RD-GROUP: 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.
RD-GROUP
Largest movements
- Receivables within one year -€80,312
down €80,312 (-12.2%), from €656,980 to €576,668
of which Trade receivables: -€65,021
- Financial fixed assets -€75,418
down €75,418 (-100.0%), from €75,443 to €25
- Cash +€61,351
up €61,351 (+66.1%), from €92,813 to €154,165
mainly Net result for the year (+€148,943) and Depreciation (+€116,770)
- Tangible fixed assets +€44,861
up €44,861 (+23.6%), from €190,262 to €235,123
of which Furniture and vehicles: +€25,224
- Intangible fixed assets -€25,483
down €25,483 (-27.0%), from €94,322 to €68,838
- Trade debts -€150,731
down €150,731 (-43.0%), from €350,628 to €199,898
- Tax, wage and social debts +€64,945
up €64,945 (+117.0%), from €55,527 to €120,471
of which Remuneration and social security: +€65,278
- Debts after one year +€40,280
up €40,280 (+3796.9%), from €1,061 to €41,341
- Other debts -€36,835
down €36,835 (-21.8%), from €168,658 to €131,823
- Short-term financial debts +€34,472
up €34,472 (+11.2%), from €306,459 to €340,932
- Gross operating margin +€285,340
up €285,340 (+24.4%), from €1.2m to €1.5m
- Staff costs +€227,674
up €227,674 (+27.6%), from €825,132 to €1.1m
- Financial charges +€41,025
up €41,025 (+168.6%), from €24,327 to €65,352
of which Non-recurring financial charges: +€41,864
- Depreciation +€40,583
up €40,583 (+53.3%), from €76,187 to €116,770
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 | €1,363,702 | €1,290,367 | -€73,335 | -5.4% |
| Fixed assets | 21/28 | €360,026 | €303,986 | -€56,041 | -15.6% |
| Intangible fixed assets | 21 | €94,322 | €68,838 | -€25,483 | -27.0% |
| Tangible fixed assets | 22/27 | €190,262 | €235,123 | +€44,861 | +23.6% |
| Land and buildings | 22 | €44,558 | €39,575 | -€4,983 | -11.2% |
| Plant, machinery and equipment | 23 | €92,037 | €116,658 | +€24,621 | +26.8% |
| Furniture and vehicles | 24 | €53,667 | €78,890 | +€25,224 | +47.0% |
| Financial fixed assets | 28 | €75,443 | €25 | -€75,418 | -100.0% |
| Current assets | 29/58 | €1,003,676 | €986,381 | -€17,294 | -1.7% |
| Stocks and contracts in progress | 3 | €222,165 | €225,518 | +€3,352 | +1.5% |
| Stocks | 30/36 | €193,462 | €193,462 | +€1 | 0.0% |
| Contracts in progress | 37 | €28,704 | €32,055 | +€3,352 | +11.7% |
| Amounts receivable within one year | 40/41 | €656,980 | €576,668 | -€80,312 | -12.2% |
| Trade receivables | 40 | €272,169 | €207,148 | -€65,021 | -23.9% |
| Other amounts receivable | 41 | €384,810 | €369,520 | -€15,291 | -4.0% |
| Cash at bank and in hand | 54/58 | €92,813 | €154,165 | +€61,351 | +66.1% |
| Deferred charges and accrued income | 490/1 | €31,717 | €30,031 | -€1,687 | -5.3% |
| Total equity and liabilities | 10/49 | €1,363,702 | €1,290,367 | -€73,335 | -5.4% |
| Equity | 10/15 | €365,670 | €389,613 | +€23,943 | +6.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €345,210 | €369,153 | +€23,943 | +6.9% |
| Amounts payable | 17/49 | €998,032 | €900,754 | -€97,278 | -9.7% |
| Amounts payable after more than one year | 17 | €1,061 | €41,341 | +€40,280 | +3796.9% |
| Financial debts | 170/4 | €1,061 | €41,341 | +€40,280 | +3796.9% |
| Amounts payable within one year | 42/48 | €989,311 | €858,460 | -€130,852 | -13.2% |
| Current portion of amounts payable after more than one year | 42 | €62,352 | €41,060 | -€21,292 | -34.1% |
| Financial debts | 43 | €306,459 | €340,932 | +€34,472 | +11.2% |
| Credit institutions | 430/8 | €306,459 | €340,932 | +€34,472 | +11.2% |
| Trade debts | 44 | €350,628 | €199,898 | -€150,731 | -43.0% |
| Suppliers | 440/4 | €350,628 | €199,898 | -€150,731 | -43.0% |
| Advances received on contracts in progress | 46 | €45,687 | €24,276 | -€21,411 | -46.9% |
| Taxes, remuneration and social security | 45 | €55,527 | €120,471 | +€64,945 | +117.0% |
| Taxes | 450/3 | €333 | €0 | -€333 | -100.0% |
| Remuneration and social security | 454/9 | €55,194 | €120,471 | +€65,278 | +118.3% |
| Other amounts payable | 47/48 | €168,658 | €131,823 | -€36,835 | -21.8% |
| Accrued charges and deferred income | 492/3 | €7,660 | €953 | -€6,707 | -87.6% |
| Non-recurring operating income | 76A | €0 | €8,111 | +€8,111 | |
| Remuneration, social security and pensions | 62 | €825,132 | €1,052,806 | +€227,674 | +27.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €76,187 | €116,770 | +€40,583 | +53.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,568 | €3,809 | +€1,241 | +48.3% |
| Other operating charges | 640/8 | €4,834 | €12,083 | +€7,249 | +150.0% |
| Non-recurring operating charges | 66A | €1,966 | €19,434 | +€17,468 | +888.4% |
| Gross operating margin | 9900 | €1,170,341 | €1,455,681 | +€285,340 | +24.4% |
| Operating profit (loss) | 9901 | €259,654 | €250,779 | -€8,875 | -3.4% |
| Financial income | 75/76B | €17,460 | €23,571 | +€6,112 | +35.0% |
| Recurring financial income | 75 | €17,460 | €23,571 | +€6,112 | +35.0% |
| Financial charges | 65/66B | €24,327 | €65,352 | +€41,025 | +168.6% |
| Recurring financial charges | 65 | €24,327 | €23,488 | -€839 | -3.4% |
| Non-recurring financial charges | 66B | - | €41,864 | +€41,864 | |
| Profit (loss) for the period before taxes | 9903 | €252,787 | €208,998 | -€43,789 | -17.3% |
| Income taxes | 67/77 | €69,376 | €60,055 | -€9,321 | -13.4% |
| Profit (loss) for the period | 9904 | €183,411 | €148,943 | -€34,467 | -18.8% |
| Profit (loss) for the period to be appropriated | 9905 | €183,411 | €148,943 | -€34,467 | -18.8% |
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 5 October 2026 via checked.be.