R² 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.
R² PROJECTS
Largest movements
- Receivables within one year -€149,508
down €149,508 (-20.0%), from €747,348 to €597,840
of which Trade receivables: -€88,332
- Cash +€148,360
up €148,360 (+124.6%), from €119,083 to €267,443
mainly Receivables within one year (+€149,508) and Net result for the year (+€107,265)
- Tangible fixed assets -€32,375
down €32,375 (-23.7%), from €136,508 to €104,134
of which Plant, machinery and equipment: -€23,989
- Reserves +€167,019
up €167,019 (+29.1%), from €574,241 to €741,260
of which Distributable reserves: +€167,019
- Trade debts -€107,183
down €107,183 (-13.9%), from €770,749 to €663,566
- Short-term financial debts -€75,000
no longer reported in 2025 (was €75,000)
- Other debts -€57,396
down €57,396 (-58.2%), from €98,599 to €41,203
- Tax, wage and social debts +€32,439
up €32,439 (+38.4%), from €84,521 to €116,960
of which Taxes: +€18,592
- Turnover -€5.4m
no longer reported in 2025 (was €5.4m)
- Purchases and services -€3.6m
no longer reported in 2025 (was €3.6m)
- Gross operating margin -€61,327
down €61,327 (-3.2%), from €1.9m to €1.9m
- Financial income +€56,717
up €56,717 (+32181.9%), from €176 to €56,894
of which Non-recurring financial income: +€56,850
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 | €1,841,896 | €1,804,664 | -€37,232 | -2.0% |
| Fixed assets | 21/28 | €145,425 | €112,965 | -€32,460 | -22.3% |
| Intangible fixed assets | 21 | €276 | €190 | -€86 | -31.1% |
| Tangible fixed assets | 22/27 | €136,508 | €104,134 | -€32,375 | -23.7% |
| Plant, machinery and equipment | 23 | €68,724 | €44,735 | -€23,989 | -34.9% |
| Furniture and vehicles | 24 | €66,856 | €58,935 | -€7,921 | -11.8% |
| Other tangible fixed assets | 26 | €929 | €464 | -€464 | -50.0% |
| Financial fixed assets | 28 | €8,641 | €8,641 | = | 0.0% |
| Current assets | 29/58 | €1,696,470 | €1,691,699 | -€4,772 | -0.3% |
| Stocks and contracts in progress | 3 | €818,245 | €818,245 | = | 0.0% |
| Stocks | 30/36 | €405,118 | €405,118 | = | 0.0% |
| Contracts in progress | 37 | €413,127 | €413,127 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €747,348 | €597,840 | -€149,508 | -20.0% |
| Trade receivables | 40 | €635,001 | €546,669 | -€88,332 | -13.9% |
| Other amounts receivable | 41 | €112,347 | €51,171 | -€61,176 | -54.5% |
| Cash at bank and in hand | 54/58 | €119,083 | €267,443 | +€148,360 | +124.6% |
| Deferred charges and accrued income | 490/1 | €11,794 | €8,170 | -€3,624 | -30.7% |
| Total equity and liabilities | 10/49 | €1,841,896 | €1,804,664 | -€37,232 | -2.0% |
| Equity | 10/15 | €744,241 | €911,260 | +€167,019 | +22.4% |
| Contributions | 10/11 | €170,000 | €170,000 | = | 0.0% |
| Capital | 10 | €62,499 | €62,499 | = | 0.0% |
| Issued capital | 100 | €62,499 | €62,499 | = | 0.0% |
| Contributions outside capital | 11 | €107,501 | €107,501 | = | 0.0% |
| Share premium | 1100/10 | €107,501 | €107,501 | = | 0.0% |
| Reserves | 13 | €574,241 | €741,260 | +€167,019 | +29.1% |
| Non-distributable reserves | 130/1 | €6,250 | €6,250 | = | 0.0% |
| Legal reserve | 130 | €6,250 | €6,250 | = | 0.0% |
| Distributable reserves | 133 | €567,991 | €735,010 | +€167,019 | +29.4% |
| Amounts payable | 17/49 | €1,097,655 | €893,403 | -€204,252 | -18.6% |
| Amounts payable after more than one year | 17 | €43,160 | €38,363 | -€4,797 | -11.1% |
| Financial debts | 170/4 | €43,160 | €38,363 | -€4,797 | -11.1% |
| Amounts payable within one year | 42/48 | €1,054,494 | €855,002 | -€199,492 | -18.9% |
| Current portion of amounts payable after more than one year | 42 | €25,624 | €33,273 | +€7,649 | +29.8% |
| Financial debts | 43 | €75,000 | - | -€75,000 | |
| Credit institutions | 430/8 | €75,000 | - | -€75,000 | |
| Trade debts | 44 | €770,749 | €663,566 | -€107,183 | -13.9% |
| Suppliers | 440/4 | €770,749 | €663,566 | -€107,183 | -13.9% |
| Taxes, remuneration and social security | 45 | €84,521 | €116,960 | +€32,439 | +38.4% |
| Taxes | 450/3 | €18,572 | €37,164 | +€18,592 | +100.1% |
| Remuneration and social security | 454/9 | €65,949 | €79,796 | +€13,847 | +21.0% |
| Other amounts payable | 47/48 | €98,599 | €41,203 | -€57,396 | -58.2% |
| Accrued charges and deferred income | 492/3 | - | €38 | +€38 | |
| Turnover | 70 | €5,365,003 | - | -€5.4m | |
| Non-recurring operating income | 76A | €3,439 | - | -€3,439 | |
| Goods, raw materials, services and sundry goods | 60/61 | €3,637,635 | - | -€3.6m | |
| Remuneration, social security and pensions | 62 | €1,567,366 | €1,616,073 | +€48,707 | +3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,352 | €53,512 | -€5,840 | -9.8% |
| Other operating charges | 640/8 | €18,381 | €20,499 | +€2,118 | +11.5% |
| Gross operating margin | 9900 | €1,915,939 | €1,854,612 | -€61,327 | -3.2% |
| Operating profit (loss) | 9901 | €270,840 | €164,527 | -€106,313 | -39.3% |
| Financial income | 75/76B | €176 | €56,894 | +€56,717 | +32181.9% |
| Recurring financial income | 75 | €176 | €44 | -€132 | -75.0% |
| Non-recurring financial income | 76B | - | €56,850 | +€56,850 | |
| Financial charges | 65/66B | €38,739 | €64,102 | +€25,363 | +65.5% |
| Recurring financial charges | 65 | €38,739 | €23,135 | -€15,604 | -40.3% |
| Non-recurring financial charges | 66B | - | €40,967 | +€40,967 | |
| Profit (loss) for the period before taxes | 9903 | €232,277 | €157,319 | -€74,959 | -32.3% |
| Income taxes | 67/77 | €79,585 | €50,054 | -€29,531 | -37.1% |
| Profit (loss) for the period | 9904 | €152,693 | €107,265 | -€45,428 | -29.8% |
| Profit (loss) for the period to be appropriated | 9905 | €152,693 | €107,265 | -€45,428 | -29.8% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.