R.D.B.: 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.D.B.
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€424,793
2024 · €230,932+€193,862
Equity
€11.4m
2024 · €11.0m+€374,793
Cash
€1.1m
2024 · €1.1m+€55,570
Balance sheet total
€18.1m
2024 · €18.1m+€55,557
Largest movements
Assets
- Current investments +€1.0m
up €1.0m (+10.9%), from €9.5m to €10.6m
- Receivables after one year -€500,000
down €500,000 (-56.6%), from €883,828 to €383,828
- Receivables within one year -€235,202
down €235,202 (-16.1%), from €1.5m to €1.2m
of which Other amounts receivable: -€235,202
- Tangible fixed assets -€192,095
down €192,095 (-8.4%), from €2.3m to €2.1m
of which Land and buildings: -€178,499
Equity and liabilities
- Reserves +€374,793
up €374,793 (+11.9%), from €3.2m to €3.5m
of which Distributable reserves: +€471,691
Income statement
- Financial income +€59,605
up €59,605 (+12.5%), from €477,120 to €536,724
- Gross operating margin +€44,451
up €44,451 (+18.9%), from €234,630 to €279,081
- Financial charges -€39,180
down €39,180 (-18.3%), from €214,014 to €174,834
- Taxes -€21,723
down €21,723 (-17.0%), from €127,943 to €106,220
- Depreciation +€4,016
up €4,016 (+4.1%), from €98,892 to €102,908
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
€230,932
Gross operating margin
+€44,451
Depreciation
-€4,016
Other operating charges
+€649
Financial income
+€59,605
Financial charges
+€39,180
Taxes
+€21,723
Deferred taxes and other
+€32,270
Result 2025
€424,793
raises the resultlowers the resultnot broken down further in the accounts
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
+€1.2m
Investment
-€952,231
Financing
-€234,288
Cash 2024
€1.1m
From operations (derived)
+€1.2m
Net result for the year
+€424,793
Depreciation
+€102,908
Receivables after one year
+€500,000
Stocks and contracts
+€114,133
Receivables within one year
+€235,202
Provisions
-€39,817
Trade debts
+€1,061
Tax, wage and social debts
-€114,702
Other debts
+€6,501
Accrued charges and deferred income
+€12,008
Investment (derived)
-€952,231
Investment in fixed assets (net)
+€89,187
Current investments
-€1.0m
Financing
-€234,288
Debts after one year
-€11,886
Current portion of long-term debt
-€5,777
Short-term financial debts
-€166,624
Contributions, distributions and other
-€50,000
Cash 2025
€1.1m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €18,087,469 | €18,143,026 | +€55,557 | +0.3% |
| Fixed assets | 21/28 | €4,479,179 | €4,287,084 | -€192,095 | -4.3% |
| Tangible fixed assets | 22/27 | €2,281,640 | €2,089,545 | -€192,095 | -8.4% |
| Land and buildings | 22 | €2,215,619 | €2,037,121 | -€178,499 | -8.1% |
| Plant, machinery and equipment | 23 | €9,598 | €9,598 | = | 0.0% |
| Furniture and vehicles | 24 | €56,423 | €42,826 | -€13,597 | -24.1% |
| Financial fixed assets | 28 | €2,197,539 | €2,197,539 | = | 0.0% |
| Current assets | 29/58 | €13,608,290 | €13,855,943 | +€247,653 | +1.8% |
| Amounts receivable after more than one year | 29 | €883,828 | €383,828 | -€500,000 | -56.6% |
| Other amounts receivable | 291 | €883,828 | €383,828 | -€500,000 | -56.6% |
| Stocks and contracts in progress | 3 | €660,211 | €546,077 | -€114,133 | -17.3% |
| Stocks | 30/36 | €660,211 | €546,077 | -€114,133 | -17.3% |
| Amounts receivable within one year | 40/41 | €1,465,111 | €1,229,910 | -€235,202 | -16.1% |
| Trade receivables | 40 | €1,238 | €1,238 | = | 0.0% |
| Other amounts receivable | 41 | €1,463,873 | €1,228,672 | -€235,202 | -16.1% |
