R.V.L: 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.V.L
Largest movements
- Receivables within one year +€943,091
up €943,091 (+2,213%), from €42,622 to €985,714
of which Trade receivables: +€941,368
- Cash -€85,591
down €85,591 (-34.6%), from €247,495 to €161,904
mainly Receivables within one year (-€943,091) and Investment in fixed assets (net) (-€171,940)
- Tangible fixed assets +€76,953
up €76,953 (+2.7%), from €2.9m to €3.0m
of which Land and buildings: +€78,291
- Reserves +€446,000
up €446,000 (+576%), from €77,389 to €523,389
of which Tax-exempt reserves: +€421,000
- Profit (loss) carried forward +€366,170
up €366,170 (+184%), from €199,231 to €565,401
- Tax, wage and social debts +€204,964
up €204,964 (+557%), from €36,815 to €241,778
of which Taxes: +€209,764
- Debts after one year -€76,022
down €76,022 (-5.3%), from €1.4m to €1.4m
- Gross operating margin +€1.0m
up €1.0m (+302%), from €344,180 to €1.4m
- Taxes +€222,201
up €222,201 (+518%), from €42,897 to €265,098
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 | €3,175,278 | €4,109,731 | +€934,454 | +29.4% |
| Fixed assets | 21/28 | €2,885,160 | €2,962,114 | +€76,953 | +2.7% |
| Tangible fixed assets | 22/27 | €2,885,160 | €2,962,114 | +€76,953 | +2.7% |
| Land and buildings | 22 | €2,880,099 | €2,958,389 | +€78,291 | +2.7% |
| Plant, machinery and equipment | 23 | €3,636 | €2,688 | -€949 | -26.1% |
| Furniture and vehicles | 24 | €1,425 | €1,036 | -€389 | -27.3% |
| Current assets | 29/58 | €290,117 | €1,147,618 | +€857,500 | +296% |
| Amounts receivable within one year | 40/41 | €42,622 | €985,714 | +€943,091 | +2,213% |
| Trade receivables | 40 | €40,622 | €981,990 | +€941,368 | +2,317% |
| Other amounts receivable | 41 | €2,000 | €3,723 | +€1,723 | +86.1% |
| Cash at bank and in hand | 54/58 | €247,495 | €161,904 | -€85,591 | -34.6% |
| Total equity and liabilities | 10/49 | €3,175,278 | €4,109,731 | +€934,454 | +29.4% |
| Equity | 10/15 | €1,561,620 | €2,373,790 | +€812,170 | +52.0% |
| Contributions | 10/11 | €1,285,000 | €1,285,000 | = | 0.0% |
| Capital | 10 | €1,285,000 | €1,285,000 | = | 0.0% |
| Issued capital | 100 | €1,285,000 | €1,285,000 | = | 0.0% |
| Reserves | 13 | €77,389 | €523,389 | +€446,000 | +576% |
| Non-distributable reserves | 130/1 | €27,500 | €52,500 | +€25,000 | +90.9% |
| Legal reserve | 130 | €27,500 | €52,500 | +€25,000 | +90.9% |
| Tax-exempt reserves | 132 | €49,889 | €470,889 | +€421,000 | +844% |
| Profit (loss) carried forward | 14 | €199,231 | €565,401 | +€366,170 | +184% |
| Amounts payable | 17/49 | €1,613,658 | €1,735,941 | +€122,284 | +7.6% |
| Amounts payable after more than one year | 17 | €1,429,623 | €1,353,600 | -€76,022 | -5.3% |
| Financial debts | 170/4 | €1,429,623 | €1,353,600 | -€76,022 | -5.3% |
| Amounts payable within one year | 42/48 | €179,711 | €378,018 | +€198,307 | +110% |
| Current portion of amounts payable after more than one year | 42 | €75,605 | €76,049 | +€444 | +0.6% |
| Financial debts | 43 | €61,809 | €56,117 | -€5,692 | -9.2% |
| Credit institutions | 430/8 | €61,809 | €56,117 | -€5,692 | -9.2% |
| Trade debts | 44 | €5,482 | €4,073 | -€1,409 | -25.7% |
| Suppliers | 440/4 | €5,482 | €4,073 | -€1,409 | -25.7% |
| Taxes, remuneration and social security | 45 | €36,815 | €241,778 | +€204,964 | +557% |
| Taxes | 450/3 | €32,015 | €241,778 | +€209,764 | +655% |
| Remuneration and social security | 454/9 | €4,800 | - | -€4,800 | |
| Accrued charges and deferred income | 492/3 | €4,324 | €4,323 | -€1 | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €93,016 | €94,986 | +€1,971 | +2.1% |
| Other operating charges | 640/8 | €11,809 | €13,029 | +€1,220 | +10.3% |
| Non-recurring operating charges | 66A | - | €132,458 | +€132,458 | |
| Gross operating margin | 9900 | €344,180 | €1,382,591 | +€1.0m | +302% |
| Operating profit (loss) | 9901 | €239,354 | €1,142,117 | +€902,763 | +377% |
| Financial income | 75/76B | €1,430 | €7 | -€1,423 | -99.5% |
| Recurring financial income | 75 | €1,430 | €7 | -€1,423 | -99.5% |
| Financial charges | 65/66B | €73,304 | €64,856 | -€8,449 | -11.5% |
| Recurring financial charges | 65 | €73,304 | €64,856 | -€8,449 | -11.5% |
| Profit (loss) for the period before taxes | 9903 | €167,480 | €1,077,268 | +€909,788 | +543% |
| Income taxes | 67/77 | €42,897 | €265,098 | +€222,201 | +518% |
| Profit (loss) for the period | 9904 | €124,583 | €812,170 | +€687,587 | +552% |
| Transfer to tax-exempt reserves | 689 | €49,889 | €421,000 | +€371,112 | +744% |
| Profit (loss) for the period to be appropriated | 9905 | €74,695 | €391,170 | +€316,475 | +424% |
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 17 October 2026 via checked.be.