RES: 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.
RES
Largest movements
- Receivables within one year +€248,530
up €248,530 (+117.7%), from €211,200 to €459,730
of which Other amounts receivable: +€233,634
- Cash -€78,055
down €78,055 (-86.7%), from €89,983 to €11,928
mainly Receivables within one year (-€248,530) and Net result for the year (-€78,881)
- Tangible fixed assets -€38,887
down €38,887 (-5.1%), from €767,558 to €728,670
- Other debts +€224,956
up €224,956 (+28.8%), from €781,071 to €1.0m
- Profit (loss) carried forward -€78,881
down €78,881 (-8.2%), from €957,688 to €878,808
- Gross operating margin -€104,300
down €104,300 (-82.5%), from €126,354 to €22,054
- Financial charges -€9,336
down €9,336 (-17.1%), from €54,629 to €45,293
- Other operating charges +€8,695
up €8,695 (+207.9%), from €4,183 to €12,878
- Depreciation +€3,656
up €3,656 (+6.9%), from €53,007 to €56,663
- Financial income -€1,936
down €1,936 (-12.2%), from €15,837 to €13,901
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 | €3,519,083 | €3,651,273 | +€132,190 | +3.8% |
| Fixed assets | 21/28 | €3,215,993 | €3,177,106 | -€38,887 | -1.2% |
| Tangible fixed assets | 22/27 | €767,558 | €728,670 | -€38,887 | -5.1% |
| Land and buildings | 22 | €767,558 | €728,670 | -€38,887 | -5.1% |
| Financial fixed assets | 28 | €2,448,436 | €2,448,436 | = | 0.0% |
| Current assets | 29/58 | €303,090 | €474,167 | +€171,077 | +56.4% |
| Amounts receivable within one year | 40/41 | €211,200 | €459,730 | +€248,530 | +117.7% |
| Trade receivables | 40 | €8,443 | €23,339 | +€14,897 | +176.4% |
| Other amounts receivable | 41 | €202,757 | €436,391 | +€233,634 | +115.2% |
| Cash at bank and in hand | 54/58 | €89,983 | €11,928 | -€78,055 | -86.7% |
| Deferred charges and accrued income | 490/1 | €1,907 | €2,509 | +€602 | +31.6% |
| Total equity and liabilities | 10/49 | €3,519,083 | €3,651,273 | +€132,190 | +3.8% |
| Equity | 10/15 | €2,583,815 | €2,504,934 | -€78,881 | -3.1% |
| Contributions | 10/11 | €1,581,627 | €1,581,627 | = | 0.0% |
| Reserves | 13 | €44,500 | €44,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €44,500 | €0 | -€44,500 | -100.0% |
| Reserves not available under the articles | 1311 | €44,500 | €0 | -€44,500 | -100.0% |
| Distributable reserves | 133 | - | €44,500 | +€44,500 | |
| Profit (loss) carried forward | 14 | €957,688 | €878,808 | -€78,881 | -8.2% |
| Amounts payable | 17/49 | €935,269 | €1,146,339 | +€211,071 | +22.6% |
| Amounts payable after more than one year | 17 | €112,704 | €96,106 | -€16,598 | -14.7% |
| Financial debts | 170/4 | €112,704 | €96,106 | -€16,598 | -14.7% |
| Amounts payable within one year | 42/48 | €814,741 | €1,049,223 | +€234,482 | +28.8% |
| Current portion of amounts payable after more than one year | 42 | €16,177 | €16,598 | +€421 | +2.6% |
| Financial debts | 43 | €10,000 | €0 | -€10,000 | -100.0% |
| Credit institutions | 430/8 | €10,000 | €0 | -€10,000 | -100.0% |
| Trade debts | 44 | - | €19,750 | +€19,750 | |
| Suppliers | 440/4 | - | €19,750 | +€19,750 | |
| Taxes, remuneration and social security | 45 | €7,493 | €6,848 | -€645 | -8.6% |
| Taxes | 450/3 | €7,493 | €6,848 | -€645 | -8.6% |
| Other amounts payable | 47/48 | €781,071 | €1,006,027 | +€224,956 | +28.8% |
| Accrued charges and deferred income | 492/3 | €7,824 | €1,010 | -€6,814 | -87.1% |
| Non-recurring operating income | 76A | €70,000 | €0 | -€70,000 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,007 | €56,663 | +€3,656 | +6.9% |
| Other operating charges | 640/8 | €4,183 | €12,878 | +€8,695 | +207.9% |
| Gross operating margin | 9900 | €126,354 | €22,054 | -€104,300 | -82.5% |
| Operating profit (loss) | 9901 | €69,163 | -€47,488 | -€116,651 | |
| Financial income | 75/76B | €15,837 | €13,901 | -€1,936 | -12.2% |
| Recurring financial income | 75 | €15,837 | €13,901 | -€1,936 | -12.2% |
| Financial charges | 65/66B | €54,629 | €45,293 | -€9,336 | -17.1% |
| Recurring financial charges | 65 | €54,629 | €45,293 | -€9,336 | -17.1% |
| Profit (loss) for the period before taxes | 9903 | €30,371 | -€78,881 | -€109,252 | |
| Profit (loss) for the period | 9904 | €30,371 | -€78,881 | -€109,252 | |
| Profit (loss) for the period to be appropriated | 9905 | €30,371 | -€78,881 | -€109,252 |
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.