RGO: 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.
RGO
Largest movements
- Receivables within one year +€253,558
up €253,558 (+128.5%), from €197,326 to €450,884
of which Other amounts receivable: +€267,376
- Receivables after one year -€36,867
down €36,867 (-100.0%), from €36,867 to €0
- Other debts +€292,000
up €292,000 (+112.9%), from €258,684 to €550,684
- Debts after one year -€198,967
down €198,967 (-11.9%), from €1.7m to €1.5m
of which Financial debts: -€198,967
- Reserves +€111,207
up €111,207 (+57.4%), from €193,810 to €305,017
- Gross operating margin +€61,574
up €61,574 (+39.8%), from €154,517 to €216,091
- Staff costs +€20,099
new in 2025: €20,099
- Taxes +€12,976
up €12,976 (+67.3%), from €19,267 to €32,243
- Financial charges -€7,525
down €7,525 (-11.9%), from €63,443 to €55,917
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 | €2,382,338 | €2,598,966 | +€216,629 | +9.1% |
| Fixed assets | 21/28 | €2,062,825 | €2,062,331 | -€494 | 0.0% |
| Tangible fixed assets | 22/27 | €875 | €381 | -€494 | -56.5% |
| Plant, machinery and equipment | 23 | €875 | €381 | -€494 | -56.5% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €2,061,950 | €2,061,950 | = | 0.0% |
| Current assets | 29/58 | €319,513 | €536,635 | +€217,123 | +68.0% |
| Amounts receivable after more than one year | 29 | €36,867 | €0 | -€36,867 | -100.0% |
| Other amounts receivable | 291 | €36,867 | €0 | -€36,867 | -100.0% |
| Amounts receivable within one year | 40/41 | €197,326 | €450,884 | +€253,558 | +128.5% |
| Trade receivables | 40 | €121,000 | €107,182 | -€13,818 | -11.4% |
| Other amounts receivable | 41 | €76,326 | €343,703 | +€267,376 | +350.3% |
| Current investments | 50/53 | - | €8,000 | +€8,000 | |
| Cash at bank and in hand | 54/58 | €82,772 | €76,527 | -€6,245 | -7.5% |
| Deferred charges and accrued income | 490/1 | €2,547 | €1,224 | -€1,323 | -51.9% |
| Total equity and liabilities | 10/49 | €2,382,338 | €2,598,966 | +€216,629 | +9.1% |
| Equity | 10/15 | €212,410 | €323,617 | +€111,207 | +52.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €193,810 | €305,017 | +€111,207 | +57.4% |
| Distributable reserves | 133 | €193,810 | €305,017 | +€111,207 | +57.4% |
| Amounts payable | 17/49 | €2,169,928 | €2,275,350 | +€105,422 | +4.9% |
| Amounts payable after more than one year | 17 | €1,668,756 | €1,469,789 | -€198,967 | -11.9% |
| Financial debts | 170/4 | €640,972 | €442,005 | -€198,967 | -31.0% |
| Other amounts payable | 178/9 | €1,027,783 | €1,027,783 | = | 0.0% |
| Amounts payable within one year | 42/48 | €481,219 | €785,608 | +€304,389 | +63.3% |
| Current portion of amounts payable after more than one year | 42 | €190,879 | €198,967 | +€8,088 | +4.2% |
| Financial debts | 43 | - | €4,375 | +€4,375 | |
| Credit institutions | 430/8 | - | €4,375 | +€4,375 | |
| Trade debts | 44 | €3,398 | €2,197 | -€1,201 | -35.3% |
| Suppliers | 440/4 | €3,398 | €2,197 | -€1,201 | -35.3% |
| Taxes, remuneration and social security | 45 | €28,258 | €29,385 | +€1,127 | +4.0% |
| Taxes | 450/3 | €28,258 | €26,570 | -€1,688 | -6.0% |
| Remuneration and social security | 454/9 | - | €2,815 | +€2,815 | |
| Other amounts payable | 47/48 | €258,684 | €550,684 | +€292,000 | +112.9% |
| Accrued charges and deferred income | 492/3 | €19,953 | €19,953 | = | 0.0% |
| Remuneration, social security and pensions | 62 | - | €20,099 | +€20,099 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €792 | €494 | -€298 | -37.6% |
| Other operating charges | 640/8 | €1,960 | €2,195 | +€235 | +12.0% |
| Gross operating margin | 9900 | €154,517 | €216,091 | +€61,574 | +39.8% |
| Operating profit (loss) | 9901 | €151,765 | €193,302 | +€41,537 | +27.4% |
| Financial income | 75/76B | €4,301 | €6,065 | +€1,764 | +41.0% |
| Recurring financial income | 75 | €4,301 | €6,065 | +€1,764 | +41.0% |
| Financial charges | 65/66B | €63,443 | €55,917 | -€7,525 | -11.9% |
| Recurring financial charges | 65 | €63,443 | €55,917 | -€7,525 | -11.9% |
| Profit (loss) for the period before taxes | 9903 | €92,623 | €143,450 | +€50,827 | +54.9% |
| Income taxes | 67/77 | €19,267 | €32,243 | +€12,976 | +67.3% |
| Profit (loss) for the period | 9904 | €73,356 | €111,207 | +€37,851 | +51.6% |
| Profit (loss) for the period to be appropriated | 9905 | €73,356 | €111,207 | +€37,851 | +51.6% |
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 5 October 2026 via checked.be.