R.E.E.: 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.E.E.
Largest movements
- Stocks and contracts -€51,899
down €51,899 (-44.1%), from €117,755 to €65,856
- Receivables within one year +€25,140
up €25,140 (+53.3%), from €47,167 to €72,307
of which Trade receivables: +€16,883
- Tangible fixed assets +€9,461
up €9,461 (+635.4%), from €1,489 to €10,950
of which Other tangible fixed assets: +€9,838
- Cash +€8,839
up €8,839 (+16.8%), from €52,588 to €61,427
mainly Stocks and contracts (+€51,899) and Net result for the year (+€18,136)
- Deferred charges and accrued income -€2,480
down €2,480 (-39.9%), from €6,217 to €3,737
- Reserves +€34,905
new in 2025: €34,905
- Debts after one year -€32,792
down €32,792 (-32.3%), from €101,601 to €68,809
- Profit (loss) carried forward -€16,769
no longer reported in 2025 (was €16,769)
- Tax, wage and social debts +€10,900
up €10,900 (+43.9%), from €24,819 to €35,719
of which Taxes: +€9,316
- Trade debts -€9,663
down €9,663 (-32.4%), from €29,786 to €20,123
- Gross operating margin -€36,199
down €36,199 (-29.9%), from €120,877 to €84,678
- Taxes +€8,600
up €8,600 (+873.1%), from €985 to €9,585
- Staff costs +€8,341
up €8,341 (+24.8%), from €33,657 to €41,998
- Financial charges +€4,107
up €4,107 (+55.6%), from €7,383 to €11,490
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 | €225,216 | €214,276 | -€10,940 | -4.9% |
| Fixed assets | 21/28 | €1,489 | €10,950 | +€9,461 | +635.4% |
| Tangible fixed assets | 22/27 | €1,489 | €10,950 | +€9,461 | +635.4% |
| Furniture and vehicles | 24 | €916 | €538 | -€378 | -41.2% |
| Other tangible fixed assets | 26 | €573 | €10,411 | +€9,838 | +1717.0% |
| Current assets | 29/58 | €223,727 | €203,326 | -€20,401 | -9.1% |
| Stocks and contracts in progress | 3 | €117,755 | €65,856 | -€51,899 | -44.1% |
| Stocks | 30/36 | €117,755 | €65,856 | -€51,899 | -44.1% |
| Amounts receivable within one year | 40/41 | €47,167 | €72,307 | +€25,140 | +53.3% |
| Trade receivables | 40 | €42,319 | €59,202 | +€16,883 | +39.9% |
| Other amounts receivable | 41 | €4,848 | €13,104 | +€8,256 | +170.3% |
| Cash at bank and in hand | 54/58 | €52,588 | €61,427 | +€8,839 | +16.8% |
| Deferred charges and accrued income | 490/1 | €6,217 | €3,737 | -€2,480 | -39.9% |
| Total equity and liabilities | 10/49 | €225,216 | €214,276 | -€10,940 | -4.9% |
| Equity | 10/15 | €33,219 | €51,355 | +€18,136 | +54.6% |
| Contributions | 10/11 | €16,450 | €16,450 | = | 0.0% |
| Outside capital | 11 | - | €16,450 | +€16,450 | |
| Other | 1109/19 | - | €16,450 | +€16,450 | |
| Reserves | 13 | - | €34,905 | +€34,905 | |
| Distributable reserves | 133 | - | €34,905 | +€34,905 | |
| Profit (loss) carried forward | 14 | €16,769 | - | -€16,769 | |
| Amounts payable | 17/49 | €191,997 | €162,921 | -€29,076 | -15.1% |
| Amounts payable after more than one year | 17 | €101,601 | €68,809 | -€32,792 | -32.3% |
| Financial debts | 170/4 | €101,601 | €68,809 | -€32,792 | -32.3% |
| Amounts payable within one year | 42/48 | €90,396 | €94,047 | +€3,651 | +4.0% |
| Current portion of amounts payable after more than one year | 42 | €35,791 | €37,952 | +€2,161 | +6.0% |
| Trade debts | 44 | €29,786 | €20,123 | -€9,663 | -32.4% |
| Suppliers | 440/4 | €29,786 | €20,123 | -€9,663 | -32.4% |
| Taxes, remuneration and social security | 45 | €24,819 | €35,719 | +€10,900 | +43.9% |
| Taxes | 450/3 | €19,885 | €29,201 | +€9,316 | +46.8% |
| Remuneration and social security | 454/9 | €4,934 | €6,518 | +€1,584 | +32.1% |
| Other amounts payable | 47/48 | - | €253 | +€253 | |
| Accrued charges and deferred income | 492/3 | - | €65 | +€65 | |
| Non-recurring operating income | 76A | €163 | €1,016 | +€853 | +523.2% |
| Remuneration, social security and pensions | 62 | €33,657 | €41,998 | +€8,341 | +24.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €545 | €884 | +€339 | +62.3% |
| Other operating charges | 640/8 | €2,066 | €2,146 | +€80 | +3.9% |
| Non-recurring operating charges | 66A | €1,241 | €564 | -€677 | -54.5% |
| Gross operating margin | 9900 | €120,877 | €84,678 | -€36,199 | -29.9% |
| Operating profit (loss) | 9901 | €83,368 | €39,086 | -€44,283 | -53.1% |
| Financial income | 75/76B | €13 | €125 | +€112 | +863.2% |
| Recurring financial income | 75 | €13 | €125 | +€112 | +863.2% |
| Financial charges | 65/66B | €7,383 | €11,490 | +€4,107 | +55.6% |
| Recurring financial charges | 65 | €7,383 | €11,490 | +€4,107 | +55.6% |
| Profit (loss) for the period before taxes | 9903 | €75,998 | €27,721 | -€48,277 | -63.5% |
| Income taxes | 67/77 | €985 | €9,585 | +€8,600 | +873.1% |
| Profit (loss) for the period | 9904 | €75,013 | €18,136 | -€56,877 | -75.8% |
| Profit (loss) for the period to be appropriated | 9905 | €75,013 | €18,136 | -€56,877 | -75.8% |
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.