RE Panels 3: 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
RE Panels 3
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€11.8m
2024 · -€3.8m+€15.6m
Equity
€81.4m
2024 · €76.7m+€4.8m
Cash
€13.7m
2024 · €2.7m+€10.9m
Balance sheet total
€205.8m
2024 · €159.4m+€46.4m
Largest movements
Assets
- Receivables within one year +€18.7m
up €18.7m (+414%), from €4.5m to €23.2m
of which Trade receivables: +€12.9m
- Intangible fixed assets +€17.2m
up €17.2m (+392%), from €4.4m to €21.6m
- Cash +€10.9m
up €10.9m (+398%), from €2.7m to €13.7m
mainly Trade debts (+€42.7m) and Net result for the year (+€11.8m)
Equity and liabilities
- Trade debts +€42.7m
up €42.7m (+741%), from €5.8m to €48.5m
- Debts after one year -€4.6m
down €4.6m (-6.8%), from €67.6m to €63.0m
- Profit (loss) carried forward +€4.2m
up €4.2m (+171%), from €2.5m to €6.6m
- Other debts +€2.8m
up €2.8m (+65.5%), from €4.3m to €7.1m
Income statement
- Gross operating margin +€11.4m
up €11.4m (+1,600%), from €712,366 to €12.1m
- Financial income +€6.4m
up €6.4m (+340%), from €1.9m to €8.3m
- Depreciation +€2.2m
up €2.2m (+266%), from €841,298 to €3.1m
- Financial charges -€764,835
down €764,835 (-16.6%), from €4.6m to €3.8m
- Staff costs +€371,125
up €371,125 (+37.9%), from €978,306 to €1.3m
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
-€3.8m
Gross operating margin
+€11.4m
Staff costs
-€371,125
Depreciation
-€2.2m
Write-downs
-€49,813
Other operating charges
+€4,457
Financial income
+€6.4m
Financial charges
+€764,835
Taxes
-€289,534
Result 2025
€11.8m
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
+€41.8m
Investment
-€19.8m
Financing
-€11.1m
Cash 2024
€2.7m
From operations (derived)
+€41.8m
Net result for the year
+€11.8m
Depreciation
+€3.1m
Receivables within one year
-€18.7m
Deferred charges and accrued income
+€32,172
Trade debts
+€42.7m
Tax, wage and social debts
+€354,409
Other debts
+€2.8m
Accrued charges and deferred income
-€196,265
Investment (derived)
-€19.8m
Investment in fixed assets (net)
-€19.8m
Financing
-€11.1m
Debts after one year
-€4.6m
Current portion of long-term debt
+€500,000
Short-term financial debts
-€2,696
Contributions, distributions and other
-€7.0m
Cash 2025
€13.7m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €159,436,683 | €205,796,512 | +€46.4m | +29.1% |
| Formation expenses | 20 | €3,062,778 | €2,515,651 | -€547,127 | -17.9% |
| Fixed assets | 21/28 | €113,980,018 | €131,275,313 | +€17.3m | +15.2% |
| Intangible fixed assets | 21 | €4,396,872 | €21,619,993 | +€17.2m | +392% |
| Tangible fixed assets | 22/27 | €44,542 | €93,389 | +€48,847 | +110% |
| Furniture and vehicles | 24 | €44,542 | €93,389 | +€48,847 | +110% |
| Financial fixed assets | 28 | €109,538,605 | €109,561,931 | +€23,326 | 0.0% |
| Current assets | 29/58 | €42,393,887 | €72,005,548 | +€29.6m | +69.8% |
| Amounts receivable after more than one year | 29 | €35,000,000 | €35,000,000 | = | 0.0% |
| Other amounts receivable | 291 | €35,000,000 | €35,000,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €4,526,082 | €23,247,426 | +€18.7m | +414% |
| Trade receivables | 40 | €4,193,477 | €17,138,930 | +€12.9m | +309% |
