RELU: 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.
RELU
Largest movements
- Intangible fixed assets +€461,160
up €461,160 (+40.8%), from €1.1m to €1.6m
- Deferred charges and accrued income +€156,250
up €156,250 (+358.6%), from €43,569 to €199,819
- Cash +€106,886
up €106,886 (+144.0%), from €74,209 to €181,095
mainly Depreciation (+€421,835) and Contributions, distributions and other (+€332,528)
- Receivables within one year +€76,290
up €76,290 (+18.0%), from €423,988 to €500,277
of which Other amounts receivable: +€121,054
- Financial fixed assets -€40,128
down €40,128 (-84.3%), from €47,628 to €7,500
- Investment grants +€332,528
new in 2025: €332,528
- Debts after one year +€325,673
up €325,673 (+132.1%), from €246,619 to €572,292
- Accrued charges and deferred income -€136,019
down €136,019 (-38.3%), from €355,519 to €219,500
- Profit (loss) carried forward +€104,162
up €104,162 (+81.8%), from -€127,323 to -€23,161
- Current portion of long-term debt +€55,893
up €55,893 (+47.2%), from €118,434 to €174,327
- Gross operating margin +€482,399
up €482,399 (+67.6%), from €713,349 to €1.2m
- Staff costs +€105,382
up €105,382 (+19.0%), from €553,208 to €658,590
- Financial charges +€29,827
up €29,827 (+184.6%), from €16,157 to €45,985
- Financial income -€12,860
down €12,860 (-24.3%), from €52,918 to €40,058
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 | €2,879,381 | €3,638,334 | +€758,953 | +26.4% |
| Fixed assets | 21/28 | €1,209,638 | €1,635,425 | +€425,787 | +35.2% |
| Intangible fixed assets | 21 | €1,129,902 | €1,591,061 | +€461,160 | +40.8% |
| Tangible fixed assets | 22/27 | €32,109 | €36,864 | +€4,755 | +14.8% |
| Plant, machinery and equipment | 23 | €1,156 | €14,702 | +€13,546 | +1171.8% |
| Furniture and vehicles | 24 | €30,953 | €22,162 | -€8,791 | -28.4% |
| Financial fixed assets | 28 | €47,628 | €7,500 | -€40,128 | -84.3% |
| Current assets | 29/58 | €1,669,743 | €2,002,908 | +€333,165 | +20.0% |
| Amounts receivable within one year | 40/41 | €423,988 | €500,277 | +€76,290 | +18.0% |
| Trade receivables | 40 | €202,797 | €158,033 | -€44,764 | -22.1% |
| Other amounts receivable | 41 | €221,191 | €342,245 | +€121,054 | +54.7% |
| Current investments | 50/53 | €1,127,977 | €1,121,717 | -€6,261 | -0.6% |
| Cash at bank and in hand | 54/58 | €74,209 | €181,095 | +€106,886 | +144.0% |
| Deferred charges and accrued income | 490/1 | €43,569 | €199,819 | +€156,250 | +358.6% |
| Total equity and liabilities | 10/49 | €2,879,381 | €3,638,334 | +€758,953 | +26.4% |
| Equity | 10/15 | €2,047,741 | €2,484,431 | +€436,690 | +21.3% |
| Contributions | 10/11 | €2,175,064 | €2,175,064 | = | 0.0% |
| Reserves | 13 | €0 | - | = | |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | -€127,323 | -€23,161 | +€104,162 | +81.8% |
| Investment grants | 15 | - | €332,528 | +€332,528 | |
| Amounts payable | 17/49 | €831,640 | €1,153,903 | +€322,263 | +38.8% |
| Amounts payable after more than one year | 17 | €246,619 | €572,292 | +€325,673 | +132.1% |
| Financial debts | 170/4 | €246,619 | €572,292 | +€325,673 | +132.1% |
| Amounts payable within one year | 42/48 | €229,501 | €362,111 | +€132,609 | +57.8% |
| Current portion of amounts payable after more than one year | 42 | €118,434 | €174,327 | +€55,893 | +47.2% |
| Financial debts | 43 | €0 | €1,863 | +€1,863 | |
| Credit institutions | 430/8 | €0 | €1,863 | +€1,863 | |
| Trade debts | 44 | €39,937 | €85,999 | +€46,062 | +115.3% |
| Suppliers | 440/4 | €39,937 | €85,999 | +€46,062 | +115.3% |
| Taxes, remuneration and social security | 45 | €71,131 | €99,921 | +€28,791 | +40.5% |
| Taxes | 450/3 | €1,254 | €3,970 | +€2,715 | +216.5% |
| Remuneration and social security | 454/9 | €69,876 | €95,952 | +€26,076 | +37.3% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €355,519 | €219,500 | -€136,019 | -38.3% |
| Remuneration, social security and pensions | 62 | €553,208 | €658,590 | +€105,382 | +19.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €427,159 | €421,835 | -€5,325 | -1.2% |
| Other operating charges | 640/8 | €6,325 | €5,235 | -€1,090 | -17.2% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €713,349 | €1,195,749 | +€482,399 | +67.6% |
| Operating profit (loss) | 9901 | -€273,343 | €110,089 | +€383,432 | |
| Financial income | 75/76B | €52,918 | €40,058 | -€12,860 | -24.3% |
| Recurring financial income | 75 | €52,918 | €40,058 | -€12,860 | -24.3% |
| Financial charges | 65/66B | €16,157 | €45,985 | +€29,827 | +184.6% |
| Recurring financial charges | 65 | €16,157 | €45,985 | +€29,827 | +184.6% |
| Profit (loss) for the period before taxes | 9903 | -€236,583 | €104,162 | +€340,745 | |
| Profit (loss) for the period | 9904 | -€236,583 | €104,162 | +€340,745 | |
| Profit (loss) for the period to be appropriated | 9905 | -€236,583 | €104,162 | +€340,745 |
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 12 October 2026 via checked.be.