RD&M: 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&M
Largest movements
- Cash -€13,811
down €13,811 (-29.3%), from €47,213 to €33,402
mainly Contributions, distributions and other (-€26,024) and Tax, wage and social debts (-€8,206)
- Tangible fixed assets +€1,267
up €1,267 (+26.4%), from €4,795 to €6,062
of which Plant, machinery and equipment: +€1,074
- Stocks and contracts +€1,002
up €1,002 (+35.7%), from €2,804 to €3,806
- Deferred charges and accrued income -€719
down €719 (-88.4%), from €813 to €94
- Tax, wage and social debts -€8,206
down €8,206 (-60.7%), from €13,525 to €5,319
of which Remuneration and social security: -€10,319
- Reserves -€4,538
down €4,538 (-21.4%), from €21,162 to €16,625
- Trade debts +€703
up €703 (+17.7%), from €3,969 to €4,672
- Staff costs -€90,407
down €90,407 (-88.7%), from €101,952 to €11,545
- Gross operating margin -€58,596
down €58,596 (-56.2%), from €104,284 to €45,688
- Taxes +€8,677
up €8,677 (+6427.3%), from €135 to €8,812
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 | €58,719 | €46,658 | -€12,061 | -20.5% |
| Fixed assets | 21/28 | €4,795 | €6,062 | +€1,267 | +26.4% |
| Tangible fixed assets | 22/27 | €4,795 | €6,062 | +€1,267 | +26.4% |
| Plant, machinery and equipment | 23 | - | €1,074 | +€1,074 | |
| Furniture and vehicles | 24 | €185 | €92 | -€92 | -50.0% |
| Other tangible fixed assets | 26 | €4,610 | €4,896 | +€286 | +6.2% |
| Current assets | 29/58 | €53,924 | €40,596 | -€13,328 | -24.7% |
| Stocks and contracts in progress | 3 | €2,804 | €3,806 | +€1,002 | +35.7% |
| Stocks | 30/36 | €2,804 | €3,806 | +€1,002 | +35.7% |
| Amounts receivable within one year | 40/41 | €3,094 | €3,294 | +€200 | +6.5% |
| Trade receivables | 40 | €2,975 | €3,294 | +€319 | +10.7% |
| Other amounts receivable | 41 | €119 | €0 | -€119 | -100.0% |
| Cash at bank and in hand | 54/58 | €47,213 | €33,402 | -€13,811 | -29.3% |
| Deferred charges and accrued income | 490/1 | €813 | €94 | -€719 | -88.4% |
| Total equity and liabilities | 10/49 | €58,719 | €46,658 | -€12,061 | -20.5% |
| Equity | 10/15 | €41,162 | €36,601 | -€4,562 | -11.1% |
| Contributions | 10/11 | €20,000 | €19,976 | -€24 | -0.1% |
| Reserves | 13 | €21,162 | €16,625 | -€4,538 | -21.4% |
| Distributable reserves | 133 | €21,162 | €16,625 | -€4,538 | -21.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €17,556 | €10,057 | -€7,499 | -42.7% |
| Amounts payable within one year | 42/48 | €17,494 | €10,057 | -€7,437 | -42.5% |
| Trade debts | 44 | €3,969 | €4,672 | +€703 | +17.7% |
| Suppliers | 440/4 | €3,969 | €4,672 | +€703 | +17.7% |
| Taxes, remuneration and social security | 45 | €13,525 | €5,319 | -€8,206 | -60.7% |
| Taxes | 450/3 | €2,562 | €4,675 | +€2,113 | +82.5% |
| Remuneration and social security | 454/9 | €10,963 | €644 | -€10,319 | -94.1% |
| Other amounts payable | 47/48 | €0 | €67 | +€67 | |
| Accrued charges and deferred income | 492/3 | €62 | €0 | -€62 | -100.0% |
| Non-recurring operating income | 76A | €7,459 | €24 | -€7,435 | -99.7% |
| Remuneration, social security and pensions | 62 | €101,952 | €11,545 | -€90,407 | -88.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,662 | €2,191 | +€529 | +31.9% |
| Other operating charges | 640/8 | €632 | €841 | +€209 | +33.0% |
| Gross operating margin | 9900 | €104,284 | €45,688 | -€58,596 | -56.2% |
| Operating profit (loss) | 9901 | €38 | €31,111 | +€31,073 | +81448.8% |
| Financial income | 75/76B | €0 | €16 | +€16 | +19562.5% |
| Recurring financial income | 75 | €0 | €16 | +€16 | +19562.5% |
| Financial charges | 65/66B | €1,416 | €852 | -€564 | -39.8% |
| Recurring financial charges | 65 | €1,416 | €852 | -€564 | -39.8% |
| Profit (loss) for the period before taxes | 9903 | -€1,378 | €30,274 | +€31,652 | |
| Income taxes | 67/77 | €135 | €8,812 | +€8,677 | +6427.3% |
| Profit (loss) for the period | 9904 | -€1,513 | €21,462 | +€22,975 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,513 | €21,462 | +€22,975 |
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 10 October 2026 via checked.be.