RELENTLESS CAPITAL: 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.
RELENTLESS CAPITAL
Largest movements
- Tangible fixed assets -€66,005
down €66,005 (-5.7%), from €1.2m to €1.1m
- Cash +€25,903
up €25,903 (+118%), from €21,946 to €47,849
mainly Depreciation (+€66,005) and Other debts (+€55,000)
- Debts after one year -€106,746
down €106,746 (-12.8%), from €836,309 to €729,563
- Other debts +€55,000
up €55,000 (+61.6%), from €89,233 to €144,233
- Reserves +€51,215
up €51,215 (+56.3%), from €91,038 to €142,254
of which Distributable reserves: +€51,215
- Current portion of long-term debt -€29,485
down €29,485 (-21.6%), from €136,230 to €106,746
- Gross operating margin +€53,131
up €53,131 (+39.5%), from €134,610 to €187,741
- Depreciation +€16,411
up €16,411 (+33.1%), from €49,594 to €66,005
- Taxes +€8,261
up €8,261 (+93.2%), from €8,865 to €17,126
- Financial charges +€3,172
up €3,172 (+13.6%), from €23,358 to €26,530
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,230,590 | €1,190,337 | -€40,253 | -3.3% |
| Fixed assets | 21/28 | €1,158,139 | €1,092,134 | -€66,005 | -5.7% |
| Tangible fixed assets | 22/27 | €1,158,139 | €1,092,134 | -€66,005 | -5.7% |
| Land and buildings | 22 | €1,158,139 | €1,092,134 | -€66,005 | -5.7% |
| Current assets | 29/58 | €72,451 | €98,203 | +€25,752 | +35.5% |
| Amounts receivable within one year | 40/41 | €47,240 | €47,333 | +€93 | +0.2% |
| Other amounts receivable | 41 | €47,240 | €47,333 | +€93 | +0.2% |
| Cash at bank and in hand | 54/58 | €21,946 | €47,849 | +€25,903 | +118% |
| Deferred charges and accrued income | 490/1 | €3,265 | €3,021 | -€244 | -7.5% |
| Total equity and liabilities | 10/49 | €1,230,590 | €1,190,337 | -€40,253 | -3.3% |
| Equity | 10/15 | €153,038 | €204,254 | +€51,215 | +33.5% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €91,038 | €142,254 | +€51,215 | +56.3% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €84,838 | €136,054 | +€51,215 | +60.4% |
| Amounts payable | 17/49 | €1,077,552 | €986,083 | -€91,468 | -8.5% |
| Amounts payable after more than one year | 17 | €836,309 | €729,563 | -€106,746 | -12.8% |
| Financial debts | 170/4 | €836,309 | €729,563 | -€106,746 | -12.8% |
| Amounts payable within one year | 42/48 | €235,645 | €252,664 | +€17,019 | +7.2% |
| Current portion of amounts payable after more than one year | 42 | €136,230 | €106,746 | -€29,485 | -21.6% |
| Trade debts | 44 | €10,181 | €204 | -€9,978 | -98.0% |
| Suppliers | 440/4 | €10,181 | €204 | -€9,978 | -98.0% |
| Taxes, remuneration and social security | 45 | - | €1,481 | +€1,481 | |
| Taxes | 450/3 | - | €1,481 | +€1,481 | |
| Other amounts payable | 47/48 | €89,233 | €144,233 | +€55,000 | +61.6% |
| Accrued charges and deferred income | 492/3 | €5,598 | €3,856 | -€1,742 | -31.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,594 | €66,005 | +€16,411 | +33.1% |
| Other operating charges | 640/8 | €26,196 | €26,864 | +€668 | +2.5% |
| Gross operating margin | 9900 | €134,610 | €187,741 | +€53,131 | +39.5% |
| Operating profit (loss) | 9901 | €58,819 | €94,872 | +€36,052 | +61.3% |
| Financial charges | 65/66B | €23,358 | €26,530 | +€3,172 | +13.6% |
| Recurring financial charges | 65 | €23,358 | €26,530 | +€3,172 | +13.6% |
| Profit (loss) for the period before taxes | 9903 | €35,461 | €68,342 | +€32,881 | +92.7% |
| Income taxes | 67/77 | €8,865 | €17,126 | +€8,261 | +93.2% |
| Profit (loss) for the period | 9904 | €26,596 | €51,215 | +€24,619 | +92.6% |
| Profit (loss) for the period to be appropriated | 9905 | €26,596 | €51,215 | +€24,619 | +92.6% |
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 23 October 2026 via checked.be.