R&M Projects: 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 Projects
Largest movements
- Cash +€103,943
up €103,943 (+35.4%), from €293,851 to €397,795
mainly Net result for the year (+€351,772) and Tax, wage and social debts (+€39,245)
- Receivables within one year +€24,000
up €24,000 (+148%), from €16,194 to €40,195
of which Trade receivables: +€24,427
- Reserves +€351,772
up €351,772 (+84.2%), from €417,921 to €769,693
- Debts after one year -€260,670
down €260,670 (-18.9%), from €1.4m to €1.1m
- Tax, wage and social debts +€39,245
up €39,245 (+96.6%), from €40,638 to €79,883
of which Taxes: +€39,205
- Financial income -€50,042
down €50,042 (-14.3%), from €350,394 to €300,352
- Financial charges -€31,316
down €31,316 (-34.0%), from €92,196 to €60,881
- Gross operating margin -€30,504
down €30,504 (-15.1%), from €202,587 to €172,083
- Taxes -€5,147
down €5,147 (-8.2%), from €62,973 to €57,826
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 | €2,110,861 | €2,240,913 | +€130,052 | +6.2% |
| Fixed assets | 21/28 | €1,800,098 | €1,802,743 | +€2,645 | +0.1% |
| Tangible fixed assets | 22/27 | €98 | €2,743 | +€2,645 | +2,702% |
| Plant, machinery and equipment | 23 | €98 | €0 | -€98 | -100% |
| Furniture and vehicles | 24 | - | €2,743 | +€2,743 | |
| Financial fixed assets | 28 | €1,800,000 | €1,800,000 | = | 0.0% |
| Current assets | 29/58 | €310,763 | €438,170 | +€127,407 | +41.0% |
| Amounts receivable within one year | 40/41 | €16,194 | €40,195 | +€24,000 | +148% |
| Trade receivables | 40 | €8,757 | €33,184 | +€24,427 | +279% |
| Other amounts receivable | 41 | €7,437 | €7,011 | -€426 | -5.7% |
| Cash at bank and in hand | 54/58 | €293,851 | €397,795 | +€103,943 | +35.4% |
| Deferred charges and accrued income | 490/1 | €717 | €181 | -€537 | -74.8% |
| Total equity and liabilities | 10/49 | €2,110,861 | €2,240,913 | +€130,052 | +6.2% |
| Equity | 10/15 | €422,921 | €774,693 | +€351,772 | +83.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €417,921 | €769,693 | +€351,772 | +84.2% |
| Distributable reserves | 133 | €417,921 | €769,693 | +€351,772 | +84.2% |
| Amounts payable | 17/49 | €1,687,939 | €1,466,220 | -€221,720 | -13.1% |
| Amounts payable after more than one year | 17 | €1,381,578 | €1,120,909 | -€260,670 | -18.9% |
| Financial debts | 170/4 | €1,381,578 | €1,120,909 | -€260,670 | -18.9% |
| Amounts payable within one year | 42/48 | €271,983 | €317,324 | +€45,341 | +16.7% |
| Current portion of amounts payable after more than one year | 42 | €229,907 | €235,230 | +€5,323 | +2.3% |
| Trade debts | 44 | €1,438 | €2,210 | +€772 | +53.7% |
| Suppliers | 440/4 | €1,438 | €2,210 | +€772 | +53.7% |
| Taxes, remuneration and social security | 45 | €40,638 | €79,883 | +€39,245 | +96.6% |
| Taxes | 450/3 | €36,391 | €75,596 | +€39,205 | +108% |
| Remuneration and social security | 454/9 | €4,247 | €4,287 | +€40 | +0.9% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €34,379 | €27,987 | -€6,391 | -18.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €407 | €569 | +€162 | +39.7% |
| Other operating charges | 640/8 | €776 | €1,386 | +€610 | +78.6% |
| Gross operating margin | 9900 | €202,587 | €172,083 | -€30,504 | -15.1% |
| Operating profit (loss) | 9901 | €201,403 | €170,127 | -€31,276 | -15.5% |
| Financial income | 75/76B | €350,394 | €300,352 | -€50,042 | -14.3% |
| Recurring financial income | 75 | €350,394 | €300,352 | -€50,042 | -14.3% |
| Financial charges | 65/66B | €92,196 | €60,881 | -€31,316 | -34.0% |
| Recurring financial charges | 65 | €92,196 | €60,881 | -€31,316 | -34.0% |
| Profit (loss) for the period before taxes | 9903 | €459,600 | €409,598 | -€50,002 | -10.9% |
| Income taxes | 67/77 | €62,973 | €57,826 | -€5,147 | -8.2% |
| Profit (loss) for the period | 9904 | €396,627 | €351,772 | -€44,855 | -11.3% |
| Profit (loss) for the period to be appropriated | 9905 | €396,627 | €351,772 | -€44,855 | -11.3% |
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 26 October 2026 via checked.be.