RJ DISTRIBUTION: 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.
RJ DISTRIBUTION
Largest movements
- Stocks and contracts -€186,876
down €186,876 (-12.9%), from €1.4m to €1.3m
- Cash +€169,591
up €169,591 (+237%), from €71,458 to €241,049
mainly Stocks and contracts (+€186,876) and Receivables within one year (+€97,058)
- Receivables within one year -€97,058
down €97,058 (-32.3%), from €300,715 to €203,657
of which Trade receivables: -€61,123
- Tangible fixed assets -€42,776
down €42,776 (-35.2%), from €121,562 to €78,785
of which Land and buildings: -€21,655
- Advances received -€111,441
down €111,441 (-29.6%), from €376,244 to €264,803
- Tax, wage and social debts +€83,654
up €83,654 (+21.3%), from €393,535 to €477,189
of which Remuneration and social security: +€52,908
- Debts after one year -€65,163
down €65,163 (-25.3%), from €257,058 to €191,895
- Trade debts -€58,034
down €58,034 (-30.7%), from €189,201 to €131,167
- Current portion of long-term debt -€51,819
down €51,819 (-29.6%), from €175,075 to €123,256
- Staff costs -€257,425
down €257,425 (-24.4%), from €1.1m to €797,189
- Gross operating margin -€72,202
down €72,202 (-7.1%), from €1.0m to €948,949
- Write-downs +€11,989
up €11,989 (+974%), from €1,232 to €13,221
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.
Derived cash bridge
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 | €2,104,959 | €1,935,778 | -€169,181 | -8.0% |
| Formation expenses | 20 | €9,987 | €5,187 | -€4,800 | -48.1% |
| Fixed assets | 21/28 | €238,949 | €194,586 | -€44,363 | -18.6% |
| Intangible fixed assets | 21 | €1,588 | €0 | -€1,588 | -100% |
| Tangible fixed assets | 22/27 | €121,562 | €78,785 | -€42,776 | -35.2% |
| Land and buildings | 22 | €72,944 | €51,289 | -€21,655 | -29.7% |
| Plant, machinery and equipment | 23 | €22,852 | €11,109 | -€11,743 | -51.4% |
| Furniture and vehicles | 24 | €22,783 | €14,659 | -€8,124 | -35.7% |
| Leasing and similar rights | 25 | €2,983 | €1,729 | -€1,254 | -42.0% |
| Financial fixed assets | 28 | €115,800 | €115,801 | +€1 | 0.0% |
| Current assets | 29/58 | €1,856,023 | €1,736,005 | -€120,018 | -6.5% |
| Stocks and contracts in progress | 3 | €1,448,276 | €1,261,400 | -€186,876 | -12.9% |
| Stocks | 30/36 | €1,448,276 | €1,261,400 | -€186,876 | -12.9% |
| Amounts receivable within one year | 40/41 | €300,715 | €203,657 | -€97,058 | -32.3% |
| Trade receivables | 40 | €188,439 | €127,315 | -€61,123 | -32.4% |
| Other amounts receivable | 41 | €112,277 | €76,342 | -€35,935 | -32.0% |
| Current investments | 50/53 | €124 | €124 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €71,458 | €241,049 | +€169,591 | +237% |
| Deferred charges and accrued income | 490/1 | €35,450 | €29,775 | -€5,675 | -16.0% |
| Total equity and liabilities | 10/49 | €2,104,959 | €1,935,778 | -€169,181 | -8.0% |
| Equity | 10/15 | €445,798 | €481,003 | +€35,206 | +7.9% |
| Contributions | 10/11 | €231,903 | €231,903 | = | 0.0% |
| Capital | 10 | €231,903 | €231,903 | = | 0.0% |
| Issued capital | 100 | €231,903 | €231,903 | = | 0.0% |
| Reserves | 13 | €92,000 | €92,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Legal reserve | 130 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €90,000 | €90,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €121,895 | €157,101 | +€35,206 | +28.9% |
| Amounts payable | 17/49 | €1,659,162 | €1,454,775 | -€204,387 | -12.3% |
| Amounts payable after more than one year | 17 | €257,058 | €191,895 | -€65,163 | -25.3% |
| Financial debts | 170/4 | €257,058 | €191,895 | -€65,163 | -25.3% |
| Amounts payable within one year | 42/48 | €1,402,104 | €1,241,410 | -€160,693 | -11.5% |
| Current portion of amounts payable after more than one year | 42 | €175,075 | €123,256 | -€51,819 | -29.6% |
| Financial debts | 43 | €200,000 | €200,000 | = | 0.0% |
| Credit institutions | 430/8 | €200,000 | €200,000 | = | 0.0% |
| Trade debts | 44 | €189,201 | €131,167 | -€58,034 | -30.7% |
| Suppliers | 440/4 | €189,201 | €131,167 | -€58,034 | -30.7% |
| Advances received on contracts in progress | 46 | €376,244 | €264,803 | -€111,441 | -29.6% |
| Taxes, remuneration and social security | 45 | €393,535 | €477,189 | +€83,654 | +21.3% |
| Taxes | 450/3 | €184,981 | €215,727 | +€30,746 | +16.6% |
| Remuneration and social security | 454/9 | €208,555 | €261,462 | +€52,908 | +25.4% |
| Other amounts payable | 47/48 | €68,048 | €44,995 | -€23,053 | -33.9% |
| Accrued charges and deferred income | 492/3 | €0 | €21,469 | +€21,469 | |
| Non-recurring operating income | 76A | €5,352 | €826 | -€4,526 | -84.6% |
| Remuneration, social security and pensions | 62 | €1,054,614 | €797,189 | -€257,425 | -24.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,148 | €43,696 | -€8,452 | -16.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,232 | €13,221 | +€11,989 | +974% |
| Other operating charges | 640/8 | €12,184 | €5,495 | -€6,689 | -54.9% |
| Non-recurring operating charges | 66A | €8,786 | €3,784 | -€5,002 | -56.9% |
| Gross operating margin | 9900 | €1,021,151 | €948,949 | -€72,202 | -7.1% |
| Operating profit (loss) | 9901 | -€107,813 | €85,564 | +€193,377 | |
| Financial income | 75/76B | €5,737 | €6,819 | +€1,081 | +18.8% |
| Recurring financial income | 75 | €5,721 | €6,819 | +€1,098 | +19.2% |
| Non-recurring financial income | 76B | €16 | - | -€16 | |
| Financial charges | 65/66B | €52,152 | €48,113 | -€4,038 | -7.7% |
| Recurring financial charges | 65 | €52,152 | €48,113 | -€4,038 | -7.7% |
| Profit (loss) for the period before taxes | 9903 | -€154,227 | €44,269 | +€198,496 | |
| Income taxes | 67/77 | €1,941 | €9,063 | +€7,122 | +367% |
| Profit (loss) for the period | 9904 | -€156,168 | €35,206 | +€191,374 | |
| Profit (loss) for the period to be appropriated | 9905 | -€156,168 | €35,206 | +€191,374 |
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 23 October 2026 via checked.be.