RESTOGA: 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.
RESTOGA
Largest movements
- Tangible fixed assets +€73,073
up €73,073 (+29.9%), from €244,631 to €317,704
of which Leasing and similar rights: +€80,610
- Receivables within one year +€51,174
up €51,174 (+37.2%), from €137,513 to €188,686
of which Trade receivables: +€72,101
- Cash -€35,926
down €35,926 (-22.3%), from €160,990 to €125,064
mainly Investment in fixed assets (net) (-€173,701) and Receivables within one year (-€51,174)
- Formation expenses +€14,867
new in 2025: €14,867
- Trade debts +€36,071
up €36,071 (+30.7%), from €117,626 to €153,698
- Debts after one year +€26,933
up €26,933 (+17.4%), from €154,626 to €181,559
- Advances received +€18,810
up €18,810, from €0 to €18,810
- Current portion of long-term debt +€16,824
up €16,824 (+45.5%), from €37,012 to €53,836
- Gross operating margin +€54,436
up €54,436 (+14.4%), from €376,869 to €431,305
- Staff costs +€33,501
up €33,501 (+13.2%), from €253,970 to €287,471
- Depreciation +€13,356
up €13,356 (+19.2%), from €69,711 to €83,067
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 | €1,188,985 | €1,293,803 | +€104,818 | +8.8% |
| Formation expenses | 20 | - | €14,867 | +€14,867 | |
| Fixed assets | 21/28 | €848,716 | €924,482 | +€75,766 | +8.9% |
| Intangible fixed assets | 21 | - | €2,693 | +€2,693 | |
| Tangible fixed assets | 22/27 | €244,631 | €317,704 | +€73,073 | +29.9% |
| Plant, machinery and equipment | 23 | €122,959 | €145,927 | +€22,968 | +18.7% |
| Furniture and vehicles | 24 | €121,672 | €91,167 | -€30,506 | -25.1% |
| Leasing and similar rights | 25 | - | €80,610 | +€80,610 | |
| Financial fixed assets | 28 | €604,085 | €604,085 | = | 0.0% |
| Current assets | 29/58 | €340,269 | €354,454 | +€14,185 | +4.2% |
| Stocks and contracts in progress | 3 | €37,286 | €30,761 | -€6,525 | -17.5% |
| Stocks | 30/36 | €37,286 | €30,761 | -€6,525 | -17.5% |
| Amounts receivable within one year | 40/41 | €137,513 | €188,686 | +€51,174 | +37.2% |
| Trade receivables | 40 | €20,297 | €92,399 | +€72,101 | +355.2% |
| Other amounts receivable | 41 | €117,215 | €96,288 | -€20,928 | -17.9% |
| Cash at bank and in hand | 54/58 | €160,990 | €125,064 | -€35,926 | -22.3% |
| Deferred charges and accrued income | 490/1 | €4,481 | €9,943 | +€5,463 | +121.9% |
| Total equity and liabilities | 10/49 | €1,188,985 | €1,293,803 | +€104,818 | +8.8% |
| Equity | 10/15 | €841,364 | €853,607 | +€12,244 | +1.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €822,764 | €835,007 | +€12,244 | +1.5% |
| Non-distributable reserves | 130/1 | €135,000 | €135,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €135,000 | €135,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €23,246 | €23,246 | = | 0.0% |
| Distributable reserves | 133 | €664,518 | €676,762 | +€12,244 | +1.8% |
| Amounts payable | 17/49 | €347,621 | €440,196 | +€92,574 | +26.6% |
| Amounts payable after more than one year | 17 | €154,626 | €181,559 | +€26,933 | +17.4% |
| Financial debts | 170/4 | €154,626 | €181,559 | +€26,933 | +17.4% |
| Amounts payable within one year | 42/48 | €192,995 | €256,575 | +€63,579 | +32.9% |
| Current portion of amounts payable after more than one year | 42 | €37,012 | €53,836 | +€16,824 | +45.5% |
| Financial debts | 43 | €6,761 | €0 | -€6,761 | -100.0% |
| Credit institutions | 430/8 | €6,761 | €0 | -€6,761 | -100.0% |
| Trade debts | 44 | €117,626 | €153,698 | +€36,071 | +30.7% |
| Suppliers | 440/4 | €117,626 | €153,698 | +€36,071 | +30.7% |
| Advances received on contracts in progress | 46 | €0 | €18,810 | +€18,810 | |
| Taxes, remuneration and social security | 45 | €17,019 | €20,659 | +€3,640 | +21.4% |
| Taxes | 450/3 | €0 | €1,127 | +€1,127 | |
| Remuneration and social security | 454/9 | €17,019 | €19,532 | +€2,513 | +14.8% |
| Other amounts payable | 47/48 | €14,577 | €9,573 | -€5,004 | -34.3% |
| Accrued charges and deferred income | 492/3 | - | €2,062 | +€2,062 | |
| Non-recurring operating income | 76A | €115 | €0 | -€115 | -100.0% |
| Remuneration, social security and pensions | 62 | €253,970 | €287,471 | +€33,501 | +13.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,711 | €83,067 | +€13,356 | +19.2% |
| Other operating charges | 640/8 | €36,708 | €38,554 | +€1,846 | +5.0% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €376,869 | €431,305 | +€54,436 | +14.4% |
| Operating profit (loss) | 9901 | €16,480 | €22,212 | +€5,732 | +34.8% |
| Financial income | 75/76B | €5,183 | €5,324 | +€140 | +2.7% |
| Recurring financial income | 75 | €5,183 | €5,324 | +€140 | +2.7% |
| Financial charges | 65/66B | €10,361 | €9,928 | -€433 | -4.2% |
| Recurring financial charges | 65 | €10,361 | €9,928 | -€433 | -4.2% |
| Profit (loss) for the period before taxes | 9903 | €11,302 | €17,608 | +€6,306 | +55.8% |
| Income taxes | 67/77 | €4,379 | €5,364 | +€985 | +22.5% |
| Profit (loss) for the period | 9904 | €6,923 | €12,244 | +€5,321 | +76.9% |
| Profit (loss) for the period to be appropriated | 9905 | €6,923 | €12,244 | +€5,321 | +76.9% |
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 6 October 2026 via checked.be.