RDW: 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.
What changed
RDW
NACE 47.791, Retail sale of antiques
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€596,494
2024 · -€159,534+€756,028
Equity
€14.6m
2024 · €14.0m+€596,494
Cash
€133,346
2024 · €156,694-€23,348
Balance sheet total
€14.6m
2024 · €14.0m+€573,636
Largest movements
Assets
- Current investments +€698,909
up €698,909 (+20.5%), from €3.4m to €4.1m
- Stocks and contracts -€182,514
down €182,514 (-2.7%), from €6.8m to €6.6m
Equity and liabilities
- Profit (loss) carried forward +€596,494
up €596,494 (+66.7%), from -€894,180 to -€297,686
Income statement
- Financial income +€614,370
up €614,370 (+892%), from €68,888 to €683,257
of which Financial income: +€609,178
- Gross operating margin +€99,948
up €99,948, from -€61,023 to €38,924
- Staff costs -€41,572
down €41,572 (-35.0%), from €118,762 to €77,190
- Depreciation +€2,643
up €2,643 (+36.2%), from €7,306 to €9,949
- Financial charges -€1,651
down €1,651 (-16.7%), from €9,900 to €8,249
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
-€159,534
Gross operating margin
+€99,948
Staff costs
+€41,572
Depreciation
-€2,643
Other operating charges
+€1,032
Financial income
+€614,370
Financial charges
+€1,651
Taxes
+€100
Result 2025
€596,494
raises the resultlowers the result
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.
From operations
+€716,911
Investment
-€740,259
Financing
€0
Cash 2024
€156,694
From operations (derived)
+€716,911
Net result for the year
+€596,494
Depreciation
+€9,949
Stocks and contracts
+€182,514
Receivables within one year
-€44,277
Deferred charges and accrued income
-€4,911
Trade debts
-€17,071
Tax, wage and social debts
-€14,717
Other debts
-€3,755
Accrued charges and deferred income
+€12,685
Investment (derived)
-€740,259
Investment in fixed assets (net)
-€41,350
Current investments
-€698,909
Cash 2025
€133,346
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €14,014,760 | €14,588,396 | +€573,636 | +4.1% |
| Fixed assets | 21/28 | €3,584,807 | €3,616,208 | +€31,401 | +0.9% |
| Tangible fixed assets | 22/27 | €3,584,346 | €3,615,858 | +€31,513 | +0.9% |
| Land and buildings | 22 | €3,568,105 | €3,577,211 | +€9,106 | +0.3% |
| Plant, machinery and equipment | 23 | €9,765 | €6,507 | -€3,258 | -33.4% |
| Furniture and vehicles | 24 | €6,476 | €32,141 | +€25,665 | +396% |
| Financial fixed assets | 28 | €462 | €350 | -€112 | -24.2% |
| Current assets | 29/58 | €10,429,953 | €10,972,187 | +€542,235 | +5.2% |
| Stocks and contracts in progress | 3 | €6,802,017 | €6,619,503 | -€182,514 | -2.7% |
| Stocks | 30/36 | €6,802,017 | €6,619,503 | -€182,514 | -2.7% |
| Amounts receivable within one year | 40/41 | €46,551 | €90,828 | +€44,277 | +95.1% |
| Trade receivables | 40 | €3,648 | - | -€3,648 | |
| Other amounts receivable | 41 | €42,903 | €90,828 | +€47,924 | +112% |
| Current investments | 50/53 | €3,401,091 | €4,100,000 | +€698,909 | +20.5% |
| Cash at bank and in hand | 54/58 | €156,694 | €133,346 | -€23,348 | -14.9% |
| Deferred charges and accrued income | 490/1 | €23,599 | €28,510 | +€4,911 | +20.8% |
| Total equity and liabilities | 10/49 | €14,014,760 | €14,588,396 | +€573,636 | +4.1% |
| Equity | 10/15 | €13,967,403 | €14,563,898 | +€596,494 | +4.3% |
| Contributions | 10/11 | €14,861,584 | €14,861,584 | = | 0.0% |
| Capital | 10 | €14,861,584 | €14,861,584 | = | 0.0% |
| Issued capital | 100 | €14,861,584 | €14,861,584 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€894,180 | -€297,686 | +€596,494 | +66.7% |
| Amounts payable | 17/49 | €47,357 | €24,498 | -€22,858 | -48.3% |
| Amounts payable within one year | 42/48 | €39,408 | €3,865 | -€35,543 | -90.2% |
| Trade debts | 44 | €20,935 | €3,865 | -€17,071 | -81.5% |
| Suppliers | 440/4 | €20,935 | €3,865 | -€17,071 | -81.5% |
| Taxes, remuneration and social security | 45 | €14,717 | - | -€14,717 | |
| Taxes | 450/3 | €909 | - | -€909 | |
| Remuneration and social security | 454/9 | €13,808 | - | -€13,808 | |
| Other amounts payable | 47/48 | €3,755 | - | -€3,755 | |
| Accrued charges and deferred income | 492/3 | €7,949 | €20,634 | +€12,685 | +160% |
| Remuneration, social security and pensions | 62 | €118,762 | €77,190 | -€41,572 | -35.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,306 | €9,949 | +€2,643 | +36.2% |
| Other operating charges | 640/8 | €31,298 | €30,267 | -€1,032 | -3.3% |
| Gross operating margin | 9900 | -€61,023 | €38,924 | +€99,948 | |
| Operating profit (loss) | 9901 | -€218,389 | -€78,481 | +€139,908 | +64.1% |
| Financial income | 75/76B | €68,888 | €683,257 | +€614,370 | +892% |
| Recurring financial income | 75 | €68,888 | €678,065 | +€609,178 | +884% |
| Non-recurring financial income | 76B | - | €5,192 | +€5,192 | |
| Financial charges | 65/66B | €9,900 | €8,249 | -€1,651 | -16.7% |
| Recurring financial charges | 65 | €9,900 | €8,249 | -€1,651 | -16.7% |
| Profit (loss) for the period before taxes | 9903 | -€159,402 | €596,526 | +€755,928 | |
| Income taxes | 67/77 | €132 | €32 | -€100 | -75.7% |
| Profit (loss) for the period | 9904 | -€159,534 | €596,494 | +€756,028 | |
| Profit (loss) for the period to be appropriated | 9905 | -€159,534 | €596,494 | +€756,028 |
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 20 October 2026 via checked.be.