RGS Upgrade: 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.
RGS Upgrade
Largest movements
- Tangible fixed assets +€56,970
up €56,970 (+11.9%), from €477,833 to €534,802
of which Furniture and vehicles: +€46,986
- Cash -€31,322
down €31,322 (-20.8%), from €150,645 to €119,323
mainly Investment in fixed assets (net) (-€79,792) and Receivables within one year (-€25,818)
- Receivables within one year +€25,818
up €25,818 (+108%), from €23,939 to €49,757
of which Trade receivables: +€25,239
- Reserves +€24,315
up €24,315 (+24.1%), from €101,014 to €125,330
of which Distributable reserves: +€24,315
- Debts after one year +€13,258
up €13,258 (+2.7%), from €485,251 to €498,510
of which Financial debts: +€8,738
- Current portion of long-term debt +€13,249
up €13,249 (+123%), from €10,752 to €24,002
- Depreciation -€20,829
down €20,829 (-45.3%), from €45,976 to €25,148
- Staff costs +€15,750
up €15,750 (+45.9%), from €34,289 to €50,039
- Financial charges +€4,810
up €4,810 (+22.3%), from €21,593 to €26,403
- Gross operating margin +€4,705
up €4,705 (+3.4%), from €138,049 to €142,755
- Taxes +€1,880
up €1,880 (+15.3%), from €12,295 to €14,175
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 | €659,664 | €712,520 | +€52,855 | +8.0% |
| Fixed assets | 21/28 | €480,968 | €535,612 | +€54,645 | +11.4% |
| Tangible fixed assets | 22/27 | €477,833 | €534,802 | +€56,970 | +11.9% |
| Land and buildings | 22 | €454,473 | €464,565 | +€10,093 | +2.2% |
| Furniture and vehicles | 24 | €23,240 | €70,226 | +€46,986 | +202% |
| Other tangible fixed assets | 26 | €120 | €11 | -€109 | -91.2% |
| Financial fixed assets | 28 | €3,135 | €810 | -€2,325 | -74.2% |
| Current assets | 29/58 | €178,697 | €176,908 | -€1,789 | -1.0% |
| Amounts receivable within one year | 40/41 | €23,939 | €49,757 | +€25,818 | +108% |
| Trade receivables | 40 | €23,869 | €49,108 | +€25,239 | +106% |
| Other amounts receivable | 41 | €69 | €649 | +€580 | +838% |
| Cash at bank and in hand | 54/58 | €150,645 | €119,323 | -€31,322 | -20.8% |
| Deferred charges and accrued income | 490/1 | €4,114 | €7,828 | +€3,715 | +90.3% |
| Total equity and liabilities | 10/49 | €659,664 | €712,520 | +€52,855 | +8.0% |
| Equity | 10/15 | €107,214 | €131,530 | +€24,315 | +22.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €101,014 | €125,330 | +€24,315 | +24.1% |
| Non-distributable reserves | 130/1 | €50 | €50 | = | 0.0% |
| Reserves not available under the articles | 1311 | €50 | €50 | = | 0.0% |
| Distributable reserves | 133 | €100,964 | €125,280 | +€24,315 | +24.1% |
| Amounts payable | 17/49 | €552,450 | €580,990 | +€28,540 | +5.2% |
| Amounts payable after more than one year | 17 | €485,251 | €498,510 | +€13,258 | +2.7% |
| Financial debts | 170/4 | €473,202 | €481,940 | +€8,738 | +1.8% |
| Other amounts payable | 178/9 | €12,050 | €16,570 | +€4,520 | +37.5% |
| Amounts payable within one year | 42/48 | €64,752 | €80,994 | +€16,242 | +25.1% |
| Current portion of amounts payable after more than one year | 42 | €10,752 | €24,002 | +€13,249 | +123% |
| Financial debts | 43 | €1,329 | €243 | -€1,085 | -81.7% |
| Credit institutions | 430/8 | €1,329 | €243 | -€1,085 | -81.7% |
| Trade debts | 44 | €25,494 | €23,907 | -€1,587 | -6.2% |
| Suppliers | 440/4 | €25,494 | €23,907 | -€1,587 | -6.2% |
| Advances received on contracts in progress | 46 | €10,423 | €10,525 | +€102 | +1.0% |
| Taxes, remuneration and social security | 45 | €16,754 | €22,317 | +€5,563 | +33.2% |
| Taxes | 450/3 | €10,817 | €15,571 | +€4,753 | +43.9% |
| Remuneration and social security | 454/9 | €5,936 | €6,746 | +€809 | +13.6% |
| Accrued charges and deferred income | 492/3 | €2,446 | €1,486 | -€960 | -39.2% |
| Non-recurring operating income | 76A | - | €84 | +€84 | |
| Remuneration, social security and pensions | 62 | €34,289 | €50,039 | +€15,750 | +45.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,976 | €25,148 | -€20,829 | -45.3% |
| Other operating charges | 640/8 | €3,438 | €2,976 | -€462 | -13.4% |
| Non-recurring operating charges | 66A | - | €75 | +€75 | |
| Gross operating margin | 9900 | €138,049 | €142,755 | +€4,705 | +3.4% |
| Operating profit (loss) | 9901 | €54,346 | €64,517 | +€10,171 | +18.7% |
| Financial income | 75/76B | €8 | €376 | +€368 | +4,836% |
| Recurring financial income | 75 | €8 | €376 | +€368 | +4,836% |
| Financial charges | 65/66B | €21,593 | €26,403 | +€4,810 | +22.3% |
| Recurring financial charges | 65 | €21,593 | €26,403 | +€4,810 | +22.3% |
| Profit (loss) for the period before taxes | 9903 | €32,761 | €38,490 | +€5,730 | +17.5% |
| Income taxes | 67/77 | €12,295 | €14,175 | +€1,880 | +15.3% |
| Profit (loss) for the period | 9904 | €20,465 | €24,315 | +€3,850 | +18.8% |
| Profit (loss) for the period to be appropriated | 9905 | €20,465 | €24,315 | +€3,850 | +18.8% |
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 23 October 2026 via checked.be.