RFG Advisory: 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.
RFG Advisory
Largest movements
- Cash +€65,047
up €65,047 (+42.5%), from €152,931 to €217,977
mainly Net result for the year (+€131,855) and Tax, wage and social debts (+€35,413)
- Receivables after one year +€58,025
up €58,025 (+44.9%), from €129,138 to €187,163
- Tangible fixed assets +€24,391
up €24,391 (+1,408%), from €1,732 to €26,122
- Deferred charges and accrued income +€9,404
up €9,404 (+546%), from €1,722 to €11,127
- Receivables within one year +€7,113
up €7,113 (+1,470%), from €484 to €7,597
of which Trade receivables: +€7,349
- Profit (loss) carried forward +€77,125
up €77,125 (+61.9%), from €124,510 to €201,634
- Reserves +€54,730
up €54,730 (+41.9%), from €130,510 to €185,240
- Tax, wage and social debts +€35,413
up €35,413 (+155%), from €22,919 to €58,333
- Gross operating margin +€13,091
up €13,091 (+8.3%), from €158,609 to €171,700
- Taxes +€8,421
up €8,421 (+21.1%), from €39,993 to €48,413
- Financial income +€8,216
up €8,216 (+262%), from €3,136 to €11,352
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 | €286,741 | €450,450 | +€163,709 | +57.1% |
| Formation expenses | 20 | €734 | €464 | -€270 | -36.8% |
| Fixed assets | 21/28 | €1,732 | €26,122 | +€24,391 | +1,408% |
| Tangible fixed assets | 22/27 | €1,732 | €26,122 | +€24,391 | +1,408% |
| Furniture and vehicles | 24 | €1,732 | €26,122 | +€24,391 | +1,408% |
| Current assets | 29/58 | €284,275 | €423,864 | +€139,589 | +49.1% |
| Amounts receivable after more than one year | 29 | €129,138 | €187,163 | +€58,025 | +44.9% |
| Trade receivables | 290 | €129,138 | €187,163 | +€58,025 | +44.9% |
| Amounts receivable within one year | 40/41 | €484 | €7,597 | +€7,113 | +1,470% |
| Trade receivables | 40 | - | €7,349 | +€7,349 | |
| Other amounts receivable | 41 | €484 | €249 | -€235 | -48.6% |
| Cash at bank and in hand | 54/58 | €152,931 | €217,977 | +€65,047 | +42.5% |
| Deferred charges and accrued income | 490/1 | €1,722 | €11,127 | +€9,404 | +546% |
| Total equity and liabilities | 10/49 | €286,741 | €450,450 | +€163,709 | +57.1% |
| Equity | 10/15 | €257,020 | €388,874 | +€131,855 | +51.3% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €130,510 | €185,240 | +€54,730 | +41.9% |
| Tax-exempt reserves | 132 | €130,510 | €185,240 | +€54,730 | +41.9% |
| Profit (loss) carried forward | 14 | €124,510 | €201,634 | +€77,125 | +61.9% |
| Amounts payable | 17/49 | €29,721 | €61,576 | +€31,855 | +107% |
| Amounts payable within one year | 42/48 | €29,721 | €61,576 | +€31,855 | +107% |
| Financial debts | 43 | €6,088 | €3,243 | -€2,845 | -46.7% |
| Credit institutions | 430/8 | €6,088 | €3,243 | -€2,845 | -46.7% |
| Trade debts | 44 | €714 | - | -€714 | |
| Suppliers | 440/4 | €714 | - | -€714 | |
| Taxes, remuneration and social security | 45 | €22,919 | €58,333 | +€35,413 | +155% |
| Taxes | 450/3 | €22,919 | €58,333 | +€35,413 | +155% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €794 | €880 | +€86 | +10.8% |
| Non-recurring operating charges | 66A | - | €394 | +€394 | |
| Gross operating margin | 9900 | €158,609 | €171,700 | +€13,091 | +8.3% |
| Operating profit (loss) | 9901 | €157,815 | €170,426 | +€12,611 | +8.0% |
| Financial income | 75/76B | €3,136 | €11,352 | +€8,216 | +262% |
| Recurring financial income | 75 | €3,136 | €11,352 | +€8,216 | +262% |
| Financial charges | 65/66B | €1,895 | €1,510 | -€386 | -20.3% |
| Recurring financial charges | 65 | €1,895 | €1,510 | -€386 | -20.3% |
| Profit (loss) for the period before taxes | 9903 | €159,055 | €180,268 | +€21,213 | +13.3% |
| Income taxes | 67/77 | €39,993 | €48,413 | +€8,421 | +21.1% |
| Profit (loss) for the period | 9904 | €119,062 | €131,855 | +€12,792 | +10.7% |
| Transfer to tax-exempt reserves | 689 | €71,570 | €54,730 | -€16,840 | -23.5% |
| Profit (loss) for the period to be appropriated | 9905 | €47,492 | €77,125 | +€29,632 | +62.4% |
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 22 October 2026 via checked.be.