R2S: 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.
R2S
Largest movements
- Receivables within one year -€18,223
down €18,223 (-21.3%), from €85,382 to €67,159
of which Trade receivables: -€17,054
- Tangible fixed assets -€6,170
down €6,170 (-29.3%), from €21,063 to €14,894
- Stocks and contracts +€5,278
up €5,278 (+416%), from €1,268 to €6,545
- Cash +€3,239
up €3,239 (+9.7%), from €33,359 to €36,598
mainly Net result for the year (+€36,395) and Receivables within one year (+€18,223)
- Financial fixed assets -€2,960
down €2,960 (-93.0%), from €3,181 to €221
- Trade debts -€41,120
down €41,120 (-63.9%), from €64,357 to €23,237
- Other debts +€16,395
up €16,395 (+82.0%), from €20,000 to €36,395
- Tax, wage and social debts +€6,717
up €6,717 (+145%), from €4,618 to €11,335
of which Taxes: +€7,538
- Staff costs -€54,928
down €54,928 (-81.1%), from €67,732 to €12,805
- Gross operating margin -€45,927
down €45,927 (-39.4%), from €116,568 to €70,640
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €145,594 | €127,587 | -€18,007 | -12.4% |
| Fixed assets | 21/28 | €24,244 | €15,115 | -€9,130 | -37.7% |
| Tangible fixed assets | 22/27 | €21,063 | €14,894 | -€6,170 | -29.3% |
| Furniture and vehicles | 24 | €21,063 | €14,894 | -€6,170 | -29.3% |
| Financial fixed assets | 28 | €3,181 | €221 | -€2,960 | -93.0% |
| Current assets | 29/58 | €121,350 | €112,472 | -€8,878 | -7.3% |
| Stocks and contracts in progress | 3 | €1,268 | €6,545 | +€5,278 | +416% |
| Stocks | 30/36 | €1,268 | €6,545 | +€5,278 | +416% |
| Amounts receivable within one year | 40/41 | €85,382 | €67,159 | -€18,223 | -21.3% |
| Trade receivables | 40 | €81,496 | €64,442 | -€17,054 | -20.9% |
| Other amounts receivable | 41 | €3,886 | €2,717 | -€1,168 | -30.1% |
| Cash at bank and in hand | 54/58 | €33,359 | €36,598 | +€3,239 | +9.7% |
| Deferred charges and accrued income | 490/1 | €1,342 | €2,170 | +€828 | +61.7% |
| Total equity and liabilities | 10/49 | €145,594 | €127,587 | -€18,007 | -12.4% |
| Equity | 10/15 | €56,619 | €56,619 | = | 0.0% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €26,619 | €26,619 | = | 0.0% |
| Distributable reserves | 133 | €26,619 | €26,619 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €88,975 | €70,968 | -€18,007 | -20.2% |
| Amounts payable within one year | 42/48 | €88,975 | €70,968 | -€18,007 | -20.2% |
| Trade debts | 44 | €64,357 | €23,237 | -€41,120 | -63.9% |
| Suppliers | 440/4 | €64,357 | €23,237 | -€41,120 | -63.9% |
| Taxes, remuneration and social security | 45 | €4,618 | €11,335 | +€6,717 | +145% |
| Taxes | 450/3 | €3,797 | €11,335 | +€7,538 | +199% |
| Remuneration and social security | 454/9 | €821 | €0 | -€821 | -100% |
| Other amounts payable | 47/48 | €20,000 | €36,395 | +€16,395 | +82.0% |
| Remuneration, social security and pensions | 62 | €67,732 | €12,805 | -€54,928 | -81.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,170 | €6,170 | = | 0.0% |
| Other operating charges | 640/8 | €952 | €652 | -€299 | -31.5% |
| Gross operating margin | 9900 | €116,568 | €70,640 | -€45,927 | -39.4% |
| Operating profit (loss) | 9901 | €41,714 | €51,014 | +€9,300 | +22.3% |
| Financial income | 75/76B | €762 | €113 | -€649 | -85.1% |
| Recurring financial income | 75 | €762 | €113 | -€649 | -85.1% |
| Financial charges | 65/66B | €153 | €402 | +€249 | +163% |
| Recurring financial charges | 65 | €153 | €402 | +€249 | +163% |
| Profit (loss) for the period before taxes | 9903 | €42,323 | €50,725 | +€8,401 | +19.9% |
| Income taxes | 67/77 | €13,733 | €14,329 | +€596 | +4.3% |
| Profit (loss) for the period | 9904 | €28,590 | €36,395 | +€7,805 | +27.3% |
| Profit (loss) for the period to be appropriated | 9905 | €28,590 | €36,395 | +€7,805 | +27.3% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.