RAPAPORT BELGIUM: 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.
RAPAPORT BELGIUM
Largest movements
- Receivables within one year -€45,877
down €45,877 (-41.3%), from €110,992 to €65,115
of which Trade receivables: -€41,850
- Cash -€32,149
down €32,149 (-62.4%), from €51,512 to €19,362
mainly Other debts (-€111,493) and Accrued charges and deferred income (-€46,718)
- Tangible fixed assets -€20,047
down €20,047 (-2.4%), from €822,574 to €802,528
of which Land and buildings: -€17,302
- Other debts -€111,493
down €111,493 (-11.6%), from €963,238 to €851,745
- Profit (loss) carried forward +€74,474
up €74,474 (+11.1%), from -€672,661 to -€598,187
- Accrued charges and deferred income -€46,718
no longer reported in 2025 (was €46,718)
- Trade debts -€11,269
down €11,269 (-57.8%), from €19,509 to €8,239
- Financial income +€111,479
up €111,479 (+4,572%), from €2,438 to €113,917
- Financial charges -€55,449
down €55,449 (-90.7%), from €61,124 to €5,675
- Staff costs +€7,471
up €7,471 (+24.2%), from €30,821 to €38,292
- Gross operating margin +€713
up €713 (+1.8%), from €38,605 to €39,317
- Other operating charges +€526
up €526 (+3.7%), from €14,222 to €14,747
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 | €1,007,240 | €909,167 | -€98,073 | -9.7% |
| Fixed assets | 21/28 | €825,259 | €805,212 | -€20,047 | -2.4% |
| Tangible fixed assets | 22/27 | €822,574 | €802,528 | -€20,047 | -2.4% |
| Land and buildings | 22 | €806,981 | €789,679 | -€17,302 | -2.1% |
| Plant, machinery and equipment | 23 | €14,128 | €12,212 | -€1,916 | -13.6% |
| Other tangible fixed assets | 26 | €1,465 | €637 | -€829 | -56.6% |
| Financial fixed assets | 28 | €2,684 | €2,684 | = | 0.0% |
| Current assets | 29/58 | €181,982 | €103,955 | -€78,027 | -42.9% |
| Amounts receivable after more than one year | 29 | €1,600 | €1,600 | = | 0.0% |
| Trade receivables | 290 | €1,600 | €1,600 | = | 0.0% |
| Stocks and contracts in progress | 3 | €17,878 | €17,878 | = | 0.0% |
| Stocks | 30/36 | €17,878 | €17,878 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €110,992 | €65,115 | -€45,877 | -41.3% |
| Trade receivables | 40 | €101,916 | €60,066 | -€41,850 | -41.1% |
| Other amounts receivable | 41 | €9,076 | €5,049 | -€4,027 | -44.4% |
| Cash at bank and in hand | 54/58 | €51,512 | €19,362 | -€32,149 | -62.4% |
| Total equity and liabilities | 10/49 | €1,007,240 | €909,167 | -€98,073 | -9.7% |
| Equity | 10/15 | -€25,888 | €48,586 | +€74,474 | |
| Contributions | 10/11 | €65,692 | €65,692 | = | 0.0% |
| Revaluation surpluses | 12 | €560,000 | €560,000 | = | 0.0% |
| Reserves | 13 | €21,081 | €21,081 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,569 | €6,569 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,569 | €6,569 | = | 0.0% |
| Distributable reserves | 133 | €14,511 | €14,511 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€672,661 | -€598,187 | +€74,474 | +11.1% |
| Amounts payable | 17/49 | €1,033,129 | €860,581 | -€172,548 | -16.7% |
| Amounts payable within one year | 42/48 | €986,411 | €860,581 | -€125,830 | -12.8% |
| Trade debts | 44 | €19,509 | €8,239 | -€11,269 | -57.8% |
| Suppliers | 440/4 | €19,509 | €8,239 | -€11,269 | -57.8% |
| Taxes, remuneration and social security | 45 | €3,664 | €596 | -€3,068 | -83.7% |
| Remuneration and social security | 454/9 | €3,664 | €596 | -€3,068 | -83.7% |
| Other amounts payable | 47/48 | €963,238 | €851,745 | -€111,493 | -11.6% |
| Accrued charges and deferred income | 492/3 | €46,718 | - | -€46,718 | |
| Non-recurring operating income | 76A | €223 | €132 | -€92 | -41.0% |
| Remuneration, social security and pensions | 62 | €30,821 | €38,292 | +€7,471 | +24.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,816 | €20,047 | +€231 | +1.2% |
| Other operating charges | 640/8 | €14,222 | €14,747 | +€526 | +3.7% |
| Gross operating margin | 9900 | €38,605 | €39,317 | +€713 | +1.8% |
| Operating profit (loss) | 9901 | -€26,254 | -€33,768 | -€7,514 | -28.6% |
| Financial income | 75/76B | €2,438 | €113,917 | +€111,479 | +4,572% |
| Recurring financial income | 75 | €2,438 | €113,917 | +€111,479 | +4,572% |
| Financial charges | 65/66B | €61,124 | €5,675 | -€55,449 | -90.7% |
| Recurring financial charges | 65 | €61,124 | €5,675 | -€55,449 | -90.7% |
| Profit (loss) for the period before taxes | 9903 | -€84,940 | €74,474 | +€159,414 | |
| Profit (loss) for the period | 9904 | -€84,940 | €74,474 | +€159,414 | |
| Profit (loss) for the period to be appropriated | 9905 | -€84,940 | €74,474 | +€159,414 |
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.