RETHYE MANAGEMENT: 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.
RETHYE MANAGEMENT
Largest movements
- Current investments -€103,994
down €103,994 (-13.1%), from €794,113 to €690,119
- Receivables within one year +€42,028
up €42,028 (+117%), from €36,069 to €78,097
of which Other amounts receivable: +€48,973
- Tangible fixed assets -€37,519
down €37,519 (-8.7%), from €432,395 to €394,876
of which Leasing and similar rights: -€31,958
- Cash -€17,741
down €17,741 (-43.4%), from €40,888 to €23,147
mainly Net result for the year (-€97,491) and Receivables within one year (-€42,028)
- Profit (loss) carried forward -€65,791
down €65,791 (-41.9%), from -€157,073 to -€222,864
- Reserves -€50,000
down €50,000 (-7.7%), from €645,450 to €595,450
of which Non-distributable reserves: -€50,000
- Debts after one year -€24,736
down €24,736 (-6.1%), from €406,407 to €381,671
- Contributions +€18,300
up €18,300 (+3.7%), from €500,058 to €518,358
- Gross operating margin -€51,602
down €51,602, from €12,991 to -€38,611
- Financial charges -€16,725
down €16,725 (-34.7%), from €48,223 to €31,498
- Taxes -€15,513
down €15,513, from €10,337 to -€5,176
- Other operating charges -€8,316
down €8,316 (-54.1%), from €15,369 to €7,053
- Depreciation +€3,917
up €3,917 (+13.1%), from €29,860 to €33,777
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 | €1,430,589 | €1,312,374 | -€118,215 | -8.3% |
| Fixed assets | 21/28 | €462,529 | €425,011 | -€37,518 | -8.1% |
| Tangible fixed assets | 22/27 | €432,395 | €394,876 | -€37,519 | -8.7% |
| Land and buildings | 22 | €336,554 | €331,232 | -€5,322 | -1.6% |
| Plant, machinery and equipment | 23 | €238 | - | -€238 | |
| Leasing and similar rights | 25 | €95,602 | €63,644 | -€31,958 | -33.4% |
| Financial fixed assets | 28 | €30,134 | €30,135 | +€1 | 0.0% |
| Current assets | 29/58 | €968,060 | €887,363 | -€80,697 | -8.3% |
| Stocks and contracts in progress | 3 | €96,000 | €96,000 | = | 0.0% |
| Stocks | 30/36 | €96,000 | €96,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €36,069 | €78,097 | +€42,028 | +117% |
| Trade receivables | 40 | €7,934 | €988 | -€6,946 | -87.5% |
| Other amounts receivable | 41 | €28,136 | €77,109 | +€48,973 | +174% |
| Current investments | 50/53 | €794,113 | €690,119 | -€103,994 | -13.1% |
| Cash at bank and in hand | 54/58 | €40,888 | €23,147 | -€17,741 | -43.4% |
| Deferred charges and accrued income | 490/1 | €990 | - | -€990 | |
| Total equity and liabilities | 10/49 | €1,430,589 | €1,312,374 | -€118,215 | -8.3% |
| Equity | 10/15 | €988,436 | €890,944 | -€97,492 | -9.9% |
| Contributions | 10/11 | €500,058 | €518,358 | +€18,300 | +3.7% |
| Capital | 10 | €500,000 | - | -€500,000 | |
| Issued capital | 100 | €500,000 | - | -€500,000 | |
| Contributions outside capital | 11 | €58 | - | -€58 | |
| Share premium | 1100/10 | €58 | - | -€58 | |
| Reserves | 13 | €645,450 | €595,450 | -€50,000 | -7.7% |
| Non-distributable reserves | 130/1 | €50,000 | - | -€50,000 | |
| Legal reserve | 130 | €50,000 | - | -€50,000 | |
| Distributable reserves | 133 | €595,450 | €595,450 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€157,073 | -€222,864 | -€65,791 | -41.9% |
| Amounts payable | 17/49 | €442,153 | €421,430 | -€20,723 | -4.7% |
| Amounts payable after more than one year | 17 | €406,407 | €381,671 | -€24,736 | -6.1% |
| Financial debts | 170/4 | €406,407 | €381,671 | -€24,736 | -6.1% |
| Amounts payable within one year | 42/48 | €27,125 | €33,564 | +€6,439 | +23.7% |
| Current portion of amounts payable after more than one year | 42 | €21,383 | €24,736 | +€3,353 | +15.7% |
| Trade debts | 44 | €3,153 | €6,106 | +€2,953 | +93.7% |
| Suppliers | 440/4 | €3,153 | €6,106 | +€2,953 | +93.7% |
| Taxes, remuneration and social security | 45 | €2,589 | €967 | -€1,622 | -62.7% |
| Taxes | 450/3 | €1,646 | - | -€1,646 | |
| Remuneration and social security | 454/9 | €943 | €967 | +€24 | +2.5% |
| Other amounts payable | 47/48 | - | €1,755 | +€1,755 | |
| Accrued charges and deferred income | 492/3 | €8,622 | €6,195 | -€2,427 | -28.1% |
| Non-recurring operating income | 76A | €410 | - | -€410 | |
| Remuneration, social security and pensions | 62 | €16,865 | €15,964 | -€901 | -5.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,860 | €33,777 | +€3,917 | +13.1% |
| Other operating charges | 640/8 | €15,369 | €7,053 | -€8,316 | -54.1% |
| Gross operating margin | 9900 | €12,991 | -€38,611 | -€51,602 | |
| Operating profit (loss) | 9901 | -€49,103 | -€95,405 | -€46,302 | -94.3% |
| Financial income | 75/76B | €23,267 | €24,236 | +€969 | +4.2% |
| Recurring financial income | 75 | €23,267 | €24,236 | +€969 | +4.2% |
| Financial charges | 65/66B | €48,223 | €31,498 | -€16,725 | -34.7% |
| Recurring financial charges | 65 | €48,223 | €31,498 | -€16,725 | -34.7% |
| Profit (loss) for the period before taxes | 9903 | -€74,059 | -€102,667 | -€28,608 | -38.6% |
| Income taxes | 67/77 | €10,337 | -€5,176 | -€15,513 | |
| Profit (loss) for the period | 9904 | -€84,395 | -€97,491 | -€13,096 | -15.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€84,395 | -€97,491 | -€13,096 | -15.5% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.