RHG: 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.
RHG
Largest movements
- Financial fixed assets +€783,800
up €783,800 (+12641.9%), from €6,200 to €790,000
- Receivables within one year +€461,873
up €461,873 (+353.5%), from €130,640 to €592,513
of which Other amounts receivable: +€497,808
- Tangible fixed assets -€429,852
down €429,852 (-99.9%), from €430,222 to €369
of which Land and buildings: -€429,483
- Deferred charges and accrued income +€16,256
up €16,256 (+541.9%), from €3,000 to €19,256
- Revaluation surpluses +€567,869
up €567,869 (+263.0%), from €215,931 to €783,800
- Reserves +€253,127
up €253,127 (+236.8%), from €106,882 to €360,009
of which Tax-exempt reserves: +€250,836
- Debts after one year -€170,598
down €170,598 (-100.0%), from €170,598 to €0
- Other debts +€96,839
up €96,839 (+227.8%), from €42,506 to €139,344
- Provisions +€83,612
new in 2025: €83,612
- Gross operating margin +€297,451
up €297,451 (+578.9%), from €51,380 to €348,831
- Financial income +€18,806
up €18,806 (+4183.9%), from €449 to €19,256
- Depreciation -€16,701
down €16,701 (-97.8%), from €17,070 to €369
- Other operating charges +€15,276
up €15,276 (+1120.2%), from €1,364 to €16,640
- Financial charges +€8,424
up €8,424 (+170.1%), from €4,953 to €13,377
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 | €581,970 | €1,402,309 | +€820,339 | +141.0% |
| Fixed assets | 21/28 | €436,422 | €790,369 | +€353,948 | +81.1% |
| Tangible fixed assets | 22/27 | €430,222 | €369 | -€429,852 | -99.9% |
| Land and buildings | 22 | €429,483 | €0 | -€429,483 | -100.0% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €739 | €369 | -€369 | -50.0% |
| Financial fixed assets | 28 | €6,200 | €790,000 | +€783,800 | +12641.9% |
| Current assets | 29/58 | €145,548 | €611,940 | +€466,391 | +320.4% |
| Amounts receivable within one year | 40/41 | €130,640 | €592,513 | +€461,873 | +353.5% |
| Trade receivables | 40 | €35,936 | €0 | -€35,936 | -100.0% |
| Other amounts receivable | 41 | €94,704 | €592,513 | +€497,808 | +525.6% |
| Cash at bank and in hand | 54/58 | €11,908 | €172 | -€11,737 | -98.6% |
| Deferred charges and accrued income | 490/1 | €3,000 | €19,256 | +€16,256 | +541.9% |
| Total equity and liabilities | 10/49 | €581,970 | €1,402,309 | +€820,339 | +141.0% |
| Equity | 10/15 | €341,414 | €1,162,409 | +€820,996 | +240.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €215,931 | €783,800 | +€567,869 | +263.0% |
| Reserves | 13 | €106,882 | €360,009 | +€253,127 | +236.8% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | - | €250,836 | +€250,836 | |
| Distributable reserves | 133 | €106,882 | €109,173 | +€2,291 | +2.1% |
| Provisions and deferred taxes | 16 | - | €83,612 | +€83,612 | |
| Deferred taxes | 168 | - | €83,612 | +€83,612 | |
| Amounts payable | 17/49 | €240,556 | €156,287 | -€84,269 | -35.0% |
| Amounts payable after more than one year | 17 | €170,598 | €0 | -€170,598 | -100.0% |
| Financial debts | 170/4 | €170,598 | €0 | -€170,598 | -100.0% |
| Amounts payable within one year | 42/48 | €69,958 | €149,674 | +€79,716 | +113.9% |
| Current portion of amounts payable after more than one year | 42 | €23,948 | €0 | -€23,948 | -100.0% |
| Trade debts | 44 | €1,364 | €0 | -€1,364 | -100.0% |
| Suppliers | 440/4 | €1,364 | €0 | -€1,364 | -100.0% |
| Taxes, remuneration and social security | 45 | €2,141 | €10,330 | +€8,189 | +382.5% |
| Taxes | 450/3 | €2,141 | €10,330 | +€8,189 | +382.5% |
| Other amounts payable | 47/48 | €42,506 | €139,344 | +€96,839 | +227.8% |
| Accrued charges and deferred income | 492/3 | - | €6,613 | +€6,613 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,070 | €369 | -€16,701 | -97.8% |
| Other operating charges | 640/8 | €1,364 | €16,640 | +€15,276 | +1120.2% |
| Gross operating margin | 9900 | €51,380 | €348,831 | +€297,451 | +578.9% |
| Operating profit (loss) | 9901 | €32,946 | €331,822 | +€298,876 | +907.2% |
| Financial income | 75/76B | €449 | €19,256 | +€18,806 | +4183.9% |
| Recurring financial income | 75 | €449 | €19,256 | +€18,806 | +4183.9% |
| Financial charges | 65/66B | €4,953 | €13,377 | +€8,424 | +170.1% |
| Recurring financial charges | 65 | €4,953 | €13,377 | +€8,424 | +170.1% |
| Profit (loss) for the period before taxes | 9903 | €28,443 | €337,701 | +€309,258 | +1087.3% |
| Transfer to deferred taxes | 680 | - | €83,612 | +€83,612 | |
| Income taxes | 67/77 | €7,141 | €961 | -€6,180 | -86.5% |
| Profit (loss) for the period | 9904 | €21,302 | €253,127 | +€231,825 | +1088.3% |
| Transfer to tax-exempt reserves | 689 | - | €250,836 | +€250,836 | |
| Profit (loss) for the period to be appropriated | 9905 | €21,302 | €2,291 | -€19,011 | -89.2% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.