R D W: 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 W
Largest movements
- Financial fixed assets -€377,000
down €377,000 (-99.2%), from €380,000 to €3,000
- Cash +€183,346
up €183,346 (+633%), from €28,962 to €212,307
mainly Investment in fixed assets (net) (+€184,225) and Net result for the year (+€54,645)
- Intangible fixed assets +€176,809
new in 2025: €176,809
- Receivables within one year +€36,120
up €36,120 (+767%), from €4,711 to €40,831
of which Other amounts receivable: +€31,363
- Stocks and contracts +€9,349
up €9,349, from €0 to €9,349
- Other debts -€68,682
down €68,682 (-60.9%), from €112,793 to €44,111
- Reserves +€55,213
up €55,213 (+492%), from €11,219 to €66,432
of which Distributable reserves: +€57,068
- Debts after one year -€47,260
down €47,260 (-18.0%), from €261,979 to €214,718
- Short-term financial debts +€40,408
up €40,408 (+2,369%), from €1,706 to €42,114
- Tax, wage and social debts +€22,382
up €22,382 (+296%), from €7,552 to €29,934
of which Remuneration and social security: +€14,338
- Gross operating margin +€116,285
up €116,285 (+422%), from €27,576 to €143,861
- Staff costs +€30,474
new in 2025: €30,474
- Taxes +€11,155
up €11,155 (+3,354%), from €333 to €11,487
- Depreciation +€7,868
up €7,868 (+47.9%), from €16,413 to €24,282
- Financial charges +€6,514
up €6,514 (+52.2%), from €12,469 to €18,983
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 | €465,268 | €485,469 | +€20,201 | +4.3% |
| Fixed assets | 21/28 | €430,425 | €221,919 | -€208,507 | -48.4% |
| Intangible fixed assets | 21 | - | €176,809 | +€176,809 | |
| Tangible fixed assets | 22/27 | €50,425 | €42,110 | -€8,316 | -16.5% |
| Plant, machinery and equipment | 23 | €12,189 | €4,671 | -€7,518 | -61.7% |
| Furniture and vehicles | 24 | €32,412 | €23,965 | -€8,447 | -26.1% |
| Other tangible fixed assets | 26 | €5,825 | €13,473 | +€7,648 | +131% |
| Financial fixed assets | 28 | €380,000 | €3,000 | -€377,000 | -99.2% |
| Current assets | 29/58 | €34,843 | €263,550 | +€228,707 | +656% |
| Stocks and contracts in progress | 3 | €0 | €9,349 | +€9,349 | |
| Stocks | 30/36 | €0 | €9,349 | +€9,349 | |
| Amounts receivable within one year | 40/41 | €4,711 | €40,831 | +€36,120 | +767% |
| Trade receivables | 40 | - | €4,757 | +€4,757 | |
| Other amounts receivable | 41 | €4,711 | €36,074 | +€31,363 | +666% |
| Cash at bank and in hand | 54/58 | €28,962 | €212,307 | +€183,346 | +633% |
| Deferred charges and accrued income | 490/1 | €1,170 | €1,063 | -€107 | -9.1% |
| Total equity and liabilities | 10/49 | €465,268 | €485,469 | +€20,201 | +4.3% |
| Equity | 10/15 | €19,705 | €72,632 | +€52,927 | +269% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €11,219 | €66,432 | +€55,213 | +492% |
| Non-distributable reserves | 130/1 | €1,855 | €0 | -€1,855 | -100% |
| Reserves not available under the articles | 1311 | €1,855 | €0 | -€1,855 | -100% |
| Distributable reserves | 133 | €9,364 | €66,432 | +€57,068 | +609% |
| Profit (loss) carried forward | 14 | €2,286 | €0 | -€2,286 | -100% |
| Amounts payable | 17/49 | €445,563 | €412,837 | -€32,726 | -7.3% |
| Amounts payable after more than one year | 17 | €261,979 | €214,718 | -€47,260 | -18.0% |
| Financial debts | 170/4 | €261,979 | €214,718 | -€47,260 | -18.0% |
| Amounts payable within one year | 42/48 | €178,541 | €191,221 | +€12,681 | +7.1% |
| Current portion of amounts payable after more than one year | 42 | €45,557 | €47,260 | +€1,704 | +3.7% |
| Financial debts | 43 | €1,706 | €42,114 | +€40,408 | +2,369% |
| Credit institutions | 430/8 | €1,706 | €42,114 | +€40,408 | +2,369% |
| Trade debts | 44 | €8,271 | €16,912 | +€8,641 | +104% |
| Suppliers | 440/4 | €8,271 | €16,912 | +€8,641 | +104% |
| Advances received on contracts in progress | 46 | €2,662 | €10,890 | +€8,228 | +309% |
| Taxes, remuneration and social security | 45 | €7,552 | €29,934 | +€22,382 | +296% |
| Taxes | 450/3 | €6,002 | €14,046 | +€8,044 | +134% |
| Remuneration and social security | 454/9 | €1,550 | €15,888 | +€14,338 | +925% |
| Other amounts payable | 47/48 | €112,793 | €44,111 | -€68,682 | -60.9% |
| Accrued charges and deferred income | 492/3 | €5,044 | €6,897 | +€1,854 | +36.8% |
| Non-recurring operating income | 76A | €0 | €2,200 | +€2,200 | |
| Remuneration, social security and pensions | 62 | - | €30,474 | +€30,474 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,413 | €24,282 | +€7,868 | +47.9% |
| Other operating charges | 640/8 | €1,077 | €2,970 | +€1,893 | +176% |
| Non-recurring operating charges | 66A | - | €1,189 | +€1,189 | |
| Gross operating margin | 9900 | €27,576 | €143,861 | +€116,285 | +422% |
| Operating profit (loss) | 9901 | €10,086 | €84,947 | +€74,862 | +742% |
| Financial income | 75/76B | €184 | €167 | -€17 | -9.4% |
| Recurring financial income | 75 | €184 | €167 | -€17 | -9.4% |
| Financial charges | 65/66B | €12,469 | €18,983 | +€6,514 | +52.2% |
| Recurring financial charges | 65 | €12,469 | €18,983 | +€6,514 | +52.2% |
| Profit (loss) for the period before taxes | 9903 | -€2,199 | €66,132 | +€68,330 | |
| Income taxes | 67/77 | €333 | €11,487 | +€11,155 | +3,354% |
| Profit (loss) for the period | 9904 | -€2,531 | €54,645 | +€57,176 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,531 | €54,645 | +€57,176 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.