RCO: what changed
Two fiscal 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.
RCO
Largest movements
- Receivables within one year +€165,722
up €165,722 (+110.0%), from €150,668 to €316,390
of which Trade receivables: +€166,036
- Stocks and contracts -€75,287
down €75,287 (-35.9%), from €209,891 to €134,604
of which Stocks: -€75,740
- Tangible fixed assets -€22,960
down €22,960 (-26.1%), from €88,023 to €65,063
of which Leasing and similar rights: -€11,497
- Cash +€11,771
up €11,771 (+5958.0%), from €198 to €11,968
mainly Short-term financial debts (+€85,098) and Stocks and contracts (+€75,287)
- Short-term financial debts +€85,098
up €85,098 (+56.7%), from €150,000 to €235,098
- Trade debts -€68,808
down €68,808 (-41.2%), from €166,988 to €98,180
- Tax, wage and social debts +€47,228
up €47,228 (+167.3%), from €28,227 to €75,455
of which Taxes: +€48,319
- Accrued charges and deferred income +€26,433
new in 2025: €26,433
- Debts after one year -€17,002
down €17,002 (-6.6%), from €258,246 to €241,244
- Gross operating margin +€268,230
up €268,230, from -€35,966 to €232,264
- Staff costs +€11,834
up €11,834 (+7.5%), from €157,002 to €168,836
- Financial charges -€11,038
down €11,038 (-31.2%), from €35,363 to €24,326
- Other operating charges -€2,438
down €2,438 (-28.5%), from €8,544 to €6,106
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 | €455,521 | €538,844 | +€83,323 | +18.3% |
| Fixed assets | 21/28 | €88,723 | €65,963 | -€22,760 | -25.7% |
| Tangible fixed assets | 22/27 | €88,023 | €65,063 | -€22,960 | -26.1% |
| Plant, machinery and equipment | 23 | €3,131 | €1,450 | -€1,680 | -53.7% |
| Furniture and vehicles | 24 | €23,351 | €16,606 | -€6,745 | -28.9% |
| Leasing and similar rights | 25 | €49,086 | €37,589 | -€11,497 | -23.4% |
| Other tangible fixed assets | 26 | €12,456 | €9,419 | -€3,037 | -24.4% |
| Financial fixed assets | 28 | €700 | €900 | +€200 | +28.6% |
| Current assets | 29/58 | €366,798 | €472,881 | +€106,083 | +28.9% |
| Stocks and contracts in progress | 3 | €209,891 | €134,604 | -€75,287 | -35.9% |
| Stocks | 30/36 | €209,891 | €134,151 | -€75,740 | -36.1% |
| Contracts in progress | 37 | - | €453 | +€453 | |
| Amounts receivable within one year | 40/41 | €150,668 | €316,390 | +€165,722 | +110.0% |
| Trade receivables | 40 | €108,686 | €274,723 | +€166,036 | +152.8% |
| Other amounts receivable | 41 | €41,981 | €41,668 | -€314 | -0.7% |
| Cash at bank and in hand | 54/58 | €198 | €11,968 | +€11,771 | +5958.0% |
| Deferred charges and accrued income | 490/1 | €6,042 | €9,918 | +€3,877 | +64.2% |
| Total equity and liabilities | 10/49 | €455,521 | €538,844 | +€83,323 | +18.3% |
| Equity | 10/15 | -€163,471 | -€154,639 | +€8,832 | +5.4% |
| Contributions | 10/11 | €74,368 | €74,368 | = | 0.0% |
| Capital | 10 | €74,368 | €74,368 | = | 0.0% |
| Issued capital | 100 | €74,368 | €74,368 | = | 0.0% |
| Reserves | 13 | €7,437 | €7,437 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,437 | €7,437 | = | 0.0% |
| Legal reserve | 130 | €7,437 | €7,437 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€245,276 | -€236,444 | +€8,832 | +3.6% |
| Amounts payable | 17/49 | €618,992 | €693,483 | +€74,491 | +12.0% |
| Amounts payable after more than one year | 17 | €258,246 | €241,244 | -€17,002 | -6.6% |
| Financial debts | 170/4 | €258,246 | €241,244 | -€17,002 | -6.6% |
| Amounts payable within one year | 42/48 | €360,746 | €425,806 | +€65,060 | +18.0% |
| Current portion of amounts payable after more than one year | 42 | €15,460 | €17,002 | +€1,542 | +10.0% |
| Financial debts | 43 | €150,000 | €235,098 | +€85,098 | +56.7% |
| Credit institutions | 430/8 | €150,000 | €235,098 | +€85,098 | +56.7% |
| Trade debts | 44 | €166,988 | €98,180 | -€68,808 | -41.2% |
| Suppliers | 440/4 | €166,988 | €98,180 | -€68,808 | -41.2% |
| Taxes, remuneration and social security | 45 | €28,227 | €75,455 | +€47,228 | +167.3% |
| Taxes | 450/3 | €11,147 | €59,466 | +€48,319 | +433.5% |
| Remuneration and social security | 454/9 | €17,081 | €15,989 | -€1,091 | -6.4% |
| Other amounts payable | 47/48 | €71 | €71 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €26,433 | +€26,433 | |
| Non-recurring operating income | 76A | €23,764 | - | -€23,764 | |
| Remuneration, social security and pensions | 62 | €157,002 | €168,836 | +€11,834 | +7.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,383 | €22,960 | +€1,577 | +7.4% |
| Other operating charges | 640/8 | €8,544 | €6,106 | -€2,438 | -28.5% |
| Non-recurring operating charges | 66A | €1,281 | - | -€1,281 | |
| Gross operating margin | 9900 | -€35,966 | €232,264 | +€268,230 | |
| Operating profit (loss) | 9901 | -€224,175 | €34,362 | +€258,537 | |
| Financial income | 75/76B | €3 | €0 | -€3 | -89.1% |
| Recurring financial income | 75 | €3 | €0 | -€3 | -89.1% |
| Financial charges | 65/66B | €35,363 | €24,326 | -€11,038 | -31.2% |
| Recurring financial charges | 65 | €35,363 | €24,326 | -€11,038 | -31.2% |
| Profit (loss) for the period before taxes | 9903 | -€259,535 | €10,036 | +€269,572 | |
| Income taxes | 67/77 | €341 | €1,056 | +€715 | +209.8% |
| Profit (loss) for the period | 9904 | -€259,876 | €8,981 | +€268,857 | |
| Profit (loss) for the period to be appropriated | 9905 | -€259,876 | €8,981 | +€268,857 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.