| Other amounts receivable | 41 | €332,606 | €6,108,496 | +€5.8m | +1,737% |
| Cash at bank and in hand | 54/58 | €2,747,217 | €13,669,707 | +€10.9m | +398% |
| Deferred charges and accrued income | 490/1 | €120,588 | €88,415 | -€32,172 | -26.7% |
| Total equity and liabilities | 10/49 | €159,436,683 | €205,796,512 | +€46.4m | +29.1% |
| Equity | 10/15 | €76,657,960 | €81,435,335 | +€4.8m | +6.2% |
| Contributions | 10/11 | €67,461,500 | €67,461,500 | = | 0.0% |
| Capital | 10 | €67,461,500 | €67,461,500 | = | 0.0% |
| Issued capital | 100 | €67,461,500 | €67,461,500 | = | 0.0% |
| Reserves | 13 | €6,746,150 | €7,335,019 | +€588,869 | +8.7% |
| Non-distributable reserves | 130/1 | €6,746,150 | €7,335,019 | +€588,869 | +8.7% |
| Legal reserve | 130 | €6,746,150 | €7,335,019 | +€588,869 | +8.7% |
| Profit (loss) carried forward | 14 | €2,450,310 | €6,638,817 | +€4.2m | +171% |
| Amounts payable | 17/49 | €82,778,723 | €124,361,177 | +€41.6m | +50.2% |
| Amounts payable after more than one year | 17 | €67,600,000 | €63,000,000 | -€4.6m | -6.8% |
| Financial debts | 170/4 | €67,600,000 | €63,000,000 | -€4.6m | -6.8% |
| Amounts payable within one year | 42/48 | €14,306,107 | €60,684,827 | +€46.4m | +324% |
| Current portion of amounts payable after more than one year | 42 | €4,100,000 | €4,600,000 | +€500,000 | +12.2% |
| Financial debts | 43 | €7,330 | €4,634 | -€2,696 | -36.8% |
| Credit institutions | 430/8 | €7,330 | €4,634 | -€2,696 | -36.8% |
| Trade debts | 44 | €5,762,733 | €48,475,954 | +€42.7m | +741% |
| Suppliers | 440/4 | €5,762,733 | €48,475,954 | +€42.7m | +741% |
| Taxes, remuneration and social security | 45 | €138,090 | €492,499 | +€354,409 | +257% |
| Taxes | 450/3 | €93,404 | €353,532 | +€260,128 | +278% |
| Remuneration and social security | 454/9 | €44,686 | €138,967 | +€94,281 | +211% |
| Other amounts payable | 47/48 | €4,297,954 | €7,111,740 | +€2.8m | +65.5% |
| Accrued charges and deferred income | 492/3 | €872,615 | €676,350 | -€196,265 | -22.5% |
| Remuneration, social security and pensions | 62 | €978,306 | €1,349,431 | +€371,125 | +37.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €841,298 | €3,076,057 | +€2.2m | +266% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €49,813 | +€49,813 | |
| Other operating charges | 640/8 | €6,353 | €1,897 | -€4,457 | -70.1% |
| Gross operating margin | 9900 | €712,366 | €12,112,551 | +€11.4m | +1,600% |
| Operating profit (loss) | 9901 | -€1,113,592 | €7,635,354 | +€8.7m | |
| Financial income | 75/76B | €1,880,646 | €8,278,068 | +€6.4m | +340% |
| Recurring financial income | 75 | €1,880,646 | €8,278,068 | +€6.4m | +340% |
| Financial charges | 65/66B | €4,605,516 | €3,840,681 | -€764,835 | -16.6% |
| Recurring financial charges | 65 | €4,605,516 | €3,840,681 | -€764,835 | -16.6% |
| Profit (loss) for the period before taxes | 9903 | -€3,838,462 | €12,072,741 | +€15.9m | |
| Income taxes | 67/77 | €5,831 | €295,365 | +€289,534 | +4,966% |
| Profit (loss) for the period | 9904 | -€3,844,293 | €11,777,376 | +€15.6m | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,844,293 | €11,777,376 | +€15.6m |
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 23 October 2026 via checked.be.