/48 | €330,919 | €292,163 | -€38,756 | -11.7% |
| Current portion of amounts payable after more than one year | 42 | €40,592 | €48,601 | +€8,009 | +19.7% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €266,092 | €196,677 | -€69,415 | -26.1% |
| Suppliers | 440/4 | €266,092 | €196,677 | -€69,415 | -26.1% |
| Taxes, remuneration and social security | 45 | €23,667 | €46,472 | +€22,804 | +96.4% |
| Taxes | 450/3 | €8,561 | €31,529 | +€22,968 | +268% |
| Remuneration and social security | 454/9 | €15,106 | €14,943 | -€163 | -1.1% |
| Other amounts payable | 47/48 | €567 | €413 | -€154 | -27.2% |
| Accrued charges and deferred income | 492/3 | €1,099 | €520 | -€579 | -52.7% |
| Remuneration, social security and pensions | 62 | €66,844 | €134,556 | +€67,712 | +101% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,513 | €26,924 | +€4,411 | +19.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €751 | -€2,737 | -€3,488 | |
| Other operating charges | 640/8 | €4,267 | €4,110 | -€156 | -3.7% |
| Gross operating margin | 9900 | €160,637 | €245,856 | +€85,219 | +53.1% |
| Operating profit (loss) | 9901 | €66,262 | €83,003 | +€16,741 | +25.3% |
| Financial income | 75/76B | €721 | €686 | -€35 | -4.9% |
| Recurring financial income | 75 | €721 | €686 | -€35 | -4.9% |
| Financial charges | 65/66B | €3,501 | €3,583 | +€82 | +2.3% |
| Recurring financial charges | 65 | €3,501 | €3,583 | +€82 | +2.3% |
| Profit (loss) for the period before taxes | 9903 | €63,481 | €80,106 | +€16,624 | +26.2% |
| Income taxes | 67/77 | €16,846 | €12,175 | -€4,671 | -27.7% |
| Profit (loss) for the period | 9904 | €46,635 | €67,930 | +€21,295 | +45.7% |
| Profit (loss) for the period to be appropriated | 9905 | €46,635 | €67,930 | +€21,295 | +45.7% |
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.