RELY: what changed
What changed
RELY
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
-€105,465
2024 · -€16,958-€88,507
Equity
€13.5m
2024 · €8.3m+€5.2m
Cash
€25,682
2024 · €61,414-€35,732
Balance sheet total
€20.8m
2024 · €14.5m+€6.3m
Largest movements
Assets
- Tangible fixed assets +€5.2m
up €5.2m (+143%), from €3.6m to €8.9m
of which Land and buildings: +€4.4m
- Receivables within one year +€1.0m
up €1.0m (+439%), from €231,825 to €1.2m
of which Other amounts receivable: +€989,586
Equity and liabilities
- Contributions +€5.3m
up €5.3m (+62.0%), from €8.6m to €13.9m
- Other debts +€1.1m
up €1.1m (+101%), from €1.0m to €2.1m
Income statement
- Gross operating margin -€75,291
down €75,291 (-34.2%), from €220,347 to €145,056
- Staff costs +€19,491
up €19,491 (+23.2%), from €83,843 to €103,334
- Depreciation -€6,510
down €6,510 (-5.0%), from €130,353 to €123,843
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€16,958
Gross operating margin
-€75,291
Staff costs
-€19,491
Depreciation
+€6,510
Other operating charges
-€1,231
Financial charges
+€858
Taxes
+€138
Result 2025
-€105,465
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€86,724
Investment
-€5.4m
Financing
+€5.3m
Cash 2024
€61,414
From operations (derived)
+€86,724
Net result for the year
-€105,465
Depreciation
+€123,843
Receivables within one year
-€1.0m
Smaller working-capital items
+€10,850
Trade debts
+€16,110
Other debts
+€1.1m
Investment (derived)
-€5.4m
Investment in fixed assets (net)
-€5.4m
Financing
+€5.3m
Debts after one year
-€52,889
Current portion of long-term debt
+€1,037
Contributions, distributions and other
+€5.3m
Cash 2025
€25,682
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €14,542,959 | €20,794,096 | +€6.3m | +43.0% |
| Fixed assets | 21/28 | €14,227,961 | €19,507,268 | +€5.3m | +37.1% |
| Tangible fixed assets | 22/27 | €3,646,655 | €8,857,481 | +€5.2m | +143% |
| Land and buildings | 22 | €3,026,315 | €7,408,027 | +€4.4m | +145% |
| Plant, machinery and equipment | 23 | €6,552 | €2,273 | -€4,279 | -65.3% |
| Furniture and vehicles | 24 | €613,787 | €551,029 | -€62,757 | -10.2% |
| Other tangible fixed assets | 26 | - | €896,152 | +€896,152 | |
| Financial fixed assets | 28 | €10,581,307 | €10,649,787 | +€68,481 | +0.6% |
| Current assets | 29/58 | €314,997 | €1,286,827 | +€971,830 | +309% |
| Amounts receivable within one year | 40/41 | €231,825 | €1,248,785 | +€1.0m | +439% |
| Trade receivables | 40 | €14,482 | €41,855 | +€27,373 | +189% |
| Other amounts receivable | 41 | €217,343 | €1,206,929 | +€989,586 | +455% |
| Cash at bank and in hand | 54/58 | €61,414 | €25,682 | -€35,732 | -58.2% |
| Deferred charges and accrued income | 490/1 | €21,758 | €12,361 | -€9,397 | -43.2% |
| Total equity and liabilities | 10/49 | €14,542,959 | €20,794,096 | +€6.3m | +43.0% |
| Equity | 10/15 | €8,301,135 | €13,528,218 | +€5.2m | +63.0% |
| Contributions | 10/11 | €8,601,000 | €13,933,547 | +€5.3m | +62.0% |
| Reserves | 13 | €32,122 | €32,122 | = | 0.0% |
| Tax-exempt reserves | 132 | €32,122 | €32,122 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€331,986 | -€437,451 | -€105,465 | -31.8% |
| Amounts payable | 17/49 | €6,241,823 | €7,265,878 | +€1.0m | +16.4% |
| Amounts payable after more than one year | 17 | €5,106,893 | €5,054,004 | -€52,889 | -1.0% |
| Financial debts | 170/4 | €5,106,893 | €5,054,004 | -€52,889 | -1.0% |
| Amounts payable within one year | 42/48 | €1,134,930 | €2,211,874 | +€1.1m | +94.9% |
| Current portion of amounts payable after more than one year | 42 | €51,853 | €52,889 | +€1,037 | +2.0% |
| Trade debts | 44 | €13,976 | €30,086 | +€16,110 | +115% |
| Suppliers | 440/4 | €13,976 | €30,086 | +€16,110 | +115% |
| Taxes, remuneration and social security | 45 | €22,346 | €23,799 | +€1,453 | +6.5% |
| Taxes | 450/3 | €10,923 | €9,467 | -€1,456 | -13.3% |
| Remuneration and social security | 454/9 | €11,423 | €14,332 | +€2,910 | +25.5% |
| Other amounts payable | 47/48 | €1,046,754 | €2,105,099 | +€1.1m | +101% |
| Remuneration, social security and pensions | 62 | €83,843 | €103,334 | +€19,491 | +23.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €130,353 | €123,843 | -€6,510 | -5.0% |
| Other operating charges | 640/8 | €5,411 | €6,642 | +€1,231 | +22.7% |
| Gross operating margin | 9900 | €220,347 | €145,056 | -€75,291 | -34.2% |
| Operating profit (loss) | 9901 | €739 | -€88,764 | -€89,503 | |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €16,909 | €16,051 | -€858 | -5.1% |
| Recurring financial charges | 65 | €16,909 | €16,051 | -€858 | -5.1% |
| Profit (loss) for the period before taxes | 9903 | -€16,170 | -€104,815 | -€88,645 | -548% |
| Income taxes | 67/77 | €788 | €650 | -€138 | -17.6% |
| Profit (loss) for the period | 9904 | -€16,958 | -€105,465 | -€88,507 | -522% |
| Profit (loss) for the period to be appropriated | 9905 | -€16,958 | -€105,465 | -€88,507 | -522% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.