RG: 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.
RG
Largest movements
- Current investments +€50,000
new in 2025: €50,000
- Receivables within one year +€25,850
up €25,850 (+128.7%), from €20,084 to €45,934
of which Trade receivables: +€19,965
- Tangible fixed assets -€19,421
down €19,421 (-7.4%), from €261,256 to €241,835
of which Furniture and vehicles: -€12,992
- Cash -€5,803
down €5,803 (-4.2%), from €139,091 to €133,288
mainly Current investments (-€50,000) and Receivables within one year (-€25,850)
- Profit (loss) carried forward +€45,065
new in 2025: €45,065
- Reserves +€21,050
up €21,050 (+7.1%), from €298,295 to €319,345
of which Tax-exempt reserves: +€21,050
- Debts after one year -€8,529
down €8,529 (-11.3%), from €75,333 to €66,805
- Gross operating margin +€10,922
up €10,922 (+10.4%), from €105,508 to €116,430
- Taxes -€2,047
down €2,047 (-9.6%), from €21,269 to €19,222
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 | €422,072 | €473,274 | +€51,202 | +12.1% |
| Fixed assets | 21/28 | €261,706 | €242,285 | -€19,421 | -7.4% |
| Tangible fixed assets | 22/27 | €261,256 | €241,835 | -€19,421 | -7.4% |
| Land and buildings | 22 | €196,320 | €191,030 | -€5,290 | -2.7% |
| Plant, machinery and equipment | 23 | €3,627 | €2,801 | -€826 | -22.8% |
| Furniture and vehicles | 24 | €59,371 | €46,379 | -€12,992 | -21.9% |
| Other tangible fixed assets | 26 | €1,939 | €1,625 | -€313 | -16.2% |
| Financial fixed assets | 28 | €450 | €450 | = | 0.0% |
| Current assets | 29/58 | €160,366 | €230,990 | +€70,624 | +44.0% |
| Amounts receivable within one year | 40/41 | €20,084 | €45,934 | +€25,850 | +128.7% |
| Trade receivables | 40 | €19,965 | €39,930 | +€19,965 | +100.0% |
| Other amounts receivable | 41 | €119 | €6,004 | +€5,885 | +4947.9% |
| Current investments | 50/53 | - | €50,000 | +€50,000 | |
| Cash at bank and in hand | 54/58 | €139,091 | €133,288 | -€5,803 | -4.2% |
| Deferred charges and accrued income | 490/1 | €1,191 | €1,768 | +€576 | +48.4% |
| Total equity and liabilities | 10/49 | €422,072 | €473,274 | +€51,202 | +12.1% |
| Equity | 10/15 | €316,895 | €383,010 | +€66,115 | +20.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €298,295 | €319,345 | +€21,050 | +7.1% |
| Tax-exempt reserves | 132 | - | €21,050 | +€21,050 | |
| Distributable reserves | 133 | €298,295 | €298,295 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €45,065 | +€45,065 | |
| Amounts payable | 17/49 | €105,177 | €90,264 | -€14,912 | -14.2% |
| Amounts payable after more than one year | 17 | €75,333 | €66,805 | -€8,529 | -11.3% |
| Financial debts | 170/4 | €75,333 | €66,805 | -€8,529 | -11.3% |
| Amounts payable within one year | 42/48 | €28,977 | €22,569 | -€6,408 | -22.1% |
| Current portion of amounts payable after more than one year | 42 | €6,203 | €6,529 | +€326 | +5.3% |
| Trade debts | 44 | €3,217 | €2,459 | -€758 | -23.6% |
| Suppliers | 440/4 | €3,217 | €2,459 | -€758 | -23.6% |
| Taxes, remuneration and social security | 45 | €15,939 | €12,216 | -€3,722 | -23.4% |
| Taxes | 450/3 | €15,939 | €12,216 | -€3,722 | -23.4% |
| Other amounts payable | 47/48 | €3,618 | €1,365 | -€2,253 | -62.3% |
| Accrued charges and deferred income | 492/3 | €867 | €890 | +€24 | +2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,751 | €24,336 | +€584 | +2.5% |
| Other operating charges | 640/8 | €2,074 | €2,075 | +€2 | +0.1% |
| Gross operating margin | 9900 | €105,508 | €116,430 | +€10,922 | +10.4% |
| Operating profit (loss) | 9901 | €79,683 | €90,019 | +€10,336 | +13.0% |
| Financial income | 75/76B | €93 | €753 | +€660 | +706.4% |
| Recurring financial income | 75 | €93 | €753 | +€660 | +706.4% |
| Financial charges | 65/66B | €4,888 | €4,602 | -€286 | -5.8% |
| Recurring financial charges | 65 | €4,888 | €4,602 | -€286 | -5.8% |
| Profit (loss) for the period before taxes | 9903 | €74,889 | €86,170 | +€11,281 | +15.1% |
| Income taxes | 67/77 | €21,269 | €19,222 | -€2,047 | -9.6% |
| Profit (loss) for the period | 9904 | €53,620 | €66,948 | +€13,328 | +24.9% |
| Transfer to tax-exempt reserves | 689 | - | €21,050 | +€21,050 | |
| Profit (loss) for the period to be appropriated | 9905 | €53,620 | €45,898 | -€7,722 | -14.4% |
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 6 October 2026 via checked.be.