RCN DISTRIBUTION: 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.
RCN DISTRIBUTION
Largest movements
- Stocks and contracts -€176,112
no longer reported in 2026 (was €176,112)
- Tangible fixed assets -€142,559
no longer reported in 2026 (was €142,559)
of which Plant, machinery and equipment: -€133,818
- Cash -€36,025
down €36,025 (-63.6%), from €56,684 to €20,659
mainly Other debts (-€266,063) and Trade debts (-€250,015)
- Receivables within one year -€20,614
down €20,614 (-57.3%), from €35,965 to €15,351
of which Trade receivables: -€23,847
- Deferred charges and accrued income -€5,509
down €5,509 (-53.5%), from €10,300 to €4,791
- Profit (loss) carried forward +€326,928
up €326,928, from -€326,767 to €161
- Other debts -€266,063
no longer reported in 2026 (was €266,063)
- Trade debts -€250,015
down €250,015 (-97.9%), from €255,321 to €5,306
- Debts after one year -€162,729
no longer reported in 2026 (was €162,729)
of which Other amounts payable: -€125,000
- Tax, wage and social debts -€29,211
down €29,211 (-97.3%), from €30,011 to €800
of which Remuneration and social security: -€28,949
- Staff costs -€183,965
down €183,965 (-71.7%), from €256,747 to €72,782
- Depreciation -€111,605
no longer reported in 2026 (was €111,605)
- Gross operating margin +€81,361
up €81,361 (+22.5%), from €361,515 to €442,876
- Taxes +€25,479
new in 2026: €25,479
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €425,263 | €40,801 | -€384,462 | -90.4% |
| Fixed assets | 21/28 | €146,201 | - | -€146,201 | |
| Intangible fixed assets | 21 | €1,000 | - | -€1,000 | |
| Tangible fixed assets | 22/27 | €142,559 | - | -€142,559 | |
| Plant, machinery and equipment | 23 | €133,818 | - | -€133,818 | |
| Furniture and vehicles | 24 | €8,741 | - | -€8,741 | |
| Financial fixed assets | 28 | €2,642 | - | -€2,642 | |
| Current assets | 29/58 | €279,062 | €40,801 | -€238,261 | -85.4% |
| Stocks and contracts in progress | 3 | €176,112 | - | -€176,112 | |
| Stocks | 30/36 | €176,112 | - | -€176,112 | |
| Amounts receivable within one year | 40/41 | €35,965 | €15,351 | -€20,614 | -57.3% |
| Trade receivables | 40 | €25,939 | €2,092 | -€23,847 | -91.9% |
| Other amounts receivable | 41 | €10,026 | €13,258 | +€3,232 | +32.2% |
| Cash at bank and in hand | 54/58 | €56,684 | €20,659 | -€36,025 | -63.6% |
| Deferred charges and accrued income | 490/1 | €10,300 | €4,791 | -€5,509 | -53.5% |
| Total equity and liabilities | 10/49 | €425,263 | €40,801 | -€384,462 | -90.4% |
| Equity | 10/15 | -€308,167 | €26,761 | +€334,928 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | - | €8,000 | +€8,000 | |
| Distributable reserves | 133 | - | €8,000 | +€8,000 | |
| Profit (loss) carried forward | 14 | -€326,767 | €161 | +€326,928 | |
| Amounts payable | 17/49 | €733,430 | €14,040 | -€719,390 | -98.1% |
| Amounts payable after more than one year | 17 | €162,729 | - | -€162,729 | |
| Financial debts | 170/4 | €37,729 | - | -€37,729 | |
| Other amounts payable | 178/9 | €125,000 | - | -€125,000 | |
| Amounts payable within one year | 42/48 | €557,944 | €6,106 | -€551,838 | -98.9% |
| Current portion of amounts payable after more than one year | 42 | €6,549 | - | -€6,549 | |
| Trade debts | 44 | €255,321 | €5,306 | -€250,015 | -97.9% |
| Suppliers | 440/4 | €255,321 | €5,306 | -€250,015 | -97.9% |
| Taxes, remuneration and social security | 45 | €30,011 | €800 | -€29,211 | -97.3% |
| Taxes | 450/3 | €1,062 | €800 | -€262 | -24.7% |
| Remuneration and social security | 454/9 | €28,949 | - | -€28,949 | |
| Other amounts payable | 47/48 | €266,063 | - | -€266,063 | |
| Accrued charges and deferred income | 492/3 | €12,757 | €7,934 | -€4,823 | -37.8% |
| Remuneration, social security and pensions | 62 | €256,747 | €72,782 | -€183,965 | -71.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €111,605 | - | -€111,605 | |
| Other operating charges | 640/8 | €1,857 | €5,523 | +€3,665 | +197.3% |
| Gross operating margin | 9900 | €361,515 | €442,876 | +€81,361 | +22.5% |
| Operating profit (loss) | 9901 | -€8,694 | €364,571 | +€373,265 | |
| Financial income | 75/76B | €69 | €15 | -€54 | -77.9% |
| Recurring financial income | 75 | €69 | €15 | -€54 | -77.9% |
| Financial charges | 65/66B | €8,535 | €4,179 | -€4,356 | -51.0% |
| Recurring financial charges | 65 | €8,535 | €4,179 | -€4,356 | -51.0% |
| Profit (loss) for the period before taxes | 9903 | -€17,160 | €360,407 | +€377,567 | |
| Income taxes | 67/77 | - | €25,479 | +€25,479 | |
| Profit (loss) for the period | 9904 | -€17,160 | €334,928 | +€352,088 | |
| Profit (loss) for the period to be appropriated | 9905 | -€17,160 | €334,928 | +€352,088 |
Source: filed annual accounts (NBB), financial years ended 31 January 2025 and 31 January 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.