RB GAETHOFS: 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.
RB GAETHOFS
Largest movements
- Cash -€27,348
down €27,348 (-60.2%), from €45,436 to €18,087
mainly Contributions, distributions and other (-€28,060) and Net result for the year (-€25,883)
- Receivables within one year -€27,062
down €27,062 (-79.3%), from €34,123 to €7,060
of which Trade receivables: -€30,694
- Tangible fixed assets -€10,935
down €10,935 (-22.8%), from €47,917 to €36,982
of which Furniture and vehicles: -€11,099
- Deferred charges and accrued income +€1,748
new in 2025: €1,748
- Profit (loss) carried forward -€33,942
down €33,942 (-74.7%), from €45,456 to €11,514
- Reserves -€20,000
no longer reported in 2025 (was €20,000)
- Debts after one year -€8,908
down €8,908 (-29.9%), from €29,749 to €20,840
- Tax, wage and social debts -€4,863
down €4,863 (-32.5%), from €14,950 to €10,087
of which Taxes: -€7,722
- Trade debts +€1,614
up €1,614 (+44.0%), from €3,671 to €5,285
- Gross operating margin -€49,730
down €49,730, from €46,641 to -€3,088
- Other operating charges -€5,605
down €5,605 (-91.1%), from €6,150 to €545
- Depreciation +€1,962
up €1,962 (+18.7%), from €10,508 to €12,470
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 | €128,463 | €63,878 | -€64,585 | -50.3% |
| Fixed assets | 21/28 | €48,904 | €36,982 | -€11,923 | -24.4% |
| Intangible fixed assets | 21 | €987 | - | -€987 | |
| Tangible fixed assets | 22/27 | €47,917 | €36,982 | -€10,935 | -22.8% |
| Plant, machinery and equipment | 23 | - | €163 | +€163 | |
| Furniture and vehicles | 24 | €47,917 | €36,819 | -€11,099 | -23.2% |
| Current assets | 29/58 | €79,559 | €26,896 | -€52,662 | -66.2% |
| Amounts receivable within one year | 40/41 | €34,123 | €7,060 | -€27,062 | -79.3% |
| Trade receivables | 40 | €34,123 | €3,429 | -€30,694 | -90.0% |
| Other amounts receivable | 41 | - | €3,631 | +€3,631 | |
| Cash at bank and in hand | 54/58 | €45,436 | €18,087 | -€27,348 | -60.2% |
| Deferred charges and accrued income | 490/1 | - | €1,748 | +€1,748 | |
| Total equity and liabilities | 10/49 | €128,463 | €63,878 | -€64,585 | -50.3% |
| Equity | 10/15 | €68,456 | €14,514 | -€53,942 | -78.8% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €20,000 | - | -€20,000 | |
| Non-distributable reserves | 130/1 | €20,000 | - | -€20,000 | |
| Other | 1319 | €20,000 | - | -€20,000 | |
| Profit (loss) carried forward | 14 | €45,456 | €11,514 | -€33,942 | -74.7% |
| Amounts payable | 17/49 | €60,007 | €49,364 | -€10,643 | -17.7% |
| Amounts payable after more than one year | 17 | €29,749 | €20,840 | -€8,908 | -29.9% |
| Financial debts | 170/4 | €29,749 | €20,840 | -€8,908 | -29.9% |
| Amounts payable within one year | 42/48 | €30,168 | €28,524 | -€1,644 | -5.4% |
| Current portion of amounts payable after more than one year | 42 | €8,489 | €8,908 | +€420 | +4.9% |
| Trade debts | 44 | €3,671 | €5,285 | +€1,614 | +44.0% |
| Suppliers | 440/4 | €3,671 | €5,285 | +€1,614 | +44.0% |
| Taxes, remuneration and social security | 45 | €14,950 | €10,087 | -€4,863 | -32.5% |
| Taxes | 450/3 | €14,950 | €7,228 | -€7,722 | -51.7% |
| Remuneration and social security | 454/9 | - | €2,859 | +€2,859 | |
| Other amounts payable | 47/48 | €3,059 | €4,243 | +€1,185 | +38.7% |
| Accrued charges and deferred income | 492/3 | €91 | - | -€91 | |
| Non-recurring operating income | 76A | €15,662 | - | -€15,662 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,508 | €12,470 | +€1,962 | +18.7% |
| Other operating charges | 640/8 | €6,150 | €545 | -€5,605 | -91.1% |
| Gross operating margin | 9900 | €46,641 | -€3,088 | -€49,730 | |
| Operating profit (loss) | 9901 | €29,984 | -€16,103 | -€46,087 | |
| Financial income | 75/76B | €0 | €0 | +€0 | +100% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +100% |
| Financial charges | 65/66B | €1,967 | €1,947 | -€21 | -1.0% |
| Recurring financial charges | 65 | €1,967 | €1,947 | -€21 | -1.0% |
| Profit (loss) for the period before taxes | 9903 | €28,016 | -€18,050 | -€46,066 | |
| Income taxes | 67/77 | €8,000 | €7,832 | -€168 | -2.1% |
| Profit (loss) for the period | 9904 | €20,016 | -€25,883 | -€45,899 | |
| Profit (loss) for the period to be appropriated | 9905 | €20,016 | -€25,883 | -€45,899 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.