R'nR: 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'nR
Largest movements
- Financial fixed assets +€629,742
up €629,742 (+134%), from €470,418 to €1.1m
- Tangible fixed assets +€326,506
up €326,506 (+32.3%), from €1.0m to €1.3m
of which Assets under construction and advance payments: +€263,424
- Cash +€106,514
up €106,514 (+1,000%), from €10,654 to €117,168
mainly Net result for the year (+€1.5m) and Depreciation (+€58,277)
- Receivables within one year +€71,339
up €71,339 (+80.1%), from €89,101 to €160,440
of which Other amounts receivable: +€82,246
- Reserves +€1.5m
up €1.5m (+872%), from €168,000 to €1.6m
- Debts after one year -€226,828
down €226,828 (-19.4%), from €1.2m to €943,325
- Current portion of long-term debt -€58,493
down €58,493 (-44.3%), from €131,907 to €73,414
- Tax, wage and social debts -€27,946
down €27,946 (-53.9%), from €51,880 to €23,934
of which Remuneration and social security: -€23,194
- Financial income +€1.4m
up €1.4m (+4,583,645%), from €31 to €1.4m
of which Non-recurring financial income: +€1.4m
- Staff costs -€76,135
down €76,135 (-57.2%), from €133,150 to €57,016
- Gross operating margin -€53,717
down €53,717 (-17.3%), from €310,076 to €256,359
- Financial charges +€18,251
up €18,251 (+60.5%), from €30,149 to €48,400
- Taxes +€11,820
up €11,820 (+52.2%), from €22,633 to €34,453
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 | €1,584,028 | €2,719,356 | +€1.1m | +71.7% |
| Fixed assets | 21/28 | €1,481,662 | €2,437,910 | +€956,248 | +64.5% |
| Tangible fixed assets | 22/27 | €1,011,244 | €1,337,750 | +€326,506 | +32.3% |
| Land and buildings | 22 | €906,038 | €977,986 | +€71,947 | +7.9% |
| Plant, machinery and equipment | 23 | €90,047 | €87,416 | -€2,631 | -2.9% |
| Furniture and vehicles | 24 | €15,159 | €8,925 | -€6,233 | -41.1% |
| Assets under construction and advance payments | 27 | - | €263,424 | +€263,424 | |
| Financial fixed assets | 28 | €470,418 | €1,100,160 | +€629,742 | +134% |
| Current assets | 29/58 | €102,366 | €281,446 | +€179,079 | +175% |
| Amounts receivable within one year | 40/41 | €89,101 | €160,440 | +€71,339 | +80.1% |
| Trade receivables | 40 | €39,489 | €28,582 | -€10,907 | -27.6% |
| Other amounts receivable | 41 | €49,611 | €131,858 | +€82,246 | +166% |
| Cash at bank and in hand | 54/58 | €10,654 | €117,168 | +€106,514 | +1,000% |
| Deferred charges and accrued income | 490/1 | €2,612 | €3,837 | +€1,226 | +46.9% |
| Total equity and liabilities | 10/49 | €1,584,028 | €2,719,356 | +€1.1m | +71.7% |
| Equity | 10/15 | €186,600 | €1,651,285 | +€1.5m | +785% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €168,000 | €1,632,685 | +€1.5m | +872% |
| Distributable reserves | 133 | €168,000 | €1,632,685 | +€1.5m | +872% |
| Amounts payable | 17/49 | €1,397,428 | €1,068,071 | -€329,357 | -23.6% |
| Amounts payable after more than one year | 17 | €1,170,153 | €943,325 | -€226,828 | -19.4% |
| Financial debts | 170/4 | €1,170,153 | €943,325 | -€226,828 | -19.4% |
| Amounts payable within one year | 42/48 | €226,782 | €106,222 | -€120,561 | -53.2% |
| Current portion of amounts payable after more than one year | 42 | €131,907 | €73,414 | -€58,493 | -44.3% |
| Financial debts | 43 | €16,719 | €0 | -€16,719 | -100% |
| Credit institutions | 430/8 | €16,719 | €0 | -€16,719 | -100% |
| Trade debts | 44 | €2,583 | €7,451 | +€4,868 | +188% |
| Suppliers | 440/4 | €2,583 | €7,451 | +€4,868 | +188% |
| Taxes, remuneration and social security | 45 | €51,880 | €23,934 | -€27,946 | -53.9% |
| Taxes | 450/3 | €28,686 | €23,934 | -€4,752 | -16.6% |
| Remuneration and social security | 454/9 | €23,194 | €0 | -€23,194 | -100% |
| Other amounts payable | 47/48 | €23,693 | €1,423 | -€22,270 | -94.0% |
| Accrued charges and deferred income | 492/3 | €493 | €18,524 | +€18,031 | +3,656% |
| Remuneration, social security and pensions | 62 | €133,150 | €57,016 | -€76,135 | -57.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,979 | €58,277 | +€1,298 | +2.3% |
| Other operating charges | 640/8 | €10,343 | €12,197 | +€1,854 | +17.9% |
| Gross operating margin | 9900 | €310,076 | €256,359 | -€53,717 | -17.3% |
| Operating profit (loss) | 9901 | €109,604 | €128,869 | +€19,265 | +17.6% |
| Financial income | 75/76B | €31 | €1,418,669 | +€1.4m | +4,583,645% |
| Recurring financial income | 75 | €31 | €218 | +€187 | +604% |
| Non-recurring financial income | 76B | - | €1,418,451 | +€1.4m | |
| Financial charges | 65/66B | €30,149 | €48,400 | +€18,251 | +60.5% |
| Recurring financial charges | 65 | €30,149 | €48,400 | +€18,251 | +60.5% |
| Profit (loss) for the period before taxes | 9903 | €79,486 | €1,499,138 | +€1.4m | +1,786% |
| Income taxes | 67/77 | €22,633 | €34,453 | +€11,820 | +52.2% |
| Profit (loss) for the period | 9904 | €56,852 | €1,464,685 | +€1.4m | +2,476% |
| Profit (loss) for the period to be appropriated | 9905 | €56,852 | €1,464,685 | +€1.4m | +2,476% |
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 20 October 2026 via checked.be.