RDB PROJECTS: 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.
RDB PROJECTS
Largest movements
- Current investments -€70,000
down €70,000 (-10.8%), from €650,000 to €580,000
- Tangible fixed assets -€51,422
down €51,422 (-3.7%), from €1.4m to €1.3m
- Receivables within one year +€44,089
up €44,089 (+138%), from €31,952 to €76,042
of which Other amounts receivable: +€50,194
- Cash -€35,215
down €35,215 (-58.8%), from €59,841 to €24,626
mainly Other debts (-€87,126) and Receivables within one year (-€44,089)
- Other debts -€87,126
down €87,126 (-34.2%), from €255,025 to €167,900
- Tax, wage and social debts -€22,836
down €22,836 (-79.2%), from €28,840 to €6,003
of which Taxes: -€21,044
- Gross operating margin -€146,315
down €146,315 (-67.6%), from €216,443 to €70,128
- Financial income -€129,610
down €129,610 (-91.7%), from €141,380 to €11,770
- Taxes -€29,877
down €29,877 (-84.9%), from €35,200 to €5,324
- Financial charges -€7,271
down €7,271 (-35.5%), from €20,482 to €13,211
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 | €2,143,228 | €2,031,152 | -€112,075 | -5.2% |
| Fixed assets | 21/28 | €1,400,003 | €1,348,580 | -€51,422 | -3.7% |
| Tangible fixed assets | 22/27 | €1,398,817 | €1,347,394 | -€51,422 | -3.7% |
| Land and buildings | 22 | €1,398,817 | €1,347,394 | -€51,422 | -3.7% |
| Financial fixed assets | 28 | €1,186 | €1,186 | = | 0.0% |
| Current assets | 29/58 | €743,225 | €682,572 | -€60,653 | -8.2% |
| Amounts receivable within one year | 40/41 | €31,952 | €76,042 | +€44,089 | +138% |
| Trade receivables | 40 | €22,952 | €16,848 | -€6,105 | -26.6% |
| Other amounts receivable | 41 | €9,000 | €59,194 | +€50,194 | +558% |
| Current investments | 50/53 | €650,000 | €580,000 | -€70,000 | -10.8% |
| Cash at bank and in hand | 54/58 | €59,841 | €24,626 | -€35,215 | -58.8% |
| Deferred charges and accrued income | 490/1 | €1,431 | €1,904 | +€473 | +33.0% |
| Total equity and liabilities | 10/49 | €2,143,228 | €2,031,152 | -€112,075 | -5.2% |
| Equity | 10/15 | €1,800,350 | €1,810,850 | +€10,500 | +0.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,427,610 | €1,423,494 | -€4,117 | -0.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €101,233 | €97,117 | -€4,117 | -4.1% |
| Distributable reserves | 133 | €1,324,517 | €1,324,517 | = | 0.0% |
| Profit (loss) carried forward | 14 | €354,140 | €368,756 | +€14,616 | +4.1% |
| Provisions and deferred taxes | 16 | €33,744 | €32,372 | -€1,372 | -4.1% |
| Deferred taxes | 168 | €33,744 | €32,372 | -€1,372 | -4.1% |
| Amounts payable | 17/49 | €309,133 | €187,930 | -€121,203 | -39.2% |
| Amounts payable within one year | 42/48 | €289,492 | €175,109 | -€114,382 | -39.5% |
| Trade debts | 44 | €5,627 | €1,206 | -€4,420 | -78.6% |
| Suppliers | 440/4 | €5,627 | €1,206 | -€4,420 | -78.6% |
| Taxes, remuneration and social security | 45 | €28,840 | €6,003 | -€22,836 | -79.2% |
| Taxes | 450/3 | €27,048 | €6,003 | -€21,044 | -77.8% |
| Remuneration and social security | 454/9 | €1,792 | - | -€1,792 | |
| Other amounts payable | 47/48 | €255,025 | €167,900 | -€87,126 | -34.2% |
| Accrued charges and deferred income | 492/3 | €19,641 | €12,821 | -€6,820 | -34.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,422 | €51,422 | = | 0.0% |
| Other operating charges | 640/8 | €2,557 | €2,814 | +€257 | +10.0% |
| Gross operating margin | 9900 | €216,443 | €70,128 | -€146,315 | -67.6% |
| Operating profit (loss) | 9901 | €162,464 | €15,892 | -€146,572 | -90.2% |
| Financial income | 75/76B | €141,380 | €11,770 | -€129,610 | -91.7% |
| Recurring financial income | 75 | €141,380 | €11,770 | -€129,610 | -91.7% |
| Financial charges | 65/66B | €20,482 | €13,211 | -€7,271 | -35.5% |
| Recurring financial charges | 65 | €20,482 | €13,211 | -€7,271 | -35.5% |
| Profit (loss) for the period before taxes | 9903 | €283,362 | €14,451 | -€268,911 | -94.9% |
| Transfer from deferred taxes | 780 | €1,372 | €1,372 | = | 0.0% |
| Income taxes | 67/77 | €35,200 | €5,324 | -€29,877 | -84.9% |
| Profit (loss) for the period | 9904 | €249,533 | €10,500 | -€239,034 | -95.8% |
| Transfer from tax-exempt reserves | 789 | €4,117 | €4,117 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €253,650 | €14,616 | -€239,034 | -94.2% |
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 15 October 2026 via checked.be.