RE Panels 1: 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.
RE Panels 1
Largest movements
No asset line moved by more than 1% of the balance sheet total.
- Profit (loss) carried forward +€1.9m
up €1.9m, from -€1.9m to €72,803
- Contributions -€1.9m
down €1.9m (-2.8%), from €67.5m to €65.6m
- Financial income +€6.6m
new in 2025: €6.6m
- Gross operating margin +€192,608
up €192,608 (+53.7%), from -€358,343 to -€165,736
- Financial charges +€4,937
up €4,937 (+14.3%), from €34,529 to €39,466
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €67,594,434 | €68,203,111 | +€608,677 | +0.9% |
| Formation expenses | 20 | €69,974 | €56,441 | -€13,533 | -19.3% |
| Fixed assets | 21/28 | €67,480,200 | €67,480,200 | = | 0.0% |
| Financial fixed assets | 28 | €67,480,200 | €67,480,200 | = | 0.0% |
| Current assets | 29/58 | €44,260 | €666,470 | +€622,210 | +1405.8% |
| Amounts receivable within one year | 40/41 | €86 | €5,423 | +€5,337 | +6190.3% |
| Trade receivables | 40 | - | €3,702 | +€3,702 | |
| Other amounts receivable | 41 | €86 | €1,721 | +€1,635 | +1896.2% |
| Cash at bank and in hand | 54/58 | €16,713 | €634,955 | +€618,242 | +3699.2% |
| Deferred charges and accrued income | 490/1 | €27,461 | €26,093 | -€1,368 | -5.0% |
| Total equity and liabilities | 10/49 | €67,594,434 | €68,203,111 | +€608,677 | +0.9% |
| Equity | 10/15 | €65,638,983 | €66,030,250 | +€391,267 | +0.6% |
| Contributions | 10/11 | €67,500,000 | €65,638,983 | -€1.9m | -2.8% |
| Capital | 10 | €67,500,000 | €65,638,983 | -€1.9m | -2.8% |
| Issued capital | 100 | €67,500,000 | €65,638,983 | -€1.9m | -2.8% |
| Reserves | 13 | - | €318,463 | +€318,463 | |
| Non-distributable reserves | 130/1 | - | €318,463 | +€318,463 | |
| Legal reserve | 130 | - | €318,463 | +€318,463 | |
| Profit (loss) carried forward | 14 | -€1,861,017 | €72,803 | +€1.9m | |
| Amounts payable | 17/49 | €1,955,451 | €2,172,861 | +€217,411 | +11.1% |
| Amounts payable after more than one year | 17 | €770,584 | €770,584 | = | 0.0% |
| Financial debts | 170/4 | €770,584 | €770,584 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,184,867 | €1,402,278 | +€217,411 | +18.3% |
| Trade debts | 44 | €3,901 | €54,155 | +€50,254 | +1288.1% |
| Suppliers | 440/4 | €3,901 | €54,155 | +€50,254 | +1288.1% |
| Other amounts payable | 47/48 | €1,180,966 | €1,348,123 | +€167,157 | +14.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,533 | €13,533 | = | 0.0% |
| Other operating charges | 640/8 | €968 | €998 | +€31 | +3.2% |
| Gross operating margin | 9900 | -€358,343 | -€165,736 | +€192,608 | +53.7% |
| Operating profit (loss) | 9901 | -€372,844 | -€180,267 | +€192,577 | +51.7% |
| Financial income | 75/76B | - | €6,589,000 | +€6.6m | |
| Recurring financial income | 75 | - | €6,589,000 | +€6.6m | |
| Financial charges | 65/66B | €34,529 | €39,466 | +€4,937 | +14.3% |
| Recurring financial charges | 65 | €34,529 | €39,466 | +€4,937 | +14.3% |
| Profit (loss) for the period before taxes | 9903 | -€407,373 | €6,369,267 | +€6.8m | |
| Profit (loss) for the period | 9904 | -€407,373 | €6,369,267 | +€6.8m | |
| Profit (loss) for the period to be appropriated | 9905 | -€407,373 | €6,369,267 | +€6.8m |
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 10 October 2026 via checked.be.