R.dc: 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.dc
Largest movements
- Receivables within one year +€58,673
up €58,673 (+13.5%), from €435,082 to €493,755
of which Trade receivables: +€42,783
- Receivables after one year -€45,581
down €45,581 (-7.0%), from €651,599 to €606,017
- Short-term financial debts -€50,009
down €50,009 (-32.8%), from €152,578 to €102,569
- Debts after one year +€50,000
up €50,000 (+16.7%), from €300,000 to €350,000
- Other debts -€29,231
down €29,231 (-24.7%), from €118,527 to €89,295
- Reserves +€20,839
up €20,839 (+3.4%), from €609,533 to €630,371
of which Distributable reserves: +€20,839
- Gross operating margin +€141,291
up €141,291, from -€86,904 to €54,388
- Other operating charges -€135,222
down €135,222 (-97.9%), from €138,103 to €2,880
- Financial income -€4,089
down €4,089 (-33.9%), from €12,053 to €7,964
- Taxes -€3,731
down €3,731 (-26.3%), from €14,171 to €10,440
- Depreciation -€944
down €944 (-11.9%), from €7,944 to €7,000
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 | €1,272,443 | €1,266,006 | -€6,436 | -0.5% |
| Fixed assets | 21/28 | €146,063 | €134,834 | -€11,229 | -7.7% |
| Tangible fixed assets | 22/27 | €146,063 | €134,834 | -€11,229 | -7.7% |
| Land and buildings | 22 | €100,000 | €95,771 | -€4,229 | -4.2% |
| Plant, machinery and equipment | 23 | €14,000 | €6,999 | -€7,000 | -50.0% |
| Furniture and vehicles | 24 | €32,063 | €32,063 | = | 0.0% |
| Current assets | 29/58 | €1,126,380 | €1,131,172 | +€4,793 | +0.4% |
| Amounts receivable after more than one year | 29 | €651,599 | €606,017 | -€45,581 | -7.0% |
| Other amounts receivable | 291 | €651,599 | €606,017 | -€45,581 | -7.0% |
| Stocks and contracts in progress | 3 | €6,472 | €0 | -€6,472 | -100% |
| Stocks | 30/36 | €0 | - | = | |
| Contracts in progress | 37 | €6,472 | €0 | -€6,472 | -100% |
| Amounts receivable within one year | 40/41 | €435,082 | €493,755 | +€58,673 | +13.5% |
| Trade receivables | 40 | €201,330 | €244,113 | +€42,783 | +21.3% |
| Other amounts receivable | 41 | €233,752 | €249,641 | +€15,890 | +6.8% |
| Cash at bank and in hand | 54/58 | €21,876 | €29,751 | +€7,875 | +36.0% |
| Deferred charges and accrued income | 490/1 | €11,350 | €1,650 | -€9,701 | -85.5% |
| Total equity and liabilities | 10/49 | €1,272,443 | €1,266,006 | -€6,436 | -0.5% |
| Equity | 10/15 | €629,533 | €650,371 | +€20,839 | +3.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €609,533 | €630,371 | +€20,839 | +3.4% |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €609,533 | €630,371 | +€20,839 | +3.4% |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Deferred taxes | 168 | €0 | - | = | |
| Amounts payable | 17/49 | €642,910 | €615,635 | -€27,275 | -4.2% |
| Amounts payable after more than one year | 17 | €300,000 | €350,000 | +€50,000 | +16.7% |
| Financial debts | 170/4 | €300,000 | €350,000 | +€50,000 | +16.7% |
| Amounts payable within one year | 42/48 | €342,910 | €265,635 | -€77,275 | -22.5% |
| Financial debts | 43 | €152,578 | €102,569 | -€50,009 | -32.8% |
| Credit institutions | 430/8 | €152,578 | €102,569 | -€50,009 | -32.8% |
| Trade debts | 44 | €60,334 | €67,963 | +€7,629 | +12.6% |
| Suppliers | 440/4 | €60,334 | €67,963 | +€7,629 | +12.6% |
| Taxes, remuneration and social security | 45 | €11,471 | €5,807 | -€5,664 | -49.4% |
| Taxes | 450/3 | €11,471 | €5,807 | -€5,664 | -49.4% |
| Other amounts payable | 47/48 | €118,527 | €89,295 | -€29,231 | -24.7% |
| Non-recurring operating income | 76A | €1,653 | €42,771 | +€41,118 | +2,488% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,944 | €7,000 | -€944 | -11.9% |
| Other operating charges | 640/8 | €138,103 | €2,880 | -€135,222 | -97.9% |
| Gross operating margin | 9900 | -€86,904 | €54,388 | +€141,291 | |
| Operating profit (loss) | 9901 | -€232,950 | €44,507 | +€277,457 | |
| Financial income | 75/76B | €12,053 | €7,964 | -€4,089 | -33.9% |
| Recurring financial income | 75 | €12,053 | €7,964 | -€4,089 | -33.9% |
| Financial charges | 65/66B | €21,379 | €21,193 | -€186 | -0.9% |
| Recurring financial charges | 65 | €21,379 | €21,193 | -€186 | -0.9% |
| Profit (loss) for the period before taxes | 9903 | -€242,276 | €31,279 | +€273,554 | |
| Transfer from deferred taxes | 780 | €80,533 | €0 | -€80,533 | -100% |
| Income taxes | 67/77 | €14,171 | €10,440 | -€3,731 | -26.3% |
| Profit (loss) for the period | 9904 | -€175,914 | €20,839 | +€196,753 | |
| Transfer from tax-exempt reserves | 789 | €241,598 | €0 | -€241,598 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €65,684 | €20,839 | -€44,846 | -68.3% |
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.