Real Win: what changed
Two fiscal 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.
Real Win
Largest movements
- Tangible fixed assets +€1.3m
up €1.3m (+44.0%), from €3.0m to €4.3m
of which Plant, machinery and equipment: +€1.9m
- Stocks and contracts +€348,616
up €348,616 (+38.3%), from €909,356 to €1.3m
of which Stocks: +€265,238
- Cash -€179,148
down €179,148 (-49.8%), from €360,004 to €180,857
mainly Investment in fixed assets (net) (-€1.8m) and Stocks and contracts (-€348,616)
- Receivables within one year +€123,380
up €123,380 (+17.9%), from €690,227 to €813,607
of which Trade receivables: +€131,982
- Debts after one year +€664,173
up €664,173 (+83.6%), from €794,719 to €1.5m
of which Financial debts: +€938,602
- Reserves +€448,398
up €448,398 (+18.7%), from €2.4m to €2.9m
of which Distributable reserves: +€446,398
- Trade debts +€281,402
up €281,402 (+39.7%), from €709,646 to €991,048
- Advances received +€137,927
up €137,927 (+385.0%), from €35,826 to €173,753
- Gross operating margin +€258,427
up €258,427 (+8.4%), from €3.1m to €3.3m
- Write-downs -€125,000
down €125,000, from €87,611 to -€37,388
- Staff costs +€118,853
up €118,853 (+5.0%), from €2.4m to €2.5m
- Depreciation +€76,247
up €76,247 (+17.8%), from €427,408 to €503,656
- Other operating charges +€49,002
up €49,002 (+128.1%), from €38,267 to €87,269
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 | €5,035,018 | €6,671,111 | +€1.6m | +32.5% |
| Fixed assets | 21/28 | €3,023,109 | €4,337,168 | +€1.3m | +43.5% |
| Intangible fixed assets | 21 | €23,465 | €17,385 | -€6,080 | -25.9% |
| Tangible fixed assets | 22/27 | €2,999,644 | €4,319,783 | +€1.3m | +44.0% |
| Plant, machinery and equipment | 23 | €296,659 | €2,186,180 | +€1.9m | +636.9% |
| Furniture and vehicles | 24 | €34,111 | €59,206 | +€25,095 | +73.6% |
| Leasing and similar rights | 25 | €2,208,577 | €2,014,254 | -€194,323 | -8.8% |
| Other tangible fixed assets | 26 | €66,048 | €60,142 | -€5,906 | -8.9% |
| Assets under construction and advance payments | 27 | €394,248 | €0 | -€394,248 | -100.0% |
| Current assets | 29/58 | €2,011,909 | €2,333,944 | +€322,034 | +16.0% |
| Stocks and contracts in progress | 3 | €909,356 | €1,257,972 | +€348,616 | +38.3% |
| Stocks | 30/36 | €812,731 | €1,077,970 | +€265,238 | +32.6% |
| Contracts in progress | 37 | €96,625 | €180,002 | +€83,377 | +86.3% |
| Amounts receivable within one year | 40/41 | €690,227 | €813,607 | +€123,380 | +17.9% |
| Trade receivables | 40 | €610,985 | €742,967 | +€131,982 | +21.6% |
| Other amounts receivable | 41 | €79,243 | €70,640 | -€8,602 | -10.9% |
| Cash at bank and in hand | 54/58 | €360,004 | €180,857 | -€179,148 | -49.8% |
| Deferred charges and accrued income | 490/1 | €52,321 | €81,509 | +€29,187 | +55.8% |
| Total equity and liabilities | 10/49 | €5,035,018 | €6,671,111 | +€1.6m | +32.5% |
| Equity | 10/15 | €2,553,967 | €3,022,365 | +€468,398 | +18.3% |
| Contributions | 10/11 | €60,000 | €80,000 | +€20,000 | +33.3% |
| Reserves | 13 | €2,403,533 | €2,851,931 | +€448,398 | +18.7% |
| Non-distributable reserves | 130/1 | €6,000 | €8,000 | +€2,000 | +33.3% |
| Reserves not available under the articles | 1311 | €6,000 | €8,000 | +€2,000 | +33.3% |
| Distributable reserves | 133 | €2,397,533 | €2,843,931 | +€446,398 | +18.6% |
| Investment grants | 15 | €90,434 | €90,434 | = | 0.0% |
| Amounts payable | 17/49 | €2,481,051 | €3,648,747 | +€1.2m | +47.1% |
| Amounts payable after more than one year | 17 | €794,719 | €1,458,892 | +€664,173 | +83.6% |
| Financial debts | 170/4 | €520,290 | €1,458,892 | +€938,602 | +180.4% |
| Other amounts payable | 178/9 | €274,429 | €0 | -€274,429 | -100.0% |
| Amounts payable within one year | 42/48 | €1,629,095 | €2,139,761 | +€510,666 | +31.3% |
| Current portion of amounts payable after more than one year | 42 | €517,624 | €577,121 | +€59,496 | +11.5% |
| Trade debts | 44 | €709,646 | €991,048 | +€281,402 | +39.7% |
| Suppliers | 440/4 | €709,646 | €991,048 | +€281,402 | +39.7% |
| Advances received on contracts in progress | 46 | €35,826 | €173,753 | +€137,927 | +385.0% |
| Taxes, remuneration and social security | 45 | €365,758 | €397,525 | +€31,767 | +8.7% |
| Taxes | 450/3 | €80,696 | €88,845 | +€8,150 | +10.1% |
| Remuneration and social security | 454/9 | €285,063 | €308,679 | +€23,617 | +8.3% |
| Other amounts payable | 47/48 | €240 | €315 | +€75 | +31.3% |
| Accrued charges and deferred income | 492/3 | €57,237 | €50,094 | -€7,144 | -12.5% |
| Non-recurring operating income | 76A | €5,000 | €20,000 | +€15,000 | +300.0% |
| Remuneration, social security and pensions | 62 | €2,375,689 | €2,494,542 | +€118,853 | +5.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €427,408 | €503,656 | +€76,247 | +17.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €87,611 | -€37,388 | -€125,000 | |
| Other operating charges | 640/8 | €38,267 | €87,269 | +€49,002 | +128.1% |
| Non-recurring operating charges | 66A | - | €18,390 | +€18,390 | |
| Gross operating margin | 9900 | €3,060,901 | €3,319,328 | +€258,427 | +8.4% |
| Operating profit (loss) | 9901 | €131,926 | €252,860 | +€120,934 | +91.7% |
| Financial income | 75/76B | €11,768 | €1,611 | -€10,157 | -86.3% |
| Recurring financial income | 75 | €11,768 | €1,611 | -€10,157 | -86.3% |
| Financial charges | 65/66B | €99,719 | €69,699 | -€30,019 | -30.1% |
| Recurring financial charges | 65 | €99,719 | €69,699 | -€30,019 | -30.1% |
| Profit (loss) for the period before taxes | 9903 | €43,975 | €184,771 | +€140,796 | +320.2% |
| Income taxes | 67/77 | €2,256 | €2,252 | -€4 | -0.2% |
| Profit (loss) for the period | 9904 | €41,719 | €182,520 | +€140,800 | +337.5% |
| Profit (loss) for the period to be appropriated | 9905 | €41,719 | €182,520 | +€140,800 | +337.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.