R & R: what changed
R & R
Largest movements
- Cash -€28,758
down €28,758 (-58.2%), from €49,384 to €20,626
mainly Receivables within one year (-€22,712) and Trade debts (-€16,877)
- Receivables within one year +€22,712
up €22,712 (+61.1%), from €37,169 to €59,881
of which Trade receivables: +€25,838
- Tangible fixed assets +€2,810
up €2,810 (+2.8%), from €100,357 to €103,167
of which Land and buildings: +€2,637
- Stocks and contracts +€2,087
up €2,087 (+127%), from €1,647 to €3,734
- Trade debts -€16,877
down €16,877 (-80.7%), from €20,910 to €4,033
- Profit (loss) carried forward +€7,516
no longer reported in 2025 (was -€7,516)
- Reserves +€5,405
up €5,405 (+11.3%), from €47,933 to €53,337
- Other debts +€2,235
up €2,235 (+1,595%), from €140 to €2,375
- Gross operating margin +€20,714
up €20,714 (+42,524%), from €49 to €20,762
- Depreciation +€2,978
up €2,978 (+28.4%), from €10,487 to €13,464
- Taxes +€2,114
up €2,114 (+1,206%), from €175 to €2,289
- Other operating charges +€802
up €802 (+47.2%), from €1,698 to €2,500
- Financial income +€590
up €590 (+6,314%), from €9 to €599
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €190,967 | €188,746 | -€2,221 | -1.2% |
| Fixed assets | 21/28 | €102,766 | €104,504 | +€1,738 | +1.7% |
| Intangible fixed assets | 21 | €2,409 | €1,337 | -€1,072 | -44.5% |
| Tangible fixed assets | 22/27 | €100,357 | €103,167 | +€2,810 | +2.8% |
| Land and buildings | 22 | €89,755 | €92,392 | +€2,637 | +2.9% |
| Plant, machinery and equipment | 23 | €8,968 | €7,586 | -€1,382 | -15.4% |
| Furniture and vehicles | 24 | €1,634 | €3,189 | +€1,555 | +95.2% |
| Current assets | 29/58 | €88,200 | €84,242 | -€3,959 | -4.5% |
| Stocks and contracts in progress | 3 | €1,647 | €3,734 | +€2,087 | +127% |
| Stocks | 30/36 | €1,647 | €3,734 | +€2,087 | +127% |
| Amounts receivable within one year | 40/41 | €37,169 | €59,881 | +€22,712 | +61.1% |
| Trade receivables | 40 | €32,855 | €58,693 | +€25,838 | +78.6% |
| Other amounts receivable | 41 | €4,314 | €1,188 | -€3,126 | -72.5% |
| Cash at bank and in hand | 54/58 | €49,384 | €20,626 | -€28,758 | -58.2% |
| Total equity and liabilities | 10/49 | €190,967 | €188,746 | -€2,221 | -1.2% |
| Equity | 10/15 | €102,416 | €115,337 | +€12,921 | +12.6% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Contributions outside capital | 11 | €62,000 | €62,000 | = | 0.0% |
| Other | 1109/19 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €47,933 | €53,337 | +€5,405 | +11.3% |
| Distributable reserves | 133 | €47,933 | €53,337 | +€5,405 | +11.3% |
| Profit (loss) carried forward | 14 | -€7,516 | - | +€7,516 | |
| Amounts payable | 17/49 | €88,551 | €73,408 | -€15,142 | -17.1% |
| Amounts payable after more than one year | 17 | €67,500 | €67,000 | -€500 | -0.7% |
| Financial debts | 170/4 | €67,500 | €67,000 | -€500 | -0.7% |
| Amounts payable within one year | 42/48 | €21,051 | €6,408 | -€14,642 | -69.6% |
| Trade debts | 44 | €20,910 | €4,033 | -€16,877 | -80.7% |
| Suppliers | 440/4 | €20,910 | €4,033 | -€16,877 | -80.7% |
| Other amounts payable | 47/48 | €140 | €2,375 | +€2,235 | +1,595% |
| Remuneration, social security and pensions | 62 | -€61 | - | +€61 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,487 | €13,464 | +€2,978 | +28.4% |
| Other operating charges | 640/8 | €1,698 | €2,500 | +€802 | +47.2% |
| Gross operating margin | 9900 | €49 | €20,762 | +€20,714 | +42,524% |
| Operating profit (loss) | 9901 | -€12,075 | €4,798 | +€16,873 | |
| Financial income | 75/76B | €9 | €599 | +€590 | +6,314% |
| Recurring financial income | 75 | €9 | €599 | +€590 | +6,314% |
| Financial charges | 65/66B | €678 | €194 | -€485 | -71.5% |
| Recurring financial charges | 65 | €678 | €194 | -€485 | -71.5% |
| Profit (loss) for the period before taxes | 9903 | -€12,744 | €5,204 | +€17,948 | |
| Income taxes | 67/77 | €175 | €2,289 | +€2,114 | +1,206% |
| Profit (loss) for the period | 9904 | -€12,919 | €2,915 | +€15,834 | |
| Profit (loss) for the period to be appropriated | 9905 | -€12,919 | €2,915 | +€15,834 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.