Rietveld: 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.
Rietveld
Largest movements
- Financial fixed assets +€900,000
new in 2025: €900,000
- Receivables within one year +€130,978
up €130,978 (+498.7%), from €26,264 to €157,242
of which Trade receivables: +€140,302
- Cash -€109,121
down €109,121 (-91.2%), from €119,671 to €10,551
mainly Investment in fixed assets (net) (-€902,195) and Receivables within one year (-€130,978)
- Tangible fixed assets -€11,081
down €11,081 (-22.2%), from €49,870 to €38,789
of which Furniture and vehicles: -€12,559
- Debts after one year +€646,050
up €646,050 (+2133.3%), from €30,284 to €676,335
- Current portion of long-term debt +€159,076
up €159,076 (+1745.2%), from €9,115 to €168,192
- Other debts +€50,917
up €50,917, from €0 to €50,917
- Reserves +€45,427
up €45,427 (+35.4%), from €128,354 to €173,781
- Gross operating margin +€173,924
up €173,924 (+197.4%), from €88,119 to €262,043
- Taxes +€46,025
up €46,025 (+309.3%), from €14,880 to €60,905
- Financial charges +€11,165
up €11,165 (+543.2%), from €2,055 to €13,221
- Depreciation -€3,455
down €3,455 (-20.7%), from €16,731 to €13,276
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 | €195,937 | €1,106,719 | +€910,782 | +464.8% |
| Fixed assets | 21/28 | €49,870 | €938,789 | +€888,919 | +1782.5% |
| Tangible fixed assets | 22/27 | €49,870 | €38,789 | -€11,081 | -22.2% |
| Plant, machinery and equipment | 23 | €492 | €1,970 | +€1,478 | +300.6% |
| Furniture and vehicles | 24 | €49,378 | €36,819 | -€12,559 | -25.4% |
| Financial fixed assets | 28 | - | €900,000 | +€900,000 | |
| Current assets | 29/58 | €146,067 | €167,930 | +€21,863 | +15.0% |
| Amounts receivable within one year | 40/41 | €26,264 | €157,242 | +€130,978 | +498.7% |
| Trade receivables | 40 | €16,940 | €157,242 | +€140,302 | +828.2% |
| Other amounts receivable | 41 | €9,324 | €0 | -€9,324 | -100.0% |
| Cash at bank and in hand | 54/58 | €119,671 | €10,551 | -€109,121 | -91.2% |
| Deferred charges and accrued income | 490/1 | €132 | €138 | +€5 | +3.9% |
| Total equity and liabilities | 10/49 | €195,937 | €1,106,719 | +€910,782 | +464.8% |
| Equity | 10/15 | €130,354 | €175,781 | +€45,427 | +34.8% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €128,354 | €173,781 | +€45,427 | +35.4% |
| Distributable reserves | 133 | €128,354 | €173,781 | +€45,427 | +35.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €65,583 | €930,938 | +€865,355 | +1319.5% |
| Amounts payable after more than one year | 17 | €30,284 | €676,335 | +€646,050 | +2133.3% |
| Financial debts | 170/4 | €30,284 | €676,335 | +€646,050 | +2133.3% |
| Amounts payable within one year | 42/48 | €35,299 | €254,604 | +€219,304 | +621.3% |
| Current portion of amounts payable after more than one year | 42 | €9,115 | €168,192 | +€159,076 | +1745.2% |
| Trade debts | 44 | €41 | €1,733 | +€1,693 | +4154.8% |
| Suppliers | 440/4 | €41 | €1,733 | +€1,693 | +4154.8% |
| Taxes, remuneration and social security | 45 | €26,143 | €33,762 | +€7,619 | +29.1% |
| Taxes | 450/3 | €26,143 | €33,762 | +€7,619 | +29.1% |
| Other amounts payable | 47/48 | €0 | €50,917 | +€50,917 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,731 | €13,276 | -€3,455 | -20.7% |
| Other operating charges | 640/8 | €1,268 | €861 | -€407 | -32.1% |
| Gross operating margin | 9900 | €88,119 | €262,043 | +€173,924 | +197.4% |
| Operating profit (loss) | 9901 | €70,120 | €247,906 | +€177,786 | +253.5% |
| Financial income | 75/76B | €309 | €0 | -€309 | -100.0% |
| Recurring financial income | 75 | €309 | €0 | -€309 | -100.0% |
| Financial charges | 65/66B | €2,055 | €13,221 | +€11,165 | +543.2% |
| Recurring financial charges | 65 | €2,055 | €13,221 | +€11,165 | +543.2% |
| Profit (loss) for the period before taxes | 9903 | €68,373 | €234,685 | +€166,312 | +243.2% |
| Income taxes | 67/77 | €14,880 | €60,905 | +€46,025 | +309.3% |
| Profit (loss) for the period | 9904 | €53,493 | €173,781 | +€120,288 | +224.9% |
| Profit (loss) for the period to be appropriated | 9905 | €53,493 | €173,781 | +€120,288 | +224.9% |
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 6 October 2026 via checked.be.