RESABEL: 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.
RESABEL
Largest movements
- Tangible fixed assets +€1.3m
up €1.3m (+279%), from €470,899 to €1.8m
of which Assets under construction and advance payments: +€1.3m
- Cash -€19,980
down €19,980 (-73.4%), from €27,225 to €7,245
mainly Investment in fixed assets (net) (-€1.3m) and Short-term financial debts (-€33,340)
- Debts after one year +€1.3m
new in 2025: €1.3m
- Trade debts +€64,512
up €64,512 (+140%), from €46,030 to €110,542
- Short-term financial debts -€33,340
down €33,340 (-9.3%), from €358,305 to €324,965
- Financial charges +€9,937
up €9,937 (+54.8%), from €18,132 to €28,070
- Gross operating margin +€6,526
up €6,526 (+7.4%), from €88,557 to €95,083
- Taxes -€6,066
no longer reported in 2025 (was €6,066)
- Depreciation -€3,590
down €3,590 (-10.2%), from €35,043 to €31,453
- Other operating charges +€2,105
up €2,105 (+22.4%), from €9,381 to €11,486
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €576,984 | €1,871,429 | +€1.3m | +224% |
| Fixed assets | 21/28 | €470,899 | €1,786,515 | +€1.3m | +279% |
| Tangible fixed assets | 22/27 | €470,899 | €1,786,515 | +€1.3m | +279% |
| Land and buildings | 22 | €437,899 | €406,447 | -€31,453 | -7.2% |
| Assets under construction and advance payments | 27 | €33,000 | €1,380,068 | +€1.3m | +4,082% |
| Current assets | 29/58 | €106,084 | €84,914 | -€21,170 | -20.0% |
| Amounts receivable within one year | 40/41 | €70,923 | €70,532 | -€391 | -0.6% |
| Other amounts receivable | 41 | €70,923 | €70,532 | -€391 | -0.6% |
| Cash at bank and in hand | 54/58 | €27,225 | €7,245 | -€19,980 | -73.4% |
| Deferred charges and accrued income | 490/1 | €7,936 | €7,137 | -€799 | -10.1% |
| Total equity and liabilities | 10/49 | €576,984 | €1,871,429 | +€1.3m | +224% |
| Equity | 10/15 | €106,748 | €106,748 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €88,148 | €88,148 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €86,288 | €86,288 | = | 0.0% |
| Amounts payable | 17/49 | €470,236 | €1,764,681 | +€1.3m | +275% |
| Amounts payable after more than one year | 17 | - | €1,255,566 | +€1.3m | |
| Financial debts | 170/4 | - | €1,255,566 | +€1.3m | |
| Amounts payable within one year | 42/48 | €470,236 | €505,548 | +€35,312 | +7.5% |
| Financial debts | 43 | €358,305 | €324,965 | -€33,340 | -9.3% |
| Credit institutions | 430/8 | €358,305 | €324,965 | -€33,340 | -9.3% |
| Trade debts | 44 | €46,030 | €110,542 | +€64,512 | +140% |
| Suppliers | 440/4 | €46,030 | €110,542 | +€64,512 | +140% |
| Taxes, remuneration and social security | 45 | €966 | €966 | = | 0.0% |
| Taxes | 450/3 | €966 | €966 | = | 0.0% |
| Other amounts payable | 47/48 | €64,935 | €69,075 | +€4,140 | +6.4% |
| Accrued charges and deferred income | 492/3 | - | €3,567 | +€3,567 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,043 | €31,453 | -€3,590 | -10.2% |
| Other operating charges | 640/8 | €9,381 | €11,486 | +€2,105 | +22.4% |
| Gross operating margin | 9900 | €88,557 | €95,083 | +€6,526 | +7.4% |
| Operating profit (loss) | 9901 | €44,133 | €52,145 | +€8,011 | +18.2% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €18,132 | €28,070 | +€9,937 | +54.8% |
| Recurring financial charges | 65 | €18,132 | €28,070 | +€9,937 | +54.8% |
| Profit (loss) for the period before taxes | 9903 | €26,001 | €24,075 | -€1,926 | -7.4% |
| Income taxes | 67/77 | €6,066 | - | -€6,066 | |
| Profit (loss) for the period | 9904 | €19,935 | €24,075 | +€4,140 | +20.8% |
| Profit (loss) for the period to be appropriated | 9905 | €19,935 | €24,075 | +€4,140 | +20.8% |
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 15 October 2026 via checked.be.