REPA: 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.
REPA
Largest movements
- Tangible fixed assets -€12,510
down €12,510 (-5.2%), from €238,955 to €226,446
of which Land and buildings: -€15,049
- Receivables within one year -€2,707
down €2,707 (-43.5%), from €6,216 to €3,509
of which Trade receivables: -€2,437
- Reserves -€15,627
down €15,627 (-6.6%), from €237,921 to €222,294
- Contributions +€8,550
up €8,550 (+85.5%), from €10,000 to €18,550
- Trade debts -€6,164
down €6,164 (-92.8%), from €6,645 to €481
- Other debts -€5,656
down €5,656 (-46.8%), from €12,083 to €6,427
- Tax, wage and social debts +€3,130
up €3,130 (+202.0%), from €1,549 to €4,680
- Financial charges -€120,559
down €120,559 (-99.8%), from €120,826 to €267
of which Non-recurring financial charges: -€120,000
- Write-downs -€29,738
no longer reported in 2025 (was €29,738)
- Gross operating margin +€19,364
up €19,364 (+106.5%), from €18,184 to €37,548
- Depreciation +€3,726
up €3,726 (+19.2%), from €19,425 to €23,151
- Taxes +€3,537
up €3,537 (+2535.5%), from €140 to €3,677
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 | €268,263 | €252,526 | -€15,737 | -5.9% |
| Fixed assets | 21/28 | €239,050 | €226,541 | -€12,510 | -5.2% |
| Tangible fixed assets | 22/27 | €238,955 | €226,446 | -€12,510 | -5.2% |
| Land and buildings | 22 | €213,600 | €198,552 | -€15,049 | -7.0% |
| Furniture and vehicles | 24 | €18,812 | €14,502 | -€4,310 | -22.9% |
| Other tangible fixed assets | 26 | €6,543 | €13,392 | +€6,849 | +104.7% |
| Financial fixed assets | 28 | €95 | €95 | = | 0.0% |
| Current assets | 29/58 | €29,213 | €25,985 | -€3,228 | -11.0% |
| Amounts receivable within one year | 40/41 | €6,216 | €3,509 | -€2,707 | -43.5% |
| Trade receivables | 40 | €5,946 | €3,509 | -€2,437 | -41.0% |
| Other amounts receivable | 41 | €270 | - | -€270 | |
| Cash at bank and in hand | 54/58 | €22,317 | €22,032 | -€284 | -1.3% |
| Deferred charges and accrued income | 490/1 | €681 | €444 | -€237 | -34.8% |
| Total equity and liabilities | 10/49 | €268,263 | €252,526 | -€15,737 | -5.9% |
| Equity | 10/15 | €247,921 | €240,844 | -€7,077 | -2.9% |
| Contributions | 10/11 | €10,000 | €18,550 | +€8,550 | +85.5% |
| Reserves | 13 | €237,921 | €222,294 | -€15,627 | -6.6% |
| Distributable reserves | 133 | €237,921 | €222,294 | -€15,627 | -6.6% |
| Amounts payable | 17/49 | €20,343 | €11,682 | -€8,661 | -42.6% |
| Amounts payable within one year | 42/48 | €20,277 | €11,588 | -€8,690 | -42.9% |
| Trade debts | 44 | €6,645 | €481 | -€6,164 | -92.8% |
| Suppliers | 440/4 | €6,645 | €481 | -€6,164 | -92.8% |
| Taxes, remuneration and social security | 45 | €1,549 | €4,680 | +€3,130 | +202.0% |
| Taxes | 450/3 | €1,549 | €4,680 | +€3,130 | +202.0% |
| Other amounts payable | 47/48 | €12,083 | €6,427 | -€5,656 | -46.8% |
| Accrued charges and deferred income | 492/3 | €66 | €95 | +€29 | +44.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,425 | €23,151 | +€3,726 | +19.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €29,738 | - | -€29,738 | |
| Other operating charges | 640/8 | €1,673 | €1,111 | -€562 | -33.6% |
| Gross operating margin | 9900 | €18,184 | €37,548 | +€19,364 | +106.5% |
| Operating profit (loss) | 9901 | -€32,652 | €13,287 | +€45,938 | |
| Financial income | 75/76B | €0 | €31 | +€30 | +8372.2% |
| Recurring financial income | 75 | €0 | €31 | +€30 | +8372.2% |
| Financial charges | 65/66B | €120,826 | €267 | -€120,559 | -99.8% |
| Recurring financial charges | 65 | €826 | €267 | -€559 | -67.7% |
| Non-recurring financial charges | 66B | €120,000 | - | -€120,000 | |
| Profit (loss) for the period before taxes | 9903 | -€153,478 | €13,050 | +€166,528 | |
| Income taxes | 67/77 | €140 | €3,677 | +€3,537 | +2535.5% |
| Profit (loss) for the period | 9904 | -€153,617 | €9,373 | +€162,990 | |
| Profit (loss) for the period to be appropriated | 9905 | -€153,617 | €9,373 | +€162,990 |
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 2 October 2026 via checked.be.