RDW MANAGEMENT: 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.
RDW MANAGEMENT
Largest movements
- Receivables after one year +€328,384
up €328,384 (+215%), from €152,534 to €480,918
- Cash -€103,526
down €103,526 (-70.0%), from €147,803 to €44,276
mainly Receivables after one year (-€328,384) and Contributions, distributions and other (-€152,520)
- Current investments -€100,000
down €100,000 (-22.2%), from €450,000 to €350,000
- Receivables within one year +€58,856
up €58,856 (+27.7%), from €212,408 to €271,265
of which Trade receivables: +€59,399
- Tangible fixed assets +€38,614
up €38,614 (+132%), from €29,238 to €67,852
of which Land and buildings: +€35,574
- Reserves +€122,463
up €122,463 (+16.9%), from €725,995 to €848,458
- Tax, wage and social debts +€88,574
up €88,574 (+176%), from €50,217 to €138,790
of which Taxes: +€91,826
- Trade debts +€61,255
up €61,255 (+738%), from €8,299 to €69,554
- Other debts -€59,183
down €59,183 (-28.8%), from €205,683 to €146,499
- Write-downs -€207,345
down €207,345, from €100,000 to -€107,345
- Taxes +€117,006
up €117,006 (+758%), from €15,445 to €132,451
- Gross operating margin +€24,783
up €24,783 (+8.8%), from €282,401 to €307,185
- Staff costs -€17,360
down €17,360 (-66.4%), from €26,141 to €8,780
- Financial income +€10,824
up €10,824 (+134%), from €8,049 to €18,874
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 | €1,011,177 | €1,222,740 | +€211,563 | +20.9% |
| Fixed assets | 21/28 | €29,551 | €68,165 | +€38,614 | +131% |
| Tangible fixed assets | 22/27 | €29,238 | €67,852 | +€38,614 | +132% |
| Land and buildings | 22 | €9,531 | €45,105 | +€35,574 | +373% |
| Plant, machinery and equipment | 23 | €933 | €0 | -€933 | -100.0% |
| Furniture and vehicles | 24 | €17,752 | €22,268 | +€4,516 | +25.4% |
| Other tangible fixed assets | 26 | €1,023 | €480 | -€543 | -53.1% |
| Financial fixed assets | 28 | €313 | €313 | = | 0.0% |
| Current assets | 29/58 | €981,626 | €1,154,575 | +€172,949 | +17.6% |
| Amounts receivable after more than one year | 29 | €152,534 | €480,918 | +€328,384 | +215% |
| Other amounts receivable | 291 | €152,534 | €480,918 | +€328,384 | +215% |
| Stocks and contracts in progress | 3 | €6,455 | €6,245 | -€209 | -3.2% |
| Stocks | 30/36 | €6,455 | €6,245 | -€209 | -3.2% |
| Amounts receivable within one year | 40/41 | €212,408 | €271,265 | +€58,856 | +27.7% |
| Trade receivables | 40 | €42,140 | €101,538 | +€59,399 | +141% |
| Other amounts receivable | 41 | €170,269 | €169,726 | -€543 | -0.3% |
| Current investments | 50/53 | €450,000 | €350,000 | -€100,000 | -22.2% |
| Cash at bank and in hand | 54/58 | €147,803 | €44,276 | -€103,526 | -70.0% |
| Deferred charges and accrued income | 490/1 | €12,426 | €1,871 | -€10,555 | -84.9% |
| Total equity and liabilities | 10/49 | €1,011,177 | €1,222,740 | +€211,563 | +20.9% |
| Equity | 10/15 | €741,656 | €864,120 | +€122,463 | +16.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €725,995 | €848,458 | +€122,463 | +16.9% |
| Distributable reserves | 133 | €725,995 | €848,458 | +€122,463 | +16.9% |
| Profit (loss) carried forward | 14 | €3,261 | €3,261 | = | 0.0% |
| Amounts payable | 17/49 | €269,521 | €358,620 | +€89,100 | +33.1% |
| Amounts payable within one year | 42/48 | €266,457 | €354,843 | +€88,386 | +33.2% |
| Trade debts | 44 | €8,299 | €69,554 | +€61,255 | +738% |
| Suppliers | 440/4 | €8,299 | €69,554 | +€61,255 | +738% |
| Advances received on contracts in progress | 46 | €2,259 | - | -€2,259 | |
| Taxes, remuneration and social security | 45 | €50,217 | €138,790 | +€88,574 | +176% |
| Taxes | 450/3 | €44,533 | €136,360 | +€91,826 | +206% |
| Remuneration and social security | 454/9 | €5,683 | €2,431 | -€3,253 | -57.2% |
| Other amounts payable | 47/48 | €205,683 | €146,499 | -€59,183 | -28.8% |
| Accrued charges and deferred income | 492/3 | €3,064 | €3,777 | +€713 | +23.3% |
| Remuneration, social security and pensions | 62 | €26,141 | €8,780 | -€17,360 | -66.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,630 | €9,181 | -€449 | -4.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €100,000 | -€107,345 | -€207,345 | |
| Other operating charges | 640/8 | €7,471 | €5,449 | -€2,022 | -27.1% |
| Gross operating margin | 9900 | €282,401 | €307,185 | +€24,783 | +8.8% |
| Operating profit (loss) | 9901 | €139,159 | €391,120 | +€251,961 | +181% |
| Financial income | 75/76B | €8,049 | €18,874 | +€10,824 | +134% |
| Recurring financial income | 75 | €8,049 | €18,874 | +€10,824 | +134% |
| Financial charges | 65/66B | €3,738 | €2,559 | -€1,179 | -31.6% |
| Recurring financial charges | 65 | €3,738 | €2,559 | -€1,179 | -31.6% |
| Profit (loss) for the period before taxes | 9903 | €143,470 | €407,435 | +€263,964 | +184% |
| Income taxes | 67/77 | €15,445 | €132,451 | +€117,006 | +758% |
| Profit (loss) for the period | 9904 | €128,025 | €274,983 | +€146,958 | +115% |
| Profit (loss) for the period to be appropriated | 9905 | €128,025 | €274,983 | +€146,958 | +115% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.