RESEAU: 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.
RESEAU
Largest movements
- Receivables within one year +€413,045
new in 2025: €413,045
of which Other amounts receivable: +€411,345
- Tangible fixed assets +€59,957
up €59,957 (+4.6%), from €1.3m to €1.4m
of which Assets under construction and advance payments: +€96,175
- Cash -€58,009
no longer reported in 2025 (was €58,009)
mainly Receivables within one year (-€413,045) and Current portion of long-term debt (-€300,000)
- Investment grants +€374,757
up €374,757 (+38.3%), from €979,542 to €1.4m
- Current portion of long-term debt -€300,000
no longer reported in 2025 (was €300,000)
- Short-term financial debts +€269,575
up €269,575 (+270%), from €100,000 to €369,575
- Trade debts +€74,950
up €74,950 (+99,747%), from €75 to €75,025
- Financial charges -€44,030
down €44,030 (-71.0%), from €62,053 to €18,023
- Gross operating margin -€18,128
down €18,128 (-45.1%), from €40,163 to €22,035
- Financial income -€2,823
down €2,823 (-7.7%), from €36,698 to €33,875
- Other operating charges +€751
up €751 (+15.4%), from €4,863 to €5,614
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 | €1,352,503 | €1,766,424 | +€413,921 | +30.6% |
| Formation expenses | 20 | €643 | €377 | -€266 | -41.4% |
| Fixed assets | 21/28 | €1,293,046 | €1,353,003 | +€59,957 | +4.6% |
| Tangible fixed assets | 22/27 | €1,293,046 | €1,353,003 | +€59,957 | +4.6% |
| Land and buildings | 22 | €1,288,676 | €1,249,461 | -€39,215 | -3.0% |
| Plant, machinery and equipment | 23 | €4,370 | €7,367 | +€2,996 | +68.6% |
| Assets under construction and advance payments | 27 | - | €96,175 | +€96,175 | |
| Current assets | 29/58 | €58,814 | €413,045 | +€354,231 | +602% |
| Amounts receivable within one year | 40/41 | - | €413,045 | +€413,045 | |
| Trade receivables | 40 | - | €1,700 | +€1,700 | |
| Other amounts receivable | 41 | - | €411,345 | +€411,345 | |
| Cash at bank and in hand | 54/58 | €58,009 | - | -€58,009 | |
| Deferred charges and accrued income | 490/1 | €805 | - | -€805 | |
| Total equity and liabilities | 10/49 | €1,352,503 | €1,766,424 | +€413,921 | +30.6% |
| Equity | 10/15 | €944,312 | €1,318,099 | +€373,787 | +39.6% |
| Contributions | 10/11 | €8,750 | €15,500 | +€6,750 | +77.1% |
| Profit (loss) carried forward | 14 | -€43,980 | -€51,701 | -€7,721 | -17.6% |
| Investment grants | 15 | €979,542 | €1,354,300 | +€374,757 | +38.3% |
| Amounts payable | 17/49 | €408,191 | €448,326 | +€40,135 | +9.8% |
| Amounts payable within one year | 42/48 | €400,075 | €444,600 | +€44,525 | +11.1% |
| Current portion of amounts payable after more than one year | 42 | €300,000 | - | -€300,000 | |
| Financial debts | 43 | €100,000 | €369,575 | +€269,575 | +270% |
| Credit institutions | 430/8 | €100,000 | €369,575 | +€269,575 | +270% |
| Trade debts | 44 | €75 | €75,025 | +€74,950 | +99,747% |
| Suppliers | 440/4 | €75 | €75,025 | +€74,950 | +99,747% |
| Accrued charges and deferred income | 492/3 | €8,116 | €3,725 | -€4,391 | -54.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,759 | €39,993 | +€235 | +0.6% |
| Other operating charges | 640/8 | €4,863 | €5,614 | +€751 | +15.4% |
| Gross operating margin | 9900 | €40,163 | €22,035 | -€18,128 | -45.1% |
| Operating profit (loss) | 9901 | -€4,459 | -€23,572 | -€19,114 | -429% |
| Financial income | 75/76B | €36,698 | €33,875 | -€2,823 | -7.7% |
| Recurring financial income | 75 | €36,698 | €33,875 | -€2,823 | -7.7% |
| Financial charges | 65/66B | €62,053 | €18,023 | -€44,030 | -71.0% |
| Recurring financial charges | 65 | €62,053 | €18,023 | -€44,030 | -71.0% |
| Profit (loss) for the period before taxes | 9903 | -€29,814 | -€7,721 | +€22,093 | +74.1% |
| Profit (loss) for the period | 9904 | -€29,814 | -€7,721 | +€22,093 | +74.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€29,814 | -€7,721 | +€22,093 | +74.1% |
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.