RCO: 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.
RCO
Largest movements
- Cash -€38,474
down €38,474 (-42.2%), from €91,276 to €52,801
mainly Receivables within one year (-€16,069) and Stocks and contracts (-€11,000)
- Receivables within one year +€16,069
up €16,069 (+21.0%), from €76,556 to €92,625
of which Trade receivables: +€31,622
- Stocks and contracts +€11,000
up €11,000 (+32.8%), from €33,500 to €44,500
of which Contracts in progress: +€7,000
- Deferred charges and accrued income +€5,584
new in 2025: €5,584
- Tax, wage and social debts -€9,636
down €9,636 (-52.9%), from €18,218 to €8,581
of which Remuneration and social security: -€8,006
- Accrued charges and deferred income +€3,927
up €3,927 (+119%), from €3,312 to €7,240
- Staff costs +€8,656
up €8,656 (+24.8%), from €34,860 to €43,517
- Gross operating margin +€3,380
up €3,380 (+7.0%), from €48,253 to €51,633
- Depreciation -€1,512
down €1,512 (-30.7%), from €4,922 to €3,410
- Other operating charges -€940
down €940 (-73.0%), from €1,287 to €347
- Taxes -€926
down €926 (-46.4%), from €1,995 to €1,069
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 | €204,944 | €197,096 | -€7,848 | -3.8% |
| Fixed assets | 21/28 | €3,613 | €1,586 | -€2,027 | -56.1% |
| Tangible fixed assets | 22/27 | €3,406 | €1,379 | -€2,027 | -59.5% |
| Plant, machinery and equipment | 23 | €2,228 | - | -€2,228 | |
| Furniture and vehicles | 24 | €1,178 | €1,379 | +€201 | +17.1% |
| Financial fixed assets | 28 | €206 | €206 | = | 0.0% |
| Current assets | 29/58 | €201,332 | €195,511 | -€5,821 | -2.9% |
| Stocks and contracts in progress | 3 | €33,500 | €44,500 | +€11,000 | +32.8% |
| Stocks | 30/36 | €8,500 | €12,500 | +€4,000 | +47.1% |
| Contracts in progress | 37 | €25,000 | €32,000 | +€7,000 | +28.0% |
| Amounts receivable within one year | 40/41 | €76,556 | €92,625 | +€16,069 | +21.0% |
| Trade receivables | 40 | €30,064 | €61,686 | +€31,622 | +105% |
| Other amounts receivable | 41 | €46,492 | €30,939 | -€15,553 | -33.5% |
| Cash at bank and in hand | 54/58 | €91,276 | €52,801 | -€38,474 | -42.2% |
| Deferred charges and accrued income | 490/1 | - | €5,584 | +€5,584 | |
| Total equity and liabilities | 10/49 | €204,944 | €197,096 | -€7,848 | -3.8% |
| Equity | 10/15 | €166,988 | €167,356 | +€368 | +0.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €154,588 | €154,956 | +€368 | +0.2% |
| Distributable reserves | 133 | €154,588 | €154,956 | +€368 | +0.2% |
| Amounts payable | 17/49 | €37,956 | €29,741 | -€8,215 | -21.6% |
| Amounts payable within one year | 42/48 | €34,644 | €22,501 | -€12,143 | -35.1% |
| Trade debts | 44 | €13,243 | €12,120 | -€1,123 | -8.5% |
| Suppliers | 440/4 | €13,243 | €12,120 | -€1,123 | -8.5% |
| Taxes, remuneration and social security | 45 | €18,218 | €8,581 | -€9,636 | -52.9% |
| Taxes | 450/3 | €4,000 | €2,369 | -€1,631 | -40.8% |
| Remuneration and social security | 454/9 | €14,218 | €6,212 | -€8,006 | -56.3% |
| Other amounts payable | 47/48 | €3,183 | €1,800 | -€1,383 | -43.4% |
| Accrued charges and deferred income | 492/3 | €3,312 | €7,240 | +€3,927 | +119% |
| Remuneration, social security and pensions | 62 | €34,860 | €43,517 | +€8,656 | +24.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,922 | €3,410 | -€1,512 | -30.7% |
| Other operating charges | 640/8 | €1,287 | €347 | -€940 | -73.0% |
| Gross operating margin | 9900 | €48,253 | €51,633 | +€3,380 | +7.0% |
| Operating profit (loss) | 9901 | €7,184 | €4,360 | -€2,824 | -39.3% |
| Financial income | 75/76B | €132 | €0 | -€132 | -100.0% |
| Recurring financial income | 75 | €132 | €0 | -€132 | -100.0% |
| Financial charges | 65/66B | €406 | €1,123 | +€717 | +176% |
| Recurring financial charges | 65 | €406 | €1,123 | +€717 | +176% |
| Profit (loss) for the period before taxes | 9903 | €6,910 | €3,237 | -€3,673 | -53.2% |
| Income taxes | 67/77 | €1,995 | €1,069 | -€926 | -46.4% |
| Profit (loss) for the period | 9904 | €4,915 | €2,168 | -€2,747 | -55.9% |
| Profit (loss) for the period to be appropriated | 9905 | €4,915 | €2,168 | -€2,747 | -55.9% |
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 15 October 2026 via checked.be.