RH Belgium: what changed
What changed
RH Belgium
NACE 47.551, Retail sale of household furniture
filed annual accounts (NBB)
Net result for the year
€188,782
2025 · €238,995-€50,213
Equity
€6.9m
2025 · €6.7m+€188,782
Cash
€59,328
2025 · €135,857-€76,529
Balance sheet total
€11.5m
2025 · €13.9m-€2.3m
Largest movements
Assets
- Tangible fixed assets -€2.0m
down €2.0m (-16.2%), from €12.4m to €10.4m
of which Plant, machinery and equipment: -€1.5m
- Receivables within one year -€209,864
down €209,864 (-48.2%), from €435,499 to €225,635
of which Other amounts receivable: -€145,589
Equity and liabilities
- Trade debts -€3.7m
down €3.7m (-57.8%), from €6.4m to €2.7m
- Accrued charges and deferred income +€822,929
up €822,929 (+127%), from €649,833 to €1.5m
- Short-term financial debts +€210,610
new in 2026: €210,610
- Profit (loss) carried forward +€188,782
up €188,782 (+85.6%), from €220,452 to €409,234
Income statement
- Turnover -€2.3m
down €2.3m (-28.9%), from €7.9m to €5.6m
- Purchases and services -€1.5m
down €1.5m (-44.1%), from €3.5m to €1.9m
- Gross operating margin -€743,559
down €743,559 (-16.9%), from €4.4m to €3.7m
- Financial charges -€644,281
down €644,281 (-98.7%), from €652,496 to €8,215
of which Financial charges: -€643,858
- Staff costs -€248,556
down €248,556 (-17.3%), from €1.4m to €1.2m
Change in the result, 2025 to 2026
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 2025
€238,995
Gross operating margin
-€743,559
Staff costs
+€248,556
Depreciation
-€242,834
Other operating charges
+€5,513
Financial charges
+€644,281
Taxes
+€37,830
Result 2026
€188,782
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2025 and 2026 balance sheets and the 2026 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€103,216
Investment
-€183,923
Financing
+€210,610
Cash 2025
€135,857
From operations (derived)
-€103,216
Net result for the year
+€188,782
Depreciation
+€2.2m
Stocks and contracts
+€14,117
Receivables within one year
+€209,864
Deferred charges and accrued income
+€33,676
Provisions
+€5,040
Trade debts
-€3.7m
Tax, wage and social debts
+€113,542
Accrued charges and deferred income
+€822,929
Investment (derived)
-€183,923
Investment in fixed assets (net)
-€183,923
Financing
+€210,610
Short-term financial debts
+€210,610
Cash 2026
€59,328
brings cash intakes cash out
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €13,885,733 | €11,541,783 | -€2.3m | -16.9% |
| Fixed assets | 21/28 | €12,430,712 | €10,420,948 | -€2.0m | -16.2% |
| Tangible fixed assets | 22/27 | €12,420,426 | €10,410,662 | -€2.0m | -16.2% |
| Plant, machinery and equipment | 23 | €10,824,093 | €9,277,715 | -€1.5m | -14.3% |
| Furniture and vehicles | 24 | €1,549,530 | €954,916 | -€594,614 | -38.4% |
| Assets under construction and advance payments | 27 | €46,803 | €178,031 | +€131,229 | +280% |
| Financial fixed assets | 28 | €10,286 | €10,286 | = | 0.0% |
| Current assets | 29/58 | €1,455,021 | €1,120,835 | -€334,186 | -23.0% |
| Stocks and contracts in progress | 3 | €718,622 | €704,505 | -€14,117 | -2.0% |
| Stocks | 30/36 | €718,622 | €704,505 | -€14,117 | -2.0% |
| Amounts receivable within one year | 40/41 | €435,499 | €225,635 | -€209,864 | -48.2% |
| Trade receivables | 40 | €166,204 | €101,929 | -€64,275 | -38.7% |
| Other amounts receivable | 41 | €269,295 | €123,706 | -€145,589 | -54.1% |
| Cash at bank and in hand | 54/58 | €135,857 | €59,328 | -€76,529 | -56.3% |
| Deferred charges and accrued income | 490/1 | €165,043 | €131,367 | -€33,676 | -20.4% |
| Total equity and liabilities | 10/49 | €13,885,733 | €11,541,783 | -€2.3m | -16.9% |
| Equity | 10/15 | €6,705,914 | €6,894,696 | +€188,782 | +2.8% |
| Contributions | 10/11 | €6,485,462 | €6,485,462 | = | 0.0% |
| Profit (loss) carried forward | 14 | €220,452 | €409,234 | +€188,782 | +85.6% |
| Provisions and deferred taxes | 16 | €7,560 | €12,600 | +€5,040 | +66.7% |
| Provisions for liabilities and charges | 160/5 | €7,560 | €12,600 | +€5,040 | +66.7% |
| Major repairs and maintenance | 162 | €7,560 | €12,600 | +€5,040 | +66.7% |
| Amounts payable | 17/49 | €7,172,259 | €4,634,487 | -€2.5m | -35.4% |
| Amounts payable within one year | 42/48 | €6,522,426 | €3,161,725 | -€3.4m | -51.5% |
| Financial debts | 43 | - | €210,610 | +€210,610 | |
| Credit institutions | 430/8 | - | €210,610 | +€210,610 | |
| Trade debts | 44 | €6,369,850 | €2,684,998 | -€3.7m | -57.8% |
| Suppliers | 440/4 | €6,369,850 | €2,684,998 | -€3.7m | -57.8% |
| Taxes, remuneration and social security | 45 | €152,576 | €266,117 | +€113,542 | +74.4% |
| Taxes | 450/3 | €113,889 | €189,948 | +€76,059 | +66.8% |
| Remuneration and social security | 454/9 | €38,687 | €76,169 | +€37,482 | +96.9% |
| Accrued charges and deferred income | 492/3 | €649,833 | €1,472,762 | +€822,929 | +127% |
| Turnover | 70 | €7,871,848 | €5,600,519 | -€2.3m | -28.9% |
| Goods, raw materials, services and sundry goods | 60/61 | €3,467,442 | €1,939,672 | -€1.5m | -44.1% |
| Remuneration, social security and pensions | 62 | €1,437,620 | €1,189,064 | -€248,556 | -17.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,950,853 | €2,193,687 | +€242,834 | +12.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €5,040 | €5,040 | = | 0.0% |
| Other operating charges | 640/8 | €5,513 | €0 | -€5,513 | -100% |
| Gross operating margin | 9900 | €4,404,406 | €3,660,847 | -€743,559 | -16.9% |
| Operating profit (loss) | 9901 | €1,005,380 | €273,056 | -€732,324 | -72.8% |
| Financial charges | 65/66B | €652,496 | €8,215 | -€644,281 | -98.7% |
| Recurring financial charges | 65 | €652,073 | €8,215 | -€643,858 | -98.7% |
| Non-recurring financial charges | 66B | €423 | €0 | -€423 | -100% |
| Profit (loss) for the period before taxes | 9903 | €352,884 | €264,841 | -€88,043 | -24.9% |
| Income taxes | 67/77 | €113,889 | €76,059 | -€37,830 | -33.2% |
| Profit (loss) for the period | 9904 | €238,995 | €188,782 | -€50,213 | -21.0% |
| Profit (loss) for the period to be appropriated | 9905 | €238,995 | €188,782 | -€50,213 | -21.0% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 January 2025 and 31 January 2026. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.