RELY: 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
RELY
NACE 71.121, Engineering and related technical consultancy, excluding land surveyors
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€23.1m
2024 · -€19.3m-€3.7m
Equity
-
not filed
Cash
€6.3m
2024 · €3.0m+€3.3m
Balance sheet total
€154.9m
2024 · €148.4m+€6.6m
Largest movements
Assets
- Fixed assets +€27.7m
up €27.7m (+32.4%), from €85.4m to €113.2m
of which Financial fixed assets: +€25.0m
- Current assets -€21.1m
down €21.1m (-33.6%), from €62.9m to €41.8m
of which Current investments: -€56.0m
Equity and liabilities
- Total equity and liabilities +€6.6m
up €6.6m (+4.4%), from €148.4m to €154.9m
Income statement
- Turnover +€5.6m
up €5.6m (+167.3%), from €3.3m to €8.9m
- Services and other goods +€4.1m
up €4.1m (+20.5%), from €20.1m to €24.2m
- Staff costs +€3.9m
up €3.9m (+103.9%), from €3.7m to €7.6m
- Depreciation +€742,512
new in 2025: €742,512
- Other operating income -€174,450
down €174,450 (-61.9%), from €281,870 to €107,420
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
-€19.3m
Turnover
+€5.6m
Other operating income
-€174,450
Goods and materials
-€86,263
Services and other goods
-€4.1m
Staff costs
-€3.9m
Depreciation
-€742,512
Provisions
-€164,071
Other operating charges
-€16,804
Other operating items
+€385,047
Financial income
-€1.2m
Financial charges
+€786,621
Other financial items
+€1
Taxes
-€75,993
Deferred taxes and other
+€1
Result 2025
-€23.1m
Cash bridge derived
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €148,356,819 | €154,924,142 | +€6.6m | +4.4% |
| Fixed assets | 21/28 | €85,442,550 | €113,159,438 | +€27.7m | +32.4% |
| Intangible fixed assets | 21 | €5,185 | €7,913,681 | +€7.9m | +152538.8% |
| Furniture and vehicles | 24 | - | €23,827 | +€23,827 | |
| Financial fixed assets | 28 | €80,257,970 | €105,221,930 | +€25.0m | +31.1% |
| Affiliated companies | 280/1 | €149,841 | €149,841 | = | 0.0% |
| Participating interests | 280 | €149,841 | €149,841 | = | 0.0% |
| Companies linked by participating interests | 282/3 | €80,040,000 | - | -€80.0m | |
| Participating interests | 282 | €80,040,000 | €105,026,670 | +€25.0m | +31.2% |
| Other financial fixed assets | 284/8 | €68,129 | €45,419 | -€22,710 | -33.3% |
| Amounts receivable and cash guarantees | 285/8 | €68,129 | €45,419 | -€22,710 | -33.3% |
| Current assets | 29/58 | €62,914,269 | €41,764,705 | -€21.1m | -33.6% |
| Stocks and contracts in progress | 3 | €462,579 | €1,265,032 | +€802,453 | +173.5% |
| Contracts in progress | 37 | €462,579 | €1,265,032 | +€802,453 | +173.5% |
| Amounts receivable within one year | 40/41 | €3,190,683 | €4,163,662 | +€972,979 | +30.5% |
| Trade receivables | 40 | €1,801,254 | €3,428,703 | +€1.6m | +90.4% |
| Other amounts receivable | 41 | €1,389,429 | €734,959 | -€654,470 | -47.1% |
| Current investments | 50/53 | €56,000,000 | - | -€56.0m | |
| Other investments | 51/53 | €56,000,000 | - | -€56.0m | |
| Cash at bank and in hand | 54/58 | €3,028,726 | €6,298,649 | +€3.3m | +108.0% |
| Deferred charges and accrued income | 490/1 | €232,280 | €37,363 | -€194,917 | -83.9% |
| Total equity and liabilities | 10/49 | €148,356,819 | €154,924,142 | +€6.6m | +4.4% |
| Contributions | 10/11 | €100,100,000 | €125,100,000 | +€25.0m | +25.0% |
| Capital | 10 | €100,100,000 | €125,100,000 | +€25.0m | +25.0% |
