RHEA: 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.
RHEA
Largest movements
- Receivables within one year -€71,533
down €71,533 (-16.0%), from €446,287 to €374,754
of which Trade receivables: -€54,817
- Deferred charges and accrued income +€9,688
up €9,688 (+140.3%), from €6,903 to €16,591
- Tangible fixed assets -€6,408
down €6,408 (-61.6%), from €10,396 to €3,988
- Other debts -€55,000
down €55,000 (-37.9%), from €145,000 to €90,000
- Tax, wage and social debts -€22,392
down €22,392 (-16.9%), from €132,190 to €109,798
of which Taxes: -€23,860
- Reserves +€7,000
up €7,000 (+102.0%), from €6,866 to €13,866
of which Distributable reserves: +€7,000
- Accrued charges and deferred income +€5,644
up €5,644 (+14.3%), from €39,434 to €45,078
- Provisions +€4,847
new in 2025: €4,847
- Turnover -€101,607
down €101,607 (-8.3%), from €1.2m to €1.1m
- Gross operating margin -€59,222
down €59,222 (-9.0%), from €660,768 to €601,546
- Purchases and services -€42,503
down €42,503 (-7.4%), from €577,745 to €535,242
- Taxes -€19,900
down €19,900 (-35.9%), from €55,498 to €35,598
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 | €469,974 | €405,888 | -€64,086 | -13.6% |
| Fixed assets | 21/28 | €10,396 | €3,988 | -€6,408 | -61.6% |
| Tangible fixed assets | 22/27 | €10,396 | €3,988 | -€6,408 | -61.6% |
| Plant, machinery and equipment | 23 | €10,396 | €3,988 | -€6,408 | -61.6% |
| Current assets | 29/58 | €459,578 | €401,900 | -€57,678 | -12.6% |
| Amounts receivable within one year | 40/41 | €446,287 | €374,754 | -€71,533 | -16.0% |
| Trade receivables | 40 | €234,403 | €179,586 | -€54,817 | -23.4% |
| Other amounts receivable | 41 | €211,884 | €195,168 | -€16,716 | -7.9% |
| Cash at bank and in hand | 54/58 | €6,388 | €10,555 | +€4,167 | +65.2% |
| Deferred charges and accrued income | 490/1 | €6,903 | €16,591 | +€9,688 | +140.3% |
| Total equity and liabilities | 10/49 | €469,974 | €405,888 | -€64,086 | -13.6% |
| Equity | 10/15 | €69,888 | €75,974 | +€6,085 | +8.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,866 | €13,866 | +€7,000 | +102.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €666 | €7,666 | +€7,000 | +1051.2% |
| Profit (loss) carried forward | 14 | €1,023 | €108 | -€915 | -89.4% |
| Provisions and deferred taxes | 16 | - | €4,847 | +€4,847 | |
| Provisions for liabilities and charges | 160/5 | - | €4,847 | +€4,847 | |
| Pensions and similar obligations | 160 | - | €4,847 | +€4,847 | |
| Amounts payable | 17/49 | €400,086 | €325,066 | -€75,019 | -18.8% |
| Amounts payable within one year | 42/48 | €360,651 | €279,988 | -€80,663 | -22.4% |
| Trade debts | 44 | €83,461 | €80,190 | -€3,271 | -3.9% |
| Suppliers | 440/4 | €83,461 | €80,190 | -€3,271 | -3.9% |
| Taxes, remuneration and social security | 45 | €132,190 | €109,798 | -€22,392 | -16.9% |
| Taxes | 450/3 | €81,872 | €58,012 | -€23,860 | -29.1% |
| Remuneration and social security | 454/9 | €50,318 | €51,787 | +€1,468 | +2.9% |
| Other amounts payable | 47/48 | €145,000 | €90,000 | -€55,000 | -37.9% |
| Accrued charges and deferred income | 492/3 | €39,434 | €45,078 | +€5,644 | +14.3% |
| Turnover | 70 | €1,225,495 | €1,123,888 | -€101,607 | -8.3% |
| Goods, raw materials, services and sundry goods | 60/61 | €577,745 | €535,242 | -€42,503 | -7.4% |
| Remuneration, social security and pensions | 62 | €447,310 | €451,170 | +€3,860 | +0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,927 | €6,408 | -€518 | -7.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €4,847 | +€4,847 | |
| Other operating charges | 640/8 | €2,405 | €2,022 | -€383 | -15.9% |
| Gross operating margin | 9900 | €660,768 | €601,546 | -€59,222 | -9.0% |
| Operating profit (loss) | 9901 | €204,126 | €137,098 | -€67,027 | -32.8% |
| Financial income | 75/76B | €5,127 | €2,588 | -€2,540 | -49.5% |
| Recurring financial income | 75 | €5,127 | €2,588 | -€2,540 | -49.5% |
| Financial charges | 65/66B | €8,552 | €8,003 | -€549 | -6.4% |
| Recurring financial charges | 65 | €8,552 | €8,003 | -€549 | -6.4% |
| Profit (loss) for the period before taxes | 9903 | €200,701 | €131,683 | -€69,018 | -34.4% |
| Income taxes | 67/77 | €55,498 | €35,598 | -€19,900 | -35.9% |
| Profit (loss) for the period | 9904 | €145,203 | €96,085 | -€49,118 | -33.8% |
| Profit (loss) for the period to be appropriated | 9905 | €145,203 | €96,085 | -€49,118 | -33.8% |
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 7 October 2026 via checked.be.