R-EXP: 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-EXP
Largest movements
- Intangible fixed assets -€14,925
down €14,925 (-14.8%), from €100,716 to €85,790
- Receivables within one year +€8,738
up €8,738 (+53.7%), from €16,265 to €25,002
of which Other amounts receivable: +€13,918
- Cash +€3,344
up €3,344 (+18.7%), from €17,836 to €21,180
mainly Depreciation (+€16,085) and Current portion of long-term debt (+€13,941)
- Debts after one year -€21,633
down €21,633 (-31.8%), from €67,999 to €46,366
- Current portion of long-term debt +€13,941
up €13,941 (+65.6%), from €21,239 to €35,180
- Reserves +€10,464
up €10,464 (+123.1%), from €8,504 to €18,968
- Other debts -€7,499
down €7,499 (-39.3%), from €19,087 to €11,588
- Trade debts +€2,067
up €2,067 (+137.2%), from €1,507 to €3,574
- Gross operating margin +€6,709
up €6,709 (+20.3%), from €33,100 to €39,808
- Taxes +€2,424
up €2,424 (+61.2%), from €3,960 to €6,384
- Financial charges +€1,074
up €1,074 (+22.1%), from €4,859 to €5,934
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 | €137,336 | €133,360 | -€3,976 | -2.9% |
| Fixed assets | 21/28 | €102,591 | €86,507 | -€16,085 | -15.7% |
| Intangible fixed assets | 21 | €100,716 | €85,790 | -€14,925 | -14.8% |
| Tangible fixed assets | 22/27 | €1,831 | €672 | -€1,159 | -63.3% |
| Plant, machinery and equipment | 23 | €597 | €285 | -€311 | -52.1% |
| Furniture and vehicles | 24 | €1,235 | €387 | -€848 | -68.7% |
| Financial fixed assets | 28 | €44 | €44 | = | 0.0% |
| Current assets | 29/58 | €34,745 | €46,853 | +€12,108 | +34.8% |
| Amounts receivable within one year | 40/41 | €16,265 | €25,002 | +€8,738 | +53.7% |
| Trade receivables | 40 | €15,028 | €9,848 | -€5,180 | -34.5% |
| Other amounts receivable | 41 | €1,236 | €15,154 | +€13,918 | +1125.9% |
| Cash at bank and in hand | 54/58 | €17,836 | €21,180 | +€3,344 | +18.7% |
| Deferred charges and accrued income | 490/1 | €644 | €671 | +€27 | +4.2% |
| Total equity and liabilities | 10/49 | €137,336 | €133,360 | -€3,976 | -2.9% |
| Equity | 10/15 | €11,504 | €21,968 | +€10,464 | +91.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €8,504 | €18,968 | +€10,464 | +123.1% |
| Distributable reserves | 133 | €8,504 | €18,968 | +€10,464 | +123.1% |
| Amounts payable | 17/49 | €125,832 | €111,392 | -€14,440 | -11.5% |
| Amounts payable after more than one year | 17 | €67,999 | €46,366 | -€21,633 | -31.8% |
| Financial debts | 170/4 | €67,999 | €46,366 | -€21,633 | -31.8% |
| Amounts payable within one year | 42/48 | €57,833 | €65,025 | +€7,193 | +12.4% |
| Current portion of amounts payable after more than one year | 42 | €21,239 | €35,180 | +€13,941 | +65.6% |
| Trade debts | 44 | €1,507 | €3,574 | +€2,067 | +137.2% |
| Suppliers | 440/4 | €1,507 | €3,574 | +€2,067 | +137.2% |
| Taxes, remuneration and social security | 45 | €16,000 | €14,684 | -€1,316 | -8.2% |
| Taxes | 450/3 | €14,000 | €12,684 | -€1,316 | -9.4% |
| Remuneration and social security | 454/9 | €2,000 | €2,000 | = | 0.0% |
| Other amounts payable | 47/48 | €19,087 | €11,588 | -€7,499 | -39.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,085 | €16,085 | +€0 | 0.0% |
| Other operating charges | 640/8 | €894 | €868 | -€25 | -2.8% |
| Gross operating margin | 9900 | €33,100 | €39,808 | +€6,709 | +20.3% |
| Operating profit (loss) | 9901 | €16,121 | €22,855 | +€6,734 | +41.8% |
| Financial charges | 65/66B | €4,859 | €5,934 | +€1,074 | +22.1% |
| Recurring financial charges | 65 | €4,859 | €5,934 | +€1,074 | +22.1% |
| Profit (loss) for the period before taxes | 9903 | €11,262 | €16,922 | +€5,660 | +50.3% |
| Income taxes | 67/77 | €3,960 | €6,384 | +€2,424 | +61.2% |
| Profit (loss) for the period | 9904 | €7,302 | €10,537 | +€3,235 | +44.3% |
| Profit (loss) for the period to be appropriated | 9905 | €7,302 | €10,537 | +€3,235 | +44.3% |
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 4 October 2026 via checked.be.