RESPEL: 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.
RESPEL
Largest movements
- Cash +€37,936
up €37,936 (+8283.0%), from €458 to €38,394
mainly Depreciation (+€31,467) and Current investments (+€20,497)
- Tangible fixed assets -€31,467
down €31,467 (-3.8%), from €817,331 to €785,864
- Current investments -€20,497
no longer reported in 2025 (was €20,497)
- Profit (loss) carried forward +€23,577
up €23,577 (+21.9%), from -€107,424 to -€83,847
- Reserves -€17,569
down €17,569 (-4.3%), from €411,672 to €394,103
of which Tax-exempt reserves: -€17,569
- Other debts -€12,000
down €12,000 (-4.1%), from €292,000 to €280,000
- Gross operating margin +€63,037
up €63,037, from -€41,676 to €21,361
- Financial income +€17,663
new in 2025: €17,663
of which Financial income: +€17,663
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 | €913,011 | €898,753 | -€14,258 | -1.6% |
| Fixed assets | 21/28 | €822,844 | €790,864 | -€31,980 | -3.9% |
| Tangible fixed assets | 22/27 | €817,331 | €785,864 | -€31,467 | -3.8% |
| Land and buildings | 22 | €817,331 | €785,864 | -€31,467 | -3.8% |
| Financial fixed assets | 28 | €5,513 | €5,000 | -€513 | -9.3% |
| Current assets | 29/58 | €90,167 | €107,889 | +€17,722 | +19.7% |
| Amounts receivable within one year | 40/41 | €69,212 | €69,013 | -€199 | -0.3% |
| Other amounts receivable | 41 | €69,212 | €69,013 | -€199 | -0.3% |
| Current investments | 50/53 | €20,497 | - | -€20,497 | |
| Cash at bank and in hand | 54/58 | €458 | €38,394 | +€37,936 | +8283.0% |
| Deferred charges and accrued income | 490/1 | - | €482 | +€482 | |
| Total equity and liabilities | 10/49 | €913,011 | €898,753 | -€14,258 | -1.6% |
| Equity | 10/15 | €428,195 | €434,203 | +€6,008 | +1.4% |
| Contributions | 10/11 | €123,947 | €123,947 | = | 0.0% |
| Capital | 10 | €123,947 | €123,947 | = | 0.0% |
| Issued capital | 100 | €123,947 | €123,947 | = | 0.0% |
| Reserves | 13 | €411,672 | €394,103 | -€17,569 | -4.3% |
| Non-distributable reserves | 130/1 | €12,395 | €12,395 | = | 0.0% |
| Legal reserve | 130 | €12,395 | €12,395 | = | 0.0% |
| Tax-exempt reserves | 132 | €399,277 | €381,708 | -€17,569 | -4.4% |
| Profit (loss) carried forward | 14 | -€107,424 | -€83,847 | +€23,577 | +21.9% |
| Provisions and deferred taxes | 16 | €190,674 | €182,295 | -€8,379 | -4.4% |
| Provisions for liabilities and charges | 160/5 | €190,674 | €182,295 | -€8,379 | -4.4% |
| Taxes | 161 | €190,674 | €182,295 | -€8,379 | -4.4% |
| Amounts payable | 17/49 | €294,142 | €282,255 | -€11,887 | -4.0% |
| Amounts payable within one year | 42/48 | €292,195 | €280,060 | -€12,135 | -4.2% |
| Trade debts | 44 | €67 | - | -€67 | |
| Suppliers | 440/4 | €67 | - | -€67 | |
| Taxes, remuneration and social security | 45 | €128 | €60 | -€68 | -53.1% |
| Taxes | 450/3 | €128 | €60 | -€68 | -53.1% |
| Other amounts payable | 47/48 | €292,000 | €280,000 | -€12,000 | -4.1% |
| Accrued charges and deferred income | 492/3 | €1,947 | €2,195 | +€248 | +12.7% |
| Non-recurring operating income | 76A | €38,787 | - | -€38,787 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,467 | €31,467 | = | 0.0% |
| Other operating charges | 640/8 | €4,069 | €4,256 | +€187 | +4.6% |
| Gross operating margin | 9900 | -€41,676 | €21,361 | +€63,037 | |
| Operating profit (loss) | 9901 | -€77,212 | -€14,362 | +€62,850 | +81.4% |
| Financial income | 75/76B | - | €17,663 | +€17,663 | |
| Recurring financial income | 75 | - | €17,663 | +€17,663 | |
| Non-recurring financial income | 76B | - | €17,663 | +€17,663 | |
| Financial charges | 65/66B | €5,684 | €5,600 | -€84 | -1.5% |
| Recurring financial charges | 65 | €5,684 | €5,600 | -€84 | -1.5% |
| Profit (loss) for the period before taxes | 9903 | -€82,896 | -€2,299 | +€80,597 | +97.2% |
| Transfer from deferred taxes | 780 | €8,379 | €8,379 | = | 0.0% |
| Income taxes | 67/77 | €128 | €71 | -€57 | -44.5% |
| Profit (loss) for the period | 9904 | -€74,645 | €6,009 | +€80,654 | |
| Transfer from tax-exempt reserves | 789 | €17,569 | €17,569 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€57,076 | €23,578 | +€80,654 |
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 5 October 2026 via checked.be.