R&N: what changed
Two fiscal 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&N
Largest movements
- Tangible fixed assets -€16,684
down €16,684 (-25.4%), from €65,636 to €48,952
of which Furniture and vehicles: -€12,055
- Receivables within one year +€4,167
up €4,167 (+18.3%), from €22,820 to €26,987
of which Other amounts receivable: +€7,041
- Cash -€3,992
down €3,992 (-59.5%), from €6,706 to €2,714
mainly Other debts (-€8,977) and Debts after one year (-€4,751)
- Current investments -€2,845
down €2,845 (-2.8%), from €100,000 to €97,156
- Other debts -€8,977
down €8,977 (-100.0%), from €8,977 to €0
- Reserves -€5,000
down €5,000 (-100.0%), from €5,000 to €0
- Profit (loss) carried forward +€4,854
up €4,854 (+0.9%), from -€538,012 to -€533,157
- Debts after one year -€4,751
down €4,751 (-30.9%), from €15,394 to €10,643
- Trade debts -€4,253
down €4,253 (-88.3%), from €4,817 to €564
- Gross operating margin -€20,632
down €20,632 (-48.5%), from €42,565 to €21,933
- Depreciation -€5,678
down €5,678 (-25.4%), from €22,362 to €16,684
- Financial income +€3,612
up €3,612 (+7555.7%), from €48 to €3,660
- Financial charges +€2,269
up €2,269 (+128.9%), from €1,760 to €4,029
- Taxes +€1,447
up €1,447 (+10097.6%), from €14 to €1,461
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 | €223,892 | €203,745 | -€20,148 | -9.0% |
| Fixed assets | 21/28 | €86,229 | €69,545 | -€16,684 | -19.3% |
| Tangible fixed assets | 22/27 | €65,636 | €48,952 | -€16,684 | -25.4% |
| Plant, machinery and equipment | 23 | €9,552 | €7,750 | -€1,802 | -18.9% |
| Furniture and vehicles | 24 | €27,843 | €15,788 | -€12,055 | -43.3% |
| Other tangible fixed assets | 26 | €28,241 | €25,415 | -€2,827 | -10.0% |
| Financial fixed assets | 28 | €20,593 | €20,593 | = | 0.0% |
| Current assets | 29/58 | €137,663 | €134,199 | -€3,464 | -2.5% |
| Stocks and contracts in progress | 3 | €5,862 | €5,737 | -€125 | -2.1% |
| Stocks | 30/36 | €5,862 | €5,737 | -€125 | -2.1% |
| Amounts receivable within one year | 40/41 | €22,820 | €26,987 | +€4,167 | +18.3% |
| Trade receivables | 40 | €16,996 | €14,122 | -€2,874 | -16.9% |
| Other amounts receivable | 41 | €5,825 | €12,865 | +€7,041 | +120.9% |
| Current investments | 50/53 | €100,000 | €97,156 | -€2,845 | -2.8% |
| Cash at bank and in hand | 54/58 | €6,706 | €2,714 | -€3,992 | -59.5% |
| Deferred charges and accrued income | 490/1 | €2,275 | €1,605 | -€670 | -29.4% |
| Total equity and liabilities | 10/49 | €223,892 | €203,745 | -€20,148 | -9.0% |
| Equity | 10/15 | €185,988 | €185,843 | -€146 | -0.1% |
| Contributions | 10/11 | €719,000 | €719,000 | = | 0.0% |
| Reserves | 13 | €5,000 | €0 | -€5,000 | -100.0% |
| Distributable reserves | 133 | €5,000 | €0 | -€5,000 | -100.0% |
| Profit (loss) carried forward | 14 | -€538,012 | -€533,157 | +€4,854 | +0.9% |
| Amounts payable | 17/49 | €37,904 | €17,902 | -€20,002 | -52.8% |
| Amounts payable after more than one year | 17 | €15,394 | €10,643 | -€4,751 | -30.9% |
| Financial debts | 170/4 | €15,394 | €10,643 | -€4,751 | -30.9% |
| Amounts payable within one year | 42/48 | €22,510 | €6,487 | -€16,024 | -71.2% |
| Current portion of amounts payable after more than one year | 42 | €8,182 | €4,751 | -€3,431 | -41.9% |
| Trade debts | 44 | €4,817 | €564 | -€4,253 | -88.3% |
| Suppliers | 440/4 | €4,817 | €564 | -€4,253 | -88.3% |
| Taxes, remuneration and social security | 45 | €534 | €1,172 | +€637 | +119.3% |
| Taxes | 450/3 | €534 | €1,172 | +€637 | +119.3% |
| Other amounts payable | 47/48 | €8,977 | €0 | -€8,977 | -100.0% |
| Accrued charges and deferred income | 492/3 | - | €773 | +€773 | |
| Non-recurring operating income | 76A | €5,000 | €0 | -€5,000 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,362 | €16,684 | -€5,678 | -25.4% |
| Other operating charges | 640/8 | €1,599 | €1,749 | +€150 | +9.4% |
| Non-recurring operating charges | 66A | - | €1,816 | +€1,816 | |
| Gross operating margin | 9900 | €42,565 | €21,933 | -€20,632 | -48.5% |
| Operating profit (loss) | 9901 | €18,604 | €1,684 | -€16,920 | -90.9% |
| Financial income | 75/76B | €48 | €3,660 | +€3,612 | +7555.7% |
| Recurring financial income | 75 | €48 | €3,660 | +€3,612 | +7555.7% |
| Financial charges | 65/66B | €1,760 | €4,029 | +€2,269 | +128.9% |
| Recurring financial charges | 65 | €1,760 | €4,029 | +€2,269 | +128.9% |
| Profit (loss) for the period before taxes | 9903 | €16,892 | €1,316 | -€15,576 | -92.2% |
| Income taxes | 67/77 | €14 | €1,461 | +€1,447 | +10097.6% |
| Profit (loss) for the period | 9904 | €16,877 | -€146 | -€17,023 | |
| Profit (loss) for the period to be appropriated | 9905 | €16,877 | -€146 | -€17,023 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.