REPAS NORMAL: 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.
REPAS NORMAL
Largest movements
- Cash -€48,913
down €48,913 (-49.5%), from €98,833 to €49,920
mainly Receivables within one year (-€47,600) and Investment in fixed assets (net) (-€41,041)
- Receivables within one year +€47,600
up €47,600 (+20.6%), from €230,701 to €278,301
of which Trade receivables: +€59,476
- Tangible fixed assets +€35,219
up €35,219 (+299.9%), from €11,742 to €46,961
- Current investments -€3,938
down €3,938 (-47.5%), from €8,299 to €4,360
- Trade debts +€33,368
up €33,368 (+86.9%), from €38,414 to €71,783
- Debts after one year +€23,420
new in 2025: €23,420
- Profit (loss) carried forward -€13,925
new in 2025: -€13,925
- Current portion of long-term debt -€12,544
down €12,544 (-8.3%), from €151,324 to €138,780
- Gross operating margin -€59,339
down €59,339 (-15.5%), from €383,177 to €323,839
- Staff costs -€18,235
down €18,235 (-5.5%), from €334,234 to €315,999
- Financial charges +€6,627
up €6,627 (+88.6%), from €7,480 to €14,106
- Taxes -€5,292
down €5,292 (-96.1%), from €5,508 to €216
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 | €359,092 | €391,324 | +€32,233 | +9.0% |
| Fixed assets | 21/28 | €11,742 | €46,961 | +€35,219 | +299.9% |
| Tangible fixed assets | 22/27 | €11,742 | €46,961 | +€35,219 | +299.9% |
| Furniture and vehicles | 24 | €11,742 | €46,961 | +€35,219 | +299.9% |
| Current assets | 29/58 | €347,350 | €344,364 | -€2,986 | -0.9% |
| Stocks and contracts in progress | 3 | €5,452 | €8,660 | +€3,208 | +58.8% |
| Stocks | 30/36 | €5,452 | €8,660 | +€3,208 | +58.8% |
| Amounts receivable within one year | 40/41 | €230,701 | €278,301 | +€47,600 | +20.6% |
| Trade receivables | 40 | €124,138 | €183,614 | +€59,476 | +47.9% |
| Other amounts receivable | 41 | €106,563 | €94,686 | -€11,876 | -11.1% |
| Current investments | 50/53 | €8,299 | €4,360 | -€3,938 | -47.5% |
| Cash at bank and in hand | 54/58 | €98,833 | €49,920 | -€48,913 | -49.5% |
| Deferred charges and accrued income | 490/1 | €4,065 | €3,123 | -€943 | -23.2% |
| Total equity and liabilities | 10/49 | €359,092 | €391,324 | +€32,233 | +9.0% |
| Equity | 10/15 | €126,354 | €112,429 | -€13,925 | -11.0% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €118,294 | €118,294 | = | 0.0% |
| Tax-exempt reserves | 132 | €15,452 | €15,452 | = | 0.0% |
| Distributable reserves | 133 | €102,841 | €102,841 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€13,925 | -€13,925 | |
| Amounts payable | 17/49 | €232,738 | €278,896 | +€46,158 | +19.8% |
| Amounts payable after more than one year | 17 | - | €23,420 | +€23,420 | |
| Financial debts | 170/4 | - | €23,420 | +€23,420 | |
| Amounts payable within one year | 42/48 | €232,738 | €255,476 | +€22,738 | +9.8% |
| Current portion of amounts payable after more than one year | 42 | €151,324 | €138,780 | -€12,544 | -8.3% |
| Trade debts | 44 | €38,414 | €71,783 | +€33,368 | +86.9% |
| Suppliers | 440/4 | €38,414 | €71,783 | +€33,368 | +86.9% |
| Taxes, remuneration and social security | 45 | €41,917 | €43,679 | +€1,762 | +4.2% |
| Taxes | 450/3 | €2,235 | €1,490 | -€745 | -33.3% |
| Remuneration and social security | 454/9 | €39,682 | €42,189 | +€2,506 | +6.3% |
| Other amounts payable | 47/48 | €1,082 | €1,235 | +€152 | +14.1% |
| Non-recurring operating income | 76A | €819 | - | -€819 | |
| Remuneration, social security and pensions | 62 | €334,234 | €315,999 | -€18,235 | -5.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,603 | €5,822 | +€2,219 | +61.6% |
| Other operating charges | 640/8 | €2,580 | €1,985 | -€595 | -23.1% |
| Gross operating margin | 9900 | €383,177 | €323,839 | -€59,339 | -15.5% |
| Operating profit (loss) | 9901 | €42,760 | €34 | -€42,727 | -99.9% |
| Financial income | 75/76B | €230 | €364 | +€133 | +58.0% |
| Recurring financial income | 75 | €230 | €364 | +€133 | +58.0% |
| Financial charges | 65/66B | €7,480 | €14,106 | +€6,627 | +88.6% |
| Recurring financial charges | 65 | €7,480 | €14,106 | +€6,627 | +88.6% |
| Profit (loss) for the period before taxes | 9903 | €35,511 | -€13,709 | -€49,220 | |
| Income taxes | 67/77 | €5,508 | €216 | -€5,292 | -96.1% |
| Profit (loss) for the period | 9904 | €30,004 | -€13,925 | -€43,928 | |
| Profit (loss) for the period to be appropriated | 9905 | €30,004 | -€13,925 | -€43,928 |
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 30 September 2026 via checked.be.