RE4M: 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.
RE4M
Largest movements
- Tangible fixed assets +€224,052
up €224,052 (+491%), from €45,623 to €269,674
of which Land and buildings: +€186,304
- Cash -€54,450
down €54,450 (-55.5%), from €98,025 to €43,576
mainly Investment in fixed assets (net) (-€231,134) and Contributions, distributions and other (-€32,833)
- Debts after one year +€163,496
up €163,496 (+124%), from €131,964 to €295,460
- Profit (loss) carried forward +€53,185
up €53,185 (+31.6%), from €168,389 to €221,574
- Reserves -€32,000
down €32,000 (-18.3%), from €174,856 to €142,856
of which Distributable reserves: -€32,000
- Trade debts -€27,887
down €27,887 (-43.2%), from €64,486 to €36,599
- Gross operating margin +€62,437
up €62,437 (+57.8%), from €108,043 to €170,480
- Other operating charges +€33,832
up €33,832 (+1,290%), from €2,622 to €36,454
- Financial charges +€22,617
up €22,617 (+82.2%), from €27,509 to €50,126
- Taxes -€7,636
down €7,636 (-24.9%), from €30,621 to €22,985
- Financial income -€3,698
down €3,698 (-95.2%), from €3,883 to €185
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 | €1,551,094 | €1,729,753 | +€178,660 | +11.5% |
| Fixed assets | 21/28 | €1,417,549 | €1,641,600 | +€224,052 | +15.8% |
| Tangible fixed assets | 22/27 | €45,623 | €269,674 | +€224,052 | +491% |
| Land and buildings | 22 | - | €186,304 | +€186,304 | |
| Plant, machinery and equipment | 23 | €24,566 | €78,029 | +€53,464 | +218% |
| Furniture and vehicles | 24 | €18,190 | €2,716 | -€15,475 | -85.1% |
| Leasing and similar rights | 25 | €242 | - | -€242 | |
| Other tangible fixed assets | 26 | €2,625 | €2,625 | = | 0.0% |
| Financial fixed assets | 28 | €1,371,926 | €1,371,926 | = | 0.0% |
| Current assets | 29/58 | €133,545 | €88,153 | -€45,392 | -34.0% |
| Amounts receivable within one year | 40/41 | €34,301 | €41,811 | +€7,510 | +21.9% |
| Trade receivables | 40 | €17,522 | €23,032 | +€5,510 | +31.4% |
| Other amounts receivable | 41 | €16,779 | €18,779 | +€2,000 | +11.9% |
| Cash at bank and in hand | 54/58 | €98,025 | €43,576 | -€54,450 | -55.5% |
| Deferred charges and accrued income | 490/1 | €1,219 | €2,767 | +€1,548 | +127% |
| Total equity and liabilities | 10/49 | €1,551,094 | €1,729,753 | +€178,660 | +11.5% |
| Equity | 10/15 | €675,645 | €696,830 | +€21,185 | +3.1% |
| Contributions | 10/11 | €332,400 | €332,400 | = | 0.0% |
| Reserves | 13 | €174,856 | €142,856 | -€32,000 | -18.3% |
| Tax-exempt reserves | 132 | €2,256 | €2,256 | = | 0.0% |
| Distributable reserves | 133 | €172,600 | €140,600 | -€32,000 | -18.5% |
| Profit (loss) carried forward | 14 | €168,389 | €221,574 | +€53,185 | +31.6% |
| Amounts payable | 17/49 | €875,448 | €1,032,923 | +€157,475 | +18.0% |
| Amounts payable after more than one year | 17 | €131,964 | €295,460 | +€163,496 | +124% |
| Financial debts | 170/4 | €131,964 | €295,460 | +€163,496 | +124% |
| Amounts payable within one year | 42/48 | €718,490 | €695,230 | -€23,261 | -3.2% |
| Current portion of amounts payable after more than one year | 42 | €48,482 | €51,504 | +€3,022 | +6.2% |
| Trade debts | 44 | €64,486 | €36,599 | -€27,887 | -43.2% |
| Suppliers | 440/4 | €64,486 | €36,599 | -€27,887 | -43.2% |
| Taxes, remuneration and social security | 45 | €37,904 | €44,928 | +€7,024 | +18.5% |
| Taxes | 450/3 | €37,904 | €44,928 | +€7,024 | +18.5% |
| Other amounts payable | 47/48 | €567,618 | €562,199 | -€5,419 | -1.0% |
| Accrued charges and deferred income | 492/3 | €24,994 | €42,233 | +€17,239 | +69.0% |
| Non-recurring operating income | 76A | - | €13,791 | +€13,791 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,621 | €7,082 | +€2,461 | +53.3% |
| Other operating charges | 640/8 | €2,622 | €36,454 | +€33,832 | +1,290% |
| Gross operating margin | 9900 | €108,043 | €170,480 | +€62,437 | +57.8% |
| Operating profit (loss) | 9901 | €100,800 | €126,944 | +€26,144 | +25.9% |
| Financial income | 75/76B | €3,883 | €185 | -€3,698 | -95.2% |
| Recurring financial income | 75 | €3,883 | €185 | -€3,698 | -95.2% |
| Financial charges | 65/66B | €27,509 | €50,126 | +€22,617 | +82.2% |
| Recurring financial charges | 65 | €27,509 | €50,126 | +€22,617 | +82.2% |
| Profit (loss) for the period before taxes | 9903 | €77,173 | €77,003 | -€170 | -0.2% |
| Income taxes | 67/77 | €30,621 | €22,985 | -€7,636 | -24.9% |
| Profit (loss) for the period | 9904 | €46,553 | €54,018 | +€7,465 | +16.0% |
| Profit (loss) for the period to be appropriated | 9905 | €46,553 | €54,018 | +€7,465 | +16.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.