RM: 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.
RM
Largest movements
- Stocks and contracts -€324,482
down €324,482 (-40.9%), from €792,579 to €468,097
- Cash +€224,795
up €224,795 (+1383.8%), from €16,245 to €241,040
mainly Stocks and contracts (+€324,482) and Other debts (+€76,640)
- Tangible fixed assets +€24,595
new in 2025: €24,595
of which Furniture and vehicles: +€18,294
- Receivables within one year +€10,740
up €10,740 (+53.8%), from €19,960 to €30,700
of which Other amounts receivable: +€10,333
- Reserves -€109,608
down €109,608 (-22.7%), from €483,029 to €373,420
of which Distributable reserves: -€109,608
- Other debts +€76,640
up €76,640 (+66.9%), from €114,554 to €191,194
- Debts after one year -€60,000
down €60,000 (-33.5%), from €179,200 to €119,200
- Trade debts +€28,509
up €28,509 (+371.7%), from €7,669 to €36,179
- Gross operating margin -€240,257
down €240,257, from €176,137 to -€64,120
- Taxes +€42,555
up €42,555 (+22438.9%), from €190 to €42,745
- Financial income -€10,791
down €10,791 (-56.0%), from €19,256 to €8,465
of which Non-recurring financial income: -€12,600
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 | €846,641 | €782,303 | -€64,338 | -7.6% |
| Fixed assets | 21/28 | €17,857 | €42,452 | +€24,595 | +137.7% |
| Tangible fixed assets | 22/27 | - | €24,595 | +€24,595 | |
| Plant, machinery and equipment | 23 | - | €6,300 | +€6,300 | |
| Furniture and vehicles | 24 | - | €18,294 | +€18,294 | |
| Financial fixed assets | 28 | €17,857 | €17,857 | = | 0.0% |
| Current assets | 29/58 | €828,784 | €739,851 | -€88,933 | -10.7% |
| Stocks and contracts in progress | 3 | €792,579 | €468,097 | -€324,482 | -40.9% |
| Stocks | 30/36 | €792,579 | €468,097 | -€324,482 | -40.9% |
| Amounts receivable within one year | 40/41 | €19,960 | €30,700 | +€10,740 | +53.8% |
| Trade receivables | 40 | €18,165 | €18,572 | +€407 | +2.2% |
| Other amounts receivable | 41 | €1,795 | €12,128 | +€10,333 | +575.8% |
| Cash at bank and in hand | 54/58 | €16,245 | €241,040 | +€224,795 | +1383.8% |
| Deferred charges and accrued income | 490/1 | - | €14 | +€14 | |
| Total equity and liabilities | 10/49 | €846,641 | €782,303 | -€64,338 | -7.6% |
| Equity | 10/15 | €545,029 | €435,420 | -€109,608 | -20.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €483,029 | €373,420 | -€109,608 | -22.7% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €476,829 | €367,220 | -€109,608 | -23.0% |
| Amounts payable | 17/49 | €301,612 | €346,883 | +€45,270 | +15.0% |
| Amounts payable after more than one year | 17 | €179,200 | €119,200 | -€60,000 | -33.5% |
| Financial debts | 170/4 | €179,200 | €119,200 | -€60,000 | -33.5% |
| Amounts payable within one year | 42/48 | €122,412 | €227,640 | +€105,228 | +86.0% |
| Trade debts | 44 | €7,669 | €36,179 | +€28,509 | +371.7% |
| Suppliers | 440/4 | €7,669 | €36,179 | +€28,509 | +371.7% |
| Taxes, remuneration and social security | 45 | €189 | €268 | +€79 | +41.6% |
| Taxes | 450/3 | €189 | €268 | +€79 | +41.6% |
| Other amounts payable | 47/48 | €114,554 | €191,194 | +€76,640 | +66.9% |
| Accrued charges and deferred income | 492/3 | - | €42 | +€42 | |
| Non-recurring operating income | 76A | €211,857 | - | -€211,857 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €318 | +€318 | |
| Other operating charges | 640/8 | €2,733 | €1,425 | -€1,309 | -47.9% |
| Gross operating margin | 9900 | €176,137 | -€64,120 | -€240,257 | |
| Operating profit (loss) | 9901 | €173,403 | -€65,863 | -€239,266 | |
| Financial income | 75/76B | €19,256 | €8,465 | -€10,791 | -56.0% |
| Recurring financial income | 75 | €6,656 | €8,465 | +€1,809 | +27.2% |
| Non-recurring financial income | 76B | €12,600 | - | -€12,600 | |
| Financial charges | 65/66B | €10,386 | €9,466 | -€920 | -8.9% |
| Recurring financial charges | 65 | €10,386 | €9,466 | -€920 | -8.9% |
| Profit (loss) for the period before taxes | 9903 | €182,273 | -€66,863 | -€249,137 | |
| Income taxes | 67/77 | €190 | €42,745 | +€42,555 | +22438.9% |
| Profit (loss) for the period | 9904 | €182,084 | -€109,608 | -€291,692 | |
| Profit (loss) for the period to be appropriated | 9905 | €182,084 | -€109,608 | -€291,692 |
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 28 September 2026 via checked.be.