R-Evolution: 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-Evolution
Largest movements
- Current investments +€1.0m
new in 2025: €1.0m
- Tangible fixed assets +€267,565
up €267,565 (+23.2%), from €1.2m to €1.4m
of which Assets under construction and advance payments: +€1.1m
- Receivables within one year -€264,295
down €264,295 (-69.0%), from €383,180 to €118,885
of which Other amounts receivable: -€242,839
- Reserves +€726,192
up €726,192 (+13,115%), from €5,537 to €731,729
of which Tax-exempt reserves: +€726,192
- Provisions +€242,064
new in 2025: €242,064
- Debts after one year -€152,000
down €152,000 (-25.2%), from €602,000 to €450,000
- Other debts +€147,675
up €147,675 (+16.8%), from €877,974 to €1.0m
- Profit (loss) carried forward +€40,990
up €40,990 (+74.8%), from -€54,826 to -€13,835
- Gross operating margin +€1.0m
up €1.0m, from -€310 to €1.0m
- Financial charges -€21,303
down €21,303 (-89.9%), from €23,691 to €2,388
- Other operating charges -€11,022
down €11,022 (-59.7%), from €18,449 to €7,427
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 | €1,599,869 | €2,599,400 | +€999,531 | +62.5% |
| Fixed assets | 21/28 | €1,207,899 | €1,475,464 | +€267,565 | +22.2% |
| Tangible fixed assets | 22/27 | €1,151,170 | €1,418,735 | +€267,565 | +23.2% |
| Land and buildings | 22 | €1,128,944 | €318,815 | -€810,129 | -71.8% |
| Other tangible fixed assets | 26 | €22,226 | €22,226 | = | 0.0% |
| Assets under construction and advance payments | 27 | - | €1,077,694 | +€1.1m | |
| Financial fixed assets | 28 | €56,729 | €56,729 | = | 0.0% |
| Current assets | 29/58 | €391,970 | €1,123,935 | +€731,966 | +187% |
| Amounts receivable within one year | 40/41 | €383,180 | €118,885 | -€264,295 | -69.0% |
| Trade receivables | 40 | €22,903 | €1,447 | -€21,456 | -93.7% |
| Other amounts receivable | 41 | €360,277 | €117,439 | -€242,839 | -67.4% |
| Current investments | 50/53 | - | €1,000,000 | +€1.0m | |
| Cash at bank and in hand | 54/58 | €5,356 | €5,050 | -€306 | -5.7% |
| Deferred charges and accrued income | 490/1 | €3,433 | €0 | -€3,433 | -100% |
| Total equity and liabilities | 10/49 | €1,599,869 | €2,599,400 | +€999,531 | +62.5% |
| Equity | 10/15 | €12,211 | €779,394 | +€767,183 | +6,283% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €5,537 | €731,729 | +€726,192 | +13,115% |
| Non-distributable reserves | 130/1 | €5,537 | €5,537 | = | 0.0% |
| Legal reserve | 130 | €5,537 | €5,537 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €726,192 | +€726,192 | |
| Profit (loss) carried forward | 14 | -€54,826 | -€13,835 | +€40,990 | +74.8% |
| Provisions and deferred taxes | 16 | - | €242,064 | +€242,064 | |
| Deferred taxes | 168 | - | €242,064 | +€242,064 | |
| Amounts payable | 17/49 | €1,587,658 | €1,577,942 | -€9,716 | -0.6% |
| Amounts payable after more than one year | 17 | €602,000 | €450,000 | -€152,000 | -25.2% |
| Financial debts | 170/4 | €602,000 | €450,000 | -€152,000 | -25.2% |
| Amounts payable within one year | 42/48 | €985,658 | €1,127,942 | +€142,284 | +14.4% |
| Trade debts | 44 | €96,963 | €92,461 | -€4,502 | -4.6% |
| Suppliers | 440/4 | €96,963 | €92,461 | -€4,502 | -4.6% |
| Taxes, remuneration and social security | 45 | €10,721 | €9,832 | -€889 | -8.3% |
| Taxes | 450/3 | €10,721 | €9,832 | -€889 | -8.3% |
| Other amounts payable | 47/48 | €877,974 | €1,025,649 | +€147,675 | +16.8% |
| Non-recurring operating income | 76A | - | €968,256 | +€968,256 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €6,010 | +€6,010 | |
| Other operating charges | 640/8 | €18,449 | €7,427 | -€11,022 | -59.7% |
| Gross operating margin | 9900 | -€310 | €1,029,014 | +€1.0m | |
| Operating profit (loss) | 9901 | -€18,759 | €1,015,577 | +€1.0m | |
| Financial income | 75/76B | - | €4,609 | +€4,609 | |
| Recurring financial income | 75 | - | €4,609 | +€4,609 | |
| Financial charges | 65/66B | €23,691 | €2,388 | -€21,303 | -89.9% |
| Recurring financial charges | 65 | €23,691 | €2,388 | -€21,303 | -89.9% |
| Profit (loss) for the period before taxes | 9903 | -€42,450 | €1,017,798 | +€1.1m | |
| Transfer to deferred taxes | 680 | - | €242,064 | +€242,064 | |
| Income taxes | 67/77 | €335 | €8,551 | +€8,216 | +2,452% |
| Profit (loss) for the period | 9904 | -€42,785 | €767,183 | +€809,968 | |
| Transfer to tax-exempt reserves | 689 | - | €726,192 | +€726,192 | |
| Profit (loss) for the period to be appropriated | 9905 | -€42,785 | €40,990 | +€83,776 |
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 24 October 2026 via checked.be.