R&EE: 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&EE
Largest movements
- Cash +€6,841
up €6,841 (+18.5%), from €37,004 to €43,844
mainly Net result for the year (+€88,040) and Receivables within one year (+€3,343)
- Current investments +€5,929
up €5,929 (+13.8%), from €43,085 to €49,015
- Receivables within one year -€3,343
down €3,343 (-7.1%), from €46,980 to €43,637
of which Trade receivables: -€2,614
- Reserves +€8,040
up €8,040 (+8.2%), from €98,329 to €106,369
of which Distributable reserves: +€8,040
- Trade debts +€1,962
up €1,962 (+230%), from €851 to €2,813
- Gross operating margin -€2,213
down €2,213 (-1.9%), from €118,315 to €116,102
- Taxes -€1,311
down €1,311 (-5.0%), from €26,052 to €24,741
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 | €135,958 | €146,375 | +€10,416 | +7.7% |
| Fixed assets | 21/28 | €8,682 | €9,878 | +€1,196 | +13.8% |
| Tangible fixed assets | 22/27 | €8,682 | €9,878 | +€1,196 | +13.8% |
| Plant, machinery and equipment | 23 | - | €2,496 | +€2,496 | |
| Furniture and vehicles | 24 | €8,682 | €7,382 | -€1,300 | -15.0% |
| Current assets | 29/58 | €127,276 | €136,497 | +€9,221 | +7.2% |
| Amounts receivable within one year | 40/41 | €46,980 | €43,637 | -€3,343 | -7.1% |
| Trade receivables | 40 | €42,137 | €39,523 | -€2,614 | -6.2% |
| Other amounts receivable | 41 | €4,844 | €4,114 | -€729 | -15.1% |
| Current investments | 50/53 | €43,085 | €49,015 | +€5,929 | +13.8% |
| Cash at bank and in hand | 54/58 | €37,004 | €43,844 | +€6,841 | +18.5% |
| Deferred charges and accrued income | 490/1 | €206 | €0 | -€206 | -100% |
| Total equity and liabilities | 10/49 | €135,958 | €146,375 | +€10,416 | +7.7% |
| Equity | 10/15 | €116,929 | €124,969 | +€8,040 | +6.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €98,329 | €106,369 | +€8,040 | +8.2% |
| Tax-exempt reserves | 132 | €219 | €219 | = | 0.0% |
| Distributable reserves | 133 | €98,110 | €106,150 | +€8,040 | +8.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €19,029 | €21,406 | +€2,376 | +12.5% |
| Amounts payable within one year | 42/48 | €17,844 | €19,967 | +€2,123 | +11.9% |
| Trade debts | 44 | €851 | €2,813 | +€1,962 | +230% |
| Suppliers | 440/4 | €851 | €2,813 | +€1,962 | +230% |
| Taxes, remuneration and social security | 45 | €16,302 | €15,991 | -€312 | -1.9% |
| Taxes | 450/3 | €16,302 | €15,991 | -€312 | -1.9% |
| Other amounts payable | 47/48 | €690 | €1,164 | +€474 | +68.6% |
| Accrued charges and deferred income | 492/3 | €1,186 | €1,438 | +€253 | +21.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,815 | €2,165 | -€651 | -23.1% |
| Other operating charges | 640/8 | €904 | €933 | +€29 | +3.2% |
| Gross operating margin | 9900 | €118,315 | €116,102 | -€2,213 | -1.9% |
| Operating profit (loss) | 9901 | €114,595 | €113,004 | -€1,591 | -1.4% |
| Financial income | 75/76B | €2,780 | €2,494 | -€285 | -10.3% |
| Recurring financial income | 75 | €2,780 | €2,494 | -€285 | -10.3% |
| Financial charges | 65/66B | €2,494 | €2,717 | +€223 | +9.0% |
| Recurring financial charges | 65 | €2,494 | €2,717 | +€223 | +9.0% |
| Profit (loss) for the period before taxes | 9903 | €114,881 | €112,781 | -€2,100 | -1.8% |
| Income taxes | 67/77 | €26,052 | €24,741 | -€1,311 | -5.0% |
| Profit (loss) for the period | 9904 | €88,829 | €88,040 | -€789 | -0.9% |
| Profit (loss) for the period to be appropriated | 9905 | €88,829 | €88,040 | -€789 | -0.9% |
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 28 October 2026 via checked.be.