RM: 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.
RM
Largest movements
- Receivables within one year -€16,380
down €16,380 (-65.2%), from €25,110 to €8,730
of which Trade receivables: -€12,283
- Cash +€14,654
up €14,654 (+17.0%), from €86,022 to €100,677
mainly Receivables within one year (+€16,380) and Net result for the year (+€10,519)
- Tangible fixed assets -€5,054
down €5,054 (-23.2%), from €21,738 to €16,684
of which Furniture and vehicles: -€4,662
- Trade debts -€19,045
down €19,045 (-84.8%), from €22,447 to €3,402
- Reserves +€10,519
up €10,519 (+6.3%), from €167,532 to €178,051
- Gross operating margin +€7,608
up €7,608 (+41.8%), from €18,187 to €25,795
- Taxes +€2,042
up €2,042 (+93.8%), from €2,177 to €4,219
- Financial charges -€549
down €549 (-30.4%), from €1,805 to €1,256
- Depreciation +€453
up €453 (+5.3%), from €8,620 to €9,073
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 | €208,748 | €202,292 | -€6,456 | -3.1% |
| Fixed assets | 21/28 | €21,738 | €16,684 | -€5,054 | -23.2% |
| Tangible fixed assets | 22/27 | €21,738 | €16,684 | -€5,054 | -23.2% |
| Plant, machinery and equipment | 23 | €1,540 | €1,148 | -€392 | -25.5% |
| Furniture and vehicles | 24 | €20,198 | €15,536 | -€4,662 | -23.1% |
| Current assets | 29/58 | €187,010 | €185,608 | -€1,402 | -0.7% |
| Amounts receivable within one year | 40/41 | €25,110 | €8,730 | -€16,380 | -65.2% |
| Trade receivables | 40 | €20,126 | €7,843 | -€12,283 | -61.0% |
| Other amounts receivable | 41 | €4,984 | €887 | -€4,097 | -82.2% |
| Current investments | 50/53 | €72,100 | €72,100 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €86,022 | €100,677 | +€14,654 | +17.0% |
| Deferred charges and accrued income | 490/1 | €3,777 | €4,101 | +€324 | +8.6% |
| Total equity and liabilities | 10/49 | €208,748 | €202,292 | -€6,456 | -3.1% |
| Equity | 10/15 | €173,732 | €184,251 | +€10,519 | +6.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €167,532 | €178,051 | +€10,519 | +6.3% |
| Distributable reserves | 133 | €167,532 | €178,051 | +€10,519 | +6.3% |
| Amounts payable | 17/49 | €35,016 | €18,042 | -€16,974 | -48.5% |
| Amounts payable within one year | 42/48 | €35,016 | €18,042 | -€16,974 | -48.5% |
| Trade debts | 44 | €22,447 | €3,402 | -€19,045 | -84.8% |
| Suppliers | 440/4 | €22,447 | €3,402 | -€19,045 | -84.8% |
| Taxes, remuneration and social security | 45 | €698 | €2,253 | +€1,556 | +223.0% |
| Taxes | 450/3 | €698 | €2,253 | +€1,556 | +223.0% |
| Other amounts payable | 47/48 | €11,871 | €12,386 | +€514 | +4.3% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,620 | €9,073 | +€453 | +5.3% |
| Other operating charges | 640/8 | €981 | €1,045 | +€64 | +6.5% |
| Gross operating margin | 9900 | €18,187 | €25,795 | +€7,608 | +41.8% |
| Operating profit (loss) | 9901 | €8,586 | €15,678 | +€7,091 | +82.6% |
| Financial income | 75/76B | €214 | €316 | +€102 | +47.5% |
| Recurring financial income | 75 | €214 | €316 | +€102 | +47.5% |
| Financial charges | 65/66B | €1,805 | €1,256 | -€549 | -30.4% |
| Recurring financial charges | 65 | €1,805 | €1,256 | -€549 | -30.4% |
| Profit (loss) for the period before taxes | 9903 | €6,996 | €14,737 | +€7,742 | +110.7% |
| Income taxes | 67/77 | €2,177 | €4,219 | +€2,042 | +93.8% |
| Profit (loss) for the period | 9904 | €4,819 | €10,519 | +€5,700 | +118.3% |
| Profit (loss) for the period to be appropriated | 9905 | €4,819 | €10,519 | +€5,700 | +118.3% |
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 12 October 2026 via checked.be.