RM & Associates: 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 & Associates
Largest movements
- Current investments +€412,800
up €412,800 (+566.6%), from €72,851 to €485,651
- Receivables within one year -€182,589
down €182,589 (-26.3%), from €693,187 to €510,599
of which Other amounts receivable: -€175,622
- Tangible fixed assets -€56,642
down €56,642 (-3.1%), from €1.8m to €1.8m
of which Land and buildings: -€55,403
- Trade debts +€94,340
up €94,340 (+45.2%), from €208,760 to €303,099
- Debts after one year +€91,818
up €91,818 (+3.0%), from €3.1m to €3.2m
of which Other amounts payable: +€197,202
- Accrued charges and deferred income -€50,942
down €50,942 (-15.5%), from €328,560 to €277,618
- Gross operating margin -€107,918
down €107,918 (-14.2%), from €760,749 to €652,831
- Other operating charges -€98,907
down €98,907 (-89.7%), from €110,257 to €11,350
- Financial charges +€22,806
up €22,806 (+22.2%), from €102,737 to €125,543
of which Financial charges: +€22,806
- Financial income -€13,419
down €13,419 (-82.2%), from €16,332 to €2,913
- Write-downs -€8,207
down €8,207 (-19.2%), from €42,773 to €34,566
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 | €4,338,263 | €4,520,938 | +€182,675 | +4.2% |
| Fixed assets | 21/28 | €2,512,872 | €2,440,428 | -€72,445 | -2.9% |
| Intangible fixed assets | 21 | €12,174 | €6,371 | -€5,802 | -47.7% |
| Tangible fixed assets | 22/27 | €1,820,649 | €1,764,006 | -€56,642 | -3.1% |
| Land and buildings | 22 | €1,816,310 | €1,760,907 | -€55,403 | -3.1% |
| Furniture and vehicles | 24 | €4,339 | €3,099 | -€1,240 | -28.6% |
| Financial fixed assets | 28 | €680,050 | €670,050 | -€10,000 | -1.5% |
| Current assets | 29/58 | €1,825,391 | €2,080,511 | +€255,120 | +14.0% |
| Amounts receivable within one year | 40/41 | €693,187 | €510,599 | -€182,589 | -26.3% |
| Trade receivables | 40 | €512,179 | €505,212 | -€6,967 | -1.4% |
| Other amounts receivable | 41 | €181,008 | €5,387 | -€175,622 | -97.0% |
| Current investments | 50/53 | €72,851 | €485,651 | +€412,800 | +566.6% |
| Cash at bank and in hand | 54/58 | €1,044,273 | €1,069,261 | +€24,988 | +2.4% |
| Deferred charges and accrued income | 490/1 | €15,079 | €15,000 | -€79 | -0.5% |
| Total equity and liabilities | 10/49 | €4,338,263 | €4,520,938 | +€182,675 | +4.2% |
| Equity | 10/15 | €382,108 | €389,848 | +€7,741 | +2.0% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €14,767 | €14,767 | = | 0.0% |
| Non-distributable reserves | 130/1 | €12,000 | €12,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €12,000 | €12,000 | = | 0.0% |
| Distributable reserves | 133 | €2,767 | €2,767 | = | 0.0% |
| Profit (loss) carried forward | 14 | €303,221 | €312,944 | +€9,723 | +3.2% |
| Investment grants | 15 | €24,119 | €22,137 | -€1,982 | -8.2% |
| Amounts payable | 17/49 | €3,956,156 | €4,131,090 | +€174,934 | +4.4% |
| Amounts payable after more than one year | 17 | €3,109,055 | €3,200,873 | +€91,818 | +3.0% |
| Financial debts | 170/4 | €1,614,004 | €1,508,620 | -€105,384 | -6.5% |
| Other amounts payable | 178/9 | €1,495,051 | €1,692,253 | +€197,202 | +13.2% |
| Amounts payable within one year | 42/48 | €518,540 | €652,599 | +€134,059 | +25.9% |
| Current portion of amounts payable after more than one year | 42 | €144,032 | €135,670 | -€8,361 | -5.8% |
| Trade debts | 44 | €208,760 | €303,099 | +€94,340 | +45.2% |
| Suppliers | 440/4 | €208,760 | €303,099 | +€94,340 | +45.2% |
| Taxes, remuneration and social security | 45 | €60,277 | €83,638 | +€23,362 | +38.8% |
| Taxes | 450/3 | €11,178 | €31,017 | +€19,839 | +177.5% |
| Remuneration and social security | 454/9 | €49,099 | €52,622 | +€3,522 | +7.2% |
| Other amounts payable | 47/48 | €105,472 | €130,191 | +€24,719 | +23.4% |
| Accrued charges and deferred income | 492/3 | €328,560 | €277,618 | -€50,942 | -15.5% |
| Remuneration, social security and pensions | 62 | €232,060 | €233,632 | +€1,572 | +0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €100,159 | €100,692 | +€533 | +0.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €42,773 | €34,566 | -€8,207 | -19.2% |
| Other operating charges | 640/8 | €110,257 | €11,350 | -€98,907 | -89.7% |
| Non-recurring operating charges | 66A | €300 | €350 | +€50 | +16.7% |
| Gross operating margin | 9900 | €760,749 | €652,831 | -€107,918 | -14.2% |
| Operating profit (loss) | 9901 | €275,200 | €272,240 | -€2,959 | -1.1% |
| Financial income | 75/76B | €16,332 | €2,913 | -€13,419 | -82.2% |
| Recurring financial income | 75 | €16,332 | €2,913 | -€13,419 | -82.2% |
| Financial charges | 65/66B | €102,737 | €125,543 | +€22,806 | +22.2% |
| Recurring financial charges | 65 | €92,737 | €115,543 | +€22,806 | +24.6% |
| Non-recurring financial charges | 66B | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €188,795 | €149,611 | -€39,184 | -20.8% |
| Income taxes | 67/77 | €12,988 | €9,888 | -€3,100 | -23.9% |
| Profit (loss) for the period | 9904 | €175,807 | €139,723 | -€36,084 | -20.5% |
| Profit (loss) for the period to be appropriated | 9905 | €175,807 | €139,723 | -€36,084 | -20.5% |
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 9 October 2026 via checked.be.