REXAD: 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.
REXAD
Largest movements
- Current investments -€67,753
down €67,753 (-66.1%), from €102,475 to €34,722
- Cash -€25,801
down €25,801 (-35.0%), from €73,657 to €47,856
mainly Net result for the year (-€53,326) and Receivables within one year (-€24,586)
- Receivables within one year +€24,586
up €24,586 (+77.8%), from €31,601 to €56,187
of which Other amounts receivable: +€38,743
- Profit (loss) carried forward -€53,326
down €53,326, from €6 to -€53,321
- Tax, wage and social debts -€13,031
down €13,031 (-86.2%), from €15,119 to €2,088
of which Taxes: -€11,031
- Trade debts -€3,222
down €3,222 (-99.1%), from €3,252 to €30
- Turnover -€139,664
down €139,664 (-86.3%), from €161,823 to €22,159
- Gross operating margin -€97,200
down €97,200, from €42,363 to -€54,836
- Taxes -€12,829
no longer reported in 2025 (was €12,829)
- Purchases and services -€4,816
down €4,816 (-3.9%), from €122,937 to €118,122
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 | €209,169 | €141,350 | -€67,819 | -32.4% |
| Fixed assets | 21/28 | €980 | €583 | -€397 | -40.5% |
| Tangible fixed assets | 22/27 | €980 | €583 | -€397 | -40.5% |
| Plant, machinery and equipment | 23 | €980 | €583 | -€397 | -40.5% |
| Current assets | 29/58 | €208,189 | €140,767 | -€67,422 | -32.4% |
| Amounts receivable within one year | 40/41 | €31,601 | €56,187 | +€24,586 | +77.8% |
| Trade receivables | 40 | €14,157 | - | -€14,157 | |
| Other amounts receivable | 41 | €17,444 | €56,187 | +€38,743 | +222.1% |
| Current investments | 50/53 | €102,475 | €34,722 | -€67,753 | -66.1% |
| Cash at bank and in hand | 54/58 | €73,657 | €47,856 | -€25,801 | -35.0% |
| Deferred charges and accrued income | 490/1 | €456 | €2,002 | +€1,546 | +339.1% |
| Total equity and liabilities | 10/49 | €209,169 | €141,350 | -€67,819 | -32.4% |
| Equity | 10/15 | €189,198 | €135,872 | -€53,326 | -28.2% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €183,192 | €183,192 | = | 0.0% |
| Distributable reserves | 133 | €183,192 | €183,192 | = | 0.0% |
| Profit (loss) carried forward | 14 | €6 | -€53,321 | -€53,326 | |
| Amounts payable | 17/49 | €19,971 | €5,478 | -€14,493 | -72.6% |
| Amounts payable within one year | 42/48 | €19,971 | €5,478 | -€14,493 | -72.6% |
| Trade debts | 44 | €3,252 | €30 | -€3,222 | -99.1% |
| Suppliers | 440/4 | €3,252 | €30 | -€3,222 | -99.1% |
| Taxes, remuneration and social security | 45 | €15,119 | €2,088 | -€13,031 | -86.2% |
| Taxes | 450/3 | €13,119 | €2,088 | -€11,031 | -84.1% |
| Remuneration and social security | 454/9 | €2,000 | - | -€2,000 | |
| Other amounts payable | 47/48 | €1,600 | €3,360 | +€1,760 | +110.0% |
| Turnover | 70 | €161,823 | €22,159 | -€139,664 | -86.3% |
| Goods, raw materials, services and sundry goods | 60/61 | €122,937 | €118,122 | -€4,816 | -3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €210 | €397 | +€186 | +88.7% |
| Other operating charges | 640/8 | €879 | €539 | -€341 | -38.7% |
| Gross operating margin | 9900 | €42,363 | -€54,836 | -€97,200 | |
| Operating profit (loss) | 9901 | €41,274 | -€55,772 | -€97,045 | |
| Financial income | 75/76B | €3,531 | €3,004 | -€526 | -14.9% |
| Recurring financial income | 75 | €3,531 | €3,004 | -€526 | -14.9% |
| Financial charges | 65/66B | €1,753 | €559 | -€1,194 | -68.1% |
| Recurring financial charges | 65 | €1,594 | €559 | -€1,035 | -64.9% |
| Non-recurring financial charges | 66B | €159 | - | -€159 | |
| Profit (loss) for the period before taxes | 9903 | €43,051 | -€53,326 | -€96,378 | |
| Income taxes | 67/77 | €12,829 | - | -€12,829 | |
| Profit (loss) for the period | 9904 | €30,223 | -€53,326 | -€83,549 | |
| Profit (loss) for the period to be appropriated | 9905 | €30,223 | -€53,326 | -€83,549 |
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 12 October 2026 via checked.be.