RELAIS: 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.
RELAIS
Largest movements
- Stocks and contracts +€12,426
up €12,426 (+596%), from €2,085 to €14,511
- Cash -€6,271
down €6,271 (-55.0%), from €11,400 to €5,129
mainly Stocks and contracts (-€12,426) and Trade debts (-€511)
- Tangible fixed assets -€1,597
down €1,597 (-25.0%), from €6,386 to €4,790
of which Furniture and vehicles: -€1,251
- Receivables within one year -€1,061
down €1,061 (-44.3%), from €2,396 to €1,335
- Intangible fixed assets -€400
down €400 (-25.0%), from €1,600 to €1,200
- Profit (loss) carried forward +€4,029
up €4,029 (+19.6%), from €20,566 to €24,595
- Trade debts -€511
down €511 (-41.5%), from €1,232 to €721
- Tax, wage and social debts -€420
down €420 (-5.4%), from €7,848 to €7,428
of which Remuneration and social security: -€249
- Staff costs +€21,262
up €21,262 (+379%), from €5,604 to €26,866
- Gross operating margin +€19,740
up €19,740 (+126%), from €15,638 to €35,378
- Other operating charges +€778
up €778 (+130%), from €597 to €1,375
- Taxes -€457
down €457 (-31.2%), from €1,464 to €1,007
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 | €29,645 | €32,743 | +€3,098 | +10.5% |
| Fixed assets | 21/28 | €13,764 | €11,768 | -€1,997 | -14.5% |
| Intangible fixed assets | 21 | €1,600 | €1,200 | -€400 | -25.0% |
| Tangible fixed assets | 22/27 | €6,386 | €4,790 | -€1,597 | -25.0% |
| Plant, machinery and equipment | 23 | €1,382 | €1,037 | -€346 | -25.0% |
| Furniture and vehicles | 24 | €5,004 | €3,753 | -€1,251 | -25.0% |
| Financial fixed assets | 28 | €5,778 | €5,778 | = | 0.0% |
| Current assets | 29/58 | €15,880 | €20,975 | +€5,095 | +32.1% |
| Stocks and contracts in progress | 3 | €2,085 | €14,511 | +€12,426 | +596% |
| Stocks | 30/36 | €2,085 | €14,511 | +€12,426 | +596% |
| Amounts receivable within one year | 40/41 | €2,396 | €1,335 | -€1,061 | -44.3% |
| Other amounts receivable | 41 | €2,396 | €1,335 | -€1,061 | -44.3% |
| Cash at bank and in hand | 54/58 | €11,400 | €5,129 | -€6,271 | -55.0% |
| Total equity and liabilities | 10/49 | €29,645 | €32,743 | +€3,098 | +10.5% |
| Equity | 10/15 | €20,566 | €24,595 | +€4,029 | +19.6% |
| Profit (loss) carried forward | 14 | €20,566 | €24,595 | +€4,029 | +19.6% |
| Amounts payable | 17/49 | €9,079 | €8,148 | -€931 | -10.3% |
| Amounts payable within one year | 42/48 | €9,079 | €8,148 | -€931 | -10.3% |
| Trade debts | 44 | €1,232 | €721 | -€511 | -41.5% |
| Suppliers | 440/4 | €1,232 | €721 | -€511 | -41.5% |
| Taxes, remuneration and social security | 45 | €7,848 | €7,428 | -€420 | -5.4% |
| Taxes | 450/3 | €5,727 | €5,556 | -€171 | -3.0% |
| Remuneration and social security | 454/9 | €2,120 | €1,871 | -€249 | -11.7% |
| Remuneration, social security and pensions | 62 | €5,604 | €26,866 | +€21,262 | +379% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,997 | €1,997 | = | 0.0% |
| Other operating charges | 640/8 | €597 | €1,375 | +€778 | +130% |
| Gross operating margin | 9900 | €15,638 | €35,378 | +€19,740 | +126% |
| Operating profit (loss) | 9901 | €7,441 | €5,141 | -€2,300 | -30.9% |
| Financial charges | 65/66B | €120 | €104 | -€16 | -13.3% |
| Recurring financial charges | 65 | €120 | €104 | -€16 | -13.3% |
| Profit (loss) for the period before taxes | 9903 | €7,321 | €5,036 | -€2,285 | -31.2% |
| Income taxes | 67/77 | €1,464 | €1,007 | -€457 | -31.2% |
| Profit (loss) for the period | 9904 | €5,857 | €4,029 | -€1,828 | -31.2% |
| Profit (loss) for the period to be appropriated | 9905 | €5,857 | €4,029 | -€1,828 | -31.2% |
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 15 October 2026 via checked.be.