Rdeco: 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.
What changed
Rdeco
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€97,493
2024 · -€362,171+€264,677
Equity
€2.9m
2024 · €3.0m-€97,493
Cash
€107,945
2024 · €59,305+€48,640
Balance sheet total
€7.3m
2024 · €6.2m+€1.2m
Largest movements
Assets
- Receivables after one year +€1.0m
up €1.0m (+66.7%), from €1.5m to €2.5m
- Current investments -€450,000
down €450,000 (-100.0%), from €450,000 to €0
- Tangible fixed assets +€445,891
up €445,891 (+10.7%), from €4.2m to €4.6m
of which Land and buildings: +€570,935
- Receivables within one year +€106,956
up €106,956 (+1677.0%), from €6,378 to €113,334
of which Trade receivables: +€112,442
Equity and liabilities
- Debts after one year +€1.0m
up €1.0m (+66.7%), from €1.5m to €2.5m
- Other debts +€229,419
up €229,419 (+22.5%), from €1.0m to €1.2m
- Reserves -€97,493
down €97,493 (-3.3%), from €3.0m to €2.9m
of which Tax-exempt reserves: -€84,953
Income statement
- Gross operating margin +€223,965
up €223,965, from -€151,707 to €72,258
- Financial income +€88,466
up €88,466 (+74.3%), from €118,988 to €207,454
- Other operating charges +€63,287
up €63,287 (+240.0%), from €26,371 to €89,658
- Write-downs -€62,291
new in 2025: -€62,291
- Financial charges +€22,135
up €22,135 (+45.6%), from €48,556 to €70,691
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.
Result 2024
-€362,171
Gross operating margin
+€223,965
Depreciation
-€18,747
Write-downs
+€62,291
Other operating charges
-€63,287
Financial income
+€88,466
Financial charges
-€22,135
Taxes
-€5,876
Result 2025
-€97,493
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.
From operations
-€643,281
Investment
-€308,079
Financing
+€1.0m
Cash 2024
€59,305
From operations (derived)
-€643,281
Net result for the year
-€97,493
Depreciation
+€312,188
Receivables after one year
-€1.0m
Receivables within one year
-€106,956
Smaller working-capital items
-€1,913
Provisions
-€43,744
Trade debts
-€4,791
Other debts
+€229,419
Accrued charges and deferred income
+€70,008
Investment (derived)
-€308,079
Investment in fixed assets (net)
-€758,079
Current investments
+€450,000
Financing
+€1.0m
Debts after one year
+€1.0m
Cash 2025
€107,945
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,180,394 | €7,331,559 | +€1.2m | +18.6% |
| Fixed assets | 21/28 | €4,164,389 | €4,610,281 | +€445,891 | +10.7% |
| Tangible fixed assets | 22/27 | €4,164,389 | €4,610,281 | +€445,891 | +10.7% |
| Land and buildings | 22 | €3,881,871 | €4,452,805 | +€570,935 | +14.7% |
| Plant, machinery and equipment | 23 | €201,989 | €149,789 | -€52,200 | -25.8% |
| Furniture and vehicles | 24 | €71,612 | €0 | -€71,612 | -100.0% |
| Other tangible fixed assets | 26 | €8,918 | €7,686 | -€1,232 | -13.8% |
| Current assets | 29/58 | €2,016,005 | €2,721,278 | +€705,273 | +35.0% |
| Amounts receivable after more than one year | 29 | €1,500,000 | €2,500,000 | +€1.0m | +66.7% |
| Other amounts receivable | 291 | €1,500,000 | €2,500,000 | +€1.0m | +66.7% |
| Amounts receivable within one year | 40/41 | €6,378 | €113,334 | +€106,956 | +1677.0% |
| Trade receivables | 40 | €0 | €112,442 | +€112,442 | |
| Other amounts receivable | 41 | €6,378 | €892 | -€5,486 | -86.0% |
| Current investments | 50/53 | €450,000 | €0 | -€450,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €59,305 | €107,945 | +€48,640 | +82.0% |
| Deferred charges and accrued income | 490/1 | €322 | €0 | -€322 | -100.0% |
| Total equity and liabilities | 10/49 | €6,180,394 | €7,331,559 | +€1.2m | +18.6% |
| Equity | 10/15 | €3,017,780 | €2,920,287 | -€97,493 | -3.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €2,955,780 | €2,858,287 | -€97,493 | -3.3% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,091,260 | €1,006,308 | -€84,953 | -7.8% |
| Distributable reserves | 133 | €1,858,320 | €1,845,780 | -€12,540 | -0.7% |
| Provisions and deferred taxes | 16 | €552,195 | €508,451 | -€43,744 | -7.9% |
| Deferred taxes | 168 | €552,195 | €508,451 | -€43,744 | -7.9% |
| Amounts payable | 17/49 | €2,610,419 | €3,902,821 | +€1.3m | +49.5% |
| Amounts payable after more than one year | 17 | €1,500,000 | €2,500,000 | +€1.0m | +66.7% |
| Financial debts | 170/4 | €1,500,000 | €2,500,000 | +€1.0m | +66.7% |
| Amounts payable within one year | 42/48 | €1,037,790 | €1,260,184 | +€222,394 | +21.4% |
| Trade debts | 44 | €11,923 | €7,132 | -€4,791 | -40.2% |
| Suppliers | 440/4 | €11,923 | €7,132 | -€4,791 | -40.2% |
| Taxes, remuneration and social security | 45 | €6,118 | €3,883 | -€2,235 | -36.5% |
| Taxes | 450/3 | €5,118 | €3,883 | -€1,235 | -24.1% |
| Remuneration and social security | 454/9 | €1,000 | €0 | -€1,000 | -100.0% |
| Other amounts payable | 47/48 | €1,019,750 | €1,249,169 | +€229,419 | +22.5% |
| Accrued charges and deferred income | 492/3 | €72,628 | €142,636 | +€70,008 | +96.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €293,441 | €312,188 | +€18,747 | +6.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€62,291 | -€62,291 | |
| Other operating charges | 640/8 | €26,371 | €89,658 | +€63,287 | +240.0% |
| Gross operating margin | 9900 | -€151,707 | €72,258 | +€223,965 | |
| Operating profit (loss) | 9901 | -€471,519 | -€267,297 | +€204,223 | +43.3% |
| Financial income | 75/76B | €118,988 | €207,454 | +€88,466 | +74.3% |
| Recurring financial income | 75 | €118,988 | €207,454 | +€88,466 | +74.3% |
| Financial charges | 65/66B | €48,556 | €70,691 | +€22,135 | +45.6% |
| Recurring financial charges | 65 | €48,556 | €70,691 | +€22,135 | +45.6% |
| Profit (loss) for the period before taxes | 9903 | -€401,087 | -€130,534 | +€270,553 | +67.5% |
| Transfer from deferred taxes | 780 | €43,744 | €43,744 | +€0 | 0.0% |
| Income taxes | 67/77 | €4,828 | €10,704 | +€5,876 | +121.7% |
| Profit (loss) for the period | 9904 | -€362,171 | -€97,493 | +€264,677 | +73.1% |
| Transfer from tax-exempt reserves | 789 | €84,953 | €84,953 | -€0 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€277,218 | -€12,540 | +€264,677 | +95.5% |
Source: filed annual accounts (NBB), fiscal years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.