R.K.: 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.K.
Largest movements
- Cash +€57,185
up €57,185 (+22.3%), from €256,973 to €314,159
mainly Net result for the year (+€54,991) and Depreciation (+€22,261)
- Stocks and contracts +€24,124
up €24,124 (+17.2%), from €140,192 to €164,315
- Tangible fixed assets -€22,261
down €22,261 (-6.4%), from €350,097 to €327,836
of which Land and buildings: -€18,448
- Receivables within one year -€16,683
down €16,683 (-52.6%), from €31,686 to €15,004
of which Trade receivables: -€16,283
- Reserves +€54,991
up €54,991 (+10.0%), from €549,231 to €604,222
- Debts after one year -€24,971
down €24,971 (-92.1%), from €27,099 to €2,128
- Trade debts +€18,319
up €18,319 (+30.0%), from €61,129 to €79,448
- Other debts -€17,216
down €17,216 (-31.7%), from €54,250 to €37,034
- Tax, wage and social debts +€11,787
up €11,787 (+24.9%), from €47,423 to €59,210
of which Taxes: +€14,409
- Staff costs +€7,001
up €7,001 (+16.2%), from €43,328 to €50,330
- Gross operating margin +€5,778
up €5,778 (+3.2%), from €180,024 to €185,803
- Depreciation -€3,496
down €3,496 (-13.6%), from €25,756 to €22,261
- Other operating charges -€2,738
down €2,738 (-13.2%), from €20,793 to €18,055
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 | €781,692 | €825,613 | +€43,920 | +5.6% |
| Fixed assets | 21/28 | €350,603 | €328,343 | -€22,261 | -6.3% |
| Tangible fixed assets | 22/27 | €350,097 | €327,836 | -€22,261 | -6.4% |
| Land and buildings | 22 | €344,036 | €325,588 | -€18,448 | -5.4% |
| Plant, machinery and equipment | 23 | €5,648 | €2,248 | -€3,400 | -60.2% |
| Furniture and vehicles | 24 | €413 | €0 | -€413 | -100% |
| Financial fixed assets | 28 | €507 | €507 | = | 0.0% |
| Current assets | 29/58 | €431,089 | €497,270 | +€66,181 | +15.4% |
| Stocks and contracts in progress | 3 | €140,192 | €164,315 | +€24,124 | +17.2% |
| Stocks | 30/36 | €140,192 | €164,315 | +€24,124 | +17.2% |
| Amounts receivable within one year | 40/41 | €31,686 | €15,004 | -€16,683 | -52.6% |
| Trade receivables | 40 | €31,287 | €15,004 | -€16,283 | -52.0% |
| Other amounts receivable | 41 | €400 | - | -€400 | |
| Cash at bank and in hand | 54/58 | €256,973 | €314,159 | +€57,185 | +22.3% |
| Deferred charges and accrued income | 490/1 | €2,237 | €3,792 | +€1,555 | +69.5% |
| Total equity and liabilities | 10/49 | €781,692 | €825,613 | +€43,920 | +5.6% |
| Equity | 10/15 | €567,831 | €622,822 | +€54,991 | +9.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €549,231 | €604,222 | +€54,991 | +10.0% |
| Distributable reserves | 133 | €549,231 | €604,222 | +€54,991 | +10.0% |
| Amounts payable | 17/49 | €213,861 | €202,791 | -€11,070 | -5.2% |
| Amounts payable after more than one year | 17 | €27,099 | €2,128 | -€24,971 | -92.1% |
| Financial debts | 170/4 | €27,099 | €2,128 | -€24,971 | -92.1% |
| Amounts payable within one year | 42/48 | €186,763 | €200,663 | +€13,900 | +7.4% |
| Current portion of amounts payable after more than one year | 42 | €23,961 | €24,971 | +€1,010 | +4.2% |
| Trade debts | 44 | €61,129 | €79,448 | +€18,319 | +30.0% |
| Suppliers | 440/4 | €61,129 | €79,448 | +€18,319 | +30.0% |
| Taxes, remuneration and social security | 45 | €47,423 | €59,210 | +€11,787 | +24.9% |
| Taxes | 450/3 | €38,126 | €52,536 | +€14,409 | +37.8% |
| Remuneration and social security | 454/9 | €9,297 | €6,675 | -€2,623 | -28.2% |
| Other amounts payable | 47/48 | €54,250 | €37,034 | -€17,216 | -31.7% |
| Non-recurring operating income | 76A | €1,831 | - | -€1,831 | |
| Remuneration, social security and pensions | 62 | €43,328 | €50,330 | +€7,001 | +16.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,756 | €22,261 | -€3,496 | -13.6% |
| Other operating charges | 640/8 | €20,793 | €18,055 | -€2,738 | -13.2% |
| Gross operating margin | 9900 | €180,024 | €185,803 | +€5,778 | +3.2% |
| Operating profit (loss) | 9901 | €90,147 | €95,157 | +€5,010 | +5.6% |
| Financial income | 75/76B | €51 | €11 | -€40 | -78.2% |
| Recurring financial income | 75 | €51 | €11 | -€40 | -78.2% |
| Financial charges | 65/66B | €13,860 | €12,820 | -€1,040 | -7.5% |
| Recurring financial charges | 65 | €13,860 | €12,820 | -€1,040 | -7.5% |
| Profit (loss) for the period before taxes | 9903 | €76,338 | €82,348 | +€6,010 | +7.9% |
| Income taxes | 67/77 | €26,475 | €27,357 | +€883 | +3.3% |
| Profit (loss) for the period | 9904 | €49,863 | €54,991 | +€5,127 | +10.3% |
| Profit (loss) for the period to be appropriated | 9905 | €49,863 | €54,991 | +€5,127 | +10.3% |
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 25 October 2026 via checked.be.