R.G.S.A.: what changed
R.G.S.A.
Largest movements
- Cash -€55,723
down €55,723 (-75.1%), from €74,161 to €18,438
mainly Other debts (-€135,328) and Investment in fixed assets (net) (-€95,625)
- Receivables within one year +€39,660
up €39,660 (+228%), from €17,379 to €57,039
of which Trade receivables: +€29,958
- Tangible fixed assets +€35,420
up €35,420 (+4.0%), from €886,212 to €921,632
of which Land and buildings: +€35,420
- Debts after one year +€137,270
up €137,270 (+23.6%), from €581,868 to €719,138
of which Other amounts payable: +€99,595
- Other debts -€135,328
down €135,328 (-98.9%), from €136,788 to €1,460
- Reserves +€55,000
up €55,000 (+122%), from €45,000 to €100,000
- Profit (loss) carried forward -€51,701
down €51,701 (-34.7%), from €148,928 to €97,227
- Current portion of long-term debt +€11,639
up €11,639 (+32.6%), from €35,686 to €47,325
- Gross operating margin +€40,246
up €40,246 (+26.0%), from €154,565 to €194,811
- Financial charges +€35,243
up €35,243 (+40.6%), from €86,788 to €122,032
- Depreciation +€10,513
up €10,513 (+21.2%), from €49,692 to €60,205
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €977,752 | €997,109 | +€19,358 | +2.0% |
| Fixed assets | 21/28 | €886,212 | €921,632 | +€35,420 | +4.0% |
| Tangible fixed assets | 22/27 | €886,212 | €921,632 | +€35,420 | +4.0% |
| Land and buildings | 22 | €886,212 | €921,632 | +€35,420 | +4.0% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Current assets | 29/58 | €91,540 | €75,477 | -€16,063 | -17.5% |
| Amounts receivable within one year | 40/41 | €17,379 | €57,039 | +€39,660 | +228% |
| Trade receivables | 40 | €15,000 | €44,958 | +€29,958 | +200% |
| Other amounts receivable | 41 | €2,379 | €12,081 | +€9,702 | +408% |
| Cash at bank and in hand | 54/58 | €74,161 | €18,438 | -€55,723 | -75.1% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €977,752 | €997,109 | +€19,358 | +2.0% |
| Equity | 10/15 | €213,928 | €217,227 | +€3,299 | +1.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €45,000 | €100,000 | +€55,000 | +122% |
| Distributable reserves | 133 | €45,000 | €100,000 | +€55,000 | +122% |
| Profit (loss) carried forward | 14 | €148,928 | €97,227 | -€51,701 | -34.7% |
| Amounts payable | 17/49 | €763,824 | €779,883 | +€16,059 | +2.1% |
| Amounts payable after more than one year | 17 | €581,868 | €719,138 | +€137,270 | +23.6% |
| Financial debts | 170/4 | €264,916 | €302,591 | +€37,675 | +14.2% |
| Other amounts payable | 178/9 | €316,953 | €416,548 | +€99,595 | +31.4% |
| Amounts payable within one year | 42/48 | €181,956 | €60,744 | -€121,211 | -66.6% |
| Current portion of amounts payable after more than one year | 42 | €35,686 | €47,325 | +€11,639 | +32.6% |
| Trade debts | 44 | €1,189 | €3,429 | +€2,240 | +188% |
| Suppliers | 440/4 | €1,189 | €3,429 | +€2,240 | +188% |
| Taxes, remuneration and social security | 45 | €8,292 | €8,530 | +€238 | +2.9% |
| Taxes | 450/3 | €3,750 | €4,008 | +€258 | +6.9% |
| Remuneration and social security | 454/9 | €4,542 | €4,522 | -€20 | -0.4% |
| Other amounts payable | 47/48 | €136,788 | €1,460 | -€135,328 | -98.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,692 | €60,205 | +€10,513 | +21.2% |
| Other operating charges | 640/8 | €5,490 | €4,400 | -€1,090 | -19.9% |
| Gross operating margin | 9900 | €154,565 | €194,811 | +€40,246 | +26.0% |
| Operating profit (loss) | 9901 | €99,383 | €130,207 | +€30,823 | +31.0% |
| Financial income | 75/76B | €0 | €10 | +€10 | |
| Recurring financial income | 75 | €0 | €10 | +€10 | |
| Financial charges | 65/66B | €86,788 | €122,032 | +€35,243 | +40.6% |
| Recurring financial charges | 65 | €86,788 | €122,032 | +€35,243 | +40.6% |
| Profit (loss) for the period before taxes | 9903 | €12,595 | €8,185 | -€4,410 | -35.0% |
| Income taxes | 67/77 | €4,226 | €3,168 | -€1,058 | -25.0% |
| Profit (loss) for the period | 9904 | €8,369 | €5,017 | -€3,352 | -40.1% |
| Profit (loss) for the period to be appropriated | 9905 | €8,369 | €5,017 | -€3,352 | -40.1% |
Next steps
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 3 November 2026 via checked.be.