Relco: 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.
Relco
Largest movements
- Cash +€184,325
up €184,325 (+165.7%), from €111,208 to €295,533
mainly Depreciation (+€92,776) and Trade debts (+€84,411)
- Tangible fixed assets -€67,252
down €67,252 (-7.7%), from €867,909 to €800,657
of which Land and buildings: -€57,484
- Stocks and contracts -€36,783
down €36,783 (-21.0%), from €174,744 to €137,961
- Receivables within one year -€16,203
down €16,203 (-4.4%), from €372,139 to €355,935
of which Other amounts receivable: -€49,478
- Trade debts +€84,411
up €84,411 (+60.9%), from €138,701 to €223,112
- Debts after one year -€66,032
down €66,032 (-8.6%), from €770,991 to €704,959
- Reserves +€50,000
up €50,000 (+26.2%), from €191,116 to €241,116
of which Distributable reserves: +€50,000
- Tax, wage and social debts -€23,376
down €23,376 (-42.5%), from €55,026 to €31,650
of which Taxes: -€14,819
- Profit (loss) carried forward +€23,320
up €23,320 (+19.8%), from €118,053 to €141,373
- Other operating charges -€78,087
down €78,087 (-90.2%), from €86,560 to €8,473
- Depreciation +€42,098
up €42,098 (+83.1%), from €50,678 to €92,776
- Gross operating margin +€40,806
up €40,806 (+6.4%), from €639,785 to €680,592
- Staff costs +€38,461
up €38,461 (+9.5%), from €404,338 to €442,799
- Financial charges +€24,239
up €24,239 (+309.4%), from €7,835 to €32,075
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,536,553 | €1,601,833 | +€65,280 | +4.2% |
| Fixed assets | 21/28 | €871,419 | €804,167 | -€67,252 | -7.7% |
| Tangible fixed assets | 22/27 | €867,909 | €800,657 | -€67,252 | -7.7% |
| Land and buildings | 22 | €798,060 | €740,575 | -€57,484 | -7.2% |
| Plant, machinery and equipment | 23 | €2,266 | €2,656 | +€389 | +17.2% |
| Furniture and vehicles | 24 | €62,176 | €57,325 | -€4,851 | -7.8% |
| Leasing and similar rights | 25 | €5,407 | €102 | -€5,306 | -98.1% |
| Financial fixed assets | 28 | €3,510 | €3,510 | = | 0.0% |
| Current assets | 29/58 | €665,134 | €797,665 | +€132,531 | +19.9% |
| Stocks and contracts in progress | 3 | €174,744 | €137,961 | -€36,783 | -21.0% |
| Stocks | 30/36 | €174,744 | €137,961 | -€36,783 | -21.0% |
| Amounts receivable within one year | 40/41 | €372,139 | €355,935 | -€16,203 | -4.4% |
| Trade receivables | 40 | €197,088 | €230,363 | +€33,275 | +16.9% |
| Other amounts receivable | 41 | €175,051 | €125,573 | -€49,478 | -28.3% |
| Cash at bank and in hand | 54/58 | €111,208 | €295,533 | +€184,325 | +165.7% |
| Deferred charges and accrued income | 490/1 | €7,043 | €8,235 | +€1,192 | +16.9% |
| Total equity and liabilities | 10/49 | €1,536,553 | €1,601,833 | +€65,280 | +4.2% |
| Equity | 10/15 | €459,169 | €532,489 | +€73,320 | +16.0% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Capital | 10 | €150,000 | €150,000 | = | 0.0% |
| Issued capital | 100 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €191,116 | €241,116 | +€50,000 | +26.2% |
| Non-distributable reserves | 130/1 | €15,000 | €15,000 | = | 0.0% |
| Legal reserve | 130 | €15,000 | €15,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €126,116 | €126,116 | = | 0.0% |
| Distributable reserves | 133 | €50,000 | €100,000 | +€50,000 | +100.0% |
| Profit (loss) carried forward | 14 | €118,053 | €141,373 | +€23,320 | +19.8% |
| Provisions and deferred taxes | 16 | €5,908 | €5,908 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €5,908 | €5,908 | = | 0.0% |
| Taxes | 161 | €5,908 | €5,908 | = | 0.0% |
| Amounts payable | 17/49 | €1,071,476 | €1,063,435 | -€8,041 | -0.8% |
| Amounts payable after more than one year | 17 | €770,991 | €704,959 | -€66,032 | -8.6% |
| Financial debts | 170/4 | €770,991 | €704,959 | -€66,032 | -8.6% |
| Amounts payable within one year | 42/48 | €300,485 | €356,076 | +€55,591 | +18.5% |
| Current portion of amounts payable after more than one year | 42 | €69,736 | €69,041 | -€695 | -1.0% |
| Financial debts | 43 | €21,571 | €32,143 | +€10,573 | +49.0% |
| Credit institutions | 430/8 | €660 | €2,892 | +€2,232 | +338.1% |
| Other loans | 439 | €20,911 | €29,251 | +€8,341 | +39.9% |
| Trade debts | 44 | €138,701 | €223,112 | +€84,411 | +60.9% |
| Suppliers | 440/4 | €138,701 | €223,112 | +€84,411 | +60.9% |
| Taxes, remuneration and social security | 45 | €55,026 | €31,650 | -€23,376 | -42.5% |
| Taxes | 450/3 | €14,819 | €0 | -€14,819 | -100.0% |
| Remuneration and social security | 454/9 | €40,207 | €31,650 | -€8,557 | -21.3% |
| Other amounts payable | 47/48 | €15,452 | €130 | -€15,322 | -99.2% |
| Accrued charges and deferred income | 492/3 | - | €2,400 | +€2,400 | |
| Remuneration, social security and pensions | 62 | €404,338 | €442,799 | +€38,461 | +9.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,678 | €92,776 | +€42,098 | +83.1% |
| Other operating charges | 640/8 | €86,560 | €8,473 | -€78,087 | -90.2% |
| Gross operating margin | 9900 | €639,785 | €680,592 | +€40,806 | +6.4% |
| Operating profit (loss) | 9901 | €98,209 | €136,544 | +€38,334 | +39.0% |
| Financial income | 75/76B | €4,355 | €284 | -€4,070 | -93.5% |
| Recurring financial income | 75 | €4,355 | €284 | -€4,070 | -93.5% |
| Financial charges | 65/66B | €7,835 | €32,075 | +€24,239 | +309.4% |
| Recurring financial charges | 65 | €7,835 | €32,075 | +€24,239 | +309.4% |
| Profit (loss) for the period before taxes | 9903 | €94,729 | €104,753 | +€10,025 | +10.6% |
| Income taxes | 67/77 | €27,758 | €31,433 | +€3,675 | +13.2% |
| Profit (loss) for the period | 9904 | €66,971 | €73,320 | +€6,349 | +9.5% |
| Profit (loss) for the period to be appropriated | 9905 | €66,971 | €73,320 | +€6,349 | +9.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.