RELEK: 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.
RELEK
Largest movements
- Financial fixed assets -€21,000
down €21,000 (-100%), from €21,000 to €0
- Receivables within one year +€12,391
up €12,391 (+70.5%), from €17,585 to €29,976
of which Other amounts receivable: +€12,197
- Cash +€10,251
up €10,251 (+96.1%), from €10,662 to €20,914
mainly Investment in fixed assets (net) (+€14,741) and Net result for the year (+€10,649)
- Tangible fixed assets +€3,894
up €3,894 (+247%), from €1,575 to €5,469
- Deferred charges and accrued income +€3,066
up €3,066 (+892%), from €344 to €3,410
- Reserves +€10,649
up €10,649 (+18.6%), from €57,192 to €67,841
- Debts after one year -€2,662
down €2,662 (-100%), from €2,662 to €0
- Tax, wage and social debts +€1,261
up €1,261 (+15.0%), from €8,414 to €9,675
- Financial charges +€14,633
up €14,633 (+1,840%), from €795 to €15,429
of which Non-recurring financial charges: +€14,800
- Gross operating margin +€14,138
up €14,138 (+119%), from €11,842 to €25,980
- Financial income +€6,945
up €6,945 (+788%), from €881 to €7,826
- Other operating charges -€1,621
down €1,621 (-79.1%), from €2,049 to €428
- Depreciation +€1,448
up €1,448 (+158%), from €917 to €2,365
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 | €96,167 | €104,769 | +€8,603 | +8.9% |
| Fixed assets | 21/28 | €22,575 | €5,469 | -€17,106 | -75.8% |
| Tangible fixed assets | 22/27 | €1,575 | €5,469 | +€3,894 | +247% |
| Furniture and vehicles | 24 | €1,575 | €5,469 | +€3,894 | +247% |
| Financial fixed assets | 28 | €21,000 | €0 | -€21,000 | -100% |
| Current assets | 29/58 | €73,591 | €99,300 | +€25,709 | +34.9% |
| Amounts receivable after more than one year | 29 | €45,000 | €45,000 | = | 0.0% |
| Other amounts receivable | 291 | €45,000 | €45,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €17,585 | €29,976 | +€12,391 | +70.5% |
| Trade receivables | 40 | €912 | €1,106 | +€194 | +21.3% |
| Other amounts receivable | 41 | €16,673 | €28,870 | +€12,197 | +73.2% |
| Cash at bank and in hand | 54/58 | €10,662 | €20,914 | +€10,251 | +96.1% |
| Deferred charges and accrued income | 490/1 | €344 | €3,410 | +€3,066 | +892% |
| Total equity and liabilities | 10/49 | €96,167 | €104,769 | +€8,603 | +8.9% |
| Equity | 10/15 | €75,892 | €86,541 | +€10,649 | +14.0% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €57,192 | €67,841 | +€10,649 | +18.6% |
| Distributable reserves | 133 | €57,192 | €67,841 | +€10,649 | +18.6% |
| Profit (loss) carried forward | 14 | €108 | €108 | = | 0.0% |
| Amounts payable | 17/49 | €20,275 | €18,228 | -€2,047 | -10.1% |
| Amounts payable after more than one year | 17 | €2,662 | €0 | -€2,662 | -100% |
| Financial debts | 170/4 | €2,662 | €0 | -€2,662 | -100% |
| Amounts payable within one year | 42/48 | €17,613 | €18,228 | +€616 | +3.5% |
| Current portion of amounts payable after more than one year | 42 | €3,469 | €2,662 | -€807 | -23.3% |
| Trade debts | 44 | €5,206 | €5,891 | +€684 | +13.1% |
| Suppliers | 440/4 | €5,206 | €5,891 | +€684 | +13.1% |
| Taxes, remuneration and social security | 45 | €8,414 | €9,675 | +€1,261 | +15.0% |
| Taxes | 450/3 | €8,414 | €9,675 | +€1,261 | +15.0% |
| Other amounts payable | 47/48 | €522 | €0 | -€522 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €917 | €2,365 | +€1,448 | +158% |
| Other operating charges | 640/8 | €2,049 | €428 | -€1,621 | -79.1% |
| Gross operating margin | 9900 | €11,842 | €25,980 | +€14,138 | +119% |
| Operating profit (loss) | 9901 | €8,876 | €23,187 | +€14,311 | +161% |
| Financial income | 75/76B | €881 | €7,826 | +€6,945 | +788% |
| Recurring financial income | 75 | €881 | €7,826 | +€6,945 | +788% |
| Financial charges | 65/66B | €795 | €15,429 | +€14,633 | +1,840% |
| Recurring financial charges | 65 | €795 | €629 | -€167 | -21.0% |
| Non-recurring financial charges | 66B | - | €14,800 | +€14,800 | |
| Profit (loss) for the period before taxes | 9903 | €8,962 | €15,585 | +€6,623 | +73.9% |
| Income taxes | 67/77 | €3,827 | €4,935 | +€1,108 | +29.0% |
| Profit (loss) for the period | 9904 | €5,135 | €10,649 | +€5,515 | +107% |
| Profit (loss) for the period to be appropriated | 9905 | €5,135 | €10,649 | +€5,515 | +107% |
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 20 October 2026 via checked.be.