RELM: 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.
RELM
Largest movements
- Financial fixed assets +€6.4m
up €6.4m (+45.5%), from €14.1m to €20.5m
- Debts after one year +€3.6m
up €3.6m (+200.1%), from €1.8m to €5.4m
- Reserves +€1.7m
up €1.7m (+22.1%), from €7.5m to €9.2m
- Current portion of long-term debt +€984,609
up €984,609 (+55.4%), from €1.8m to €2.8m
- Financial income -€4,928
down €4,928 (-0.3%), from €1.9m to €1.9m
- Financial charges -€4,364
down €4,364 (-8.0%), from €54,376 to €50,012
- Gross operating margin +€1,524
up €1,524 (+2.7%), from €57,060 to €58,584
- Depreciation -€841
down €841 (-67.4%), from €1,249 to €407
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 | €14,602,713 | €20,885,844 | +€6.3m | +43.0% |
| Formation expenses | 20 | €407 | €0 | -€407 | -100.0% |
| Fixed assets | 21/28 | €14,112,500 | €20,536,486 | +€6.4m | +45.5% |
| Tangible fixed assets | 22/27 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Financial fixed assets | 28 | €14,112,500 | €20,536,486 | +€6.4m | +45.5% |
| Current assets | 29/58 | €489,805 | €349,358 | -€140,447 | -28.7% |
| Amounts receivable within one year | 40/41 | €28,626 | €46,901 | +€18,275 | +63.8% |
| Trade receivables | 40 | €25,410 | €25,410 | = | 0.0% |
| Other amounts receivable | 41 | €3,216 | €21,491 | +€18,275 | +568.3% |
| Current investments | 50/53 | €307,362 | €138,916 | -€168,446 | -54.8% |
| Cash at bank and in hand | 54/58 | €153,818 | €163,542 | +€9,724 | +6.3% |
| Total equity and liabilities | 10/49 | €14,602,713 | €20,885,844 | +€6.3m | +43.0% |
| Equity | 10/15 | €11,023,448 | €12,687,276 | +€1.7m | +15.1% |
| Contributions | 10/11 | €3,504,000 | €3,504,000 | = | 0.0% |
| Reserves | 13 | €7,519,448 | €9,183,276 | +€1.7m | +22.1% |
| Distributable reserves | 133 | €7,519,448 | €9,183,276 | +€1.7m | +22.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €3,579,265 | €8,198,568 | +€4.6m | +129.1% |
| Amounts payable after more than one year | 17 | €1,793,984 | €5,383,219 | +€3.6m | +200.1% |
| Financial debts | 170/4 | €1,793,984 | €5,383,219 | +€3.6m | +200.1% |
| Amounts payable within one year | 42/48 | €1,785,281 | €2,815,349 | +€1.0m | +57.7% |
| Current portion of amounts payable after more than one year | 42 | €1,776,156 | €2,760,765 | +€984,609 | +55.4% |
| Trade debts | 44 | €183 | €90 | -€93 | -50.8% |
| Suppliers | 440/4 | €183 | €90 | -€93 | -50.8% |
| Taxes, remuneration and social security | 45 | €4,471 | €4,494 | +€23 | +0.5% |
| Taxes | 450/3 | €4,471 | €4,494 | +€23 | +0.5% |
| Other amounts payable | 47/48 | €4,471 | €50,000 | +€45,529 | +1018.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,249 | €407 | -€841 | -67.4% |
| Other operating charges | 640/8 | €126 | €128 | +€2 | +1.6% |
| Gross operating margin | 9900 | €57,060 | €58,584 | +€1,524 | +2.7% |
| Operating profit (loss) | 9901 | €55,685 | €58,049 | +€2,364 | +4.2% |
| Financial income | 75/76B | €1,860,719 | €1,855,791 | -€4,928 | -0.3% |
| Recurring financial income | 75 | €1,860,719 | €1,855,791 | -€4,928 | -0.3% |
| Financial charges | 65/66B | €54,376 | €50,012 | -€4,364 | -8.0% |
| Recurring financial charges | 65 | €54,376 | €50,012 | -€4,364 | -8.0% |
| Profit (loss) for the period before taxes | 9903 | €1,862,028 | €1,863,828 | +€1,800 | +0.1% |
| Profit (loss) for the period | 9904 | €1,862,028 | €1,863,828 | +€1,800 | +0.1% |
| Profit (loss) for the period to be appropriated | 9905 | €1,862,028 | €1,863,828 | +€1,800 | +0.1% |
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 8 October 2026 via checked.be.