REWARDS: 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.
REWARDS
Largest movements
- Tangible fixed assets +€433,040
up €433,040 (+65.0%), from €666,396 to €1.1m
- Receivables within one year -€14,603
down €14,603 (-76.1%), from €19,192 to €4,589
of which Trade receivables: -€19,192
- Debts after one year +€281,089
up €281,089 (+60.2%), from €466,785 to €747,874
of which Financial debts: +€278,539
- Other debts +€117,705
up €117,705 (+196.2%), from €60,000 to €177,705
- Current portion of long-term debt +€21,256
up €21,256 (+116.8%), from €18,197 to €39,453
- Gross operating margin +€23,442
up €23,442 (+98.1%), from €23,899 to €47,340
- Depreciation +€12,480
up €12,480 (+129.0%), from €9,672 to €22,153
- Financial charges +€6,899
up €6,899 (+59.1%), from €11,677 to €18,575
- Other operating charges +€4,003
up €4,003 (+216.7%), from €1,847 to €5,850
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 | €695,704 | €1,116,659 | +€420,954 | +60.5% |
| Formation expenses | 20 | €3,807 | €2,713 | -€1,094 | -28.7% |
| Fixed assets | 21/28 | €666,396 | €1,099,437 | +€433,040 | +65.0% |
| Tangible fixed assets | 22/27 | €666,396 | €1,099,437 | +€433,040 | +65.0% |
| Land and buildings | 22 | €666,396 | €1,099,437 | +€433,040 | +65.0% |
| Current assets | 29/58 | €25,501 | €14,509 | -€10,993 | -43.1% |
| Amounts receivable within one year | 40/41 | €19,192 | €4,589 | -€14,603 | -76.1% |
| Trade receivables | 40 | €19,192 | - | -€19,192 | |
| Other amounts receivable | 41 | - | €4,589 | +€4,589 | |
| Cash at bank and in hand | 54/58 | €5,560 | €9,075 | +€3,515 | +63.2% |
| Deferred charges and accrued income | 490/1 | €750 | €845 | +€95 | +12.7% |
| Total equity and liabilities | 10/49 | €695,704 | €1,116,659 | +€420,954 | +60.5% |
| Equity | 10/15 | €150,660 | €151,159 | +€499 | +0.3% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Capital | 10 | €150,000 | €150,000 | = | 0.0% |
| Issued capital | 100 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €660 | €1,159 | +€499 | +75.7% |
| Non-distributable reserves | 130/1 | €33 | €58 | +€25 | +75.6% |
| Legal reserve | 130 | €33 | €58 | +€25 | +75.6% |
| Distributable reserves | 133 | €627 | €1,101 | +€474 | +75.7% |
| Amounts payable | 17/49 | €545,045 | €965,500 | +€420,455 | +77.1% |
| Amounts payable after more than one year | 17 | €466,785 | €747,874 | +€281,089 | +60.2% |
| Financial debts | 170/4 | €462,662 | €741,201 | +€278,539 | +60.2% |
| Other amounts payable | 178/9 | €4,123 | €6,673 | +€2,550 | +61.9% |
| Amounts payable within one year | 42/48 | €78,260 | €217,626 | +€139,366 | +178.1% |
| Current portion of amounts payable after more than one year | 42 | €18,197 | €39,453 | +€21,256 | +116.8% |
| Trade debts | 44 | - | €205 | +€205 | |
| Suppliers | 440/4 | - | €205 | +€205 | |
| Taxes, remuneration and social security | 45 | €63 | €263 | +€200 | +317.5% |
| Taxes | 450/3 | €63 | €263 | +€200 | +317.5% |
| Other amounts payable | 47/48 | €60,000 | €177,705 | +€117,705 | +196.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,672 | €22,153 | +€12,480 | +129.0% |
| Other operating charges | 640/8 | €1,847 | €5,850 | +€4,003 | +216.7% |
| Gross operating margin | 9900 | €23,899 | €47,340 | +€23,442 | +98.1% |
| Operating profit (loss) | 9901 | €12,379 | €19,338 | +€6,958 | +56.2% |
| Financial income | 75/76B | €20 | - | -€20 | |
| Recurring financial income | 75 | €20 | - | -€20 | |
| Financial charges | 65/66B | €11,677 | €18,575 | +€6,899 | +59.1% |
| Recurring financial charges | 65 | €11,677 | €18,575 | +€6,899 | +59.1% |
| Profit (loss) for the period before taxes | 9903 | €723 | €762 | +€40 | +5.5% |
| Income taxes | 67/77 | €63 | €263 | +€200 | +317.5% |
| Profit (loss) for the period | 9904 | €660 | €499 | -€160 | -24.3% |
| Profit (loss) for the period to be appropriated | 9905 | €660 | €499 | -€160 | -24.3% |
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 30 September 2026 via checked.be.