R & M: 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 & M
Largest movements
- Current investments +€195,000
new in 2025: €195,000
- Cash +€110,029
up €110,029 (+230%), from €47,902 to €157,931
mainly Net result for the year (+€178,586) and Other debts (+€108,999)
- Receivables within one year -€78,937
down €78,937 (-97.3%), from €81,097 to €2,160
of which Other amounts receivable: -€78,436
- Tangible fixed assets -€41,899
down €41,899 (-4.2%), from €1.0m to €961,084
of which Land and buildings: -€39,166
- Receivables after one year -€30,000
down €30,000 (-33.3%), from €90,000 to €60,000
- Reserves +€177,756
up €177,756 (+75.3%), from €235,972 to €413,728
of which Tax-exempt reserves: +€149,637
- Debts after one year -€121,532
down €121,532 (-24.6%), from €494,110 to €372,579
- Other debts +€108,999
up €108,999 (+3,964%), from €2,750 to €111,749
- Tax, wage and social debts -€60,392
down €60,392 (-74.9%), from €80,633 to €20,242
of which Taxes: -€43,860
- Provisions +€49,879
new in 2025: €49,879
- Gross operating margin +€203,571
up €203,571 (+99.7%), from €204,284 to €407,855
- Depreciation -€14,679
down €14,679 (-35.2%), from €41,726 to €27,047
- Staff costs -€13,530
down €13,530 (-18.5%), from €73,306 to €59,775
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 | €1,253,707 | €1,409,943 | +€156,236 | +12.5% |
| Fixed assets | 21/28 | €1,003,684 | €961,784 | -€41,899 | -4.2% |
| Tangible fixed assets | 22/27 | €1,002,984 | €961,084 | -€41,899 | -4.2% |
| Land and buildings | 22 | €999,766 | €960,601 | -€39,166 | -3.9% |
| Furniture and vehicles | 24 | €3,218 | €484 | -€2,734 | -85.0% |
| Financial fixed assets | 28 | €700 | €700 | = | 0.0% |
| Current assets | 29/58 | €250,023 | €448,158 | +€198,135 | +79.2% |
| Amounts receivable after more than one year | 29 | €90,000 | €60,000 | -€30,000 | -33.3% |
| Other amounts receivable | 291 | €90,000 | €60,000 | -€30,000 | -33.3% |
| Stocks and contracts in progress | 3 | €6,367 | €6,091 | -€276 | -4.3% |
| Stocks | 30/36 | €6,367 | €6,091 | -€276 | -4.3% |
| Amounts receivable within one year | 40/41 | €81,097 | €2,160 | -€78,937 | -97.3% |
| Trade receivables | 40 | €1,221 | €720 | -€501 | -41.0% |
| Other amounts receivable | 41 | €79,876 | €1,440 | -€78,436 | -98.2% |
| Current investments | 50/53 | - | €195,000 | +€195,000 | |
| Cash at bank and in hand | 54/58 | €47,902 | €157,931 | +€110,029 | +230% |
| Deferred charges and accrued income | 490/1 | €24,658 | €26,976 | +€2,318 | +9.4% |
| Total equity and liabilities | 10/49 | €1,253,707 | €1,409,943 | +€156,236 | +12.5% |
| Equity | 10/15 | €479,804 | €657,559 | +€177,756 | +37.0% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Revaluation surpluses | 12 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €235,972 | €413,728 | +€177,756 | +75.3% |
| Non-distributable reserves | 130/1 | €7,700 | €7,700 | = | 0.0% |
| Legal reserve | 130 | €7,700 | €7,700 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €149,637 | +€149,637 | |
| Distributable reserves | 133 | €228,272 | €256,390 | +€28,118 | +12.3% |
| Profit (loss) carried forward | 14 | -€68,142 | -€68,142 | = | 0.0% |
| Provisions and deferred taxes | 16 | - | €49,879 | +€49,879 | |
| Deferred taxes | 168 | - | €49,879 | +€49,879 | |
| Amounts payable | 17/49 | €773,903 | €702,504 | -€71,399 | -9.2% |
| Amounts payable after more than one year | 17 | €494,110 | €372,579 | -€121,532 | -24.6% |
| Financial debts | 170/4 | €494,110 | €372,579 | -€121,532 | -24.6% |
| Amounts payable within one year | 42/48 | €274,309 | €326,895 | +€52,586 | +19.2% |
| Current portion of amounts payable after more than one year | 42 | €129,259 | €166,579 | +€37,320 | +28.9% |
| Trade debts | 44 | €61,667 | €28,325 | -€33,342 | -54.1% |
| Suppliers | 440/4 | €61,667 | €28,325 | -€33,342 | -54.1% |
| Taxes, remuneration and social security | 45 | €80,633 | €20,242 | -€60,392 | -74.9% |
| Taxes | 450/3 | €62,351 | €18,491 | -€43,860 | -70.3% |
| Remuneration and social security | 454/9 | €18,282 | €1,751 | -€16,531 | -90.4% |
| Other amounts payable | 47/48 | €2,750 | €111,749 | +€108,999 | +3,964% |
| Accrued charges and deferred income | 492/3 | €5,484 | €3,031 | -€2,453 | -44.7% |
| Non-recurring operating income | 76A | - | €199,517 | +€199,517 | |
| Remuneration, social security and pensions | 62 | €73,306 | €59,775 | -€13,530 | -18.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,726 | €27,047 | -€14,679 | -35.2% |
| Other operating charges | 640/8 | €17,221 | €20,375 | +€3,155 | +18.3% |
| Non-recurring operating charges | 66A | €807 | €34,689 | +€33,882 | +4,198% |
| Gross operating margin | 9900 | €204,284 | €407,855 | +€203,571 | +99.7% |
| Operating profit (loss) | 9901 | €71,225 | €265,969 | +€194,744 | +273% |
| Financial income | 75/76B | €4,622 | €2,692 | -€1,931 | -41.8% |
| Recurring financial income | 75 | €4,622 | €2,692 | -€1,931 | -41.8% |
| Financial charges | 65/66B | €21,031 | €21,627 | +€596 | +2.8% |
| Recurring financial charges | 65 | €21,031 | €21,627 | +€596 | +2.8% |
| Profit (loss) for the period before taxes | 9903 | €54,816 | €247,033 | +€192,218 | +351% |
| Transfer to deferred taxes | 680 | - | €49,879 | +€49,879 | |
| Income taxes | 67/77 | €19,990 | €18,569 | -€1,422 | -7.1% |
| Profit (loss) for the period | 9904 | €34,825 | €178,586 | +€143,760 | +413% |
| Transfer to tax-exempt reserves | 689 | - | €149,637 | +€149,637 | |
| Profit (loss) for the period to be appropriated | 9905 | €34,825 | €28,948 | -€5,877 | -16.9% |
Source: filed annual accounts (NBB), financial years ended 30 April 2024 and 30 April 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.