RF PROJECTS: 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.
RF PROJECTS
Largest movements
- Tangible fixed assets +€100,577
up €100,577 (+25.5%), from €394,391 to €494,968
of which Land and buildings: +€91,462
- Cash -€50,367
down €50,367 (-70.2%), from €71,719 to €21,353
mainly Investment in fixed assets (net) (-€117,674) and Contributions, distributions and other (-€13,210)
- Debts after one year +€70,902
up €70,902 (+27.1%), from €261,681 to €332,582
- Reserves +€14,100
up €14,100 (+23.2%), from €60,718 to €74,818
- Trade debts -€10,997
down €10,997 (-83.7%), from €13,136 to €2,138
- Tax, wage and social debts -€10,699
down €10,699 (-78.9%), from €13,557 to €2,857
- Gross operating margin +€32,833
up €32,833 (+56.9%), from €57,742 to €90,575
- Financial charges +€8,197
up €8,197 (+81.8%), from €10,016 to €18,213
- Taxes +€7,998
up €7,998 (+540.5%), from €1,480 to €9,478
- Other operating charges -€1,922
down €1,922 (-7.4%), from €25,868 to €23,946
- Depreciation -€1,322
down €1,322 (-7.2%), from €18,419 to €17,097
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 | €490,656 | €542,114 | +€51,458 | +10.5% |
| Fixed assets | 21/28 | €394,391 | €494,968 | +€100,577 | +25.5% |
| Tangible fixed assets | 22/27 | €394,391 | €494,968 | +€100,577 | +25.5% |
| Land and buildings | 22 | €394,044 | €485,506 | +€91,462 | +23.2% |
| Furniture and vehicles | 24 | €347 | €9,462 | +€9,116 | +2629.4% |
| Current assets | 29/58 | €96,265 | €47,145 | -€49,119 | -51.0% |
| Amounts receivable within one year | 40/41 | €21,361 | €23,048 | +€1,686 | +7.9% |
| Trade receivables | 40 | €16,516 | €16,516 | = | 0.0% |
| Other amounts receivable | 41 | €4,845 | €6,531 | +€1,686 | +34.8% |
| Cash at bank and in hand | 54/58 | €71,719 | €21,353 | -€50,367 | -70.2% |
| Deferred charges and accrued income | 490/1 | €3,184 | €2,745 | -€439 | -13.8% |
| Total equity and liabilities | 10/49 | €490,656 | €542,114 | +€51,458 | +10.5% |
| Equity | 10/15 | €66,918 | €75,818 | +€8,900 | +13.3% |
| Contributions | 10/11 | €6,200 | €1,000 | -€5,200 | -83.9% |
| Reserves | 13 | €60,718 | €74,818 | +€14,100 | +23.2% |
| Distributable reserves | 133 | €60,718 | €74,818 | +€14,100 | +23.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €423,737 | €466,295 | +€42,558 | +10.0% |
| Amounts payable after more than one year | 17 | €261,681 | €332,582 | +€70,902 | +27.1% |
| Financial debts | 170/4 | €261,681 | €332,582 | +€70,902 | +27.1% |
| Amounts payable within one year | 42/48 | €161,553 | €133,185 | -€28,368 | -17.6% |
| Current portion of amounts payable after more than one year | 42 | €25,518 | €26,259 | +€742 | +2.9% |
| Financial debts | 43 | €2,115 | €0 | -€2,115 | -100.0% |
| Credit institutions | 430/8 | €2,115 | €0 | -€2,115 | -100.0% |
| Trade debts | 44 | €13,136 | €2,138 | -€10,997 | -83.7% |
| Suppliers | 440/4 | €13,136 | €2,138 | -€10,997 | -83.7% |
| Taxes, remuneration and social security | 45 | €13,557 | €2,857 | -€10,699 | -78.9% |
| Taxes | 450/3 | €13,557 | €2,857 | -€10,699 | -78.9% |
| Other amounts payable | 47/48 | €107,228 | €101,930 | -€5,298 | -4.9% |
| Accrued charges and deferred income | 492/3 | €503 | €528 | +€24 | +4.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,419 | €17,097 | -€1,322 | -7.2% |
| Other operating charges | 640/8 | €25,868 | €23,946 | -€1,922 | -7.4% |
| Gross operating margin | 9900 | €57,742 | €90,575 | +€32,833 | +56.9% |
| Operating profit (loss) | 9901 | €13,455 | €49,532 | +€36,077 | +268.1% |
| Financial income | 75/76B | €250 | €268 | +€18 | +7.4% |
| Recurring financial income | 75 | €250 | €268 | +€18 | +7.4% |
| Financial charges | 65/66B | €10,016 | €18,213 | +€8,197 | +81.8% |
| Recurring financial charges | 65 | €10,016 | €18,213 | +€8,197 | +81.8% |
| Profit (loss) for the period before taxes | 9903 | €3,689 | €31,588 | +€27,899 | +756.3% |
| Income taxes | 67/77 | €1,480 | €9,478 | +€7,998 | +540.5% |
| Profit (loss) for the period | 9904 | €2,209 | €22,110 | +€19,901 | +900.8% |
| Profit (loss) for the period to be appropriated | 9905 | €2,209 | €22,110 | +€19,901 | +900.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.