RHP2: 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.
RHP2
Largest movements
- Current investments +€100,000
new in 2025: €100,000
- Cash -€63,296
down €63,296 (-35.4%), from €178,563 to €115,267
mainly Current investments (-€100,000) and Current portion of long-term debt (-€29,218)
- Tangible fixed assets -€16,287
down €16,287 (-47.8%), from €34,082 to €17,795
of which Land and buildings: -€15,410
- Reserves +€42,056
up €42,056 (+27.6%), from €152,335 to €194,391
- Current portion of long-term debt -€29,218
down €29,218 (-68.4%), from €42,695 to €13,477
- Tax, wage and social debts +€17,937
up €17,937 (+896.9%), from €2,000 to €19,937
- Debts after one year -€10,125
no longer reported in 2025 (was €10,125)
- Gross operating margin +€20,473
up €20,473 (+28.3%), from €72,426 to €92,899
- Depreciation -€18,489
down €18,489 (-53.2%), from €34,776 to €16,287
- Taxes +€13,251
up €13,251 (+111.1%), from €11,931 to €25,182
- Financial charges -€1,580
down €1,580 (-49.6%), from €3,185 to €1,606
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €249,995 | €270,969 | +€20,974 | +8.4% |
| Fixed assets | 21/28 | €34,472 | €18,185 | -€16,287 | -47.2% |
| Tangible fixed assets | 22/27 | €34,082 | €17,795 | -€16,287 | -47.8% |
| Land and buildings | 22 | €25,249 | €9,838 | -€15,410 | -61.0% |
| Furniture and vehicles | 24 | €1,258 | €382 | -€877 | -69.7% |
| Other tangible fixed assets | 26 | €7,575 | €7,575 | = | 0.0% |
| Financial fixed assets | 28 | €390 | €390 | = | 0.0% |
| Current assets | 29/58 | €215,522 | €252,784 | +€37,261 | +17.3% |
| Amounts receivable within one year | 40/41 | €28,755 | €28,197 | -€558 | -1.9% |
| Other amounts receivable | 41 | €28,755 | €28,197 | -€558 | -1.9% |
| Current investments | 50/53 | - | €100,000 | +€100,000 | |
| Cash at bank and in hand | 54/58 | €178,563 | €115,267 | -€63,296 | -35.4% |
| Deferred charges and accrued income | 490/1 | €8,204 | €9,320 | +€1,116 | +13.6% |
| Total equity and liabilities | 10/49 | €249,995 | €270,969 | +€20,974 | +8.4% |
| Equity | 10/15 | €193,234 | €234,457 | +€41,223 | +21.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €152,335 | €194,391 | +€42,056 | +27.6% |
| Distributable reserves | 133 | €152,335 | €194,391 | +€42,056 | +27.6% |
| Profit (loss) carried forward | 14 | €28,499 | €27,666 | -€833 | -2.9% |
| Amounts payable | 17/49 | €56,760 | €36,512 | -€20,249 | -35.7% |
| Amounts payable after more than one year | 17 | €10,125 | - | -€10,125 | |
| Financial debts | 170/4 | €10,125 | - | -€10,125 | |
| Amounts payable within one year | 42/48 | €46,455 | €36,466 | -€9,989 | -21.5% |
| Current portion of amounts payable after more than one year | 42 | €42,695 | €13,477 | -€29,218 | -68.4% |
| Trade debts | 44 | €1,760 | €2,219 | +€459 | +26.1% |
| Suppliers | 440/4 | €1,760 | €2,219 | +€459 | +26.1% |
| Taxes, remuneration and social security | 45 | €2,000 | €19,937 | +€17,937 | +896.9% |
| Taxes | 450/3 | €2,000 | €19,937 | +€17,937 | +896.9% |
| Other amounts payable | 47/48 | - | €833 | +€833 | |
| Accrued charges and deferred income | 492/3 | €181 | €46 | -€135 | -74.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,776 | €16,287 | -€18,489 | -53.2% |
| Other operating charges | 640/8 | €2,674 | €2,786 | +€112 | +4.2% |
| Gross operating margin | 9900 | €72,426 | €92,899 | +€20,473 | +28.3% |
| Operating profit (loss) | 9901 | €34,976 | €73,826 | +€38,850 | +111.1% |
| Financial income | 75/76B | €1,553 | €2,017 | +€464 | +29.9% |
| Recurring financial income | 75 | €1,553 | €2,017 | +€464 | +29.9% |
| Financial charges | 65/66B | €3,185 | €1,606 | -€1,580 | -49.6% |
| Recurring financial charges | 65 | €3,185 | €1,606 | -€1,580 | -49.6% |
| Profit (loss) for the period before taxes | 9903 | €33,344 | €74,238 | +€40,894 | +122.6% |
| Income taxes | 67/77 | €11,931 | €25,182 | +€13,251 | +111.1% |
| Profit (loss) for the period | 9904 | €21,413 | €49,056 | +€27,643 | +129.1% |
| Profit (loss) for the period to be appropriated | 9905 | €21,413 | €49,056 | +€27,643 | +129.1% |
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 3 October 2026 via checked.be.