RG Tegel 2.0: 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.
RG Tegel 2.0
Largest movements
- Receivables within one year -€1.2m
down €1.2m (-70.1%), from €1.8m to €526,249
- Cash -€712,404
down €712,404 (-79.3%), from €898,601 to €186,197
mainly Debts after one year (-€1.5m) and Other debts (-€1.1m)
- Debts after one year -€1.5m
down €1.5m (-70.8%), from €2.1m to €620,000
- Other debts -€1.1m
no longer reported in 2025 (was €1.1m)
- Reserves +€1.0m
up €1.0m (+48.6%), from €2.1m to €3.1m
- Current portion of long-term debt -€285,619
no longer reported in 2025 (was €285,619)
- Trade debts -€64,921
down €64,921 (-98.5%), from €65,936 to €1,015
- Financial income +€396,999
up €396,999 (+39.4%), from €1.0m to €1.4m
- Gross operating margin -€67,576
down €67,576 (-48.1%), from €140,463 to €72,887
- Taxes -€12,897
down €12,897 (-54.5%), from €23,666 to €10,769
- Financial charges -€1,483
down €1,483 (-2.8%), from €52,755 to €51,272
of which Financial charges: -€1,693
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 | €5,901,957 | €3,953,844 | -€1.9m | -33.0% |
| Fixed assets | 21/28 | €3,240,744 | €3,240,534 | -€210 | 0.0% |
| Tangible fixed assets | 22/27 | €210 | - | -€210 | |
| Furniture and vehicles | 24 | €210 | - | -€210 | |
| Financial fixed assets | 28 | €3,240,534 | €3,240,534 | = | 0.0% |
| Current assets | 29/58 | €2,661,213 | €713,310 | -€1.9m | -73.2% |
| Amounts receivable within one year | 40/41 | €1,761,596 | €526,249 | -€1.2m | -70.1% |
| Other amounts receivable | 41 | €1,761,596 | €526,249 | -€1.2m | -70.1% |
| Cash at bank and in hand | 54/58 | €898,601 | €186,197 | -€712,404 | -79.3% |
| Deferred charges and accrued income | 490/1 | €1,016 | €864 | -€152 | -14.9% |
| Total equity and liabilities | 10/49 | €5,901,957 | €3,953,844 | -€1.9m | -33.0% |
| Equity | 10/15 | €2,285,758 | €3,299,400 | +€1.0m | +44.3% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €2,085,758 | €3,099,400 | +€1.0m | +48.6% |
| Distributable reserves | 133 | €2,085,758 | €3,099,400 | +€1.0m | +48.6% |
| Amounts payable | 17/49 | €3,616,199 | €654,444 | -€3.0m | -81.9% |
| Amounts payable after more than one year | 17 | €2,119,825 | €620,000 | -€1.5m | -70.8% |
| Financial debts | 170/4 | €2,119,825 | €620,000 | -€1.5m | -70.8% |
| Amounts payable within one year | 42/48 | €1,481,175 | €3,009 | -€1.5m | -99.8% |
| Current portion of amounts payable after more than one year | 42 | €285,619 | - | -€285,619 | |
| Trade debts | 44 | €65,936 | €1,015 | -€64,921 | -98.5% |
| Suppliers | 440/4 | €65,936 | €1,015 | -€64,921 | -98.5% |
| Taxes, remuneration and social security | 45 | €4,619 | €1,994 | -€2,625 | -56.8% |
| Taxes | 450/3 | €4,619 | €1,994 | -€2,625 | -56.8% |
| Other amounts payable | 47/48 | €1,125,000 | - | -€1.1m | |
| Accrued charges and deferred income | 492/3 | €15,199 | €31,434 | +€16,236 | +107% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €233 | - | -€233 | |
| Other operating charges | 640/8 | €1,601 | €1,658 | +€58 | +3.6% |
| Gross operating margin | 9900 | €140,463 | €72,887 | -€67,576 | -48.1% |
| Operating profit (loss) | 9901 | €138,629 | €71,228 | -€67,401 | -48.6% |
| Financial income | 75/76B | €1,007,456 | €1,404,455 | +€396,999 | +39.4% |
| Recurring financial income | 75 | €1,007,456 | €1,404,455 | +€396,999 | +39.4% |
| Financial charges | 65/66B | €52,755 | €51,272 | -€1,483 | -2.8% |
| Recurring financial charges | 65 | €52,755 | €51,062 | -€1,693 | -3.2% |
| Non-recurring financial charges | 66B | - | €210 | +€210 | |
| Profit (loss) for the period before taxes | 9903 | €1,093,331 | €1,424,411 | +€331,080 | +30.3% |
| Income taxes | 67/77 | €23,666 | €10,769 | -€12,897 | -54.5% |
| Profit (loss) for the period | 9904 | €1,069,665 | €1,413,642 | +€343,977 | +32.2% |
| Profit (loss) for the period to be appropriated | 9905 | €1,069,665 | €1,413,642 | +€343,977 | +32.2% |
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 27 October 2026 via checked.be.