RBfarma: 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.
RBfarma
Largest movements
- Stocks and contracts -€2.8m
no longer reported in 2025 (was €2.8m)
- Receivables within one year +€687,050
up €687,050 (+117%), from €587,554 to €1.3m
of which Trade receivables: +€1.1m
- Tangible fixed assets +€363,838
up €363,838 (+24.7%), from €1.5m to €1.8m
of which Land and buildings: +€381,952
- Cash +€324,180
up €324,180 (+800%), from €40,532 to €364,711
mainly Stocks and contracts (+€2.8m) and Other debts (+€275,200)
- Trade debts -€2.0m
down €2.0m (-65.6%), from €3.1m to €1.1m
- Other debts +€275,200
up €275,200 (+156%), from €176,384 to €451,584
- Debts after one year +€268,027
up €268,027 (+25.1%), from €1.1m to €1.3m
of which Financial debts: +€268,192
- Accrued charges and deferred income +€77,380
up €77,380, from €0 to €77,380
- Current portion of long-term debt -€67,343
down €67,343 (-41.0%), from €164,151 to €96,808
- Gross operating margin -€86,808
down €86,808 (-18.9%), from €460,410 to €373,603
- Financial charges +€74,335
up €74,335 (+21.8%), from €340,440 to €414,775
- Taxes -€49,889
down €49,889 (-54.0%), from €92,395 to €42,507
- Financial income +€11,722
up €11,722 (+3.4%), from €344,351 to €356,072
of which Financial income: +€12,626
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 | €5,609,632 | €4,131,409 | -€1.5m | -26.4% |
| Fixed assets | 21/28 | €1,472,696 | €1,836,534 | +€363,838 | +24.7% |
| Tangible fixed assets | 22/27 | €1,472,696 | €1,836,534 | +€363,838 | +24.7% |
| Land and buildings | 22 | €1,317,969 | €1,699,921 | +€381,952 | +29.0% |
| Plant, machinery and equipment | 23 | €2,751 | €1,828 | -€923 | -33.6% |
| Furniture and vehicles | 24 | €151,976 | €111,095 | -€40,881 | -26.9% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Other tangible fixed assets | 26 | - | €23,690 | +€23,690 | |
| Current assets | 29/58 | €4,136,936 | €2,294,875 | -€1.8m | -44.5% |
| Amounts receivable after more than one year | 29 | €649,547 | €649,547 | = | 0.0% |
| Trade receivables | 290 | - | €649,547 | +€649,547 | |
| Other amounts receivable | 291 | €649,547 | - | -€649,547 | |
| Stocks and contracts in progress | 3 | €2,849,738 | - | -€2.8m | |
| Stocks | 30/36 | €2,849,738 | - | -€2.8m | |
| Amounts receivable within one year | 40/41 | €587,554 | €1,274,605 | +€687,050 | +117% |
| Trade receivables | 40 | €23,771 | €1,095,542 | +€1.1m | +4,509% |
| Other amounts receivable | 41 | €563,784 | €179,063 | -€384,721 | -68.2% |
| Cash at bank and in hand | 54/58 | €40,532 | €364,711 | +€324,180 | +800% |
| Deferred charges and accrued income | 490/1 | €9,565 | €6,012 | -€3,553 | -37.1% |
| Total equity and liabilities | 10/49 | €5,609,632 | €4,131,409 | -€1.5m | -26.4% |
| Equity | 10/15 | €1,030,261 | €985,135 | -€45,126 | -4.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,024,061 | €978,935 | -€45,126 | -4.4% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Tax-exempt reserves | 132 | €149,913 | €141,422 | -€8,491 | -5.7% |
| Distributable reserves | 133 | €872,288 | €837,513 | -€34,775 | -4.0% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €45,802 | €42,972 | -€2,830 | -6.2% |
| Deferred taxes | 168 | €45,802 | €42,972 | -€2,830 | -6.2% |
| Amounts payable | 17/49 | €4,533,569 | €3,103,301 | -€1.4m | -31.5% |
| Amounts payable after more than one year | 17 | €1,068,946 | €1,336,973 | +€268,027 | +25.1% |
| Financial debts | 170/4 | €1,051,551 | €1,319,743 | +€268,192 | +25.5% |
| Other amounts payable | 178/9 | €17,395 | €17,230 | -€165 | -0.9% |
| Amounts payable within one year | 42/48 | €3,464,622 | €1,688,948 | -€1.8m | -51.3% |
| Current portion of amounts payable after more than one year | 42 | €164,151 | €96,808 | -€67,343 | -41.0% |
| Financial debts | 43 | €0 | €55,638 | +€55,638 | |
| Credit institutions | 430/8 | €0 | €55,638 | +€55,638 | |
| Trade debts | 44 | €3,121,141 | €1,074,371 | -€2.0m | -65.6% |
| Suppliers | 440/4 | €3,121,141 | €1,074,371 | -€2.0m | -65.6% |
| Taxes, remuneration and social security | 45 | €2,947 | €10,547 | +€7,600 | +258% |
| Taxes | 450/3 | €2,947 | €10,547 | +€7,600 | +258% |
| Other amounts payable | 47/48 | €176,384 | €451,584 | +€275,200 | +156% |
| Accrued charges and deferred income | 492/3 | €0 | €77,380 | +€77,380 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | - | €3,047 | +€3,047 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €174,928 | €177,368 | +€2,440 | +1.4% |
| Other operating charges | 640/8 | €7,669 | €8,572 | +€902 | +11.8% |
| Gross operating margin | 9900 | €460,410 | €373,603 | -€86,808 | -18.9% |
| Operating profit (loss) | 9901 | €277,813 | €184,616 | -€93,197 | -33.5% |
| Financial income | 75/76B | €344,351 | €356,072 | +€11,722 | +3.4% |
| Recurring financial income | 75 | €343,446 | €356,072 | +€12,626 | +3.7% |
| Non-recurring financial income | 76B | €905 | - | -€905 | |
| Financial charges | 65/66B | €340,440 | €414,775 | +€74,335 | +21.8% |
| Recurring financial charges | 65 | €340,440 | €414,775 | +€74,335 | +21.8% |
| Profit (loss) for the period before taxes | 9903 | €281,724 | €125,913 | -€155,810 | -55.3% |
| Transfer from deferred taxes | 780 | €2,830 | €2,830 | = | 0.0% |
| Income taxes | 67/77 | €92,395 | €42,507 | -€49,889 | -54.0% |
| Profit (loss) for the period | 9904 | €192,158 | €86,237 | -€105,922 | -55.1% |
| Transfer from tax-exempt reserves | 789 | €8,491 | €8,491 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €200,649 | €94,727 | -€105,922 | -52.8% |
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 23 October 2026 via checked.be.