REALED: 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.
REALED
Largest movements
- Tangible fixed assets -€583,681
down €583,681 (-90.2%), from €646,882 to €63,201
of which Land and buildings: -€445,249
- Receivables within one year +€122,112
up €122,112 (+99.3%), from €122,919 to €245,030
of which Other amounts receivable: +€98,722
- Cash -€65,884
down €65,884 (-29.5%), from €223,564 to €157,681
mainly Debts after one year (-€521,292) and Receivables within one year (-€122,112)
- Debts after one year -€521,292
down €521,292 (-100.0%), from €521,292 to €0
- Current portion of long-term debt -€28,936
down €28,936 (-100.0%), from €28,936 to €0
- Trade debts +€17,990
up €17,990 (+30.0%), from €60,064 to €78,054
- Gross operating margin -€132,397
down €132,397 (-25.8%), from €512,213 to €379,817
- Taxes -€31,310
down €31,310 (-71.7%), from €43,660 to €12,350
- Depreciation -€28,969
down €28,969 (-44.3%), from €65,323 to €36,354
- Staff costs +€25,187
up €25,187 (+10.6%), from €236,994 to €262,181
- Financial charges +€10,575
up €10,575 (+74.0%), from €14,295 to €24,870
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 | €1,014,914 | €483,893 | -€531,021 | -52.3% |
| Fixed assets | 21/28 | €653,727 | €66,606 | -€587,121 | -89.8% |
| Intangible fixed assets | 21 | €6,845 | €2,955 | -€3,889 | -56.8% |
| Tangible fixed assets | 22/27 | €646,882 | €63,201 | -€583,681 | -90.2% |
| Land and buildings | 22 | €445,249 | €0 | -€445,249 | -100.0% |
| Plant, machinery and equipment | 23 | €9,937 | €12,249 | +€2,312 | +23.3% |
| Furniture and vehicles | 24 | €191,696 | €50,952 | -€140,744 | -73.4% |
| Financial fixed assets | 28 | - | €450 | +€450 | |
| Current assets | 29/58 | €361,187 | €417,286 | +€56,100 | +15.5% |
| Amounts receivable within one year | 40/41 | €122,919 | €245,030 | +€122,112 | +99.3% |
| Trade receivables | 40 | €106,245 | €129,634 | +€23,389 | +22.0% |
| Other amounts receivable | 41 | €16,674 | €115,396 | +€98,722 | +592.1% |
| Cash at bank and in hand | 54/58 | €223,564 | €157,681 | -€65,884 | -29.5% |
| Deferred charges and accrued income | 490/1 | €14,704 | €14,576 | -€128 | -0.9% |
| Total equity and liabilities | 10/49 | €1,014,914 | €483,893 | -€531,021 | -52.3% |
| Equity | 10/15 | €305,912 | €313,288 | +€7,376 | +2.4% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €296,531 | €303,288 | +€6,757 | +2.3% |
| Distributable reserves | 133 | €296,531 | €303,288 | +€6,757 | +2.3% |
| Profit (loss) carried forward | 14 | -€619 | €0 | +€619 | |
| Amounts payable | 17/49 | €709,002 | €170,605 | -€538,397 | -75.9% |
| Amounts payable after more than one year | 17 | €521,292 | €0 | -€521,292 | -100.0% |
| Financial debts | 170/4 | €521,292 | €0 | -€521,292 | -100.0% |
| Amounts payable within one year | 42/48 | €186,759 | €170,605 | -€16,155 | -8.7% |
| Current portion of amounts payable after more than one year | 42 | €28,936 | €0 | -€28,936 | -100.0% |
| Trade debts | 44 | €60,064 | €78,054 | +€17,990 | +30.0% |
| Suppliers | 440/4 | €60,064 | €78,054 | +€17,990 | +30.0% |
| Taxes, remuneration and social security | 45 | €90,332 | €82,528 | -€7,804 | -8.6% |
| Taxes | 450/3 | €54,248 | €33,358 | -€20,890 | -38.5% |
| Remuneration and social security | 454/9 | €36,084 | €49,170 | +€13,086 | +36.3% |
| Other amounts payable | 47/48 | €7,427 | €10,023 | +€2,596 | +34.9% |
| Accrued charges and deferred income | 492/3 | €950 | €0 | -€950 | -100.0% |
| Remuneration, social security and pensions | 62 | €236,994 | €262,181 | +€25,187 | +10.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,323 | €36,354 | -€28,969 | -44.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €1,338 | €3,839 | +€2,502 | +187.0% |
| Non-recurring operating charges | 66A | - | €31,314 | +€31,314 | |
| Gross operating margin | 9900 | €512,213 | €379,817 | -€132,397 | -25.8% |
| Operating profit (loss) | 9901 | €208,559 | €46,128 | -€162,431 | -77.9% |
| Financial income | 75/76B | €31 | €8,467 | +€8,436 | +27497.8% |
| Recurring financial income | 75 | €31 | €8,467 | +€8,436 | +27497.8% |
| Financial charges | 65/66B | €14,295 | €24,870 | +€10,575 | +74.0% |
| Recurring financial charges | 65 | €14,295 | €24,870 | +€10,575 | +74.0% |
| Profit (loss) for the period before taxes | 9903 | €194,295 | €29,726 | -€164,569 | -84.7% |
| Income taxes | 67/77 | €43,660 | €12,350 | -€31,310 | -71.7% |
| Profit (loss) for the period | 9904 | €150,635 | €17,376 | -€133,259 | -88.5% |
| Profit (loss) for the period to be appropriated | 9905 | €150,635 | €17,376 | -€133,259 | -88.5% |
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 8 October 2026 via checked.be.