RGF Real Estate Development: what changed
What changed
RGF Real Estate Development
NACE 68.121, Development of residential building projects
filed annual accounts (NBB)
Net result for the year
€28,085
2024 · -€2,088+€30,173
Equity
€74,351
2024 · €46,266+€28,085
Cash
€6,412
2024 · €3,503+€2,909
Balance sheet total
€3.9m
2024 · €3.2m+€637,238
Largest movements
Assets
- Stocks and contracts +€633,955
up €633,955 (+20.1%), from €3.2m to €3.8m
Equity and liabilities
- Other debts +€3.3m
up €3.3m (+2,784%), from €118,610 to €3.4m
- Debts after one year -€2.8m
down €2.8m (-91.8%), from €3.0m to €245,349
Income statement
- Gross operating margin +€109,454
up €109,454, from -€5,122 to €104,332
- Financial charges +€68,036
up €68,036 (+58,652%), from €116 to €68,152
- Taxes +€8,117
new in 2025: €8,117
- Financial income -€3,128
down €3,128 (-98.7%), from €3,170 to €42
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€2,088
Gross operating margin
+€109,454
Financial income
-€3,128
Financial charges
-€68,036
Taxes
-€8,117
Result 2025
€28,085
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€2.7m
Investment
€0
Financing
-€2.7m
Cash 2024
€3,503
From operations (derived)
+€2.7m
Net result for the year
+€28,085
Stocks and contracts
-€633,955
Smaller working-capital items
+€7,743
Trade debts
+€36,954
Other debts
+€3.3m
Financing
-€2.7m
Debts after one year
-€2.8m
Current portion of long-term debt
+€16,530
Cash 2025
€6,412
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,233,661 | €3,870,899 | +€637,238 | +19.7% |
| Current assets | 29/58 | €3,233,661 | €3,870,899 | +€637,238 | +19.7% |
| Stocks and contracts in progress | 3 | €3,153,682 | €3,787,637 | +€633,955 | +20.1% |
| Stocks | 30/36 | €3,153,682 | €3,787,637 | +€633,955 | +20.1% |
| Amounts receivable within one year | 40/41 | €76,476 | €76,850 | +€374 | +0.5% |
| Trade receivables | 40 | - | €1,230 | +€1,230 | |
| Other amounts receivable | 41 | €76,476 | €75,620 | -€856 | -1.1% |
| Cash at bank and in hand | 54/58 | €3,503 | €6,412 | +€2,909 | +83.0% |
| Total equity and liabilities | 10/49 | €3,233,661 | €3,870,899 | +€637,238 | +19.7% |
| Equity | 10/15 | €46,266 | €74,351 | +€28,085 | +60.7% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,734 | €24,351 | +€28,085 | |
| Amounts payable | 17/49 | €3,187,395 | €3,796,548 | +€609,153 | +19.1% |
| Amounts payable after more than one year | 17 | €3,000,000 | €245,349 | -€2.8m | -91.8% |
| Financial debts | 170/4 | €3,000,000 | €245,349 | -€2.8m | -91.8% |
| Amounts payable within one year | 42/48 | €187,395 | €3,551,199 | +€3.4m | +1,795% |
| Current portion of amounts payable after more than one year | 42 | €41,518 | €58,048 | +€16,530 | +39.8% |
| Trade debts | 44 | €27,267 | €64,221 | +€36,954 | +136% |
| Suppliers | 440/4 | €27,267 | €64,221 | +€36,954 | +136% |
| Taxes, remuneration and social security | 45 | - | €8,117 | +€8,117 | |
| Taxes | 450/3 | - | €8,117 | +€8,117 | |
| Other amounts payable | 47/48 | €118,610 | €3,420,813 | +€3.3m | +2,784% |
| Other operating charges | 640/8 | €20 | €20 | = | 0.0% |
| Gross operating margin | 9900 | -€5,122 | €104,332 | +€109,454 | |
| Operating profit (loss) | 9901 | -€5,142 | €104,312 | +€109,454 | |
| Financial income | 75/76B | €3,170 | €42 | -€3,128 | -98.7% |
| Recurring financial income | 75 | €3,170 | €42 | -€3,128 | -98.7% |
| Financial charges | 65/66B | €116 | €68,152 | +€68,036 | +58,652% |
| Recurring financial charges | 65 | €116 | €68,152 | +€68,036 | +58,652% |
| Profit (loss) for the period before taxes | 9903 | -€2,088 | €36,202 | +€38,290 | |
| Income taxes | 67/77 | - | €8,117 | +€8,117 | |
| Profit (loss) for the period | 9904 | -€2,088 | €28,085 | +€30,173 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,088 | €28,085 | +€30,173 |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.