R.C.: 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.
What changed
R.C.
NACE 29.100, Manufacture of motor vehicles, trailers and semi-trailers
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.0m
2024 · €950,390+€74,699
Equity
€4.5m
2024 · €3.4m+€1.0m
Cash
€155,984
2024 · €858,617-€702,633
Balance sheet total
€5.1m
2024 · €4.0m+€1.0m
Largest movements
Assets
- Receivables within one year +€1.8m
up €1.8m (+141%), from €1.3m to €3.1m
of which Other amounts receivable: +€2.3m
- Cash -€702,633
down €702,633 (-81.8%), from €858,617 to €155,984
mainly Receivables within one year (-€1.8m) and Current portion of long-term debt (-€115,428)
- Stocks and contracts -€65,574
down €65,574 (-9.8%), from €669,580 to €604,005
Equity and liabilities
- Profit (loss) carried forward +€1.0m
up €1.0m, from -€946,646 to €74,521
- Current portion of long-term debt -€115,428
down €115,428 (-74.9%), from €154,150 to €38,722
- Trade debts +€104,109
up €104,109 (+86.1%), from €120,939 to €225,048
Income statement
- Financial income +€68,404
up €68,404 (+141%), from €48,535 to €116,939
- Gross operating margin +€55,577
up €55,577 (+2.9%), from €1.9m to €2.0m
- Taxes +€20,240
up €20,240 (+2,252%), from €899 to €21,139
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.
Result 2024
€950,390
Gross operating margin
+€55,577
Staff costs
-€14,271
Depreciation
+€2,676
Write-downs
+€5,484
Provisions
-€13,613
Other operating charges
-€13,708
Financial income
+€68,404
Financial charges
+€4,389
Taxes
-€20,240
Result 2025
€1.0m
raises the resultlowers the result
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.
From operations
-€479,968
Investment
-€72,840
Financing
-€149,824
Cash 2024
€858,617
From operations (derived)
-€479,968
Net result for the year
+€1.0m
Depreciation
+€68,345
Stocks and contracts
+€65,574
Receivables within one year
-€1.8m
Smaller working-capital items
-€725
Trade debts
+€104,109
Tax, wage and social debts
+€27,361
Advances received
+€44,068
Accrued charges and deferred income
-€15,773
Investment (derived)
-€72,840
Investment in fixed assets (net)
-€72,840
Financing
-€149,824
Debts after one year
-€38,722
Current portion of long-term debt
-€115,428
Contributions, distributions and other
+€4,326
Cash 2025
€155,984
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,027,948 | €5,058,652 | +€1.0m | +25.6% |
| Fixed assets | 21/28 | €1,222,102 | €1,226,597 | +€4,495 | +0.4% |
| Intangible fixed assets | 21 | €36,426 | €11,046 | -€25,380 | -69.7% |
| Tangible fixed assets | 22/27 | €1,181,505 | €1,211,380 | +€29,875 | +2.5% |
| Land and buildings | 22 | €1,102,869 | €1,133,413 | +€30,544 | +2.8% |
| Plant, machinery and equipment | 23 | €47,828 | €63,514 | +€15,686 | +32.8% |
| Furniture and vehicles | 24 | €30,667 | €14,406 | -€16,261 | -53.0% |
| Other tangible fixed assets | 26 | €142 | €47 | -€95 | -66.7% |
| Financial fixed assets | 28 | €4,170 | €4,170 | = | 0.0% |
| Current assets | 29/58 | €2,805,846 | €3,832,055 | +€1.0m | +36.6% |
| Stocks and contracts in progress | 3 | €669,580 | €604,005 | -€65,574 | -9.8% |
| Stocks | 30/36 | €669,580 | €604,005 | -€65,574 | -9.8% |
| Amounts receivable within one year | 40/41 | €1,272,743 | €3,070,759 | +€1.8m | +141% |
| Trade receivables | 40 | €765,447 | €299,749 | -€465,698 | -60.8% |
| Other amounts receivable | 41 | €507,296 | €2,771,010 | +€2.3m | +446% |
| Cash at bank and in hand | 54/58 | €858,617 | €155,984 | -€702,633 | -81.8% |
