RHW: 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.
RHW
Largest movements
- Receivables within one year +€34,315
up €34,315 (+148.2%), from €23,153 to €57,467
of which Trade receivables: +€31,663
- Tangible fixed assets -€27,454
down €27,454 (-4.2%), from €658,103 to €630,649
- Cash +€14,555
up €14,555 (+82.9%), from €17,558 to €32,114
mainly Net result for the year (+€42,238) and Depreciation (+€27,454)
- Deferred charges and accrued income -€14,337
down €14,337 (-72.1%), from €19,890 to €5,553
- Profit (loss) carried forward +€42,238
up €42,238 (+41.8%), from €100,984 to €143,222
- Trade debts -€35,307
down €35,307 (-90.4%), from €39,056 to €3,749
- Current portion of long-term debt -€11,431
down €11,431 (-38.6%), from €29,591 to €18,161
- Tax, wage and social debts +€8,385
up €8,385 (+294.9%), from €2,843 to €11,229
- Gross operating margin +€64,127
up €64,127 (+103.2%), from €62,147 to €126,274
- Other operating charges +€10,871
up €10,871 (+129.2%), from €8,417 to €19,288
- Taxes +€8,294
up €8,294 (+371.4%), from €2,233 to €10,528
- Financial charges +€5,516
up €5,516 (+26.0%), from €21,249 to €26,766
- Depreciation +€4,371
up €4,371 (+18.9%), from €23,083 to €27,454
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 | €718,705 | €725,783 | +€7,078 | +1.0% |
| Fixed assets | 21/28 | €658,103 | €630,649 | -€27,454 | -4.2% |
| Tangible fixed assets | 22/27 | €658,103 | €630,649 | -€27,454 | -4.2% |
| Land and buildings | 22 | €605,025 | €591,958 | -€13,067 | -2.2% |
| Plant, machinery and equipment | 23 | €14,527 | €10,849 | -€3,678 | -25.3% |
| Furniture and vehicles | 24 | €38,552 | €27,842 | -€10,710 | -27.8% |
| Current assets | 29/58 | €60,601 | €95,134 | +€34,533 | +57.0% |
| Amounts receivable within one year | 40/41 | €23,153 | €57,467 | +€34,315 | +148.2% |
| Trade receivables | 40 | €22,954 | €54,617 | +€31,663 | +137.9% |
| Other amounts receivable | 41 | €199 | €2,851 | +€2,652 | +1332.7% |
| Cash at bank and in hand | 54/58 | €17,558 | €32,114 | +€14,555 | +82.9% |
| Deferred charges and accrued income | 490/1 | €19,890 | €5,553 | -€14,337 | -72.1% |
| Total equity and liabilities | 10/49 | €718,705 | €725,783 | +€7,078 | +1.0% |
| Equity | 10/15 | €103,484 | €145,722 | +€42,238 | +40.8% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €100,984 | €143,222 | +€42,238 | +41.8% |
| Amounts payable | 17/49 | €615,221 | €580,061 | -€35,160 | -5.7% |
| Amounts payable after more than one year | 17 | €537,001 | €537,828 | +€827 | +0.2% |
| Financial debts | 170/4 | €537,001 | €537,828 | +€827 | +0.2% |
| Amounts payable within one year | 42/48 | €71,491 | €34,714 | -€36,777 | -51.4% |
| Current portion of amounts payable after more than one year | 42 | €29,591 | €18,161 | -€11,431 | -38.6% |
| Trade debts | 44 | €39,056 | €3,749 | -€35,307 | -90.4% |
| Suppliers | 440/4 | €39,056 | €3,749 | -€35,307 | -90.4% |
| Taxes, remuneration and social security | 45 | €2,843 | €11,229 | +€8,385 | +294.9% |
| Taxes | 450/3 | €2,843 | €11,229 | +€8,385 | +294.9% |
| Other amounts payable | 47/48 | - | €1,575 | +€1,575 | |
| Accrued charges and deferred income | 492/3 | €6,729 | €7,520 | +€791 | +11.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,083 | €27,454 | +€4,371 | +18.9% |
| Other operating charges | 640/8 | €8,417 | €19,288 | +€10,871 | +129.2% |
| Non-recurring operating charges | 66A | €80 | €0 | -€80 | -100.0% |
| Gross operating margin | 9900 | €62,147 | €126,274 | +€64,127 | +103.2% |
| Operating profit (loss) | 9901 | €30,568 | €79,532 | +€48,964 | +160.2% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €21,249 | €26,766 | +€5,516 | +26.0% |
| Recurring financial charges | 65 | €21,249 | €26,766 | +€5,516 | +26.0% |
| Profit (loss) for the period before taxes | 9903 | €9,318 | €52,766 | +€43,448 | +466.3% |
| Income taxes | 67/77 | €2,233 | €10,528 | +€8,294 | +371.4% |
| Profit (loss) for the period | 9904 | €7,085 | €42,238 | +€35,153 | +496.2% |
| Profit (loss) for the period to be appropriated | 9905 | €7,085 | €42,238 | +€35,153 | +496.2% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.