RETURN ACADEMY: 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.
RETURN ACADEMY
Largest movements
- Receivables within one year +€21,832
up €21,832 (+3,510%), from €622 to €22,454
of which Trade receivables: +€22,454
- Cash -€18,246
down €18,246 (-90.0%), from €20,278 to €2,032
mainly Receivables within one year (-€21,832) and Net result for the year (-€14,381)
- Tangible fixed assets -€15,568
down €15,568 (-6.0%), from €261,098 to €245,530
of which Land and buildings: -€13,100
- Profit (loss) carried forward -€14,381
down €14,381 (-6.9%), from €208,369 to €193,988
- Tax, wage and social debts +€4,459
up €4,459 (+201%), from €2,215 to €6,674
of which Taxes: +€4,459
- Other debts +€4,385
up €4,385 (+24.1%), from €18,213 to €22,599
- Debts after one year -€3,978
down €3,978 (-11.5%), from €34,683 to €30,705
- Gross operating margin -€12,154
down €12,154 (-67.6%), from €17,972 to €5,819
- Financial charges -€868
down €868 (-36.2%), from €2,396 to €1,528
- Taxes -€720
down €720 (-57.4%), from €1,255 to €535
- Other operating charges +€555
up €555 (+50.3%), from €1,105 to €1,660
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 | €282,385 | €270,438 | -€11,947 | -4.2% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €261,098 | €245,530 | -€15,568 | -6.0% |
| Tangible fixed assets | 22/27 | €261,098 | €245,530 | -€15,568 | -6.0% |
| Land and buildings | 22 | €256,851 | €243,751 | -€13,100 | -5.1% |
| Furniture and vehicles | 24 | €4,247 | €1,779 | -€2,468 | -58.1% |
| Current assets | 29/58 | €21,287 | €24,908 | +€3,621 | +17.0% |
| Amounts receivable within one year | 40/41 | €622 | €22,454 | +€21,832 | +3,510% |
| Trade receivables | 40 | €0 | €22,454 | +€22,454 | |
| Other amounts receivable | 41 | €622 | €0 | -€622 | -100% |
| Cash at bank and in hand | 54/58 | €20,278 | €2,032 | -€18,246 | -90.0% |
| Deferred charges and accrued income | 490/1 | €387 | €422 | +€35 | +9.2% |
| Total equity and liabilities | 10/49 | €282,385 | €270,438 | -€11,947 | -4.2% |
| Equity | 10/15 | €214,822 | €200,442 | -€14,381 | -6.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €254 | €254 | = | 0.0% |
| Non-distributable reserves | 130/1 | €254 | €254 | = | 0.0% |
| Reserves not available under the articles | 1311 | €254 | €254 | = | 0.0% |
| Profit (loss) carried forward | 14 | €208,369 | €193,988 | -€14,381 | -6.9% |
| Amounts payable | 17/49 | €67,563 | €69,996 | +€2,433 | +3.6% |
| Amounts payable after more than one year | 17 | €34,683 | €30,705 | -€3,978 | -11.5% |
| Financial debts | 170/4 | €34,683 | €30,705 | -€3,978 | -11.5% |
| Amounts payable within one year | 42/48 | €32,880 | €39,292 | +€6,412 | +19.5% |
| Current portion of amounts payable after more than one year | 42 | €3,884 | €3,978 | +€95 | +2.4% |
| Trade debts | 44 | €8,568 | €6,041 | -€2,528 | -29.5% |
| Suppliers | 440/4 | €8,568 | €6,041 | -€2,528 | -29.5% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €2,215 | €6,674 | +€4,459 | +201% |
| Taxes | 450/3 | €2,215 | €6,674 | +€4,459 | +201% |
| Remuneration and social security | 454/9 | - | €0 | = | |
| Other amounts payable | 47/48 | €18,213 | €22,599 | +€4,385 | +24.1% |
| Turnover | 70 | €0 | - | = | |
| Goods, raw materials, services and sundry goods | 60/61 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,397 | €16,476 | +€79 | +0.5% |
| Other operating charges | 640/8 | €1,105 | €1,660 | +€555 | +50.3% |
| Gross operating margin | 9900 | €17,972 | €5,819 | -€12,154 | -67.6% |
| Operating profit (loss) | 9901 | €471 | -€12,318 | -€12,788 | |
| Financial charges | 65/66B | €2,396 | €1,528 | -€868 | -36.2% |
| Recurring financial charges | 65 | €2,396 | €1,528 | -€868 | -36.2% |
| Profit (loss) for the period before taxes | 9903 | -€1,925 | -€13,846 | -€11,921 | -619% |
| Income taxes | 67/77 | €1,255 | €535 | -€720 | -57.4% |
| Profit (loss) for the period | 9904 | -€3,180 | -€14,381 | -€11,200 | -352% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,180 | -€14,381 | -€11,200 | -352% |
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 25 October 2026 via checked.be.