RELAX: 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.
RELAX
Largest movements
- Tangible fixed assets +€43,902
up €43,902 (+1283.3%), from €3,421 to €47,323
of which Assets under construction and advance payments: +€45,000
- Receivables within one year -€12,170
down €12,170 (-91.5%), from €13,307 to €1,137
of which Other amounts receivable: -€13,307
- Cash -€3,591
down €3,591 (-54.6%), from €6,581 to €2,991
mainly Investment in fixed assets (net) (-€45,000) and Trade debts (-€2,626)
- Other debts +€17,523
new in 2025: €17,523
- Profit (loss) carried forward +€10,073
up €10,073 (+81.8%), from -€12,312 to -€2,239
- Tax, wage and social debts +€4,532
up €4,532 (+38.1%), from €11,881 to €16,414
- Trade debts -€2,626
down €2,626 (-57.0%), from €4,604 to €1,977
- Debts after one year -€1,316
no longer reported in 2025 (was €1,316)
- Gross operating margin +€15,332
up €15,332 (+350.8%), from €4,371 to €19,703
- Taxes +€2,569
up €2,569 (+126.5%), from €2,030 to €4,599
- Other operating charges +€1,311
up €1,311 (+156.8%), from €836 to €2,147
- Depreciation +€401
up €401 (+57.5%), from €697 to €1,098
- Financial charges -€309
down €309 (-14.8%), from €2,096 to €1,786
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 | €26,400 | €54,586 | +€28,186 | +106.8% |
| Fixed assets | 21/28 | €3,421 | €47,323 | +€43,902 | +1283.3% |
| Tangible fixed assets | 22/27 | €3,421 | €47,323 | +€43,902 | +1283.3% |
| Plant, machinery and equipment | 23 | €500 | - | -€500 | |
| Furniture and vehicles | 24 | €2,921 | €2,323 | -€598 | -20.5% |
| Assets under construction and advance payments | 27 | - | €45,000 | +€45,000 | |
| Current assets | 29/58 | €22,979 | €7,263 | -€15,716 | -68.4% |
| Stocks and contracts in progress | 3 | €3,063 | €3,136 | +€73 | +2.4% |
| Stocks | 30/36 | €3,063 | €3,136 | +€73 | +2.4% |
| Amounts receivable within one year | 40/41 | €13,307 | €1,137 | -€12,170 | -91.5% |
| Trade receivables | 40 | - | €1,137 | +€1,137 | |
| Other amounts receivable | 41 | €13,307 | - | -€13,307 | |
| Cash at bank and in hand | 54/58 | €6,581 | €2,991 | -€3,591 | -54.6% |
| Deferred charges and accrued income | 490/1 | €28 | - | -€28 | |
| Total equity and liabilities | 10/49 | €26,400 | €54,586 | +€28,186 | +106.8% |
| Equity | 10/15 | €7,170 | €17,243 | +€10,073 | +140.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €882 | €882 | = | 0.0% |
| Non-distributable reserves | 130/1 | €882 | €882 | = | 0.0% |
| Reserves not available under the articles | 1311 | €882 | €882 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€12,312 | -€2,239 | +€10,073 | +81.8% |
| Amounts payable | 17/49 | €19,230 | €37,343 | +€18,113 | +94.2% |
| Amounts payable after more than one year | 17 | €1,316 | - | -€1,316 | |
| Financial debts | 170/4 | €1,316 | - | -€1,316 | |
| Amounts payable within one year | 42/48 | €17,914 | €37,343 | +€19,429 | +108.5% |
| Current portion of amounts payable after more than one year | 42 | €1,429 | €1,429 | = | 0.0% |
| Trade debts | 44 | €4,604 | €1,977 | -€2,626 | -57.0% |
| Suppliers | 440/4 | €4,604 | €1,977 | -€2,626 | -57.0% |
| Taxes, remuneration and social security | 45 | €11,881 | €16,414 | +€4,532 | +38.1% |
| Taxes | 450/3 | €11,881 | €16,414 | +€4,532 | +38.1% |
| Other amounts payable | 47/48 | - | €17,523 | +€17,523 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €697 | €1,098 | +€401 | +57.5% |
| Other operating charges | 640/8 | €836 | €2,147 | +€1,311 | +156.8% |
| Gross operating margin | 9900 | €4,371 | €19,703 | +€15,332 | +350.8% |
| Operating profit (loss) | 9901 | €2,838 | €16,458 | +€13,620 | +480.0% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €2,096 | €1,786 | -€309 | -14.8% |
| Recurring financial charges | 65 | €2,096 | €1,786 | -€309 | -14.8% |
| Profit (loss) for the period before taxes | 9903 | €742 | €14,672 | +€13,930 | +1876.8% |
| Income taxes | 67/77 | €2,030 | €4,599 | +€2,569 | +126.5% |
| Profit (loss) for the period | 9904 | -€1,288 | €10,073 | +€11,361 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,288 | €10,073 | +€11,361 |
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.