RELION: 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.
What changed
RELION
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€116,501
2024 · €104,180-€220,681
Equity
€4.9m
2024 · €5.1m-€116,501
Cash
€414,946
2024 · €1.1m-€715,174
Balance sheet total
€16.8m
2024 · €16.7m+€17,906
Largest movements
Assets
- Financial fixed assets +€981,824
up €981,824 (+78.3%), from €1.3m to €2.2m
- Cash -€715,174
down €715,174 (-63.3%), from €1.1m to €414,946
mainly Investment in fixed assets (net) (-€1.6m) and Debts after one year (-€377,781)
- Current investments -€300,771
down €300,771 (-100.0%), from €300,771 to €0
Equity and liabilities
- Debts after one year -€377,781
down €377,781 (-7.5%), from €5.0m to €4.6m
- Trade debts +€373,959
up €373,959 (+541.0%), from €69,126 to €443,085
- Other debts +€211,013
up €211,013 (+4.2%), from €5.0m to €5.2m
Income statement
- Gross operating margin -€768,586
down €768,586 (-45.2%), from €1.7m to €930,855
- Depreciation -€327,334
down €327,334 (-32.3%), from €1.0m to €685,218
- Other operating charges +€45,102
up €45,102 (+35.1%), from €128,600 to €173,701
- Taxes -€34,087
down €34,087 (-39.3%), from €86,645 to €52,558
- Financial charges +€17,782
up €17,782 (+8.1%), from €218,303 to €236,085
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
€104,180
Gross operating margin
-€768,586
Depreciation
+€327,334
Other operating charges
-€45,102
Other operating items
+€225,600
Financial income
-€4,918
Financial charges
-€17,782
Taxes
+€34,087
Deferred taxes and other
+€28,686
Result 2025
-€116,501
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
+€963,774
Investment
-€1.3m
Financing
-€360,864
Cash 2024
€1.1m
From operations (derived)
+€963,774
Net result for the year
-€116,501
Depreciation
+€685,218
Receivables within one year
-€93,505
Deferred charges and accrued income
-€6,710
Provisions
-€84,564
Trade debts
+€373,959
Tax, wage and social debts
-€6,769
Other debts
+€211,013
Accrued charges and deferred income
+€1,632
Investment (derived)
-€1.3m
Investment in fixed assets (net)
-€1.6m
Current investments
+€300,771
Financing
-€360,864
Debts after one year
-€377,781
Current portion of long-term debt
+€16,917
Cash 2025
€414,946
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €16,740,892 | €16,758,798 | +€17,906 | +0.1% |
| Fixed assets | 21/28 | €13,298,921 | €14,232,558 | +€933,636 | +7.0% |
| Intangible fixed assets | 21 | €6,029 | €3,415 | -€2,614 | -43.4% |
| Tangible fixed assets | 22/27 | €12,039,376 | €11,993,802 | -€45,574 | -0.4% |
| Land and buildings | 22 | €12,039,376 | €11,993,802 | -€45,574 | -0.4% |
| Financial fixed assets | 28 | €1,253,517 | €2,235,341 | +€981,824 | +78.3% |
| Current assets | 29/58 | €3,441,971 | €2,526,240 | -€915,731 | -26.6% |
| Stocks and contracts in progress | 3 | €1,636,690 | €1,636,690 | = | 0.0% |
| Stocks | 30/36 | €1,636,690 | €1,636,690 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €366,466 | €459,970 | +€93,505 | +25.5% |
| Trade receivables | 40 | €17,526 | €37,172 | +€19,647 | +112.1% |
| Other amounts receivable | 41 | €348,940 | €422,798 | +€73,858 | +21.2% |
| Current investments | 50/53 | €300,771 | €0 | -€300,771 | -100.0% |
| Cash at bank and in hand | 54/58 | €1,130,119 | €414,946 | -€715,174 | -63.3% |
| Deferred charges and accrued income | 490/1 | €7,924 | €14,634 | +€6,710 | +84.7% |
