RC Development: 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.
RC Development
Largest movements
- Stocks and contracts +€1.7m
up €1.7m (+301%), from €564,214 to €2.3m
- Financial fixed assets -€1.6m
down €1.6m (-100%), from €1.6m to €0
- Receivables within one year -€1.5m
down €1.5m (-84.7%), from €1.8m to €277,603
of which Other amounts receivable: -€1.2m
- Receivables after one year +€250,000
new in 2025: €250,000
- Cash +€175,445
up €175,445 (+25.0%), from €701,403 to €876,848
mainly Investment in fixed assets (net) (+€1.6m) and Receivables within one year (+€1.5m)
- Tax, wage and social debts -€463,239
down €463,239 (-98.5%), from €470,277 to €7,038
of which Taxes: -€463,970
- Short-term financial debts -€414,000
down €414,000 (-36.5%), from €1.1m to €720,000
- Other debts -€193,607
down €193,607 (-99.8%), from €194,089 to €483
- Reserves +€100,841
up €100,841 (+3.9%), from €2.6m to €2.7m
- Trade debts -€57,051
down €57,051 (-57.9%), from €98,604 to €41,553
- Gross operating margin -€3.7m
down €3.7m, from €2.4m to -€1.2m
- Financial income +€1.4m
up €1.4m (+5,954%), from €23,676 to €1.4m
of which Non-recurring financial income: +€1.4m
- Taxes -€463,970
down €463,970 (-99.9%), from €464,241 to €271
- Financial charges -€190,252
down €190,252 (-89.7%), from €212,075 to €21,823
- Staff costs +€25,060
up €25,060 (+74.9%), from €33,444 to €58,505
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 | €4,728,774 | €3,695,367 | -€1.0m | -21.9% |
| Fixed assets | 21/28 | €1,652,674 | €29,282 | -€1.6m | -98.2% |
| Tangible fixed assets | 22/27 | €32,674 | €29,282 | -€3,391 | -10.4% |
| Furniture and vehicles | 24 | €32,674 | €29,282 | -€3,391 | -10.4% |
| Financial fixed assets | 28 | €1,620,000 | €0 | -€1.6m | -100% |
| Current assets | 29/58 | €3,076,101 | €3,666,085 | +€589,984 | +19.2% |
| Amounts receivable after more than one year | 29 | - | €250,000 | +€250,000 | |
| Other amounts receivable | 291 | - | €250,000 | +€250,000 | |
| Stocks and contracts in progress | 3 | €564,214 | €2,260,344 | +€1.7m | +301% |
| Stocks | 30/36 | €564,214 | €2,260,344 | +€1.7m | +301% |
| Amounts receivable within one year | 40/41 | €1,808,641 | €277,603 | -€1.5m | -84.7% |
| Trade receivables | 40 | €376,846 | €0 | -€376,846 | -100% |
| Other amounts receivable | 41 | €1,431,795 | €277,603 | -€1.2m | -80.6% |
| Cash at bank and in hand | 54/58 | €701,403 | €876,848 | +€175,445 | +25.0% |
| Deferred charges and accrued income | 490/1 | €1,844 | €1,291 | -€553 | -30.0% |
| Total equity and liabilities | 10/49 | €4,728,774 | €3,695,367 | -€1.0m | -21.9% |
| Equity | 10/15 | €2,808,383 | €2,909,224 | +€100,841 | +3.6% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €2,608,383 | €2,709,224 | +€100,841 | +3.9% |
| Distributable reserves | 133 | €2,608,383 | €2,709,224 | +€100,841 | +3.9% |
| Amounts payable | 17/49 | €1,920,391 | €786,143 | -€1.1m | -59.1% |
| Amounts payable after more than one year | 17 | €17,069 | €10,451 | -€6,618 | -38.8% |
| Financial debts | 170/4 | €17,069 | €10,451 | -€6,618 | -38.8% |
| Amounts payable within one year | 42/48 | €1,903,322 | €775,692 | -€1.1m | -59.2% |
| Current portion of amounts payable after more than one year | 42 | €6,352 | €6,618 | +€266 | +4.2% |
| Financial debts | 43 | €1,134,000 | €720,000 | -€414,000 | -36.5% |
| Credit institutions | 430/8 | €1,134,000 | €720,000 | -€414,000 | -36.5% |
| Trade debts | 44 | €98,604 | €41,553 | -€57,051 | -57.9% |
| Suppliers | 440/4 | €98,604 | €41,553 | -€57,051 | -57.9% |
| Taxes, remuneration and social security | 45 | €470,277 | €7,038 | -€463,239 | -98.5% |
| Taxes | 450/3 | €464,241 | €271 | -€463,970 | -99.9% |
| Remuneration and social security | 454/9 | €6,037 | €6,767 | +€731 | +12.1% |
| Other amounts payable | 47/48 | €194,089 | €483 | -€193,607 | -99.8% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €33,444 | €58,505 | +€25,060 | +74.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,725 | €6,822 | +€3,097 | +83.1% |
| Other operating charges | 640/8 | €1,039 | €1,244 | +€205 | +19.7% |
| Gross operating margin | 9900 | €2,448,620 | -€1,243,883 | -€3.7m | |
| Operating profit (loss) | 9901 | €2,410,412 | -€1,310,453 | -€3.7m | |
| Financial income | 75/76B | €23,676 | €1,433,388 | +€1.4m | +5,954% |
| Recurring financial income | 75 | €23,676 | €6,136 | -€17,540 | -74.1% |
| Non-recurring financial income | 76B | - | €1,427,252 | +€1.4m | |
| Financial charges | 65/66B | €212,075 | €21,823 | -€190,252 | -89.7% |
| Recurring financial charges | 65 | €212,075 | €21,823 | -€190,252 | -89.7% |
| Profit (loss) for the period before taxes | 9903 | €2,222,013 | €101,112 | -€2.1m | -95.4% |
| Income taxes | 67/77 | €464,241 | €271 | -€463,970 | -99.9% |
| Profit (loss) for the period | 9904 | €1,757,772 | €100,841 | -€1.7m | -94.3% |
| Profit (loss) for the period to be appropriated | 9905 | €1,757,772 | €100,841 | -€1.7m | -94.3% |
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 29 October 2026 via checked.be.