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.
What changed
R & M
NACE 47.714, Retail trade
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€19,890
2024 · €13,796+€6,094
Equity
€83,087
2024 · €63,197+€19,890
Cash
€7,805
2024 · €7,441+€364
Balance sheet total
€747,522
2024 · €787,255-€39,733
Largest movements
Assets
- Tangible fixed assets -€29,767
down €29,767 (-6.6%), from €453,796 to €424,028
of which Leasing and similar rights: -€17,421
Equity and liabilities
- Short-term financial debts -€75,510
down €75,510 (-75.1%), from €100,510 to €25,000
- Debts after one year +€34,799
up €34,799 (+38.7%), from €90,035 to €124,835
- Profit (loss) carried forward +€19,890
up €19,890 (+64.9%), from -€30,656 to -€10,767
- Other debts -€15,626
down €15,626 (-3.4%), from €460,038 to €444,413
Income statement
- Gross operating margin +€16,157
up €16,157 (+23.1%), from €70,086 to €86,243
- Depreciation +€4,391
up €4,391 (+10.0%), from €44,048 to €48,439
- Financial charges +€4,224
up €4,224 (+42.6%), from €9,925 to €14,149
- Financial income -€1,151
down €1,151 (-33.1%), from €3,476 to €2,325
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.
Result 2024
€13,796
Gross operating margin
+€16,157
Depreciation
-€4,391
Other operating charges
-€204
Financial income
-€1,151
Financial charges
-€4,224
Taxes
-€93
Result 2025
€19,890
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.
From operations
+€62,758
Investment
-€14,170
Financing
-€48,224
Cash 2024
€7,441
From operations (derived)
+€62,758
Net result for the year
+€19,890
Depreciation
+€48,439
Stocks and contracts
+€6,404
Smaller working-capital items
-€192
Deferred charges and accrued income
-€429
Trade debts
+€2,830
Other debts
-€15,626
Accrued charges and deferred income
+€1,441
Investment (derived)
-€14,170
Investment in fixed assets (net)
-€18,672
Current investments
+€4,502
Financing
-€48,224
Debts after one year
+€34,799
Current portion of long-term debt
-€7,514
Short-term financial debts
-€75,510
Cash 2025
€7,805
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €787,255 | €747,522 | -€39,733 | -5.0% |
| Fixed assets | 21/28 | €453,796 | €424,028 | -€29,767 | -6.6% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €453,796 | €424,028 | -€29,767 | -6.6% |
| Land and buildings | 22 | €366,365 | €358,590 | -€7,775 | -2.1% |
| Plant, machinery and equipment | 23 | €20,498 | €17,662 | -€2,836 | -13.8% |
| Furniture and vehicles | 24 | €8,621 | €6,886 | -€1,734 | -20.1% |
| Leasing and similar rights | 25 | €58,312 | €40,891 | -€17,421 | -29.9% |
| Current assets | 29/58 | €333,459 | €323,494 | -€9,965 | -3.0% |
| Stocks and contracts in progress | 3 | €314,376 | €307,972 | -€6,404 | -2.0% |
| Stocks | 30/36 | €314,376 | €307,972 | -€6,404 | -2.0% |
| Amounts receivable within one year | 40/41 | €198 | €345 | +€148 | +74.8% |
| Trade receivables | 40 | €198 | €253 | +€55 | +28.1% |
| Other amounts receivable | 41 | €0 | €92 | +€92 | |
| Current investments | 50/53 | €4,502 | €0 | -€4,502 | -100.0% |
| Cash at bank and in hand | 54/58 | €7,441 | €7,805 | +€364 | +4.9% |
| Deferred charges and accrued income | 490/1 | €6,942 | €7,371 | +€429 | +6.2% |
| Total equity and liabilities | 10/49 | €787,255 | €747,522 | -€39,733 | -5.0% |
| Equity | 10/15 | €63,197 | €83,087 | +€19,890 | +31.5% |
| Contributions | 10/11 | €63,305 | €63,305 | = | 0.0% |
| Reserves | 13 | €30,549 | €30,549 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,330 | €6,330 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,330 | €6,330 | = | 0.0% |
| Distributable reserves | 133 | €24,219 | €24,219 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€30,656 | -€10,767 | +€19,890 | +64.9% |
| Amounts payable | 17/49 | €724,057 | €664,435 | -€59,622 | -8.2% |
| Amounts payable after more than one year | 17 | €90,035 | €124,835 | +€34,799 | +38.7% |
| Financial debts | 170/4 | €90,035 | €124,835 | +€34,799 | +38.7% |
| Amounts payable within one year | 42/48 | €634,022 | €538,159 | -€95,863 | -15.1% |
| Current portion of amounts payable after more than one year | 42 | €39,888 | €32,374 | -€7,514 | -18.8% |
| Financial debts | 43 | €100,510 | €25,000 | -€75,510 | -75.1% |
| Credit institutions | 430/8 | €100,510 | €25,000 | -€75,510 | -75.1% |
| Trade debts | 44 | €21,465 | €24,295 | +€2,830 | +13.2% |
| Suppliers | 440/4 | €21,465 | €24,295 | +€2,830 | +13.2% |
| Taxes, remuneration and social security | 45 | €12,121 | €12,077 | -€44 | -0.4% |
| Taxes | 450/3 | €12,121 | €12,077 | -€44 | -0.4% |
| Other amounts payable | 47/48 | €460,038 | €444,413 | -€15,626 | -3.4% |
| Accrued charges and deferred income | 492/3 | - | €1,441 | +€1,441 | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,048 | €48,439 | +€4,391 | +10.0% |
| Other operating charges | 640/8 | €5,593 | €5,797 | +€204 | +3.6% |
| Gross operating margin | 9900 | €70,086 | €86,243 | +€16,157 | +23.1% |
| Operating profit (loss) | 9901 | €20,445 | €32,006 | +€11,562 | +56.6% |
| Financial income | 75/76B | €3,476 | €2,325 | -€1,151 | -33.1% |
| Recurring financial income | 75 | €3,476 | €2,325 | -€1,151 | -33.1% |
| Financial charges | 65/66B | €9,925 | €14,149 | +€4,224 | +42.6% |
| Recurring financial charges | 65 | €9,925 | €14,149 | +€4,224 | +42.6% |
| Profit (loss) for the period before taxes | 9903 | €13,996 | €20,182 | +€6,187 | +44.2% |
| Income taxes | 67/77 | €200 | €293 | +€93 | +46.6% |
| Profit (loss) for the period | 9904 | €13,796 | €19,890 | +€6,094 | +44.2% |
| Profit (loss) for the period to be appropriated | 9905 | €13,796 | €19,890 | +€6,094 | +44.2% |
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 9 October 2026 via checked.be.