RELAX: 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.
RELAX
Largest movements
- Deferred charges and accrued income -€60,720
down €60,720 (-98.6%), from €61,594 to €874
- Receivables within one year +€16,318
up €16,318 (+653%), from €2,500 to €18,818
of which Other amounts receivable: +€15,895
- Financial fixed assets -€12,000
no longer reported in 2025 (was €12,000)
- Tangible fixed assets -€6,871
down €6,871 (-2.2%), from €308,288 to €301,417
of which Land and buildings: -€12,334
- Other debts -€43,795
down €43,795 (-93.6%), from €46,795 to €3,000
- Trade debts -€32,538
no longer reported in 2025 (was €32,538)
- Reserves +€20,416
up €20,416 (+2,890%), from €707 to €21,122
- Debts after one year -€15,253
down €15,253 (-5.5%), from €279,769 to €264,516
- Current portion of long-term debt +€7,051
up €7,051 (+46.0%), from €15,331 to €22,382
- Gross operating margin +€28,906
up €28,906 (+101%), from €28,733 to €57,639
- Taxes +€5,428
up €5,428 (+3,074%), from €177 to €5,605
- Financial charges +€2,526
up €2,526 (+22.9%), from €11,043 to €13,569
- Depreciation +€1,716
up €1,716 (+13.2%), from €13,025 to €14,741
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 | €384,606 | €321,277 | -€63,330 | -16.5% |
| Fixed assets | 21/28 | €320,288 | €301,417 | -€18,871 | -5.9% |
| Tangible fixed assets | 22/27 | €308,288 | €301,417 | -€6,871 | -2.2% |
| Land and buildings | 22 | €303,704 | €291,371 | -€12,334 | -4.1% |
| Furniture and vehicles | 24 | €4,584 | €10,047 | +€5,463 | +119% |
| Financial fixed assets | 28 | €12,000 | - | -€12,000 | |
| Current assets | 29/58 | €64,318 | €19,859 | -€44,459 | -69.1% |
| Amounts receivable within one year | 40/41 | €2,500 | €18,818 | +€16,318 | +653% |
| Trade receivables | 40 | - | €423 | +€423 | |
| Other amounts receivable | 41 | €2,500 | €18,395 | +€15,895 | +636% |
| Cash at bank and in hand | 54/58 | €224 | €168 | -€56 | -25.1% |
| Deferred charges and accrued income | 490/1 | €61,594 | €874 | -€60,720 | -98.6% |
| Total equity and liabilities | 10/49 | €384,606 | €321,277 | -€63,330 | -16.5% |
| Equity | 10/15 | €9,707 | €30,122 | +€20,416 | +210% |
| Contributions | 10/11 | €9,000 | €9,000 | = | 0.0% |
| Reserves | 13 | €707 | €21,122 | +€20,416 | +2,890% |
| Distributable reserves | 133 | €707 | €21,122 | +€20,416 | +2,890% |
| Amounts payable | 17/49 | €374,900 | €291,154 | -€83,745 | -22.3% |
| Amounts payable after more than one year | 17 | €279,769 | €264,516 | -€15,253 | -5.5% |
| Financial debts | 170/4 | €279,769 | €264,516 | -€15,253 | -5.5% |
| Amounts payable within one year | 42/48 | €94,840 | €25,382 | -€69,458 | -73.2% |
| Current portion of amounts payable after more than one year | 42 | €15,331 | €22,382 | +€7,051 | +46.0% |
| Trade debts | 44 | €32,538 | - | -€32,538 | |
| Suppliers | 440/4 | €32,538 | - | -€32,538 | |
| Taxes, remuneration and social security | 45 | €177 | - | -€177 | |
| Taxes | 450/3 | €177 | - | -€177 | |
| Other amounts payable | 47/48 | €46,795 | €3,000 | -€43,795 | -93.6% |
| Accrued charges and deferred income | 492/3 | €291 | €1,256 | +€966 | +332% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,025 | €14,741 | +€1,716 | +13.2% |
| Other operating charges | 640/8 | €3,782 | €3,308 | -€474 | -12.5% |
| Gross operating margin | 9900 | €28,733 | €57,639 | +€28,906 | +101% |
| Operating profit (loss) | 9901 | €11,926 | €39,589 | +€27,664 | +232% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €11,043 | €13,569 | +€2,526 | +22.9% |
| Recurring financial charges | 65 | €11,043 | €13,569 | +€2,526 | +22.9% |
| Profit (loss) for the period before taxes | 9903 | €883 | €26,021 | +€25,138 | +2,847% |
| Income taxes | 67/77 | €177 | €5,605 | +€5,428 | +3,074% |
| Profit (loss) for the period | 9904 | €707 | €20,416 | +€19,709 | +2,790% |
| Profit (loss) for the period to be appropriated | 9905 | €707 | €20,416 | +€19,709 | +2,790% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.