RELCO MANAGEMENT: 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 MANAGEMENT
Largest movements
- Financial fixed assets +€76,000
up €76,000 (+122.6%), from €62,000 to €138,000
- Receivables within one year -€17,038
down €17,038 (-99.6%), from €17,104 to €66
of which Trade receivables: -€17,085
- Cash +€12,196
up €12,196 (+72.3%), from €16,865 to €29,061
mainly Short-term financial debts (+€72,261) and Receivables within one year (+€17,038)
- Short-term financial debts +€72,261
up €72,261 (+99.9%), from €72,328 to €144,589
- Tax, wage and social debts -€5,876
down €5,876 (-46.2%), from €12,721 to €6,845
- Trade debts +€2,786
up €2,786 (+931.8%), from €299 to €3,085
- Profit (loss) carried forward +€1,889
up €1,889 (+24.8%), from €7,632 to €9,521
- Gross operating margin -€7,903
down €7,903 (-68.6%), from €11,518 to €3,615
- Taxes -€2,223
down €2,223 (-91.5%), from €2,429 to €206
- Depreciation +€420
up €420 (+115.3%), from €364 to €784
- Other operating charges -€405
no longer reported in 2025 (was €405)
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 | €97,980 | €169,040 | +€71,060 | +72.5% |
| Fixed assets | 21/28 | €64,011 | €139,913 | +€75,902 | +118.6% |
| Tangible fixed assets | 22/27 | €2,011 | €1,913 | -€98 | -4.9% |
| Furniture and vehicles | 24 | €2,011 | €1,913 | -€98 | -4.9% |
| Financial fixed assets | 28 | €62,000 | €138,000 | +€76,000 | +122.6% |
| Current assets | 29/58 | €33,969 | €29,127 | -€4,842 | -14.3% |
| Amounts receivable within one year | 40/41 | €17,104 | €66 | -€17,038 | -99.6% |
| Trade receivables | 40 | €17,085 | - | -€17,085 | |
| Other amounts receivable | 41 | €19 | €66 | +€47 | +251.9% |
| Cash at bank and in hand | 54/58 | €16,865 | €29,061 | +€12,196 | +72.3% |
| Total equity and liabilities | 10/49 | €97,980 | €169,040 | +€71,060 | +72.5% |
| Equity | 10/15 | €12,632 | €14,521 | +€1,889 | +15.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Outside capital | 11 | €5,000 | - | -€5,000 | |
| Other | 1109/19 | €5,000 | - | -€5,000 | |
| Profit (loss) carried forward | 14 | €7,632 | €9,521 | +€1,889 | +24.8% |
| Amounts payable | 17/49 | €85,348 | €154,519 | +€69,171 | +81.0% |
| Amounts payable within one year | 42/48 | €85,348 | €154,519 | +€69,171 | +81.0% |
| Financial debts | 43 | €72,328 | €144,589 | +€72,261 | +99.9% |
| Credit institutions | 430/8 | €72,328 | €144,589 | +€72,261 | +99.9% |
| Trade debts | 44 | €299 | €3,085 | +€2,786 | +931.8% |
| Suppliers | 440/4 | €299 | €3,085 | +€2,786 | +931.8% |
| Taxes, remuneration and social security | 45 | €12,721 | €6,845 | -€5,876 | -46.2% |
| Taxes | 450/3 | €12,721 | €6,845 | -€5,876 | -46.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €364 | €784 | +€420 | +115.3% |
| Other operating charges | 640/8 | €405 | - | -€405 | |
| Gross operating margin | 9900 | €11,518 | €3,615 | -€7,903 | -68.6% |
| Operating profit (loss) | 9901 | €10,749 | €2,831 | -€7,918 | -73.7% |
| Financial charges | 65/66B | €689 | €736 | +€47 | +6.9% |
| Recurring financial charges | 65 | €689 | €736 | +€47 | +6.9% |
| Profit (loss) for the period before taxes | 9903 | €10,060 | €2,095 | -€7,965 | -79.2% |
| Income taxes | 67/77 | €2,429 | €206 | -€2,223 | -91.5% |
| Profit (loss) for the period | 9904 | €7,632 | €1,889 | -€5,742 | -75.2% |
| Profit (loss) for the period to be appropriated | 9905 | €7,632 | €1,889 | -€5,742 | -75.2% |
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 3 October 2026 via checked.be.