RNDS: 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.
RNDS
Largest movements
- Receivables within one year +€509,104
up €509,104 (+1054.7%), from €48,269 to €557,373
of which Trade receivables: +€469,988
- Intangible fixed assets -€334,120
no longer reported in 2025 (was €334,120)
- Cash +€309,152
up €309,152 (+248.6%), from €124,380 to €433,532
mainly Trade debts (+€695,146) and Investment in fixed assets (net) (+€360,980)
- Current investments -€286,276
down €286,276 (-82.5%), from €347,168 to €60,892
- Tangible fixed assets -€62,610
down €62,610 (-18.7%), from €334,719 to €272,110
of which Plant, machinery and equipment: -€49,664
- Trade debts +€695,146
up €695,146 (+4825.7%), from €14,405 to €709,551
- Debts after one year -€325,532
down €325,532 (-81.7%), from €398,654 to €73,122
- Reserves -€179,501
down €179,501 (-25.3%), from €708,887 to €529,386
- Short-term financial debts -€41,811
down €41,811 (-89.1%), from €46,910 to €5,099
- Tax, wage and social debts -€28,888
no longer reported in 2025 (was €28,888)
of which Remuneration and social security: -€16,875
- Gross operating margin -€525,045
down €525,045 (-93.7%), from €560,209 to €35,164
- Staff costs -€179,706
no longer reported in 2025 (was €179,706)
- Depreciation -€88,001
down €88,001 (-73.7%), from €119,401 to €31,400
- Taxes -€80,439
down €80,439 (-97.1%), from €82,819 to €2,379
- Financial charges -€5,769
down €5,769 (-50.7%), from €11,370 to €5,601
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 | €1,279,943 | €1,389,462 | +€109,518 | +8.6% |
| Fixed assets | 21/28 | €668,839 | €276,460 | -€392,380 | -58.7% |
| Intangible fixed assets | 21 | €334,120 | - | -€334,120 | |
| Tangible fixed assets | 22/27 | €334,719 | €272,110 | -€62,610 | -18.7% |
| Land and buildings | 22 | €273,663 | €247,676 | -€25,987 | -9.5% |
| Plant, machinery and equipment | 23 | €59,480 | €9,816 | -€49,664 | -83.5% |
| Furniture and vehicles | 24 | €1,577 | €14,617 | +€13,041 | +827.1% |
| Financial fixed assets | 28 | - | €4,350 | +€4,350 | |
| Current assets | 29/58 | €611,104 | €1,113,002 | +€501,898 | +82.1% |
| Amounts receivable within one year | 40/41 | €48,269 | €557,373 | +€509,104 | +1054.7% |
| Trade receivables | 40 | - | €469,988 | +€469,988 | |
| Other amounts receivable | 41 | €48,269 | €87,385 | +€39,116 | +81.0% |
| Current investments | 50/53 | €347,168 | €60,892 | -€286,276 | -82.5% |
| Cash at bank and in hand | 54/58 | €124,380 | €433,532 | +€309,152 | +248.6% |
| Deferred charges and accrued income | 490/1 | €91,288 | €61,205 | -€30,083 | -33.0% |
| Total equity and liabilities | 10/49 | €1,279,943 | €1,389,462 | +€109,518 | +8.6% |
| Equity | 10/15 | €715,087 | €534,014 | -€181,073 | -25.3% |
| Contributions | 10/11 | €6,200 | €4,629 | -€1,571 | -25.3% |
| Reserves | 13 | €708,887 | €529,386 | -€179,501 | -25.3% |
| Distributable reserves | 133 | €708,887 | €529,386 | -€179,501 | -25.3% |
| Amounts payable | 17/49 | €564,856 | €855,447 | +€290,591 | +51.4% |
| Amounts payable after more than one year | 17 | €398,654 | €73,122 | -€325,532 | -81.7% |
| Financial debts | 170/4 | €398,654 | €73,122 | -€325,532 | -81.7% |
| Amounts payable within one year | 42/48 | €158,336 | €773,024 | +€614,687 | +388.2% |
| Current portion of amounts payable after more than one year | 42 | €59,196 | €35,302 | -€23,894 | -40.4% |
| Financial debts | 43 | €46,910 | €5,099 | -€41,811 | -89.1% |
| Credit institutions | 430/8 | €46,910 | €5,099 | -€41,811 | -89.1% |
| Trade debts | 44 | €14,405 | €709,551 | +€695,146 | +4825.7% |
| Suppliers | 440/4 | €14,405 | €709,551 | +€695,146 | +4825.7% |
| Taxes, remuneration and social security | 45 | €28,888 | - | -€28,888 | |
| Taxes | 450/3 | €12,013 | - | -€12,013 | |
| Remuneration and social security | 454/9 | €16,875 | - | -€16,875 | |
| Other amounts payable | 47/48 | €8,937 | €23,071 | +€14,134 | +158.2% |
| Accrued charges and deferred income | 492/3 | €7,866 | €9,301 | +€1,435 | +18.2% |
| Remuneration, social security and pensions | 62 | €179,706 | - | -€179,706 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €119,401 | €31,400 | -€88,001 | -73.7% |
| Other operating charges | 640/8 | €4,857 | €4,762 | -€95 | -2.0% |
| Non-recurring operating charges | 66A | €75 | - | -€75 | |
| Gross operating margin | 9900 | €560,209 | €35,164 | -€525,045 | -93.7% |
| Operating profit (loss) | 9901 | €256,171 | -€998 | -€257,168 | |
| Financial income | 75/76B | €10,770 | €9,149 | -€1,621 | -15.1% |
| Recurring financial income | 75 | €10,770 | €9,149 | -€1,621 | -15.1% |
| Financial charges | 65/66B | €11,370 | €5,601 | -€5,769 | -50.7% |
| Recurring financial charges | 65 | €11,370 | €5,601 | -€5,769 | -50.7% |
| Profit (loss) for the period before taxes | 9903 | €255,571 | €2,550 | -€253,021 | -99.0% |
| Income taxes | 67/77 | €82,819 | €2,379 | -€80,439 | -97.1% |
| Profit (loss) for the period | 9904 | €172,752 | €171 | -€172,581 | -99.9% |
| Profit (loss) for the period to be appropriated | 9905 | €172,752 | €171 | -€172,581 | -99.9% |
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 8 October 2026 via checked.be.