RM Cover: 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 Cover
Largest movements
- Receivables within one year -€27,005
down €27,005 (-24.8%), from €108,832 to €81,827
of which Trade receivables: -€50,355
- Cash -€20,124
down €20,124 (-56.9%), from €35,396 to €15,273
mainly Trade debts (-€41,347) and Debts after one year (-€21,860)
- Tangible fixed assets -€10,855
down €10,855 (-28.2%), from €38,554 to €27,699
of which Leasing and similar rights: -€6,776
- Intangible fixed assets -€9,000
down €9,000 (-11.1%), from €81,000 to €72,000
- Trade debts -€41,347
down €41,347 (-56.3%), from €73,415 to €32,068
of which Suppliers: -€45,108
- Debts after one year -€21,860
down €21,860 (-26.5%), from €82,513 to €60,653
- Profit (loss) carried forward +€19,217
up €19,217 (+409.7%), from €4,691 to €23,908
- Other debts -€14,270
no longer reported in 2025 (was €14,270)
- Tax, wage and social debts -€8,326
down €8,326 (-66.4%), from €12,539 to €4,213
of which Taxes: -€10,565
- Gross operating margin +€30,569
up €30,569 (+70.1%), from €43,592 to €74,161
- Staff costs +€14,749
up €14,749 (+317.8%), from €4,642 to €19,391
- Taxes +€2,575
up €2,575 (+83.3%), from €3,089 to €5,664
- Financial charges +€1,367
up €1,367 (+32.9%), from €4,155 to €5,522
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 | €273,842 | €206,044 | -€67,798 | -24.8% |
| Fixed assets | 21/28 | €120,259 | €100,404 | -€19,855 | -16.5% |
| Intangible fixed assets | 21 | €81,000 | €72,000 | -€9,000 | -11.1% |
| Tangible fixed assets | 22/27 | €38,554 | €27,699 | -€10,855 | -28.2% |
| Plant, machinery and equipment | 23 | €12,998 | €11,241 | -€1,757 | -13.5% |
| Furniture and vehicles | 24 | €6,689 | €4,367 | -€2,322 | -34.7% |
| Leasing and similar rights | 25 | €18,867 | €12,091 | -€6,776 | -35.9% |
| Financial fixed assets | 28 | €705 | €705 | = | 0.0% |
| Current assets | 29/58 | €153,583 | €105,639 | -€47,944 | -31.2% |
| Stocks and contracts in progress | 3 | €7,233 | €7,483 | +€251 | +3.5% |
| Stocks | 30/36 | €7,233 | €7,483 | +€251 | +3.5% |
| Amounts receivable within one year | 40/41 | €108,832 | €81,827 | -€27,005 | -24.8% |
| Trade receivables | 40 | €106,206 | €55,850 | -€50,355 | -47.4% |
| Other amounts receivable | 41 | €2,626 | €25,977 | +€23,350 | +889.1% |
| Cash at bank and in hand | 54/58 | €35,396 | €15,273 | -€20,124 | -56.9% |
| Deferred charges and accrued income | 490/1 | €2,122 | €1,057 | -€1,066 | -50.2% |
| Total equity and liabilities | 10/49 | €273,842 | €206,044 | -€67,798 | -24.8% |
| Equity | 10/15 | €59,691 | €78,908 | +€19,217 | +32.2% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €45,000 | €45,000 | = | 0.0% |
| Distributable reserves | 133 | €45,000 | €45,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,691 | €23,908 | +€19,217 | +409.7% |
| Amounts payable | 17/49 | €214,151 | €127,136 | -€87,016 | -40.6% |
| Amounts payable after more than one year | 17 | €82,513 | €60,653 | -€21,860 | -26.5% |
| Financial debts | 170/4 | €82,513 | €60,653 | -€21,860 | -26.5% |
| Amounts payable within one year | 42/48 | €130,985 | €66,483 | -€64,503 | -49.2% |
| Current portion of amounts payable after more than one year | 42 | €26,578 | €27,265 | +€687 | +2.6% |
| Financial debts | 43 | €4,183 | €2,937 | -€1,246 | -29.8% |
| Credit institutions | 430/8 | €4,183 | €2,937 | -€1,246 | -29.8% |
| Trade debts | 44 | €73,415 | €32,068 | -€41,347 | -56.3% |
| Suppliers | 440/4 | €73,027 | €27,919 | -€45,108 | -61.8% |
| Bills of exchange payable | 441 | €388 | €4,149 | +€3,761 | +969.3% |
| Taxes, remuneration and social security | 45 | €12,539 | €4,213 | -€8,326 | -66.4% |
| Taxes | 450/3 | €11,215 | €650 | -€10,565 | -94.2% |
| Remuneration and social security | 454/9 | €1,324 | €3,563 | +€2,239 | +169.0% |
| Other amounts payable | 47/48 | €14,270 | - | -€14,270 | |
| Accrued charges and deferred income | 492/3 | €653 | - | -€653 | |
| Non-recurring operating income | 76A | - | €574 | +€574 | |
| Remuneration, social security and pensions | 62 | €4,642 | €19,391 | +€14,749 | +317.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,240 | €22,374 | +€134 | +0.6% |
| Other operating charges | 640/8 | €988 | €1,146 | +€159 | +16.1% |
| Non-recurring operating charges | 66A | - | €1,253 | +€1,253 | |
| Gross operating margin | 9900 | €43,592 | €74,161 | +€30,569 | +70.1% |
| Operating profit (loss) | 9901 | €15,724 | €29,998 | +€14,274 | +90.8% |
| Financial income | 75/76B | €4 | €406 | +€402 | +9583.8% |
| Recurring financial income | 75 | €4 | €406 | +€402 | +9583.8% |
| Financial charges | 65/66B | €4,155 | €5,522 | +€1,367 | +32.9% |
| Recurring financial charges | 65 | €4,155 | €5,522 | +€1,367 | +32.9% |
| Profit (loss) for the period before taxes | 9903 | €11,573 | €24,881 | +€13,308 | +115.0% |
| Income taxes | 67/77 | €3,089 | €5,664 | +€2,575 | +83.3% |
| Profit (loss) for the period | 9904 | €8,484 | €19,217 | +€10,734 | +126.5% |
| Profit (loss) for the period to be appropriated | 9905 | €8,484 | €19,217 | +€10,734 | +126.5% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.