R.C.S.: 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.C.S.
Largest movements
- Tangible fixed assets -€77,186
down €77,186 (-7.5%), from €1.0m to €951,250
of which Land and buildings: -€68,130
- Receivables within one year -€43,244
down €43,244 (-38.4%), from €112,680 to €69,436
of which Other amounts receivable: -€84,025
- Cash -€29,577
down €29,577 (-24.5%), from €120,922 to €91,345
mainly Contributions, distributions and other (-€232,779) and Investment in fixed assets (net) (-€89,911)
- Debts after one year -€69,685
down €69,685 (-57.2%), from €121,771 to €52,087
- Tax, wage and social debts -€48,716
down €48,716 (-65.9%), from €73,902 to €25,186
of which Taxes: -€49,517
- Other debts +€26,019
up €26,019 (+12.7%), from €204,328 to €230,348
- Trade debts -€22,455
down €22,455 (-65.6%), from €34,205 to €11,750
- Gross operating margin +€202,431
up €202,431 (+36.6%), from €552,680 to €755,111
- Staff costs +€66,994
up €66,994 (+28.7%), from €233,357 to €300,351
- Taxes +€39,616
up €39,616 (+88.1%), from €44,966 to €84,582
- Financial income -€24,474
down €24,474 (-34.2%), from €71,474 to €47,000
- Depreciation +€9,587
up €9,587 (+6.1%), from €157,510 to €167,096
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 | €2,212,361 | €2,066,629 | -€145,732 | -6.6% |
| Fixed assets | 21/28 | €1,978,760 | €1,901,574 | -€77,186 | -3.9% |
| Tangible fixed assets | 22/27 | €1,028,436 | €951,250 | -€77,186 | -7.5% |
| Land and buildings | 22 | €829,597 | €761,466 | -€68,130 | -8.2% |
| Plant, machinery and equipment | 23 | €88,636 | €94,936 | +€6,300 | +7.1% |
| Furniture and vehicles | 24 | €110,204 | €94,848 | -€15,355 | -13.9% |
| Financial fixed assets | 28 | €950,324 | €950,324 | = | 0.0% |
| Current assets | 29/58 | €233,601 | €165,055 | -€68,546 | -29.3% |
| Amounts receivable within one year | 40/41 | €112,680 | €69,436 | -€43,244 | -38.4% |
| Trade receivables | 40 | €19,996 | €60,777 | +€40,781 | +204% |
| Other amounts receivable | 41 | €92,684 | €8,658 | -€84,025 | -90.7% |
| Current investments | 50/53 | €0 | €4,275 | +€4,275 | |
| Cash at bank and in hand | 54/58 | €120,922 | €91,345 | -€29,577 | -24.5% |
| Total equity and liabilities | 10/49 | €2,212,361 | €2,066,629 | -€145,732 | -6.6% |
| Equity | 10/15 | €1,643,804 | €1,637,440 | -€6,364 | -0.4% |
| Contributions | 10/11 | €298,000 | €298,000 | = | 0.0% |
| Capital | 10 | €298,000 | €298,000 | = | 0.0% |
| Issued capital | 100 | €298,000 | €298,000 | = | 0.0% |
| Reserves | 13 | €1,345,804 | €1,339,440 | -€6,364 | -0.5% |
| Non-distributable reserves | 130/1 | €29,747 | €29,747 | = | 0.0% |
| Legal reserve | 130 | €29,747 | €29,747 | = | 0.0% |
| Tax-exempt reserves | 132 | €14,200 | €14,200 | = | 0.0% |
| Distributable reserves | 133 | €1,301,857 | €1,295,493 | -€6,364 | -0.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €568,557 | €429,189 | -€139,368 | -24.5% |
| Amounts payable after more than one year | 17 | €121,771 | €52,087 | -€69,685 | -57.2% |
| Financial debts | 170/4 | €121,771 | €52,087 | -€69,685 | -57.2% |
| Amounts payable within one year | 42/48 | €434,786 | €377,103 | -€57,683 | -13.3% |
| Current portion of amounts payable after more than one year | 42 | €122,350 | €109,819 | -€12,531 | -10.2% |
| Trade debts | 44 | €34,205 | €11,750 | -€22,455 | -65.6% |
| Suppliers | 440/4 | €34,205 | €11,750 | -€22,455 | -65.6% |
| Taxes, remuneration and social security | 45 | €73,902 | €25,186 | -€48,716 | -65.9% |
| Taxes | 450/3 | €59,099 | €9,582 | -€49,517 | -83.8% |
| Remuneration and social security | 454/9 | €14,804 | €15,604 | +€801 | +5.4% |
| Other amounts payable | 47/48 | €204,328 | €230,348 | +€26,019 | +12.7% |
| Accrued charges and deferred income | 492/3 | €12,000 | €0 | -€12,000 | -100% |
| Remuneration, social security and pensions | 62 | €233,357 | €300,351 | +€66,994 | +28.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €157,510 | €167,096 | +€9,587 | +6.1% |
| Other operating charges | 640/8 | €10,767 | €7,987 | -€2,780 | -25.8% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €552,680 | €755,111 | +€202,431 | +36.6% |
| Operating profit (loss) | 9901 | €151,046 | €279,677 | +€128,631 | +85.2% |
| Financial income | 75/76B | €71,474 | €47,000 | -€24,474 | -34.2% |
| Recurring financial income | 75 | €71,474 | €47,000 | -€24,474 | -34.2% |
| Financial charges | 65/66B | €21,306 | €15,681 | -€5,626 | -26.4% |
| Recurring financial charges | 65 | €21,306 | €15,681 | -€5,626 | -26.4% |
| Profit (loss) for the period before taxes | 9903 | €201,213 | €310,996 | +€109,783 | +54.6% |
| Income taxes | 67/77 | €44,966 | €84,582 | +€39,616 | +88.1% |
| Profit (loss) for the period | 9904 | €156,247 | €226,414 | +€70,167 | +44.9% |
| Profit (loss) for the period to be appropriated | 9905 | €156,247 | €226,414 | +€70,167 | +44.9% |
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 16 October 2026 via checked.be.