R. & L.: 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. & L.
Largest movements
- Tangible fixed assets -€44,177
down €44,177 (-4.8%), from €912,925 to €868,748
of which Plant, machinery and equipment: -€30,139
- Cash -€17,315
down €17,315 (-22.1%), from €78,313 to €60,998
mainly Debts after one year (-€198,114) and Investment in fixed assets (net) (-€43,347)
- Debts after one year -€198,114
down €198,114 (-53.0%), from €373,650 to €175,536
- Current portion of long-term debt +€175,000
up €175,000, from €0 to €175,000
- Profit (loss) carried forward -€34,921
down €34,921 (-9.2%), from €379,610 to €344,689
- Gross operating margin +€31,786
up €31,786 (+105.7%), from €30,069 to €61,855
- Financial charges +€9,471
up €9,471 (+95.1%), from -€9,959 to -€488
- Depreciation -€6,746
down €6,746 (-7.2%), from €94,270 to €87,524
- Staff costs -€1,937
down €1,937 (-100.0%), from €1,937 to €0
- Financial income -€1,257
down €1,257 (-21.0%), from €5,971 to €4,714
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 | €1,229,009 | €1,169,891 | -€59,118 | -4.8% |
| Fixed assets | 21/28 | €912,925 | €868,748 | -€44,177 | -4.8% |
| Tangible fixed assets | 22/27 | €912,925 | €868,748 | -€44,177 | -4.8% |
| Land and buildings | 22 | €603,456 | €603,310 | -€146 | 0.0% |
| Plant, machinery and equipment | 23 | €291,111 | €260,972 | -€30,139 | -10.4% |
| Furniture and vehicles | 24 | €18,358 | €4,466 | -€13,892 | -75.7% |
| Current assets | 29/58 | €316,084 | €301,142 | -€14,941 | -4.7% |
| Amounts receivable within one year | 40/41 | €4,658 | €2,944 | -€1,714 | -36.8% |
| Trade receivables | 40 | €1,000 | €1,000 | = | 0.0% |
| Other amounts receivable | 41 | €3,658 | €1,944 | -€1,714 | -46.9% |
| Current investments | 50/53 | €228,679 | €232,578 | +€3,899 | +1.7% |
| Cash at bank and in hand | 54/58 | €78,313 | €60,998 | -€17,315 | -22.1% |
| Deferred charges and accrued income | 490/1 | €4,433 | €4,622 | +€189 | +4.3% |
| Total equity and liabilities | 10/49 | €1,229,009 | €1,169,891 | -€59,118 | -4.8% |
| Equity | 10/15 | €850,304 | €815,383 | -€34,921 | -4.1% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €370,694 | €370,694 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €360,694 | €360,694 | = | 0.0% |
| Profit (loss) carried forward | 14 | €379,610 | €344,689 | -€34,921 | -9.2% |
| Amounts payable | 17/49 | €378,705 | €354,508 | -€24,197 | -6.4% |
| Amounts payable after more than one year | 17 | €373,650 | €175,536 | -€198,114 | -53.0% |
| Financial debts | 170/4 | €373,650 | €175,536 | -€198,114 | -53.0% |
| Amounts payable within one year | 42/48 | €3,765 | €177,640 | +€173,875 | +4618.2% |
| Current portion of amounts payable after more than one year | 42 | €0 | €175,000 | +€175,000 | |
| Financial debts | 43 | €415 | €0 | -€415 | -100.0% |
| Credit institutions | 430/8 | €415 | €0 | -€415 | -100.0% |
| Trade debts | 44 | €3,350 | €2,640 | -€710 | -21.2% |
| Suppliers | 440/4 | €3,350 | €2,640 | -€710 | -21.2% |
| Accrued charges and deferred income | 492/3 | €1,290 | €1,332 | +€42 | +3.2% |
| Remuneration, social security and pensions | 62 | €1,937 | €0 | -€1,937 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €94,270 | €87,524 | -€6,746 | -7.2% |
| Other operating charges | 640/8 | €13,274 | €13,864 | +€590 | +4.4% |
| Gross operating margin | 9900 | €30,069 | €61,855 | +€31,786 | +105.7% |
| Operating profit (loss) | 9901 | -€79,413 | -€39,534 | +€39,879 | +50.2% |
| Financial income | 75/76B | €5,971 | €4,714 | -€1,257 | -21.0% |
| Recurring financial income | 75 | €5,971 | €4,714 | -€1,257 | -21.0% |
| Financial charges | 65/66B | -€9,959 | -€488 | +€9,471 | +95.1% |
| Recurring financial charges | 65 | -€9,959 | -€488 | +€9,471 | +95.1% |
| Profit (loss) for the period before taxes | 9903 | -€63,484 | -€34,332 | +€29,152 | +45.9% |
| Income taxes | 67/77 | €628 | €589 | -€38 | -6.1% |
| Profit (loss) for the period | 9904 | -€64,111 | -€34,921 | +€29,190 | +45.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€64,111 | -€34,921 | +€29,190 | +45.5% |
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 11 October 2026 via checked.be.