R.Bel: 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.Bel
Largest movements
- Cash +€23,325
up €23,325 (+39.0%), from €59,748 to €83,073
mainly Net result for the year (+€50,322) and Depreciation (+€9,946)
- Receivables within one year +€3,388
up €3,388 (+56.5%), from €6,000 to €9,388
of which Trade receivables: +€2,192
- Profit (loss) carried forward +€50,322
up €50,322 (+73.6%), from €68,344 to €118,666
- Trade debts -€21,537
no longer reported in 2025 (was €21,537)
- Tax, wage and social debts -€2,156
down €2,156 (-35.6%), from €6,056 to €3,900
- Gross operating margin -€22,366
down €22,366 (-23.4%), from €95,714 to €73,348
- Taxes -€6,497
down €6,497 (-34.2%), from €19,000 to €12,503
- Depreciation +€2,642
up €2,642 (+36.2%), from €7,305 to €9,946
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.
Cash bridge derived
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 | €100,881 | €127,668 | +€26,787 | +26.6% |
| Fixed assets | 21/28 | €34,345 | €34,399 | +€54 | +0.2% |
| Tangible fixed assets | 22/27 | €34,345 | €34,399 | +€54 | +0.2% |
| Plant, machinery and equipment | 23 | €1,903 | €1,473 | -€430 | -22.6% |
| Furniture and vehicles | 24 | €32,442 | €32,925 | +€484 | +1.5% |
| Current assets | 29/58 | €66,536 | €93,269 | +€26,733 | +40.2% |
| Amounts receivable within one year | 40/41 | €6,000 | €9,388 | +€3,388 | +56.5% |
| Trade receivables | 40 | - | €2,192 | +€2,192 | |
| Other amounts receivable | 41 | €6,000 | €7,196 | +€1,196 | +19.9% |
| Cash at bank and in hand | 54/58 | €59,748 | €83,073 | +€23,325 | +39.0% |
| Deferred charges and accrued income | 490/1 | €788 | €807 | +€19 | +2.4% |
| Total equity and liabilities | 10/49 | €100,881 | €127,668 | +€26,787 | +26.6% |
| Equity | 10/15 | €71,344 | €121,666 | +€50,322 | +70.5% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €68,344 | €118,666 | +€50,322 | +73.6% |
| Amounts payable | 17/49 | €29,537 | €6,001 | -€23,535 | -79.7% |
| Amounts payable within one year | 42/48 | €29,537 | €6,001 | -€23,535 | -79.7% |
| Trade debts | 44 | €21,537 | - | -€21,537 | |
| Suppliers | 440/4 | €21,537 | - | -€21,537 | |
| Taxes, remuneration and social security | 45 | €6,056 | €3,900 | -€2,156 | -35.6% |
| Taxes | 450/3 | €6,056 | €3,900 | -€2,156 | -35.6% |
| Other amounts payable | 47/48 | €1,943 | €2,101 | +€158 | +8.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,305 | €9,946 | +€2,642 | +36.2% |
| Other operating charges | 640/8 | €1,001 | €474 | -€527 | -52.6% |
| Gross operating margin | 9900 | €95,714 | €73,348 | -€22,366 | -23.4% |
| Operating profit (loss) | 9901 | €87,408 | €62,927 | -€24,481 | -28.0% |
| Financial charges | 65/66B | €64 | €102 | +€38 | +59.6% |
| Recurring financial charges | 65 | €64 | €102 | +€38 | +59.6% |
| Profit (loss) for the period before taxes | 9903 | €87,344 | €62,825 | -€24,519 | -28.1% |
| Income taxes | 67/77 | €19,000 | €12,503 | -€6,497 | -34.2% |
| Profit (loss) for the period | 9904 | €68,344 | €50,322 | -€18,022 | -26.4% |
| Profit (loss) for the period to be appropriated | 9905 | €68,344 | €50,322 | -€18,022 | -26.4% |
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 11 October 2026 via checked.be.