RES CAPITIS: what changed
Two financial 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
RES CAPITIS
NACE 70.100, Activities of head offices
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€31,658
2024 · €43,325-€11,667
Equity
€1.1m
2024 · €1.2m-€74,137
Cash
€96,065
2024 · €65,100+€30,966
Balance sheet total
€1.5m
2024 · €1.5m-€4,284
Largest movements
Assets
- Tangible fixed assets -€36,870
down €36,870 (-5.9%), from €628,741 to €591,872
of which Land and buildings: -€36,772
- Cash +€30,966
up €30,966 (+47.6%), from €65,100 to €96,065
mainly Other debts (+€101,360) and Depreciation (+€38,308)
Equity and liabilities
- Other debts +€101,360
up €101,360 (+54.5%), from €185,902 to €287,262
- Reserves -€74,137
down €74,137 (-8.3%), from €898,464 to €824,327
of which Distributable reserves: -€67,570
Income statement
- Financial charges +€19,107
up €19,107, from -€1,248 to €17,859
- Financial income +€16,340
up €16,340 (+528%), from €3,092 to €19,432
- Gross operating margin -€15,686
down €15,686 (-15.2%), from €103,270 to €87,584
- Depreciation -€3,776
down €3,776 (-9.0%), from €42,084 to €38,308
- Taxes -€2,796
down €2,796 (-15.3%), from €18,269 to €15,473
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
€43,325
Gross operating margin
-€15,686
Depreciation
+€3,776
Other operating charges
+€406
Other operating items
-€192
Financial income
+€16,340
Financial charges
-€19,107
Taxes
+€2,796
Result 2025
€31,658
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
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.
From operations
+€143,902
Investment
-€1,438
Financing
-€111,499
Cash 2024
€65,100
From operations (derived)
+€143,902
Net result for the year
+€31,658
Depreciation
+€38,308
Receivables within one year
-€2,569
Deferred charges and accrued income
+€950
Provisions
-€1,683
Trade debts
-€1,874
Tax, wage and social debts
-€15,268
Other debts
+€101,360
Accrued charges and deferred income
-€6,977
Investment (derived)
-€1,438
Investment in fixed assets (net)
-€1,438
Financing
-€111,499
Debts after one year
-€11,322
Current portion of long-term debt
+€570
Short-term financial debts
+€5,048
Contributions, distributions and other
-€105,795
Cash 2025
€96,065
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,534,985 | €1,530,701 | -€4,284 | -0.3% |
| Fixed assets | 21/28 | €628,741 | €591,872 | -€36,870 | -5.9% |
| Tangible fixed assets | 22/27 | €628,741 | €591,872 | -€36,870 | -5.9% |
| Land and buildings | 22 | €611,104 | €574,331 | -€36,772 | -6.0% |
| Plant, machinery and equipment | 23 | €6,736 | €6,830 | +€94 | +1.4% |
| Furniture and vehicles | 24 | €192 | - | -€192 | |
| Other tangible fixed assets | 26 | €10,710 | €10,710 | = | 0.0% |
| Current assets | 29/58 | €906,244 | €938,829 | +€32,585 | +3.6% |
| Amounts receivable after more than one year | 29 | €127,226 | €127,226 | = | 0.0% |
| Other amounts receivable | 291 | €127,226 | €127,226 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €300,322 | €302,891 | +€2,569 | +0.9% |
| Trade receivables | 40 | €27,231 | €25,415 | -€1,816 | -6.7% |
| Other amounts receivable | 41 | €273,091 | €277,476 | +€4,386 | +1.6% |
| Current investments | 50/53 | €397,534 | €397,534 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €65,100 | €96,065 | +€30,966 | +47.6% |
| Deferred charges and accrued income | 490/1 | €16,062 | €15,112 | -€950 | -5.9% |
| Total equity and liabilities | 10/49 | €1,534,985 | €1,530,701 | -€4,284 | -0.3% |
| Equity | 10/15 | €1,214,471 | €1,140,334 | -€74,137 | -6.1% |
| Contributions | 10/11 | €171,000 | €171,000 | = | 0.0% |
| Reserves | 13 | €898,464 | €824,327 | -€74,137 | -8.3% |
| Tax-exempt reserves | 132 | €53,720 | €47,153 | -€6,567 | -12.2% |
| Distributable reserves | 133 | €844,744 | €777,175 | -€67,570 | -8.0% |
| Profit (loss) carried forward | 14 | €145,007 | €145,007 | = | 0.0% |
| Provisions and deferred taxes | 16 | €29,404 | €27,721 | -€1,683 | -5.7% |
| Deferred taxes | 168 | €29,404 | €27,721 | -€1,683 | -5.7% |
| Amounts payable | 17/49 | €291,111 | €362,646 | +€71,536 | +24.6% |
| Amounts payable after more than one year | 17 | €49,892 | €38,569 | -€11,322 | -22.7% |
| Financial debts | 170/4 | €49,892 | €38,569 | -€11,322 | -22.7% |
| Amounts payable within one year | 42/48 | €234,242 | €324,077 | +€89,835 | +38.4% |
| Current portion of amounts payable after more than one year | 42 | €10,752 | €11,322 | +€570 | +5.3% |
| Financial debts | 43 | - | €5,048 | +€5,048 | |
| Credit institutions | 430/8 | - | €5,048 | +€5,048 | |
| Trade debts | 44 | €7,935 | €6,061 | -€1,874 | -23.6% |
| Suppliers | 440/4 | €7,935 | €6,061 | -€1,874 | -23.6% |
| Taxes, remuneration and social security | 45 | €29,652 | €14,384 | -€15,268 | -51.5% |
| Taxes | 450/3 | €29,652 | €14,384 | -€15,268 | -51.5% |
| Other amounts payable | 47/48 | €185,902 | €287,262 | +€101,360 | +54.5% |
| Accrued charges and deferred income | 492/3 | €6,977 | - | -€6,977 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,084 | €38,308 | -€3,776 | -9.0% |
| Other operating charges | 640/8 | €5,616 | €5,210 | -€406 | -7.2% |
| Non-recurring operating charges | 66A | - | €192 | +€192 | |
| Gross operating margin | 9900 | €103,270 | €87,584 | -€15,686 | -15.2% |
| Operating profit (loss) | 9901 | €55,570 | €43,874 | -€11,696 | -21.0% |
| Financial income | 75/76B | €3,092 | €19,432 | +€16,340 | +528% |
| Recurring financial income | 75 | €3,092 | €19,432 | +€16,340 | +528% |
| Financial charges | 65/66B | -€1,248 | €17,859 | +€19,107 | |
| Recurring financial charges | 65 | -€1,248 | €17,859 | +€19,107 | |
| Profit (loss) for the period before taxes | 9903 | €59,911 | €45,447 | -€14,463 | -24.1% |
| Transfer from deferred taxes | 780 | €1,683 | €1,683 | = | 0.0% |
| Income taxes | 67/77 | €18,269 | €15,473 | -€2,796 | -15.3% |
| Profit (loss) for the period | 9904 | €43,325 | €31,658 | -€11,667 | -26.9% |
| Transfer from tax-exempt reserves | 789 | €6,567 | €6,567 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €49,892 | €38,225 | -€11,667 | -23.4% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.