RJR ONE: 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.
RJR ONE
Largest movements
- Receivables after one year -€2.1m
no longer reported in 2025 (was €2.1m)
- Cash +€564,619
up €564,619 (+59.5%), from €949,294 to €1.5m
mainly Receivables after one year (+€2.1m) and Other debts (+€396,778)
- Receivables within one year +€163,535
up €163,535 (+308%), from €53,064 to €216,599
of which Other amounts receivable: +€162,930
- Current investments +€84,733
up €84,733 (+6.6%), from €1.3m to €1.4m
- Contributions -€1.5m
down €1.5m (-24.3%), from €6.2m to €4.7m
- Other debts +€396,778
up €396,778 (+28.7%), from €1.4m to €1.8m
- Profit (loss) carried forward -€149,467
new in 2025: -€149,467
- Financial income -€203,919
down €203,919 (-69.6%), from €292,918 to €88,999
- Gross operating margin -€28,583
down €28,583 (-60.7%), from -€47,059 to -€75,642
- Financial charges +€24,375
up €24,375 (+21.9%), from €111,272 to €135,647
- Taxes -€3,936
down €3,936 (-81.9%), from €4,803 to €867
- Depreciation -€3,749
down €3,749 (-33.3%), from €11,262 to €7,513
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 | €7,598,166 | €6,342,524 | -€1.3m | -16.5% |
| Fixed assets | 21/28 | €3,187,132 | €3,233,678 | +€46,546 | +1.5% |
| Tangible fixed assets | 22/27 | €313,267 | €361,238 | +€47,971 | +15.3% |
| Furniture and vehicles | 24 | €60,545 | €111,238 | +€50,692 | +83.7% |
| Other tangible fixed assets | 26 | €252,721 | €250,000 | -€2,721 | -1.1% |
| Financial fixed assets | 28 | €2,873,865 | €2,872,440 | -€1,425 | 0.0% |
| Current assets | 29/58 | €4,411,034 | €3,108,846 | -€1.3m | -29.5% |
| Amounts receivable after more than one year | 29 | €2,114,873 | - | -€2.1m | |
| Other amounts receivable | 291 | €2,114,873 | - | -€2.1m | |
| Amounts receivable within one year | 40/41 | €53,064 | €216,599 | +€163,535 | +308% |
| Trade receivables | 40 | €5,000 | €5,606 | +€606 | +12.1% |
| Other amounts receivable | 41 | €48,064 | €210,993 | +€162,930 | +339% |
| Current investments | 50/53 | €1,284,437 | €1,369,170 | +€84,733 | +6.6% |
| Cash at bank and in hand | 54/58 | €949,294 | €1,513,913 | +€564,619 | +59.5% |
| Deferred charges and accrued income | 490/1 | €9,366 | €9,165 | -€202 | -2.2% |
| Total equity and liabilities | 10/49 | €7,598,166 | €6,342,524 | -€1.3m | -16.5% |
| Equity | 10/15 | €6,205,897 | €4,556,430 | -€1.6m | -26.6% |
| Contributions | 10/11 | €6,165,000 | €4,665,000 | -€1.5m | -24.3% |
| Reserves | 13 | €40,897 | €40,897 | = | 0.0% |
| Distributable reserves | 133 | €40,897 | €40,897 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€149,467 | -€149,467 | |
| Amounts payable | 17/49 | €1,392,268 | €1,786,094 | +€393,825 | +28.3% |
| Amounts payable within one year | 42/48 | €1,384,786 | €1,779,280 | +€394,494 | +28.5% |
| Trade debts | 44 | €2,427 | - | -€2,427 | |
| Suppliers | 440/4 | €2,427 | - | -€2,427 | |
| Taxes, remuneration and social security | 45 | - | €142 | +€142 | |
| Taxes | 450/3 | - | €142 | +€142 | |
| Other amounts payable | 47/48 | €1,382,359 | €1,779,137 | +€396,778 | +28.7% |
| Accrued charges and deferred income | 492/3 | €7,482 | €6,814 | -€668 | -8.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,262 | €7,513 | -€3,749 | -33.3% |
| Other operating charges | 640/8 | €2,886 | €3,070 | +€184 | +6.4% |
| Non-recurring operating charges | 66A | - | €15,727 | +€15,727 | |
| Gross operating margin | 9900 | -€47,059 | -€75,642 | -€28,583 | -60.7% |
| Operating profit (loss) | 9901 | -€61,207 | -€101,952 | -€40,745 | -66.6% |
| Financial income | 75/76B | €292,918 | €88,999 | -€203,919 | -69.6% |
| Recurring financial income | 75 | €292,918 | €88,999 | -€203,919 | -69.6% |
| Financial charges | 65/66B | €111,272 | €135,647 | +€24,375 | +21.9% |
| Recurring financial charges | 65 | €111,272 | €135,647 | +€24,375 | +21.9% |
| Profit (loss) for the period before taxes | 9903 | €120,439 | -€148,600 | -€269,038 | |
| Income taxes | 67/77 | €4,803 | €867 | -€3,936 | -81.9% |
| Profit (loss) for the period | 9904 | €115,635 | -€149,467 | -€265,102 | |
| Profit (loss) for the period to be appropriated | 9905 | €115,635 | -€149,467 | -€265,102 |
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 30 October 2026 via checked.be.