R.D.S.: what changed
Two fiscal 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
- Tangible fixed assets -€127,682
down €127,682 (-7.7%), from €1.7m to €1.5m
of which Land and buildings: -€104,253
- Debts after one year -€113,082
down €113,082 (-9.6%), from €1.2m to €1.1m
- Current portion of long-term debt -€59,669
down €59,669 (-34.1%), from €175,202 to €115,533
- Other debts +€51,212
up €51,212 (+12.7%), from €403,302 to €454,515
- Financial charges -€40,803
down €40,803 (-49.0%), from €83,272 to €42,470
- Gross operating margin +€15,950
up €15,950 (+8.7%), from €184,034 to €199,984
- Depreciation -€9,198
down €9,198 (-6.4%), from €143,859 to €134,661
- Other operating charges +€6,223
up €6,223 (+22.7%), from €27,437 to €33,659
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 | €1,692,555 | €1,562,192 | -€130,363 | -7.7% |
| Fixed assets | 21/28 | €1,661,937 | €1,534,255 | -€127,682 | -7.7% |
| Tangible fixed assets | 22/27 | €1,661,937 | €1,534,255 | -€127,682 | -7.7% |
| Land and buildings | 22 | €1,458,062 | €1,353,808 | -€104,253 | -7.2% |
| Other tangible fixed assets | 26 | €203,875 | €180,447 | -€23,428 | -11.5% |
| Current assets | 29/58 | €30,619 | €27,937 | -€2,681 | -8.8% |
| Cash at bank and in hand | 54/58 | €30,619 | €27,108 | -€3,511 | -11.5% |
| Deferred charges and accrued income | 490/1 | - | €829 | +€829 | |
| Total equity and liabilities | 10/49 | €1,692,555 | €1,562,192 | -€130,363 | -7.7% |
| Equity | 10/15 | -€69,890 | -€80,695 | -€10,805 | -15.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€88,482 | -€99,287 | -€10,805 | -12.2% |
| Amounts payable | 17/49 | €1,762,445 | €1,642,887 | -€119,558 | -6.8% |
| Amounts payable after more than one year | 17 | €1,180,510 | €1,067,428 | -€113,082 | -9.6% |
| Financial debts | 170/4 | €1,180,510 | €1,067,428 | -€113,082 | -9.6% |
| Amounts payable within one year | 42/48 | €578,801 | €570,882 | -€7,920 | -1.4% |
| Current portion of amounts payable after more than one year | 42 | €175,202 | €115,533 | -€59,669 | -34.1% |
| Trade debts | 44 | €297 | €834 | +€537 | +180.6% |
| Suppliers | 440/4 | €297 | €834 | +€537 | +180.6% |
| Other amounts payable | 47/48 | €403,302 | €454,515 | +€51,212 | +12.7% |
| Accrued charges and deferred income | 492/3 | €3,134 | €4,578 | +€1,444 | +46.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €143,859 | €134,661 | -€9,198 | -6.4% |
| Other operating charges | 640/8 | €27,437 | €33,659 | +€6,223 | +22.7% |
| Gross operating margin | 9900 | €184,034 | €199,984 | +€15,950 | +8.7% |
| Operating profit (loss) | 9901 | €12,738 | €31,664 | +€18,926 | +148.6% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €83,272 | €42,470 | -€40,803 | -49.0% |
| Recurring financial charges | 65 | €83,272 | €42,470 | -€40,803 | -49.0% |
| Profit (loss) for the period before taxes | 9903 | -€70,534 | -€10,805 | +€59,729 | +84.7% |
| Profit (loss) for the period | 9904 | -€70,534 | -€10,805 | +€59,729 | +84.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€70,534 | -€10,805 | +€59,729 | +84.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.