R&F: 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&F
Largest movements
- Receivables within one year +€468,472
up €468,472 (+342%), from €136,848 to €605,319
of which Other amounts receivable: +€565,600
- Profit (loss) carried forward +€1.1m
up €1.1m (+147%), from €750,873 to €1.9m
- Other debts -€530,151
down €530,151 (-32.4%), from €1.6m to €1.1m
- Debts after one year -€98,301
down €98,301 (-13.2%), from €743,859 to €645,558
- Tax, wage and social debts -€51,438
down €51,438 (-99.7%), from €51,588 to €150
- Financial income +€1.1m
up €1.1m (+1,056%), from €103,835 to €1.2m
- Gross operating margin -€272,444
down €272,444, from €235,954 to -€36,490
- Taxes -€40,223
down €40,223 (-99.6%), from €40,376 to €153
- Financial charges -€3,976
down €3,976 (-14.5%), from €27,376 to €23,400
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 | €3,305,187 | €3,758,774 | +€453,587 | +13.7% |
| Fixed assets | 21/28 | €3,164,539 | €3,149,654 | -€14,885 | -0.5% |
| Intangible fixed assets | 21 | - | €12,937 | +€12,937 | |
| Tangible fixed assets | 22/27 | €664,539 | €636,718 | -€27,822 | -4.2% |
| Land and buildings | 22 | €625,009 | €610,111 | -€14,897 | -2.4% |
| Plant, machinery and equipment | 23 | €7,730 | €6,495 | -€1,235 | -16.0% |
| Furniture and vehicles | 24 | €31,801 | €20,112 | -€11,689 | -36.8% |
| Financial fixed assets | 28 | €2,500,000 | €2,500,000 | = | 0.0% |
| Current assets | 29/58 | €140,648 | €609,120 | +€468,472 | +333% |
| Amounts receivable within one year | 40/41 | €136,848 | €605,319 | +€468,472 | +342% |
| Trade receivables | 40 | €97,128 | - | -€97,128 | |
| Other amounts receivable | 41 | €39,720 | €605,319 | +€565,600 | +1,424% |
| Cash at bank and in hand | 54/58 | €2,635 | €1,325 | -€1,310 | -49.7% |
| Deferred charges and accrued income | 490/1 | €1,165 | €2,475 | +€1,310 | +112% |
| Total equity and liabilities | 10/49 | €3,305,187 | €3,758,774 | +€453,587 | +13.7% |
| Equity | 10/15 | €752,873 | €1,859,529 | +€1.1m | +147% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €750,873 | €1,857,529 | +€1.1m | +147% |
| Amounts payable | 17/49 | €2,552,314 | €1,899,245 | -€653,069 | -25.6% |
| Amounts payable after more than one year | 17 | €743,859 | €645,558 | -€98,301 | -13.2% |
| Financial debts | 170/4 | €743,859 | €645,558 | -€98,301 | -13.2% |
| Amounts payable within one year | 42/48 | €1,808,379 | €1,252,161 | -€556,218 | -30.8% |
| Current portion of amounts payable after more than one year | 42 | €102,681 | €103,966 | +€1,284 | +1.3% |
| Trade debts | 44 | €18,650 | €42,738 | +€24,087 | +129% |
| Suppliers | 440/4 | €18,650 | €42,738 | +€24,087 | +129% |
| Taxes, remuneration and social security | 45 | €51,588 | €150 | -€51,438 | -99.7% |
| Taxes | 450/3 | €51,588 | €150 | -€51,438 | -99.7% |
| Other amounts payable | 47/48 | €1,635,459 | €1,105,308 | -€530,151 | -32.4% |
| Accrued charges and deferred income | 492/3 | €77 | €1,525 | +€1,449 | +1,893% |
| Remuneration, social security and pensions | 62 | €2,094 | - | -€2,094 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,654 | €29,835 | +€2,181 | +7.9% |
| Other operating charges | 640/8 | €3,906 | €3,492 | -€414 | -10.6% |
| Non-recurring operating charges | 66A | €1,254 | - | -€1,254 | |
| Gross operating margin | 9900 | €235,954 | -€36,490 | -€272,444 | |
| Operating profit (loss) | 9901 | €201,047 | -€69,817 | -€270,864 | |
| Financial income | 75/76B | €103,835 | €1,200,027 | +€1.1m | +1,056% |
| Recurring financial income | 75 | €103,835 | €1,200,027 | +€1.1m | +1,056% |
| Financial charges | 65/66B | €27,376 | €23,400 | -€3,976 | -14.5% |
| Recurring financial charges | 65 | €27,376 | €23,400 | -€3,976 | -14.5% |
| Profit (loss) for the period before taxes | 9903 | €277,506 | €1,106,810 | +€829,303 | +299% |
| Income taxes | 67/77 | €40,376 | €153 | -€40,223 | -99.6% |
| Profit (loss) for the period | 9904 | €237,130 | €1,106,656 | +€869,526 | +367% |
| Profit (loss) for the period to be appropriated | 9905 | €237,130 | €1,106,656 | +€869,526 | +367% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.