R.E. PROJECTS: 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. PROJECTS
Largest movements
- Stocks and contracts -€1.2m
down €1.2m (-11.0%), from €11.3m to €10.1m
- Cash +€1.1m
up €1.1m (+800.6%), from €138,218 to €1.2m
mainly Stocks and contracts (+€1.2m) and Net result for the year (+€924,683)
- Receivables within one year +€472,669
up €472,669 (+13046.7%), from €3,623 to €476,292
of which Other amounts receivable: +€362,934
- Current investments -€312,968
down €312,968 (-100.0%), from €312,968 to €0
- Short-term financial debts -€2.0m
down €2.0m (-26.1%), from €7.7m to €5.7m
- Reserves +€924,683
up €924,683 (+18.6%), from €5.0m to €5.9m
- Other debts +€505,380
up €505,380 (+1292531.7%), from €39 to €505,419
- Debts after one year +€394,707
up €394,707 (+79.4%), from €497,047 to €891,754
of which Financial debts: +€394,707
- Gross operating margin +€596,982
up €596,982 (+54.9%), from €1.1m to €1.7m
- Taxes +€165,041
up €165,041 (+60.9%), from €270,942 to €435,983
- Financial charges +€32,291
up €32,291 (+12.9%), from €249,579 to €281,869
- Financial income -€21,744
down €21,744 (-28.1%), from €77,433 to €55,688
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 | €14,050,966 | €13,971,711 | -€79,254 | -0.6% |
| Fixed assets | 21/28 | €2,206,003 | €2,159,422 | -€46,581 | -2.1% |
| Tangible fixed assets | 22/27 | €2,206,003 | €2,159,422 | -€46,581 | -2.1% |
| Land and buildings | 22 | €2,190,400 | €2,154,343 | -€36,057 | -1.6% |
| Plant, machinery and equipment | 23 | €1,966 | €1,557 | -€409 | -20.8% |
| Furniture and vehicles | 24 | €13,637 | €3,522 | -€10,115 | -74.2% |
| Current assets | 29/58 | €11,844,963 | €11,812,289 | -€32,673 | -0.3% |
| Amounts receivable after more than one year | 29 | €60,000 | €0 | -€60,000 | -100.0% |
| Other amounts receivable | 291 | €60,000 | €0 | -€60,000 | -100.0% |
| Stocks and contracts in progress | 3 | €11,327,341 | €10,086,698 | -€1.2m | -11.0% |
| Stocks | 30/36 | €11,327,341 | €10,086,698 | -€1.2m | -11.0% |
| Amounts receivable within one year | 40/41 | €3,623 | €476,292 | +€472,669 | +13046.7% |
| Trade receivables | 40 | €3,500 | €113,235 | +€109,735 | +3135.3% |
| Other amounts receivable | 41 | €123 | €363,057 | +€362,934 | +295308.3% |
| Current investments | 50/53 | €312,968 | €0 | -€312,968 | -100.0% |
| Cash at bank and in hand | 54/58 | €138,218 | €1,244,817 | +€1.1m | +800.6% |
| Deferred charges and accrued income | 490/1 | €2,813 | €4,482 | +€1,669 | +59.3% |
| Total equity and liabilities | 10/49 | €14,050,966 | €13,971,711 | -€79,254 | -0.6% |
| Equity | 10/15 | €5,613,570 | €6,538,252 | +€924,683 | +16.5% |
| Contributions | 10/11 | €651,116 | €651,116 | = | 0.0% |
| Reserves | 13 | €4,962,453 | €5,887,136 | +€924,683 | +18.6% |
| Distributable reserves | 133 | €4,962,453 | €5,887,136 | +€924,683 | +18.6% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €8,437,396 | €7,433,459 | -€1.0m | -11.9% |
| Amounts payable after more than one year | 17 | €497,047 | €891,754 | +€394,707 | +79.4% |
| Financial debts | 170/4 | €488,047 | €882,754 | +€394,707 | +80.9% |
| Other amounts payable | 178/9 | €9,000 | €9,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €7,939,579 | €6,539,069 | -€1.4m | -17.6% |
| Current portion of amounts payable after more than one year | 42 | €53,869 | €80,313 | +€26,444 | +49.1% |
| Financial debts | 43 | €7,666,214 | €5,665,791 | -€2.0m | -26.1% |
| Credit institutions | 430/8 | €7,666,214 | €5,665,791 | -€2.0m | -26.1% |
| Trade debts | 44 | €56,143 | €62,900 | +€6,758 | +12.0% |
| Suppliers | 440/4 | €56,143 | €62,900 | +€6,758 | +12.0% |
| Taxes, remuneration and social security | 45 | €163,315 | €224,645 | +€61,330 | +37.6% |
| Taxes | 450/3 | €163,315 | €224,645 | +€61,330 | +37.6% |
| Other amounts payable | 47/48 | €39 | €505,419 | +€505,380 | +1292531.7% |
| Accrued charges and deferred income | 492/3 | €770 | €2,636 | +€1,866 | +242.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,169 | €57,698 | -€11,471 | -16.6% |
| Other operating charges | 640/8 | €48,303 | €39,056 | -€9,247 | -19.1% |
| Gross operating margin | 9900 | €1,086,618 | €1,683,600 | +€596,982 | +54.9% |
| Operating profit (loss) | 9901 | €969,147 | €1,586,846 | +€617,700 | +63.7% |
| Financial income | 75/76B | €77,433 | €55,688 | -€21,744 | -28.1% |
| Recurring financial income | 75 | €77,433 | €55,688 | -€21,744 | -28.1% |
| Financial charges | 65/66B | €249,579 | €281,869 | +€32,291 | +12.9% |
| Recurring financial charges | 65 | €249,579 | €281,869 | +€32,291 | +12.9% |
| Profit (loss) for the period before taxes | 9903 | €797,001 | €1,360,666 | +€563,665 | +70.7% |
| Income taxes | 67/77 | €270,942 | €435,983 | +€165,041 | +60.9% |
| Profit (loss) for the period | 9904 | €526,059 | €924,683 | +€398,624 | +75.8% |
| Profit (loss) for the period to be appropriated | 9905 | €526,059 | €924,683 | +€398,624 | +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 8 October 2026 via checked.be.