| Deferred charges and accrued income | 490/1 | €4,907 | €1,306 | -€3,601 | -73.4% |
| Total equity and liabilities | 10/49 | €4,027,948 | €5,058,652 | +€1.0m | +25.6% |
| Equity | 10/15 | €3,443,797 | €4,473,211 | +€1.0m | +29.9% |
| Contributions | 10/11 | €3,250,000 | €3,250,000 | = | 0.0% |
| Capital | 10 | €3,250,000 | €3,250,000 | = | 0.0% |
| Issued capital | 100 | €3,250,000 | €3,250,000 | = | 0.0% |
| Revaluation surpluses | 12 | €500,000 | €500,000 | = | 0.0% |
| Reserves | 13 | €602,500 | €606,422 | +€3,922 | +0.7% |
| Non-distributable reserves | 130/1 | €25,000 | €28,922 | +€3,922 | +15.7% |
| Legal reserve | 130 | €25,000 | €28,922 | +€3,922 | +15.7% |
| Tax-exempt reserves | 132 | €37,500 | €37,500 | = | 0.0% |
| Distributable reserves | 133 | €540,000 | €540,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€946,646 | €74,521 | +€1.0m | |
| Investment grants | 15 | €37,943 | €42,268 | +€4,326 | +11.4% |
| Provisions and deferred taxes | 16 | €18,415 | €14,089 | -€4,326 | -23.5% |
| Deferred taxes | 168 | €18,415 | €14,089 | -€4,326 | -23.5% |
| Amounts payable | 17/49 | €565,736 | €571,351 | +€5,615 | +1.0% |
| Amounts payable after more than one year | 17 | €75,192 | €36,469 | -€38,722 | -51.5% |
| Financial debts | 170/4 | €75,192 | €36,469 | -€38,722 | -51.5% |
| Amounts payable within one year | 42/48 | €474,772 | €534,882 | +€60,110 | +12.7% |
| Current portion of amounts payable after more than one year | 42 | €154,150 | €38,722 | -€115,428 | -74.9% |
| Trade debts | 44 | €120,939 | €225,048 | +€104,109 | +86.1% |
| Suppliers | 440/4 | €120,939 | €225,048 | +€104,109 | +86.1% |
| Advances received on contracts in progress | 46 | €68,600 | €112,668 | +€44,068 | +64.2% |
| Taxes, remuneration and social security | 45 | €131,082 | €158,443 | +€27,361 | +20.9% |
| Taxes | 450/3 | €17,665 | €33,220 | +€15,555 | +88.1% |
| Remuneration and social security | 454/9 | €113,417 | €125,223 | +€11,806 | +10.4% |
| Accrued charges and deferred income | 492/3 | €15,773 | - | -€15,773 | |
| Remuneration, social security and pensions | 62 | €879,852 | €894,123 | +€14,271 | +1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,021 | €68,345 | -€2,676 | -3.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €49,563 | €44,079 | -€5,484 | -11.1% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€13,613 | - | +€13,613 | |
| Other operating charges | 640/8 | €42,827 | €56,536 | +€13,708 | +32.0% |
| Gross operating margin | 9900 | €1,942,398 | €1,997,976 | +€55,577 | +2.9% |
| Operating profit (loss) | 9901 | €912,747 | €934,893 | +€22,146 | +2.4% |
| Financial income | 75/76B | €48,535 | €116,939 | +€68,404 | +141% |
| Recurring financial income | 75 | €48,535 | €116,939 | +€68,404 | +141% |
| Financial charges | 65/66B | €9,994 | €5,605 | -€4,389 | -43.9% |
| Recurring financial charges | 65 | €8,794 | €5,605 | -€3,189 | -36.3% |
| Non-recurring financial charges | 66B | €1,200 | - | -€1,200 | |
| Profit (loss) for the period before taxes | 9903 | €951,289 | €1,046,228 | +€94,939 | +10.0% |
| Income taxes | 67/77 | €899 | €21,139 | +€20,240 | +2,252% |
| Profit (loss) for the period | 9904 | €950,390 | €1,025,088 | +€74,699 | +7.9% |
| Profit (loss) for the period to be appropriated | 9905 | €950,390 | €1,025,088 | +€74,699 | +7.9% |
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 15 October 2026 via checked.be.