| Total equity and liabilities | 10/49 | €16,740,892 | €16,758,798 | +€17,906 | +0.1% |
| Equity | 10/15 | €5,050,269 | €4,933,767 | -€116,501 | -2.3% |
| Contributions | 10/11 | €1,125,514 | €1,125,514 | = | 0.0% |
| Capital | 10 | €1,124,080 | €1,124,080 | = | 0.0% |
| Issued capital | 100 | €1,124,080 | €1,124,080 | = | 0.0% |
| Outside capital | 11 | €1,433 | €1,433 | = | 0.0% |
| Share premium | 1100/10 | €1,433 | €1,433 | = | 0.0% |
| Reserves | 13 | €3,924,755 | €3,808,254 | -€116,501 | -3.0% |
| Non-distributable reserves | 130/1 | €112,408 | €112,408 | = | 0.0% |
| Legal reserve | 130 | €112,408 | €112,408 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,754,817 | €2,501,126 | -€253,691 | -9.2% |
| Distributable reserves | 133 | €1,057,530 | €1,194,720 | +€137,190 | +13.0% |
| Provisions and deferred taxes | 16 | €918,272 | €833,709 | -€84,564 | -9.2% |
| Deferred taxes | 168 | €918,272 | €833,709 | -€84,564 | -9.2% |
| Amounts payable | 17/49 | €10,772,351 | €10,991,322 | +€218,971 | +2.0% |
| Amounts payable after more than one year | 17 | €5,018,010 | €4,640,229 | -€377,781 | -7.5% |
| Financial debts | 170/4 | €5,018,010 | €4,640,229 | -€377,781 | -7.5% |
| Amounts payable within one year | 42/48 | €5,726,866 | €6,321,985 | +€595,119 | +10.4% |
| Current portion of amounts payable after more than one year | 42 | €650,300 | €667,216 | +€16,917 | +2.6% |
| Trade debts | 44 | €69,126 | €443,085 | +€373,959 | +541.0% |
| Suppliers | 440/4 | €69,126 | €443,085 | +€373,959 | +541.0% |
| Taxes, remuneration and social security | 45 | €17,778 | €11,009 | -€6,769 | -38.1% |
| Taxes | 450/3 | €17,778 | €11,009 | -€6,769 | -38.1% |
| Other amounts payable | 47/48 | €4,989,662 | €5,200,675 | +€211,013 | +4.2% |
| Accrued charges and deferred income | 492/3 | €27,475 | €29,108 | +€1,632 | +5.9% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,012,553 | €685,218 | -€327,334 | -32.3% |
| Other operating charges | 640/8 | €128,600 | €173,701 | +€45,102 | +35.1% |
| Non-recurring operating charges | 66A | €225,600 | €0 | -€225,600 | -100.0% |
| Gross operating margin | 9900 | €1,699,441 | €930,855 | -€768,586 | -45.2% |
| Operating profit (loss) | 9901 | €332,689 | €71,936 | -€260,753 | -78.4% |
| Financial income | 75/76B | €20,561 | €15,643 | -€4,918 | -23.9% |
| Recurring financial income | 75 | €20,561 | €15,643 | -€4,918 | -23.9% |
| Financial charges | 65/66B | €218,303 | €236,085 | +€17,782 | +8.1% |
| Recurring financial charges | 65 | €218,303 | €236,085 | +€17,782 | +8.1% |
| Profit (loss) for the period before taxes | 9903 | €134,947 | -€148,507 | -€283,454 | |
| Transfer from deferred taxes | 780 | €100,629 | €84,564 | -€16,065 | -16.0% |
| Transfer to deferred taxes | 680 | €44,751 | €0 | -€44,751 | -100.0% |
| Income taxes | 67/77 | €86,645 | €52,558 | -€34,087 | -39.3% |
| Profit (loss) for the period | 9904 | €104,180 | -€116,501 | -€220,681 | |
| Transfer from tax-exempt reserves | 789 | €301,886 | €253,691 | -€48,195 | -16.0% |
| Transfer to tax-exempt reserves | 689 | €134,253 | €0 | -€134,253 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €271,814 | €137,190 | -€134,624 | -49.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 May 2024 and 31 May 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.