R&F: what changed
What changed
R&F
NACE 68.121, Development of residential building projects
filed annual accounts (NBB)
Net result for the year
-€40,645
2024 · €36,902-€77,547
Equity
-€151,663
2024 · -€111,017-€40,645
Cash
€2,572
2024 · €2,559+€13
Balance sheet total
€860,745
2024 · €890,618-€29,873
Largest movements
Assets
- Tangible fixed assets -€32,328
down €32,328 (-3.7%), from €883,657 to €851,328
of which Land and buildings: -€25,806
Equity and liabilities
- Debts after one year +€152,896
up €152,896 (+18.8%), from €814,285 to €967,180
of which Other amounts payable: +€188,954
- Other debts -€140,507
down €140,507 (-99.9%), from €140,697 to €190
- Profit (loss) carried forward -€40,645
down €40,645 (-34.2%), from -€119,017 to -€159,663
Income statement
- Financial income -€53,290
down €53,290 (-91.7%), from €58,122 to €4,832
of which Non-recurring financial income: -€58,122
- Financial charges +€10,724
up €10,724 (+71.2%), from €15,066 to €25,790
- Gross operating margin -€10,058
down €10,058 (-29.3%), from €34,342 to €24,284
- Other operating charges +€3,169
up €3,169 (+68.1%), from €4,652 to €7,821
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€36,902
Gross operating margin
-€10,058
Depreciation
-€306
Other operating charges
-€3,169
Financial income
-€53,290
Financial charges
-€10,724
Result 2025
-€40,645
lowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€149,811
Investment
-€3,822
Financing
+€153,646
Cash 2024
€2,559
From operations (derived)
-€149,811
Net result for the year
-€40,645
Depreciation
+€36,150
Receivables within one year
-€2,444
Deferred charges and accrued income
+€2
Trade debts
-€3,362
Tax, wage and social debts
+€995
Other debts
-€140,507
Investment (derived)
-€3,822
Investment in fixed assets (net)
-€3,822
Financing
+€153,646
Debts after one year
+€152,896
Current portion of long-term debt
+€750
Cash 2025
€2,572
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €890,618 | €860,745 | -€29,873 | -3.4% |
| Fixed assets | 21/28 | €883,657 | €851,328 | -€32,328 | -3.7% |
| Tangible fixed assets | 22/27 | €883,657 | €851,328 | -€32,328 | -3.7% |
| Land and buildings | 22 | €866,465 | €840,659 | -€25,806 | -3.0% |
| Plant, machinery and equipment | 23 | €17,191 | €10,669 | -€6,522 | -37.9% |
| Current assets | 29/58 | €6,961 | €9,416 | +€2,455 | +35.3% |
| Amounts receivable within one year | 40/41 | €2,298 | €4,741 | +€2,444 | +106% |
| Trade receivables | 40 | €1,881 | €2,070 | +€189 | +10.0% |
| Other amounts receivable | 41 | €417 | €2,671 | +€2,255 | +541% |
| Cash at bank and in hand | 54/58 | €2,559 | €2,572 | +€13 | +0.5% |
| Deferred charges and accrued income | 490/1 | €2,105 | €2,103 | -€2 | -0.1% |
| Total equity and liabilities | 10/49 | €890,618 | €860,745 | -€29,873 | -3.4% |
| Equity | 10/15 | -€111,017 | -€151,663 | -€40,645 | -36.6% |
| Contributions | 10/11 | €8,000 | €8,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€119,017 | -€159,663 | -€40,645 | -34.2% |
| Amounts payable | 17/49 | €1,001,635 | €1,012,407 | +€10,772 | +1.1% |
| Amounts payable after more than one year | 17 | €814,285 | €967,180 | +€152,896 | +18.8% |
| Financial debts | 170/4 | €389,285 | €353,226 | -€36,059 | -9.3% |
| Other amounts payable | 178/9 | €425,000 | €613,954 | +€188,954 | +44.5% |
| Amounts payable within one year | 42/48 | €187,350 | €45,227 | -€142,123 | -75.9% |
| Current portion of amounts payable after more than one year | 42 | €35,308 | €36,059 | +€750 | +2.1% |
| Trade debts | 44 | €9,069 | €5,707 | -€3,362 | -37.1% |
| Suppliers | 440/4 | €9,069 | €5,707 | -€3,362 | -37.1% |
| Taxes, remuneration and social security | 45 | €2,276 | €3,271 | +€995 | +43.7% |
| Taxes | 450/3 | €2,276 | €3,271 | +€995 | +43.7% |
| Other amounts payable | 47/48 | €140,697 | €190 | -€140,507 | -99.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,844 | €36,150 | +€306 | +0.9% |
| Other operating charges | 640/8 | €4,652 | €7,821 | +€3,169 | +68.1% |
| Gross operating margin | 9900 | €34,342 | €24,284 | -€10,058 | -29.3% |
| Operating profit (loss) | 9901 | -€6,154 | -€19,687 | -€13,533 | -220% |
| Financial income | 75/76B | €58,122 | €4,832 | -€53,290 | -91.7% |
| Recurring financial income | 75 | €58,122 | €4,832 | -€53,290 | -91.7% |
| Non-recurring financial income | 76B | €58,122 | - | -€58,122 | |
| Financial charges | 65/66B | €15,066 | €25,790 | +€10,724 | +71.2% |
| Recurring financial charges | 65 | €15,066 | €25,790 | +€10,724 | +71.2% |
| Profit (loss) for the period before taxes | 9903 | €36,902 | -€40,645 | -€77,547 | |
| Profit (loss) for the period | 9904 | €36,902 | -€40,645 | -€77,547 | |
| Profit (loss) for the period to be appropriated | 9905 | €36,902 | -€40,645 | -€77,547 |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.