RELES: 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.
What changed
RELES
NACE 68.110, Buying and selling of own real estate
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€128,299
2024 · -€238,573+€366,872
Equity
€146,899
2024 · €1.2m-€1.1m
Cash
€150,368
2024 · €125,116+€25,253
Balance sheet total
€5.3m
2024 · €5.2m+€94,072
Largest movements
Assets
- Stocks and contracts +€117,221
up €117,221 (+3.2%), from €3.6m to €3.8m
Equity and liabilities
- Other debts +€3.6m
up €3.6m (+341.0%), from €1.0m to €4.6m
- Short-term financial debts -€2.2m
down €2.2m (-100.0%), from €2.2m to €0
- Reserves -€1.1m
down €1.1m (-89.2%), from €1.2m to €128,299
- Trade debts -€115,377
down €115,377 (-81.1%), from €142,181 to €26,803
Income statement
- Gross operating margin +€265,428
up €265,428, from -€36,356 to €229,072
- Financial charges -€107,356
down €107,356 (-66.1%), from €162,293 to €54,937
- Financial income -€4,536
down €4,536 (-83.3%), from €5,445 to €908
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.
Result 2024
-€238,573
Gross operating margin
+€265,428
Depreciation
-€602
Other operating charges
-€758
Financial income
-€4,536
Financial charges
+€107,356
Taxes
-€16
Result 2025
€128,299
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.
From operations
+€3.5m
Investment
-€4,493
Financing
-€3.4m
Cash 2024
€125,116
From operations (derived)
+€3.5m
Net result for the year
+€128,299
Depreciation
+€41,534
Stocks and contracts
-€117,221
Receivables within one year
+€11,371
Smaller working-capital items
-€2,011
Trade debts
-€115,377
Other debts
+€3.6m
Accrued charges and deferred income
-€47,058
Investment (derived)
-€4,493
Investment in fixed assets (net)
-€4,493
Financing
-€3.4m
Debts after one year
-€32,885
Current portion of long-term debt
+€1,001
Short-term financial debts
-€2.2m
Contributions, distributions and other
-€1.2m
Cash 2025
€150,368
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,216,669 | €5,310,741 | +€94,072 | +1.8% |
| Fixed assets | 21/28 | €1,392,538 | €1,355,496 | -€37,042 | -2.7% |
| Tangible fixed assets | 22/27 | €1,392,538 | €1,355,496 | -€37,042 | -2.7% |
| Land and buildings | 22 | €1,282,643 | €1,244,423 | -€38,220 | -3.0% |
| Other tangible fixed assets | 26 | €109,895 | €111,073 | +€1,178 | +1.1% |
| Current assets | 29/58 | €3,824,131 | €3,955,244 | +€131,114 | +3.4% |
| Stocks and contracts in progress | 3 | €3,649,539 | €3,766,760 | +€117,221 | +3.2% |
| Stocks | 30/36 | €3,649,539 | €3,766,760 | +€117,221 | +3.2% |
| Amounts receivable within one year | 40/41 | €49,118 | €37,747 | -€11,371 | -23.1% |
| Trade receivables | 40 | - | €1,952 | +€1,952 | |
| Other amounts receivable | 41 | €49,118 | €35,795 | -€13,323 | -27.1% |
| Cash at bank and in hand | 54/58 | €125,116 | €150,368 | +€25,253 | +20.2% |
| Deferred charges and accrued income | 490/1 | €358 | €368 | +€11 | +3.0% |
| Total equity and liabilities | 10/49 | €5,216,669 | €5,310,741 | +€94,072 | +1.8% |
| Equity | 10/15 | €1,201,893 | €146,899 | -€1.1m | -87.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,183,293 | €128,299 | -€1.1m | -89.2% |
| Distributable reserves | 133 | €1,183,293 | €128,299 | -€1.1m | -89.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €4,014,776 | €5,163,842 | +€1.1m | +28.6% |
| Amounts payable after more than one year | 17 | €489,776 | €456,891 | -€32,885 | -6.7% |
| Financial debts | 170/4 | €489,776 | €456,891 | -€32,885 | -6.7% |
| Amounts payable within one year | 42/48 | €3,455,491 | €4,684,500 | +€1.2m | +35.6% |
| Current portion of amounts payable after more than one year | 42 | €31,884 | €32,885 | +€1,001 | +3.1% |
| Financial debts | 43 | €2,230,818 | €0 | -€2.2m | -100.0% |
| Credit institutions | 430/8 | €2,230,818 | €0 | -€2.2m | -100.0% |
| Trade debts | 44 | €142,181 | €26,803 | -€115,377 | -81.1% |
| Suppliers | 440/4 | €142,181 | €26,803 | -€115,377 | -81.1% |
| Taxes, remuneration and social security | 45 | €2,000 | €0 | -€2,000 | -100.0% |
| Taxes | 450/3 | €2,000 | €0 | -€2,000 | -100.0% |
| Other amounts payable | 47/48 | €1,048,609 | €4,624,812 | +€3.6m | +341.0% |
| Accrued charges and deferred income | 492/3 | €69,509 | €22,451 | -€47,058 | -67.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,932 | €41,534 | +€602 | +1.5% |
| Other operating charges | 640/8 | €4,382 | €5,141 | +€758 | +17.3% |
| Gross operating margin | 9900 | -€36,356 | €229,072 | +€265,428 | |
| Operating profit (loss) | 9901 | -€81,670 | €182,397 | +€264,068 | |
| Financial income | 75/76B | €5,445 | €908 | -€4,536 | -83.3% |
| Recurring financial income | 75 | €5,445 | €908 | -€4,536 | -83.3% |
| Financial charges | 65/66B | €162,293 | €54,937 | -€107,356 | -66.1% |
| Recurring financial charges | 65 | €162,293 | €54,937 | -€107,356 | -66.1% |
| Profit (loss) for the period before taxes | 9903 | -€238,519 | €128,369 | +€366,888 | |
| Income taxes | 67/77 | €54 | €70 | +€16 | +28.9% |
| Profit (loss) for the period | 9904 | -€238,573 | €128,299 | +€366,872 | |
| Profit (loss) for the period to be appropriated | 9905 | -€238,573 | €128,299 | +€366,872 |
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 11 October 2026 via checked.be.