RD: 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.
RD
Largest movements
- Tangible fixed assets +€1.6m
up €1.6m (+189%), from €822,845 to €2.4m
of which Land and buildings: +€1.6m
- Stocks and contracts -€573,362
down €573,362 (-25.5%), from €2.2m to €1.7m
- Receivables within one year -€146,377
down €146,377 (-15.4%), from €951,197 to €804,820
of which Trade receivables: -€146,377
- Cash -€123,178
down €123,178 (-29.3%), from €420,205 to €297,027
mainly Investment in fixed assets (net) (-€1.7m) and Contributions, distributions and other (-€854,801)
- Deferred charges and accrued income +€100,365
up €100,365 (+2,654%), from €3,781 to €104,147
- Debts after one year +€1.3m
new in 2025: €1.3m
- Other debts -€647,195
down €647,195 (-42.4%), from €1.5m to €880,988
- Current portion of long-term debt +€150,000
new in 2025: €150,000
- Trade debts +€119,989
up €119,989 (+52.8%), from €227,459 to €347,448
- Tax, wage and social debts -€118,796
down €118,796 (-42.1%), from €282,185 to €163,389
of which Taxes: -€122,066
- Gross operating margin +€238,967
up €238,967 (+14.0%), from €1.7m to €1.9m
- Financial charges -€59,746
down €59,746 (-39.0%), from €153,313 to €93,568
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 | €4,446,564 | €5,255,801 | +€809,238 | +18.2% |
| Fixed assets | 21/28 | €822,845 | €2,374,635 | +€1.6m | +189% |
| Tangible fixed assets | 22/27 | €822,845 | €2,374,635 | +€1.6m | +189% |
| Land and buildings | 22 | €670,392 | €2,265,676 | +€1.6m | +238% |
| Plant, machinery and equipment | 23 | €75,092 | €58,903 | -€16,189 | -21.6% |
| Furniture and vehicles | 24 | €77,362 | €50,057 | -€27,305 | -35.3% |
| Current assets | 29/58 | €3,623,719 | €2,881,167 | -€742,552 | -20.5% |
| Stocks and contracts in progress | 3 | €2,248,535 | €1,675,173 | -€573,362 | -25.5% |
| Stocks | 30/36 | €2,248,535 | €1,675,173 | -€573,362 | -25.5% |
| Amounts receivable within one year | 40/41 | €951,197 | €804,820 | -€146,377 | -15.4% |
| Trade receivables | 40 | €951,197 | €804,820 | -€146,377 | -15.4% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €420,205 | €297,027 | -€123,178 | -29.3% |
| Deferred charges and accrued income | 490/1 | €3,781 | €104,147 | +€100,365 | +2,654% |
| Total equity and liabilities | 10/49 | €4,446,564 | €5,255,801 | +€809,238 | +18.2% |
| Equity | 10/15 | €2,408,737 | €2,403,632 | -€5,105 | -0.2% |
| Contributions | 10/11 | €212,250 | €212,250 | = | 0.0% |
| Capital | 10 | €212,250 | €212,250 | = | 0.0% |
| Issued capital | 100 | €212,250 | €212,250 | = | 0.0% |
| Reserves | 13 | €2,178,300 | €2,178,300 | = | 0.0% |
| Non-distributable reserves | 130/1 | €11,225 | €11,225 | = | 0.0% |
| Legal reserve | 130 | €11,225 | €11,225 | = | 0.0% |
| Distributable reserves | 133 | €2,167,075 | €2,167,075 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Investment grants | 15 | €18,187 | €13,082 | -€5,105 | -28.1% |
| Amounts payable | 17/49 | €2,037,827 | €2,852,169 | +€814,343 | +40.0% |
| Amounts payable after more than one year | 17 | - | €1,300,000 | +€1.3m | |
| Financial debts | 170/4 | - | €1,300,000 | +€1.3m | |
| Amounts payable within one year | 42/48 | €2,037,827 | €1,541,825 | -€496,002 | -24.3% |
| Current portion of amounts payable after more than one year | 42 | - | €150,000 | +€150,000 | |
| Trade debts | 44 | €227,459 | €347,448 | +€119,989 | +52.8% |
| Suppliers | 440/4 | €227,459 | €347,448 | +€119,989 | +52.8% |
| Taxes, remuneration and social security | 45 | €282,185 | €163,389 | -€118,796 | -42.1% |
| Taxes | 450/3 | €245,990 | €123,924 | -€122,066 | -49.6% |
| Remuneration and social security | 454/9 | €36,195 | €39,465 | +€3,270 | +9.0% |
| Other amounts payable | 47/48 | €1,528,183 | €880,988 | -€647,195 | -42.4% |
| Accrued charges and deferred income | 492/3 | - | €10,345 | +€10,345 | |
| Remuneration, social security and pensions | 62 | €474,995 | €478,582 | +€3,588 | +0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €129,412 | €123,424 | -€5,987 | -4.6% |
| Other operating charges | 640/8 | €62,075 | €70,460 | +€8,386 | +13.5% |
| Non-recurring operating charges | 66A | - | €109,428 | +€109,428 | |
| Gross operating margin | 9900 | €1,708,206 | €1,947,173 | +€238,967 | +14.0% |
| Operating profit (loss) | 9901 | €1,041,725 | €1,165,279 | +€123,554 | +11.9% |
| Financial income | 75/76B | €16,202 | €14,049 | -€2,153 | -13.3% |
| Recurring financial income | 75 | €16,202 | €14,049 | -€2,153 | -13.3% |
| Financial charges | 65/66B | €153,313 | €93,568 | -€59,746 | -39.0% |
| Recurring financial charges | 65 | €153,313 | €93,568 | -€59,746 | -39.0% |
| Profit (loss) for the period before taxes | 9903 | €904,613 | €1,085,760 | +€181,147 | +20.0% |
| Income taxes | 67/77 | €241,891 | €236,064 | -€5,827 | -2.4% |
| Profit (loss) for the period | 9904 | €662,722 | €849,696 | +€186,974 | +28.2% |
| Profit (loss) for the period to be appropriated | 9905 | €662,722 | €849,696 | +€186,974 | +28.2% |
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 13 October 2026 via checked.be.