R.D.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.D.S.
Largest movements
- Current investments -€750,000
down €750,000 (-90.1%), from €832,310 to €82,310
- Cash +€399,404
up €399,404 (+351%), from €113,658 to €513,062
mainly Current investments (+€750,000) and Net result for the year (+€309,787)
- Receivables within one year +€297,744
up €297,744 (+131%), from €227,572 to €525,316
of which Trade receivables: +€279,724
- Tangible fixed assets +€97,329
up €97,329 (+7.3%), from €1.3m to €1.4m
of which Furniture and vehicles: +€120,202
- Reserves +€309,787
up €309,787 (+29.2%), from €1.1m to €1.4m
of which Distributable reserves: +€314,289
- Other debts -€219,006
down €219,006 (-34.5%), from €635,398 to €416,391
- Tax, wage and social debts -€112,955
down €112,955 (-50.9%), from €222,102 to €109,147
- Trade debts +€51,655
up €51,655 (+790%), from €6,537 to €58,193
- Debts after one year -€47,864
down €47,864 (-8.9%), from €539,324 to €491,460
- Financial income +€60,896
up €60,896 (+144%), from €42,321 to €103,216
- Gross operating margin +€40,438
up €40,438 (+7.6%), from €530,251 to €570,689
- Depreciation +€38,960
up €38,960 (+28.7%), from €135,864 to €174,824
- Financial charges +€13,233
up €13,233 (+30.1%), from €43,941 to €57,174
of which Financial charges: +€20,720
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 | €2,727,828 | €2,766,254 | +€38,426 | +1.4% |
| Fixed assets | 21/28 | €1,405,938 | €1,502,866 | +€96,927 | +6.9% |
| Tangible fixed assets | 22/27 | €1,325,537 | €1,422,866 | +€97,329 | +7.3% |
| Land and buildings | 22 | €1,228,333 | €1,201,361 | -€26,972 | -2.2% |
| Plant, machinery and equipment | 23 | - | €4,099 | +€4,099 | |
| Furniture and vehicles | 24 | €97,204 | €217,406 | +€120,202 | +124% |
| Financial fixed assets | 28 | €80,402 | €80,000 | -€402 | -0.5% |
| Current assets | 29/58 | €1,321,889 | €1,263,388 | -€58,502 | -4.4% |
| Amounts receivable after more than one year | 29 | €136,830 | €134,505 | -€2,325 | -1.7% |
| Other amounts receivable | 291 | €136,830 | €134,505 | -€2,325 | -1.7% |
| Amounts receivable within one year | 40/41 | €227,572 | €525,316 | +€297,744 | +131% |
| Trade receivables | 40 | €34,189 | €313,913 | +€279,724 | +818% |
| Other amounts receivable | 41 | €193,383 | €211,403 | +€18,020 | +9.3% |
| Current investments | 50/53 | €832,310 | €82,310 | -€750,000 | -90.1% |
| Cash at bank and in hand | 54/58 | €113,658 | €513,062 | +€399,404 | +351% |
| Deferred charges and accrued income | 490/1 | €11,519 | €8,195 | -€3,325 | -28.9% |
| Total equity and liabilities | 10/49 | €2,727,828 | €2,766,254 | +€38,426 | +1.4% |
| Equity | 10/15 | €1,127,055 | €1,436,842 | +€309,787 | +27.5% |
| Contributions | 10/11 | €67,000 | €67,000 | = | 0.0% |
| Capital | 10 | €67,000 | €67,000 | = | 0.0% |
| Issued capital | 100 | €67,000 | €67,000 | = | 0.0% |
| Reserves | 13 | €1,060,050 | €1,369,838 | +€309,787 | +29.2% |
| Non-distributable reserves | 130/1 | €89,010 | €89,010 | = | 0.0% |
| Legal reserve | 130 | €6,700 | €6,700 | = | 0.0% |
| Own shares acquired | 1312 | €82,310 | €82,310 | = | 0.0% |
| Tax-exempt reserves | 132 | €98,656 | €94,154 | -€4,501 | -4.6% |
| Distributable reserves | 133 | €872,385 | €1,186,674 | +€314,289 | +36.0% |
| Profit (loss) carried forward | 14 | €4 | €4 | = | 0.0% |
| Provisions and deferred taxes | 16 | €32,885 | €31,385 | -€1,500 | -4.6% |
| Deferred taxes | 168 | €32,885 | €31,385 | -€1,500 | -4.6% |
| Amounts payable | 17/49 | €1,567,888 | €1,298,027 | -€269,861 | -17.2% |
| Amounts payable after more than one year | 17 | €539,324 | €491,460 | -€47,864 | -8.9% |
| Financial debts | 170/4 | €539,324 | €491,460 | -€47,864 | -8.9% |
| Amounts payable within one year | 42/48 | €1,002,719 | €760,115 | -€242,604 | -24.2% |
| Current portion of amounts payable after more than one year | 42 | €138,682 | €176,384 | +€37,702 | +27.2% |
| Trade debts | 44 | €6,537 | €58,193 | +€51,655 | +790% |
| Suppliers | 440/4 | €6,537 | €58,193 | +€51,655 | +790% |
| Taxes, remuneration and social security | 45 | €222,102 | €109,147 | -€112,955 | -50.9% |
| Taxes | 450/3 | €222,102 | €109,147 | -€112,955 | -50.9% |
| Other amounts payable | 47/48 | €635,398 | €416,391 | -€219,006 | -34.5% |
| Accrued charges and deferred income | 492/3 | €25,845 | €46,452 | +€20,607 | +79.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €135,864 | €174,824 | +€38,960 | +28.7% |
| Other operating charges | 640/8 | €15,896 | €16,190 | +€294 | +1.8% |
| Non-recurring operating charges | 66A | €506 | €0 | -€506 | -100% |
| Gross operating margin | 9900 | €530,251 | €570,689 | +€40,438 | +7.6% |
| Operating profit (loss) | 9901 | €377,985 | €379,675 | +€1,690 | +0.4% |
| Financial income | 75/76B | €42,321 | €103,216 | +€60,896 | +144% |
| Recurring financial income | 75 | €42,321 | €103,216 | +€60,896 | +144% |
| Financial charges | 65/66B | €43,941 | €57,174 | +€13,233 | +30.1% |
| Recurring financial charges | 65 | €36,454 | €57,174 | +€20,720 | +56.8% |
| Non-recurring financial charges | 66B | €7,487 | €0 | -€7,487 | -100% |
| Profit (loss) for the period before taxes | 9903 | €376,365 | €425,718 | +€49,353 | +13.1% |
| Transfer from deferred taxes | 780 | €1,500 | €1,500 | = | 0.0% |
| Income taxes | 67/77 | €116,568 | €117,431 | +€863 | +0.7% |
| Profit (loss) for the period | 9904 | €261,297 | €309,787 | +€48,490 | +18.6% |
| Transfer from tax-exempt reserves | 789 | €4,501 | €4,501 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €265,799 | €314,289 | +€48,490 | +18.2% |
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 26 October 2026 via checked.be.