R4E Partners: 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.
R4E Partners
Largest movements
- Deferred charges and accrued income -€145,914
down €145,914 (-56.5%), from €258,404 to €112,490
- Cash -€132,061
down €132,061 (-99.6%), from €132,625 to €564
mainly Trade debts (-€248,384) and Net result for the year (-€181,137)
- Stocks and contracts +€45,310
up €45,310 (+1,303%), from €3,477 to €48,787
- Intangible fixed assets +€21,712
up €21,712 (+466%), from €4,664 to €26,376
- Trade debts -€248,384
down €248,384 (-57.0%), from €435,421 to €187,037
- Reserves -€169,984
no longer reported in 2025 (was €169,984)
- Other debts +€130,319
up €130,319 (+655%), from €19,899 to €150,218
- Short-term financial debts +€74,504
new in 2025: €74,504
- Profit (loss) carried forward -€11,153
new in 2025: -€11,153
- Gross operating margin -€202,839
down €202,839, from €100,944 to -€101,896
- Taxes -€15,616
down €15,616 (-95.2%), from €16,407 to €791
- Staff costs +€5,482
up €5,482 (+9.8%), from €56,147 to €61,628
- Financial charges -€3,274
down €3,274 (-43.5%), from €7,533 to €4,258
- Depreciation +€1,111
up €1,111 (+11.9%), from €9,318 to €10,429
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 | €650,535 | €429,238 | -€221,296 | -34.0% |
| Fixed assets | 21/28 | €61,756 | €77,266 | +€15,510 | +25.1% |
| Intangible fixed assets | 21 | €4,664 | €26,376 | +€21,712 | +466% |
| Tangible fixed assets | 22/27 | €26,827 | €20,625 | -€6,202 | -23.1% |
| Land and buildings | 22 | - | €2,452 | +€2,452 | |
| Plant, machinery and equipment | 23 | €4,608 | €3,545 | -€1,063 | -23.1% |
| Furniture and vehicles | 24 | €22,219 | €14,629 | -€7,590 | -34.2% |
| Financial fixed assets | 28 | €30,265 | €30,265 | = | 0.0% |
| Current assets | 29/58 | €588,779 | €351,972 | -€236,806 | -40.2% |
| Stocks and contracts in progress | 3 | €3,477 | €48,787 | +€45,310 | +1,303% |
| Stocks | 30/36 | €3,477 | €48,787 | +€45,310 | +1,303% |
| Amounts receivable within one year | 40/41 | €194,272 | €190,132 | -€4,141 | -2.1% |
| Trade receivables | 40 | €72,953 | €106,662 | +€33,709 | +46.2% |
| Other amounts receivable | 41 | €121,320 | €83,470 | -€37,850 | -31.2% |
| Cash at bank and in hand | 54/58 | €132,625 | €564 | -€132,061 | -99.6% |
| Deferred charges and accrued income | 490/1 | €258,404 | €112,490 | -€145,914 | -56.5% |
| Total equity and liabilities | 10/49 | €650,535 | €429,238 | -€221,296 | -34.0% |
| Equity | 10/15 | €184,984 | €3,847 | -€181,137 | -97.9% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €169,984 | - | -€169,984 | |
| Distributable reserves | 133 | €169,984 | - | -€169,984 | |
| Profit (loss) carried forward | 14 | - | -€11,153 | -€11,153 | |
| Amounts payable | 17/49 | €465,550 | €425,391 | -€40,159 | -8.6% |
| Amounts payable within one year | 42/48 | €465,550 | €425,391 | -€40,159 | -8.6% |
| Financial debts | 43 | - | €74,504 | +€74,504 | |
| Credit institutions | 430/8 | - | €74,504 | +€74,504 | |
| Trade debts | 44 | €435,421 | €187,037 | -€248,384 | -57.0% |
| Suppliers | 440/4 | €435,421 | €187,037 | -€248,384 | -57.0% |
| Taxes, remuneration and social security | 45 | €10,230 | €13,633 | +€3,402 | +33.3% |
| Taxes | 450/3 | €816 | €791 | -€24 | -2.9% |
| Remuneration and social security | 454/9 | €9,415 | €12,841 | +€3,426 | +36.4% |
| Other amounts payable | 47/48 | €19,899 | €150,218 | +€130,319 | +655% |
| Non-recurring operating income | 76A | €2,824 | - | -€2,824 | |
| Remuneration, social security and pensions | 62 | €56,147 | €61,628 | +€5,482 | +9.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,318 | €10,429 | +€1,111 | +11.9% |
| Other operating charges | 640/8 | €2,055 | €2,134 | +€79 | +3.9% |
| Gross operating margin | 9900 | €100,944 | -€101,896 | -€202,839 | |
| Operating profit (loss) | 9901 | €33,424 | -€176,087 | -€209,511 | |
| Financial income | 75/76B | €145 | €0 | -€145 | -100.0% |
| Recurring financial income | 75 | €145 | €0 | -€145 | -100.0% |
| Financial charges | 65/66B | €7,533 | €4,258 | -€3,274 | -43.5% |
| Recurring financial charges | 65 | €7,533 | €4,258 | -€3,274 | -43.5% |
| Profit (loss) for the period before taxes | 9903 | €26,036 | -€180,346 | -€206,382 | |
| Income taxes | 67/77 | €16,407 | €791 | -€15,616 | -95.2% |
| Profit (loss) for the period | 9904 | €9,629 | -€181,137 | -€190,766 | |
| Profit (loss) for the period to be appropriated | 9905 | €9,629 | -€181,137 | -€190,766 |
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 26 October 2026 via checked.be.