R-LETTERS: 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-LETTERS
Largest movements
- Tangible fixed assets -€10,260
down €10,260 (-80.9%), from €12,674 to €2,415
of which Furniture and vehicles: -€10,016
- Cash -€9,830
down €9,830 (-37.8%), from €25,998 to €16,168
mainly Net result for the year (-€6,442) and Provisions (-€4,391)
- Stocks and contracts +€4,099
up €4,099 (+1101.6%), from €372 to €4,471
- Receivables within one year +€2,468
up €2,468 (+6.5%), from €37,825 to €40,292
of which Trade receivables: +€2,712
- Reserves -€8,741
down €8,741 (-97.6%), from €8,951 to €211
of which Tax-exempt reserves: -€8,741
- Provisions -€4,391
down €4,391 (-30.5%), from €14,391 to €10,000
of which Deferred taxes: -€4,391
- Profit (loss) carried forward +€2,298
up €2,298 (+13.5%), from -€17,057 to -€14,759
- Tax, wage and social debts -€2,047
down €2,047 (-38.8%), from €5,274 to €3,227
- Trade debts -€1,359
down €1,359 (-66.5%), from €2,045 to €686
- Gross operating margin -€2,294
down €2,294 (-81.3%), from €2,820 to €526
- Taxes -€527
down €527 (-34.5%), from €1,529 to €1,002
- Depreciation -€436
down €436 (-4.1%), from €10,696 to €10,260
- Financial charges -€119
down €119 (-53.0%), from €225 to €106
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 | €77,586 | €63,346 | -€14,240 | -18.4% |
| Fixed assets | 21/28 | €12,674 | €2,415 | -€10,260 | -80.9% |
| Tangible fixed assets | 22/27 | €12,674 | €2,415 | -€10,260 | -80.9% |
| Plant, machinery and equipment | 23 | €731 | €488 | -€244 | -33.3% |
| Furniture and vehicles | 24 | €11,943 | €1,927 | -€10,016 | -83.9% |
| Current assets | 29/58 | €64,911 | €60,931 | -€3,980 | -6.1% |
| Stocks and contracts in progress | 3 | €372 | €4,471 | +€4,099 | +1101.6% |
| Stocks | 30/36 | €372 | €4,471 | +€4,099 | +1101.6% |
| Amounts receivable within one year | 40/41 | €37,825 | €40,292 | +€2,468 | +6.5% |
| Trade receivables | 40 | €37,580 | €40,292 | +€2,712 | +7.2% |
| Other amounts receivable | 41 | €244 | - | -€244 | |
| Cash at bank and in hand | 54/58 | €25,998 | €16,168 | -€9,830 | -37.8% |
| Deferred charges and accrued income | 490/1 | €717 | - | -€717 | |
| Total equity and liabilities | 10/49 | €77,586 | €63,346 | -€14,240 | -18.4% |
| Equity | 10/15 | €55,875 | €49,433 | -€6,442 | -11.5% |
| Contributions | 10/11 | €63,981 | €63,981 | = | 0.0% |
| Reserves | 13 | €8,951 | €211 | -€8,741 | -97.6% |
| Non-distributable reserves | 130/1 | €211 | €211 | = | 0.0% |
| Reserves not available under the articles | 1311 | €211 | €211 | = | 0.0% |
| Tax-exempt reserves | 132 | €8,741 | - | -€8,741 | |
| Profit (loss) carried forward | 14 | -€17,057 | -€14,759 | +€2,298 | +13.5% |
| Provisions and deferred taxes | 16 | €14,391 | €10,000 | -€4,391 | -30.5% |
| Provisions for liabilities and charges | 160/5 | €10,000 | €10,000 | = | 0.0% |
| Other liabilities and charges | 164/5 | €10,000 | €10,000 | = | 0.0% |
| Deferred taxes | 168 | €4,391 | - | -€4,391 | |
| Amounts payable | 17/49 | €7,319 | €3,913 | -€3,406 | -46.5% |
| Amounts payable within one year | 42/48 | €7,319 | €3,913 | -€3,406 | -46.5% |
| Trade debts | 44 | €2,045 | €686 | -€1,359 | -66.5% |
| Suppliers | 440/4 | €2,045 | €686 | -€1,359 | -66.5% |
| Taxes, remuneration and social security | 45 | €5,274 | €3,227 | -€2,047 | -38.8% |
| Taxes | 450/3 | €5,274 | €3,227 | -€2,047 | -38.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,696 | €10,260 | -€436 | -4.1% |
| Gross operating margin | 9900 | €2,820 | €526 | -€2,294 | -81.3% |
| Operating profit (loss) | 9901 | -€7,876 | -€9,734 | -€1,858 | -23.6% |
| Financial income | 75/76B | €2 | €8 | +€6 | +295.9% |
| Recurring financial income | 75 | €2 | €8 | +€6 | +295.9% |
| Financial charges | 65/66B | €225 | €106 | -€119 | -53.0% |
| Recurring financial charges | 65 | €225 | €106 | -€119 | -53.0% |
| Profit (loss) for the period before taxes | 9903 | -€8,099 | -€9,832 | -€1,733 | -21.4% |
| Transfer from deferred taxes | 780 | €4,391 | €4,391 | = | 0.0% |
| Income taxes | 67/77 | €1,529 | €1,002 | -€527 | -34.5% |
| Profit (loss) for the period | 9904 | -€5,236 | -€6,442 | -€1,206 | -23.0% |
| Transfer from tax-exempt reserves | 789 | €8,741 | €8,741 | -€0 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €3,504 | €2,298 | -€1,206 | -34.4% |
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 10 October 2026 via checked.be.