RELAX IMMO: 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 IMMO
Largest movements
- Tangible fixed assets +€295,914
up €295,914 (+34.2%), from €864,354 to €1.2m
of which Land and buildings: +€290,133
- Receivables within one year +€25,815
up €25,815 (+13,450%), from €192 to €26,007
of which Trade receivables: +€26,000
- Debts after one year +€204,043
up €204,043 (+27.2%), from €751,392 to €955,435
- Other debts +€82,474
up €82,474 (+155%), from €53,380 to €135,854
- Trade debts +€16,293
up €16,293 (+332%), from €4,914 to €21,207
- Current portion of long-term debt +€14,772
up €14,772 (+27.3%), from €54,045 to €68,816
- Gross operating margin +€16,825
up €16,825 (+19.8%), from €85,012 to €101,837
- Staff costs +€11,406
up €11,406 (+2,767%), from €412 to €11,818
- Financial charges +€5,490
up €5,490 (+23.2%), from €23,647 to €29,136
- Taxes -€2,063
down €2,063, from €1,900 to -€163
- Other operating charges +€1,900
up €1,900 (+47.5%), from €3,999 to €5,899
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 | €881,075 | €1,203,595 | +€322,520 | +36.6% |
| Fixed assets | 21/28 | €864,354 | €1,161,308 | +€296,954 | +34.4% |
| Tangible fixed assets | 22/27 | €864,354 | €1,160,268 | +€295,914 | +34.2% |
| Land and buildings | 22 | €821,651 | €1,111,784 | +€290,133 | +35.3% |
| Furniture and vehicles | 24 | €35,179 | €43,689 | +€8,510 | +24.2% |
| Leasing and similar rights | 25 | €7,524 | €4,795 | -€2,729 | -36.3% |
| Financial fixed assets | 28 | - | €1,040 | +€1,040 | |
| Current assets | 29/58 | €16,721 | €42,287 | +€25,566 | +153% |
| Amounts receivable within one year | 40/41 | €192 | €26,007 | +€25,815 | +13,450% |
| Trade receivables | 40 | - | €26,000 | +€26,000 | |
| Other amounts receivable | 41 | €192 | €7 | -€185 | -96.6% |
| Cash at bank and in hand | 54/58 | €13,932 | €13,526 | -€406 | -2.9% |
| Deferred charges and accrued income | 490/1 | €2,597 | €2,754 | +€158 | +6.1% |
| Total equity and liabilities | 10/49 | €881,075 | €1,203,595 | +€322,520 | +36.6% |
| Equity | 10/15 | €15,091 | €21,708 | +€6,617 | +43.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €10,000 | €16,500 | +€6,500 | +65.0% |
| Distributable reserves | 133 | €10,000 | €16,500 | +€6,500 | +65.0% |
| Profit (loss) carried forward | 14 | €91 | €208 | +€117 | +129% |
| Amounts payable | 17/49 | €865,984 | €1,181,887 | +€315,903 | +36.5% |
| Amounts payable after more than one year | 17 | €751,392 | €955,435 | +€204,043 | +27.2% |
| Financial debts | 170/4 | €751,392 | €955,435 | +€204,043 | +27.2% |
| Amounts payable within one year | 42/48 | €114,592 | €226,452 | +€111,860 | +97.6% |
| Current portion of amounts payable after more than one year | 42 | €54,045 | €68,816 | +€14,772 | +27.3% |
| Trade debts | 44 | €4,914 | €21,207 | +€16,293 | +332% |
| Suppliers | 440/4 | €4,914 | €21,207 | +€16,293 | +332% |
| Taxes, remuneration and social security | 45 | €2,253 | €574 | -€1,679 | -74.5% |
| Taxes | 450/3 | €1,900 | €217 | -€1,683 | -88.6% |
| Remuneration and social security | 454/9 | €353 | €357 | +€4 | +1.2% |
| Other amounts payable | 47/48 | €53,380 | €135,854 | +€82,474 | +155% |
| Remuneration, social security and pensions | 62 | €412 | €11,818 | +€11,406 | +2,767% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,764 | €48,529 | -€235 | -0.5% |
| Other operating charges | 640/8 | €3,999 | €5,899 | +€1,900 | +47.5% |
| Gross operating margin | 9900 | €85,012 | €101,837 | +€16,825 | +19.8% |
| Operating profit (loss) | 9901 | €31,837 | €35,591 | +€3,753 | +11.8% |
| Financial charges | 65/66B | €23,647 | €29,136 | +€5,490 | +23.2% |
| Recurring financial charges | 65 | €23,647 | €29,136 | +€5,490 | +23.2% |
| Profit (loss) for the period before taxes | 9903 | €8,191 | €6,454 | -€1,737 | -21.2% |
| Income taxes | 67/77 | €1,900 | -€163 | -€2,063 | |
| Profit (loss) for the period | 9904 | €6,291 | €6,617 | +€326 | +5.2% |
| Profit (loss) for the period to be appropriated | 9905 | €6,291 | €6,617 | +€326 | +5.2% |
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 17 October 2026 via checked.be.