| Issued capital | 100 | €100,100,000 | €125,100,000 | +€25.0m | +25.0% |
| Profit (loss) carried forward | 14 | -€19,332,867 | -€42,399,755 | -€23.1m | -119.3% |
| Provisions for liabilities and charges | 160/5 | - | €164,071 | +€164,071 | |
| Other liabilities and charges | 164/5 | - | €164,071 | +€164,071 | |
| Amounts payable | 17/49 | €67,589,686 | €72,059,826 | +€4.5m | +6.6% |
| Amounts payable after more than one year | 17 | €40,000,000 | - | -€40.0m | |
| Financial debts | 170/4 | €40,000,000 | - | -€40.0m | |
| Other loans | 174 | €40,000,000 | - | -€40.0m | |
| Amounts payable within one year | 42/48 | €24,628,802 | €29,975,826 | +€5.3m | +21.7% |
| Financial debts | 43 | €149,841 | €49,960 | -€99,881 | -66.7% |
| Other loans | 439 | €149,841 | €49,960 | -€99,881 | -66.7% |
| Trade debts | 44 | €23,671,432 | €24,950,695 | +€1.3m | +5.4% |
| Suppliers | 440/4 | €23,671,432 | €24,950,695 | +€1.3m | +5.4% |
| Advances received on contracts in progress | 46 | - | €2,151,257 | +€2.2m | |
| Taxes, remuneration and social security | 45 | €807,529 | €2,823,915 | +€2.0m | +249.7% |
| Taxes | 450/3 | €329,825 | €555,440 | +€225,615 | +68.4% |
| Remuneration and social security | 454/9 | €478 | €2,268,475 | +€2.3m | +474770.4% |
| Accrued charges and deferred income | 492/3 | €2,960,884 | - | -€3.0m | |
| Operating income | 70/76A | €5,109,679 | - | -€5.1m | |
| Turnover | 70 | €3,327,785 | €8,893,656 | +€5.6m | +167.3% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €462,579 | €802,452 | +€339,873 | +73.5% |
| Own construction capitalised | 72 | €1,037,444 | €1,078,897 | +€41,453 | +4.0% |
| Other operating income | 74 | €281,870 | €107,420 | -€174,450 | -61.9% |
| Operating charges | 60/66A | €23,821,075 | - | -€23.8m | |
| Goods for resale, raw materials and consumables | 60 | - | €86,263 | +€86,263 | |
| Services and other goods | 61 | €20,075,807 | €24,195,479 | +€4.1m | +20.5% |
| Remuneration, social security and pensions | 62 | €3,741,547 | €7,628,282 | +€3.9m | +103.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €742,512 | +€742,512 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €164,071 | +€164,071 | |
| Other operating charges | 640/8 | - | €16,804 | +€16,804 | |
| Operating profit (loss) | 9901 | -€18,711,396 | -€21,950,985 | -€3.2m | -17.3% |
| Recurring financial income | 75 | €2,302,521 | €1,097,459 | -€1.2m | -52.3% |
| Income from current assets | 751 | €2,150,130 | €1,044,845 | -€1.1m | -51.4% |
| Other financial income | 752/9 | €152,391 | €52,615 | -€99,776 | -65.5% |
| Recurring financial charges | 65 | €2,977,418 | €2,190,797 | -€786,621 | -26.4% |
| Debt charges | 650 | €2,960,884 | €2,067,189 | -€893,695 | -30.2% |
| Other financial charges | 652/9 | €16,534 | €123,608 | +€107,074 | +647.6% |
| Profit (loss) for the period before taxes | 9903 | -€19,386,294 | -€23,044,323 | -€3.7m | -18.9% |
| Income taxes | 67/77 | -€53,427 | €22,566 | +€75,993 | |
| Taxes | 670/3 | €1,573 | €22,566 | +€20,993 | +1334.6% |
| Tax adjustments and reversals of tax provisions | 77 | €55,000 | - | -€55,000 | |
| Profit (loss) for the period | 9904 | -€19,332,867 | -€23,066,888 | -€3.7m | -19.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€19,332,867 | -€23,066,888 | -€3.7m | -19.3% |
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 1 October 2026 via checked.be.