RCAM: 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.
RCAM
Largest movements
- Receivables within one year +€28,906
up €28,906 (+242.9%), from €11,901 to €40,808
of which Trade receivables: +€35,056
- Tangible fixed assets -€13,717
down €13,717 (-4.5%), from €305,820 to €292,103
of which Land and buildings: -€13,068
- Cash -€4,340
down €4,340 (-11.5%), from €37,744 to €33,405
mainly Contributions, distributions and other (-€99,000) and Receivables within one year (-€28,906)
- Other debts +€70,434
up €70,434 (+189.7%), from €37,139 to €107,573
- Reserves -€49,441
down €49,441 (-90.0%), from €54,934 to €5,493
- Debts after one year -€9,572
down €9,572 (-4.0%), from €241,063 to €231,491
- Gross operating margin +€42,190
up €42,190 (+84.0%), from €50,200 to €92,390
- Taxes +€15,540
up €15,540 (+1400.7%), from €1,109 to €16,650
- Financial charges -€3,137
down €3,137 (-22.5%), from €13,966 to €10,830
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.
Cash bridge derived
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 | €355,612 | €366,315 | +€10,703 | +3.0% |
| Fixed assets | 21/28 | €305,820 | €292,103 | -€13,717 | -4.5% |
| Tangible fixed assets | 22/27 | €305,820 | €292,103 | -€13,717 | -4.5% |
| Land and buildings | 22 | €305,171 | €292,103 | -€13,068 | -4.3% |
| Plant, machinery and equipment | 23 | €649 | €0 | -€649 | -100.0% |
| Current assets | 29/58 | €49,793 | €74,213 | +€24,420 | +49.0% |
| Amounts receivable within one year | 40/41 | €11,901 | €40,808 | +€28,906 | +242.9% |
| Trade receivables | 40 | €3,011 | €38,067 | +€35,056 | +1164.4% |
| Other amounts receivable | 41 | €8,891 | €2,741 | -€6,150 | -69.2% |
| Cash at bank and in hand | 54/58 | €37,744 | €33,405 | -€4,340 | -11.5% |
| Deferred charges and accrued income | 490/1 | €147 | €0 | -€147 | -100.0% |
| Total equity and liabilities | 10/49 | €355,612 | €366,315 | +€10,703 | +3.0% |
| Equity | 10/15 | €55,876 | €6,993 | -€48,883 | -87.5% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €54,934 | €5,493 | -€49,441 | -90.0% |
| Distributable reserves | 133 | €54,934 | €5,493 | -€49,441 | -90.0% |
| Profit (loss) carried forward | 14 | -€559 | €0 | +€559 | |
| Amounts payable | 17/49 | €299,737 | €359,322 | +€59,586 | +19.9% |
| Amounts payable after more than one year | 17 | €241,063 | €231,491 | -€9,572 | -4.0% |
| Financial debts | 170/4 | €241,063 | €231,491 | -€9,572 | -4.0% |
| Amounts payable within one year | 42/48 | €58,673 | €127,831 | +€69,158 | +117.9% |
| Current portion of amounts payable after more than one year | 42 | €9,177 | €9,572 | +€396 | +4.3% |
| Trade debts | 44 | €3,839 | €4,953 | +€1,115 | +29.0% |
| Suppliers | 440/4 | €3,839 | €4,953 | +€1,115 | +29.0% |
| Taxes, remuneration and social security | 45 | €8,519 | €5,732 | -€2,787 | -32.7% |
| Taxes | 450/3 | €8,519 | €5,732 | -€2,787 | -32.7% |
| Other amounts payable | 47/48 | €37,139 | €107,573 | +€70,434 | +189.7% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,258 | €13,717 | -€541 | -3.8% |
| Other operating charges | 640/8 | €449 | €1,078 | +€629 | +140.0% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €50,200 | €92,390 | +€42,190 | +84.0% |
| Operating profit (loss) | 9901 | €35,492 | €77,594 | +€42,102 | +118.6% |
| Financial income | 75/76B | €38 | €2 | -€35 | -93.5% |
| Recurring financial income | 75 | €38 | €2 | -€35 | -93.5% |
| Financial charges | 65/66B | €13,966 | €10,830 | -€3,137 | -22.5% |
| Recurring financial charges | 65 | €13,966 | €10,830 | -€3,137 | -22.5% |
| Profit (loss) for the period before taxes | 9903 | €21,563 | €66,767 | +€45,204 | +209.6% |
| Income taxes | 67/77 | €1,109 | €16,650 | +€15,540 | +1400.7% |
| Profit (loss) for the period | 9904 | €20,454 | €50,117 | +€29,664 | +145.0% |
| Profit (loss) for the period to be appropriated | 9905 | €20,454 | €50,117 | +€29,664 | +145.0% |
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 10 October 2026 via checked.be.