RJ MANAGEMENT: 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 MANAGEMENT
Largest movements
- Cash -€52,016
down €52,016 (-48.4%), from €107,381 to €55,365
mainly Investment in fixed assets (net) (-€39,168) and Contributions, distributions and other (-€21,502)
- Tangible fixed assets +€24,551
up €24,551 (+24.5%), from €100,022 to €124,572
of which Plant, machinery and equipment: +€23,160
- Receivables within one year +€5,365
up €5,365 (+27.5%), from €19,523 to €24,887
of which Other amounts receivable: +€8,491
- Reserves -€20,146
down €20,146 (-13.4%), from €150,367 to €130,221
- Tax, wage and social debts +€14,980
up €14,980 (+1,171%), from €1,280 to €16,260
of which Remuneration and social security: +€8,815
- Other debts -€7,667
down €7,667 (-76.2%), from €10,066 to €2,398
- Debts after one year -€7,212
down €7,212 (-11.1%), from €64,792 to €57,579
of which Financial debts: -€7,212
- Gross operating margin -€27,492
down €27,492 (-55.6%), from €49,475 to €21,983
- Taxes -€8,408
down €8,408 (-82.1%), from €10,247 to €1,839
- Depreciation +€1,974
up €1,974 (+15.6%), from €12,644 to €14,617
- Financial income -€1,481
down €1,481 (-57.3%), from €2,584 to €1,103
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 | €257,926 | €237,271 | -€20,655 | -8.0% |
| Fixed assets | 21/28 | €100,022 | €124,572 | +€24,551 | +24.5% |
| Tangible fixed assets | 22/27 | €100,022 | €124,572 | +€24,551 | +24.5% |
| Land and buildings | 22 | €94,296 | €83,926 | -€10,371 | -11.0% |
| Plant, machinery and equipment | 23 | - | €23,160 | +€23,160 | |
| Furniture and vehicles | 24 | €4,112 | €16,460 | +€12,348 | +300% |
| Other tangible fixed assets | 26 | €1,613 | €1,027 | -€586 | -36.3% |
| Current assets | 29/58 | €157,904 | €112,698 | -€45,206 | -28.6% |
| Amounts receivable after more than one year | 29 | €31,000 | €31,000 | = | 0.0% |
| Other amounts receivable | 291 | €31,000 | €31,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €19,523 | €24,887 | +€5,365 | +27.5% |
| Trade receivables | 40 | €16,995 | €13,868 | -€3,127 | -18.4% |
| Other amounts receivable | 41 | €2,528 | €11,020 | +€8,491 | +336% |
| Cash at bank and in hand | 54/58 | €107,381 | €55,365 | -€52,016 | -48.4% |
| Deferred charges and accrued income | 490/1 | - | €1,446 | +€1,446 | |
| Total equity and liabilities | 10/49 | €257,926 | €237,271 | -€20,655 | -8.0% |
| Equity | 10/15 | €169,367 | €149,221 | -€20,146 | -11.9% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €150,367 | €130,221 | -€20,146 | -13.4% |
| Distributable reserves | 133 | €150,367 | €130,221 | -€20,146 | -13.4% |
| Amounts payable | 17/49 | €88,559 | €88,050 | -€509 | -0.6% |
| Amounts payable after more than one year | 17 | €64,792 | €57,579 | -€7,212 | -11.1% |
| Financial debts | 170/4 | €24,792 | €17,579 | -€7,212 | -29.1% |
| Other amounts payable | 178/9 | €40,000 | €40,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €22,993 | €29,695 | +€6,703 | +29.2% |
| Current portion of amounts payable after more than one year | 42 | €7,026 | €7,212 | +€186 | +2.6% |
| Trade debts | 44 | €4,621 | €3,825 | -€796 | -17.2% |
| Suppliers | 440/4 | €4,621 | €3,825 | -€796 | -17.2% |
| Taxes, remuneration and social security | 45 | €1,280 | €16,260 | +€14,980 | +1,171% |
| Taxes | 450/3 | €1,280 | €7,445 | +€6,166 | +482% |
| Remuneration and social security | 454/9 | - | €8,815 | +€8,815 | |
| Other amounts payable | 47/48 | €10,066 | €2,398 | -€7,667 | -76.2% |
| Accrued charges and deferred income | 492/3 | €775 | €775 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,644 | €14,617 | +€1,974 | +15.6% |
| Other operating charges | 640/8 | €1,616 | €1,610 | -€6 | -0.4% |
| Gross operating margin | 9900 | €49,475 | €21,983 | -€27,492 | -55.6% |
| Operating profit (loss) | 9901 | €35,215 | €5,755 | -€29,460 | -83.7% |
| Financial income | 75/76B | €2,584 | €1,103 | -€1,481 | -57.3% |
| Recurring financial income | 75 | €2,584 | €1,103 | -€1,481 | -57.3% |
| Financial charges | 65/66B | €3,827 | €3,662 | -€165 | -4.3% |
| Recurring financial charges | 65 | €3,827 | €3,662 | -€165 | -4.3% |
| Profit (loss) for the period before taxes | 9903 | €33,972 | €3,196 | -€30,776 | -90.6% |
| Income taxes | 67/77 | €10,247 | €1,839 | -€8,408 | -82.1% |
| Profit (loss) for the period | 9904 | €23,725 | €1,356 | -€22,368 | -94.3% |
| Profit (loss) for the period to be appropriated | 9905 | €23,725 | €1,356 | -€22,368 | -94.3% |
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 19 October 2026 via checked.be.