RGW: 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.
RGW
Largest movements
- Cash +€13,374
up €13,374 (+30.7%), from €43,619 to €56,993
mainly Net result for the year (+€24,461) and Receivables within one year (+€9,503)
- Receivables within one year -€9,503
down €9,503 (-31.7%), from €29,968 to €20,465
of which Trade receivables: -€11,385
- Tangible fixed assets -€2,312
down €2,312 (-77.2%), from €2,995 to €683
- Stocks and contracts -€1,942
down €1,942 (-50.4%), from €3,857 to €1,915
- Other debts +€9,174
up €9,174 (+46.8%), from €19,610 to €28,784
- Trade debts -€5,917
no longer reported in 2025 (was €5,917)
- Reserves -€3,799
down €3,799 (-98.4%), from €3,859 to €60
of which Distributable reserves: -€3,799
- Depreciation -€816
down €816 (-20.5%), from €3,981 to €3,165
- Gross operating margin +€754
up €754 (+2.2%), from €34,073 to €34,827
- Financial charges -€457
down €457 (-84.2%), from €543 to €86
- Taxes +€385
up €385 (+6.2%), from €6,200 to €6,585
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 | €80,439 | €80,056 | -€383 | -0.5% |
| Fixed assets | 21/28 | €2,995 | €683 | -€2,312 | -77.2% |
| Tangible fixed assets | 22/27 | €2,995 | €683 | -€2,312 | -77.2% |
| Furniture and vehicles | 24 | €2,995 | €683 | -€2,312 | -77.2% |
| Current assets | 29/58 | €77,444 | €79,373 | +€1,929 | +2.5% |
| Stocks and contracts in progress | 3 | €3,857 | €1,915 | -€1,942 | -50.4% |
| Stocks | 30/36 | €3,857 | €1,915 | -€1,942 | -50.4% |
| Amounts receivable within one year | 40/41 | €29,968 | €20,465 | -€9,503 | -31.7% |
| Trade receivables | 40 | €28,364 | €16,979 | -€11,385 | -40.1% |
| Other amounts receivable | 41 | €1,604 | €3,486 | +€1,882 | +117.3% |
| Cash at bank and in hand | 54/58 | €43,619 | €56,993 | +€13,374 | +30.7% |
| Total equity and liabilities | 10/49 | €80,439 | €80,056 | -€383 | -0.5% |
| Equity | 10/15 | €48,271 | €44,472 | -€3,799 | -7.9% |
| Contributions | 10/11 | €35,000 | €35,000 | = | 0.0% |
| Reserves | 13 | €3,859 | €60 | -€3,799 | -98.4% |
| Non-distributable reserves | 130/1 | €60 | €60 | = | 0.0% |
| Reserves not available under the articles | 1311 | €60 | €60 | = | 0.0% |
| Distributable reserves | 133 | €3,799 | €0 | -€3,799 | -100.0% |
| Profit (loss) carried forward | 14 | €9,412 | €9,412 | = | 0.0% |
| Amounts payable | 17/49 | €32,168 | €35,584 | +€3,416 | +10.6% |
| Amounts payable within one year | 42/48 | €31,938 | €35,584 | +€3,646 | +11.4% |
| Trade debts | 44 | €5,917 | - | -€5,917 | |
| Suppliers | 440/4 | €5,917 | - | -€5,917 | |
| Taxes, remuneration and social security | 45 | €6,411 | €6,800 | +€389 | +6.1% |
| Taxes | 450/3 | €6,411 | €6,800 | +€389 | +6.1% |
| Other amounts payable | 47/48 | €19,610 | €28,784 | +€9,174 | +46.8% |
| Accrued charges and deferred income | 492/3 | €230 | - | -€230 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,981 | €3,165 | -€816 | -20.5% |
| Other operating charges | 640/8 | €627 | €635 | +€8 | +1.3% |
| Gross operating margin | 9900 | €34,073 | €34,827 | +€754 | +2.2% |
| Operating profit (loss) | 9901 | €29,465 | €31,027 | +€1,562 | +5.3% |
| Financial income | 75/76B | - | €105 | +€105 | |
| Recurring financial income | 75 | - | €105 | +€105 | |
| Financial charges | 65/66B | €543 | €86 | -€457 | -84.2% |
| Recurring financial charges | 65 | €543 | €86 | -€457 | -84.2% |
| Profit (loss) for the period before taxes | 9903 | €28,922 | €31,046 | +€2,124 | +7.3% |
| Income taxes | 67/77 | €6,200 | €6,585 | +€385 | +6.2% |
| Profit (loss) for the period | 9904 | €22,722 | €24,461 | +€1,739 | +7.7% |
| Profit (loss) for the period to be appropriated | 9905 | €22,722 | €24,461 | +€1,739 | +7.7% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.