RDS-CONSTRUCT: 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.
RDS-CONSTRUCT
Largest movements
- Receivables within one year +€584,688
up €584,688 (+228%), from €256,702 to €841,390
of which Trade receivables: +€587,642
- Cash -€489,735
down €489,735 (-66.1%), from €740,355 to €250,620
mainly Receivables within one year (-€584,688) and Accrued charges and deferred income (-€288,650)
- Tangible fixed assets -€218,103
down €218,103 (-10.9%), from €2.0m to €1.8m
of which Plant, machinery and equipment: -€111,078
- Financial fixed assets +€89,850
up €89,850 (+98.8%), from €90,969 to €180,819
- Accrued charges and deferred income -€288,650
down €288,650 (-98.2%), from €294,064 to €5,414
- Other debts +€215,000
up €215,000 (+25.7%), from €835,000 to €1.1m
- Debts after one year -€126,361
down €126,361 (-7.3%), from €1.7m to €1.6m
- Reserves +€85,483
up €85,483 (+10.9%), from €787,187 to €872,670
- Current portion of long-term debt +€84,466
up €84,466 (+23.2%), from €364,814 to €449,281
- Financial charges -€83,851
down €83,851 (-47.5%), from €176,646 to €92,795
- Staff costs +€82,082
up €82,082 (+6.4%), from €1.3m to €1.4m
- Gross operating margin -€80,791
down €80,791 (-4.2%), from €1.9m to €1.9m
- Taxes -€22,933
down €22,933 (-31.8%), from €72,207 to €49,274
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 | €6,213,167 | €6,146,584 | -€66,583 | -1.1% |
| Fixed assets | 21/28 | €2,093,379 | €1,965,126 | -€128,253 | -6.1% |
| Tangible fixed assets | 22/27 | €2,002,409 | €1,784,306 | -€218,103 | -10.9% |
| Land and buildings | 22 | €1,592,105 | €1,516,001 | -€76,104 | -4.8% |
| Plant, machinery and equipment | 23 | €234,473 | €123,394 | -€111,078 | -47.4% |
| Furniture and vehicles | 24 | €175,831 | €144,911 | -€30,921 | -17.6% |
| Financial fixed assets | 28 | €90,969 | €180,819 | +€89,850 | +98.8% |
| Current assets | 29/58 | €4,119,788 | €4,181,458 | +€61,670 | +1.5% |
| Stocks and contracts in progress | 3 | €3,101,072 | €3,069,596 | -€31,475 | -1.0% |
| Stocks | 30/36 | €63,239 | €62,938 | -€301 | -0.5% |
| Contracts in progress | 37 | €3,037,833 | €3,006,658 | -€31,175 | -1.0% |
| Amounts receivable within one year | 40/41 | €256,702 | €841,390 | +€584,688 | +228% |
| Trade receivables | 40 | €246,425 | €834,067 | +€587,642 | +238% |
| Other amounts receivable | 41 | €10,277 | €7,323 | -€2,954 | -28.7% |
| Cash at bank and in hand | 54/58 | €740,355 | €250,620 | -€489,735 | -66.1% |
| Deferred charges and accrued income | 490/1 | €21,660 | €19,852 | -€1,807 | -8.3% |
| Total equity and liabilities | 10/49 | €6,213,167 | €6,146,584 | -€66,583 | -1.1% |
| Equity | 10/15 | €1,157,746 | €1,243,229 | +€85,483 | +7.4% |
| Contributions | 10/11 | €312,000 | €312,000 | = | 0.0% |
| Reserves | 13 | €787,187 | €872,670 | +€85,483 | +10.9% |
| Distributable reserves | 133 | €787,187 | €872,670 | +€85,483 | +10.9% |
| Profit (loss) carried forward | 14 | €58,559 | €58,559 | = | 0.0% |
| Amounts payable | 17/49 | €5,055,421 | €4,903,355 | -€152,066 | -3.0% |
| Amounts payable after more than one year | 17 | €1,719,453 | €1,593,092 | -€126,361 | -7.3% |
| Financial debts | 170/4 | €1,719,453 | €1,593,092 | -€126,361 | -7.3% |
| Amounts payable within one year | 42/48 | €3,041,903 | €3,304,849 | +€262,945 | +8.6% |
| Current portion of amounts payable after more than one year | 42 | €364,814 | €449,281 | +€84,466 | +23.2% |
| Financial debts | 43 | €1,000,000 | €1,000,000 | = | 0.0% |
| Other loans | 439 | €1,000,000 | €1,000,000 | = | 0.0% |
| Trade debts | 44 | €636,878 | €596,072 | -€40,806 | -6.4% |
| Suppliers | 440/4 | €636,878 | €596,072 | -€40,806 | -6.4% |
| Taxes, remuneration and social security | 45 | €205,211 | €209,496 | +€4,285 | +2.1% |
| Taxes | 450/3 | €167,100 | €177,171 | +€10,071 | +6.0% |
| Remuneration and social security | 454/9 | €38,111 | €32,325 | -€5,786 | -15.2% |
| Other amounts payable | 47/48 | €835,000 | €1,050,000 | +€215,000 | +25.7% |
| Accrued charges and deferred income | 492/3 | €294,064 | €5,414 | -€288,650 | -98.2% |
| Remuneration, social security and pensions | 62 | €1,285,584 | €1,367,667 | +€82,082 | +6.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €259,633 | €252,251 | -€7,382 | -2.8% |
| Other operating charges | 640/8 | €5,387 | €4,760 | -€627 | -11.6% |
| Non-recurring operating charges | 66A | - | €5,236 | +€5,236 | |
| Gross operating margin | 9900 | €1,936,628 | €1,855,837 | -€80,791 | -4.2% |
| Operating profit (loss) | 9901 | €386,024 | €225,924 | -€160,100 | -41.5% |
| Financial income | 75/76B | €1,538 | €1,628 | +€90 | +5.8% |
| Recurring financial income | 75 | €1,538 | €1,628 | +€90 | +5.8% |
| Financial charges | 65/66B | €176,646 | €92,795 | -€83,851 | -47.5% |
| Recurring financial charges | 65 | €176,646 | €92,795 | -€83,851 | -47.5% |
| Profit (loss) for the period before taxes | 9903 | €210,916 | €134,757 | -€76,160 | -36.1% |
| Income taxes | 67/77 | €72,207 | €49,274 | -€22,933 | -31.8% |
| Profit (loss) for the period | 9904 | €138,710 | €85,483 | -€53,227 | -38.4% |
| Profit (loss) for the period to be appropriated | 9905 | €138,710 | €85,483 | -€53,227 | -38.4% |
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 16 October 2026 via checked.be.