R&N: 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&N
Largest movements
- Tangible fixed assets -€45,494
down €45,494 (-6.7%), from €681,375 to €635,882
of which Land and buildings: -€26,920
- Deferred charges and accrued income +€33,325
up €33,325 (+88.6%), from €37,625 to €70,950
- Receivables within one year +€14,917
up €14,917 (+36.1%), from €41,272 to €56,189
of which Trade receivables: +€14,441
- Debts after one year -€12,134
down €12,134 (-2.6%), from €465,009 to €452,876
- Profit (loss) carried forward +€11,736
up €11,736 (+35.6%), from €32,946 to €44,683
- Gross operating margin +€67,294
up €67,294 (+44.1%), from €152,641 to €219,934
- Staff costs +€63,211
up €63,211 (+104%), from €60,819 to €124,030
- Financial income +€5,818
up €5,818 (+496%), from €1,172 to €6,990
of which Non-recurring financial income: +€6,655
- Depreciation +€3,357
up €3,357 (+7.7%), from €43,637 to €46,994
- Financial charges -€2,939
down €2,939 (-7.6%), from €38,889 to €35,950
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 | €1,004,086 | €1,006,952 | +€2,866 | +0.3% |
| Fixed assets | 21/28 | €682,222 | €636,902 | -€45,320 | -6.6% |
| Tangible fixed assets | 22/27 | €681,375 | €635,882 | -€45,494 | -6.7% |
| Land and buildings | 22 | €624,102 | €597,182 | -€26,920 | -4.3% |
| Plant, machinery and equipment | 23 | €34,960 | €26,707 | -€8,253 | -23.6% |
| Furniture and vehicles | 24 | €22,313 | €11,993 | -€10,320 | -46.3% |
| Financial fixed assets | 28 | €847 | €1,021 | +€174 | +20.5% |
| Current assets | 29/58 | €321,863 | €370,050 | +€48,186 | +15.0% |
| Stocks and contracts in progress | 3 | €233,761 | €233,761 | = | 0.0% |
| Stocks | 30/36 | €233,761 | €233,761 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €41,272 | €56,189 | +€14,917 | +36.1% |
| Trade receivables | 40 | €5,976 | €20,417 | +€14,441 | +242% |
| Other amounts receivable | 41 | €35,296 | €35,772 | +€476 | +1.3% |
| Cash at bank and in hand | 54/58 | €9,205 | €9,150 | -€55 | -0.6% |
| Deferred charges and accrued income | 490/1 | €37,625 | €70,950 | +€33,325 | +88.6% |
| Total equity and liabilities | 10/49 | €1,004,086 | €1,006,952 | +€2,866 | +0.3% |
| Equity | 10/15 | €187,314 | €196,432 | +€9,118 | +4.9% |
| Contributions | 10/11 | €41,600 | €41,600 | = | 0.0% |
| Contributions outside capital | 11 | €41,600 | - | -€41,600 | |
| Other | 1109/19 | €41,600 | - | -€41,600 | |
| Reserves | 13 | €112,768 | €110,149 | -€2,618 | -2.3% |
| Tax-exempt reserves | 132 | €81,049 | €78,431 | -€2,618 | -3.2% |
| Distributable reserves | 133 | €31,718 | €31,718 | = | 0.0% |
| Profit (loss) carried forward | 14 | €32,946 | €44,683 | +€11,736 | +35.6% |
| Provisions and deferred taxes | 16 | €20,262 | €19,608 | -€655 | -3.2% |
| Deferred taxes | 168 | €20,262 | €19,608 | -€655 | -3.2% |
| Amounts payable | 17/49 | €796,510 | €790,912 | -€5,597 | -0.7% |
| Amounts payable after more than one year | 17 | €465,009 | €452,876 | -€12,134 | -2.6% |
| Financial debts | 170/4 | €465,009 | €452,876 | -€12,134 | -2.6% |
| Amounts payable within one year | 42/48 | €331,501 | €337,578 | +€6,077 | +1.8% |
| Current portion of amounts payable after more than one year | 42 | €40,472 | €38,123 | -€2,349 | -5.8% |
| Trade debts | 44 | €31,125 | €31,503 | +€378 | +1.2% |
| Suppliers | 440/4 | €31,125 | €31,503 | +€378 | +1.2% |
| Taxes, remuneration and social security | 45 | €18,463 | €24,781 | +€6,318 | +34.2% |
| Taxes | 450/3 | €6,024 | €10,363 | +€4,339 | +72.0% |
| Remuneration and social security | 454/9 | €12,438 | €14,418 | +€1,980 | +15.9% |
| Other amounts payable | 47/48 | €241,441 | €243,170 | +€1,729 | +0.7% |
| Accrued charges and deferred income | 492/3 | - | €459 | +€459 | |
| Non-recurring operating income | 76A | €15,981 | - | -€15,981 | |
| Remuneration, social security and pensions | 62 | €60,819 | €124,030 | +€63,211 | +104% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,637 | €46,994 | +€3,357 | +7.7% |
| Other operating charges | 640/8 | €7,730 | €7,891 | +€161 | +2.1% |
| Gross operating margin | 9900 | €152,641 | €219,934 | +€67,294 | +44.1% |
| Operating profit (loss) | 9901 | €40,456 | €41,020 | +€564 | +1.4% |
| Financial income | 75/76B | €1,172 | €6,990 | +€5,818 | +496% |
| Recurring financial income | 75 | €1,172 | €335 | -€837 | -71.4% |
| Non-recurring financial income | 76B | - | €6,655 | +€6,655 | |
| Financial charges | 65/66B | €38,889 | €35,950 | -€2,939 | -7.6% |
| Recurring financial charges | 65 | €38,889 | €35,950 | -€2,939 | -7.6% |
| Profit (loss) for the period before taxes | 9903 | €2,739 | €12,060 | +€9,322 | +340% |
| Transfer from deferred taxes | 780 | €655 | €655 | = | 0.0% |
| Income taxes | 67/77 | €1,732 | €3,597 | +€1,864 | +108% |
| Profit (loss) for the period | 9904 | €1,661 | €9,118 | +€7,457 | +449% |
| Transfer from tax-exempt reserves | 789 | €2,618 | €2,618 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €4,279 | €11,736 | +€7,457 | +174% |
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 19 October 2026 via checked.be.