| Current investments | 50/53 | €9,539,424 | €10,580,842 | +€1.0m | +10.9% |
| Cash at bank and in hand | 54/58 | €1,059,716 | €1,115,286 | +€55,570 | +5.2% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €18,087,469 | €18,143,026 | +€55,557 | +0.3% |
| Equity | 10/15 | €10,993,447 | €11,368,240 | +€374,793 | +3.4% |
| Contributions | 10/11 | €7,839,633 | €7,839,633 | = | 0.0% |
| Capital | 10 | €7,839,633 | €7,839,633 | = | 0.0% |
| Issued capital | 100 | €7,839,633 | €7,839,633 | = | 0.0% |
| Reserves | 13 | €3,153,814 | €3,528,608 | +€374,793 | +11.9% |
| Non-distributable reserves | 130/1 | €783,963 | €783,963 | = | 0.0% |
| Legal reserve | 130 | €783,963 | €783,963 | = | 0.0% |
| Tax-exempt reserves | 132 | €442,268 | €345,370 | -€96,898 | -21.9% |
| Distributable reserves | 133 | €1,927,583 | €2,399,275 | +€471,691 | +24.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €376,577 | €336,760 | -€39,817 | -10.6% |
| Provisions for liabilities and charges | 160/5 | €187,500 | €187,500 | = | 0.0% |
| Environmental obligations | 163 | €150,000 | €150,000 | = | 0.0% |
| Other liabilities and charges | 164/5 | €37,500 | €37,500 | = | 0.0% |
| Deferred taxes | 168 | €189,077 | €149,260 | -€39,817 | -21.1% |
| Amounts payable | 17/49 | €6,717,445 | €6,438,026 | -€279,419 | -4.2% |
| Amounts payable after more than one year | 17 | €4,821,680 | €4,809,793 | -€11,886 | -0.2% |
| Financial debts | 170/4 | €4,821,680 | €4,809,793 | -€11,886 | -0.2% |
| Amounts payable within one year | 42/48 | €1,885,224 | €1,605,683 | -€279,541 | -14.8% |
| Current portion of amounts payable after more than one year | 42 | €17,663 | €11,886 | -€5,777 | -32.7% |
| Financial debts | 43 | €1,344,905 | €1,178,280 | -€166,624 | -12.4% |
| Credit institutions | 430/8 | €1,344,905 | €1,178,280 | -€166,624 | -12.4% |
| Trade debts | 44 | €9,315 | €10,376 | +€1,061 | +11.4% |
| Suppliers | 440/4 | €9,315 | €10,376 | +€1,061 | +11.4% |
| Taxes, remuneration and social security | 45 | €114,760 | €58 | -€114,702 | -99.9% |
| Taxes | 450/3 | €114,760 | €58 | -€114,702 | -99.9% |
| Other amounts payable | 47/48 | €398,581 | €405,083 | +€6,501 | +1.6% |
| Accrued charges and deferred income | 492/3 | €10,541 | €22,549 | +€12,008 | +114% |
| Non-recurring operating income | 76A | €184,557 | €220,813 | +€36,256 | +19.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €98,892 | €102,908 | +€4,016 | +4.1% |
| Other operating charges | 640/8 | €47,515 | €46,866 | -€649 | -1.4% |
| Gross operating margin | 9900 | €234,630 | €279,081 | +€44,451 | +18.9% |
| Operating profit (loss) | 9901 | €88,223 | €129,307 | +€41,084 | +46.6% |
| Financial income | 75/76B | €477,120 | €536,724 | +€59,605 | +12.5% |
| Recurring financial income | 75 | €477,120 | €536,724 | +€59,605 | +12.5% |
| Financial charges | 65/66B | €214,014 | €174,834 | -€39,180 | -18.3% |
| Recurring financial charges | 65 | €214,014 | €174,834 | -€39,180 | -18.3% |
| Profit (loss) for the period before taxes | 9903 | €351,328 | €491,197 | +€139,868 | +39.8% |
| Transfer from deferred taxes | 780 | €7,547 | €39,817 | +€32,270 | +428% |
| Income taxes | 67/77 | €127,943 | €106,220 | -€21,723 | -17.0% |
| Profit (loss) for the period | 9904 | €230,932 | €424,793 | +€193,862 | +83.9% |
| Transfer from tax-exempt reserves | 789 | €14,811 | €96,898 | +€82,087 | +554% |
| Profit (loss) for the period to be appropriated | 9905 | €245,743 | €521,691 | +€275,948 | +112% |
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 14 October 2026 via checked.be.