RJO: 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.
RJO
Largest movements
- Cash -€144,618
down €144,618 (-81.2%), from €178,018 to €33,400
mainly Receivables within one year (-€112,380) and Contributions, distributions and other (-€95,000)
- Receivables within one year +€112,380
up €112,380 (+5,338%), from €2,105 to €114,485
of which Trade receivables: +€114,367
- Other debts -€36,732
down €36,732 (-21.6%), from €170,364 to €133,632
- Tax, wage and social debts +€5,930
up €5,930 (+321%), from €1,845 to €7,775
of which Taxes: +€3,489
- Gross operating margin +€37,449
up €37,449 (+40.8%), from €91,807 to €129,256
- Taxes +€9,183
up €9,183 (+48.5%), from €18,930 to €28,113
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 | €191,596 | €160,649 | -€30,947 | -16.2% |
| Fixed assets | 21/28 | €10,803 | €11,988 | +€1,184 | +11.0% |
| Tangible fixed assets | 22/27 | €10,803 | €11,988 | +€1,184 | +11.0% |
| Plant, machinery and equipment | 23 | €3,086 | €2,085 | -€1,001 | -32.4% |
| Furniture and vehicles | 24 | €7,717 | €9,903 | +€2,186 | +28.3% |
| Current assets | 29/58 | €180,793 | €148,661 | -€32,131 | -17.8% |
| Amounts receivable within one year | 40/41 | €2,105 | €114,485 | +€112,380 | +5,338% |
| Trade receivables | 40 | €118 | €114,485 | +€114,367 | +96,938% |
| Other amounts receivable | 41 | €1,987 | €0 | -€1,987 | -100% |
| Cash at bank and in hand | 54/58 | €178,018 | €33,400 | -€144,618 | -81.2% |
| Deferred charges and accrued income | 490/1 | €669 | €776 | +€107 | +15.9% |
| Total equity and liabilities | 10/49 | €191,596 | €160,649 | -€30,947 | -16.2% |
| Equity | 10/15 | €18,600 | €19,142 | +€542 | +2.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | - | €542 | +€542 | |
| Distributable reserves | 133 | - | €542 | +€542 | |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €172,996 | €141,507 | -€31,489 | -18.2% |
| Amounts payable within one year | 42/48 | €172,996 | €141,507 | -€31,489 | -18.2% |
| Trade debts | 44 | €787 | €100 | -€686 | -87.2% |
| Suppliers | 440/4 | €787 | €100 | -€686 | -87.2% |
| Taxes, remuneration and social security | 45 | €1,845 | €7,775 | +€5,930 | +321% |
| Taxes | 450/3 | €1,845 | €5,333 | +€3,489 | +189% |
| Remuneration and social security | 454/9 | - | €2,441 | +€2,441 | |
| Other amounts payable | 47/48 | €170,364 | €133,632 | -€36,732 | -21.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,445 | €4,760 | +€315 | +7.1% |
| Other operating charges | 640/8 | €762 | €924 | +€162 | +21.2% |
| Gross operating margin | 9900 | €91,807 | €129,256 | +€37,449 | +40.8% |
| Operating profit (loss) | 9901 | €86,600 | €123,572 | +€36,972 | +42.7% |
| Financial income | 75/76B | €52 | €253 | +€201 | +389% |
| Recurring financial income | 75 | €52 | €253 | +€201 | +389% |
| Financial charges | 65/66B | €237 | €170 | -€67 | -28.4% |
| Recurring financial charges | 65 | €237 | €170 | -€67 | -28.4% |
| Profit (loss) for the period before taxes | 9903 | €86,415 | €123,655 | +€37,240 | +43.1% |
| Income taxes | 67/77 | €18,930 | €28,113 | +€9,183 | +48.5% |
| Profit (loss) for the period | 9904 | €67,484 | €95,542 | +€28,057 | +41.6% |
| Profit (loss) for the period to be appropriated | 9905 | €67,484 | €95,542 | +€28,057 | +41.6% |
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 14 October 2026 via checked.be.