RNS: 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.
RNS
Largest movements
- Tangible fixed assets +€403,930
up €403,930 (+2,256%), from €17,903 to €421,833
of which Land and buildings: +€406,905
- Cash +€30,440
up €30,440 (+42.8%), from €71,104 to €101,543
mainly Debts after one year (+€358,774) and Net result for the year (+€38,495)
- Receivables within one year -€10,995
down €10,995 (-90.9%), from €12,089 to €1,095
of which Other amounts receivable: -€9,853
- Debts after one year +€358,774
new in 2025: €358,774
- Reserves +€38,495
up €38,495 (+31.6%), from €121,635 to €160,130
- Current portion of long-term debt +€16,746
new in 2025: €16,746
- Advances received +€13,305
new in 2025: €13,305
- Tax, wage and social debts -€8,180
down €8,180 (-73.3%), from €11,155 to €2,975
- Depreciation +€14,317
up €14,317 (+288%), from €4,970 to €19,287
- Taxes -€8,171
down €8,171 (-33.9%), from €24,139 to €15,968
- Financial charges +€7,870
up €7,870 (+207%), from €3,807 to €11,677
- Gross operating margin -€6,316
down €6,316 (-6.8%), from €93,092 to €86,776
- Other operating charges +€1,160
up €1,160 (+195%), from €594 to €1,755
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.
Derived cash bridge
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 | €148,219 | €570,380 | +€422,160 | +285% |
| Fixed assets | 21/28 | €19,519 | €423,152 | +€403,633 | +2,068% |
| Intangible fixed assets | 21 | €866 | €569 | -€297 | -34.3% |
| Tangible fixed assets | 22/27 | €17,903 | €421,833 | +€403,930 | +2,256% |
| Land and buildings | 22 | €2,796 | €409,701 | +€406,905 | +14,554% |
| Plant, machinery and equipment | 23 | €7,210 | €6,740 | -€470 | -6.5% |
| Furniture and vehicles | 24 | €1,901 | €1,300 | -€600 | -31.6% |
| Other tangible fixed assets | 26 | €5,996 | €4,092 | -€1,905 | -31.8% |
| Financial fixed assets | 28 | €750 | €750 | = | 0.0% |
| Current assets | 29/58 | €128,700 | €147,227 | +€18,528 | +14.4% |
| Stocks and contracts in progress | 3 | €2,668 | €1,056 | -€1,612 | -60.4% |
| Stocks | 30/36 | €2,668 | €1,056 | -€1,612 | -60.4% |
| Amounts receivable within one year | 40/41 | €12,089 | €1,095 | -€10,995 | -90.9% |
| Trade receivables | 40 | €2,221 | €1,079 | -€1,142 | -51.4% |
| Other amounts receivable | 41 | €9,868 | €15 | -€9,853 | -99.8% |
| Current investments | 50/53 | €39,998 | €40,000 | +€2 | 0.0% |
| Cash at bank and in hand | 54/58 | €71,104 | €101,543 | +€30,440 | +42.8% |
| Deferred charges and accrued income | 490/1 | €2,841 | €3,533 | +€693 | +24.4% |
| Total equity and liabilities | 10/49 | €148,219 | €570,380 | +€422,160 | +285% |
| Equity | 10/15 | €126,635 | €165,130 | +€38,495 | +30.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €121,635 | €160,130 | +€38,495 | +31.6% |
| Distributable reserves | 133 | €121,635 | €160,130 | +€38,495 | +31.6% |
| Amounts payable | 17/49 | €21,584 | €405,249 | +€383,666 | +1,778% |
| Amounts payable after more than one year | 17 | - | €358,774 | +€358,774 | |
| Financial debts | 170/4 | - | €358,774 | +€358,774 | |
| Amounts payable within one year | 42/48 | €19,084 | €43,975 | +€24,891 | +130% |
| Current portion of amounts payable after more than one year | 42 | - | €16,746 | +€16,746 | |
| Financial debts | 43 | €2,370 | €709 | -€1,661 | -70.1% |
| Credit institutions | 430/8 | €2,370 | €709 | -€1,661 | -70.1% |
| Trade debts | 44 | €5,559 | €5,629 | +€70 | +1.3% |
| Suppliers | 440/4 | €5,559 | €5,629 | +€70 | +1.3% |
| Advances received on contracts in progress | 46 | - | €13,305 | +€13,305 | |
| Taxes, remuneration and social security | 45 | €11,155 | €2,975 | -€8,180 | -73.3% |
| Taxes | 450/3 | €11,155 | €2,975 | -€8,180 | -73.3% |
| Other amounts payable | 47/48 | - | €4,612 | +€4,612 | |
| Accrued charges and deferred income | 492/3 | €2,500 | €2,500 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,970 | €19,287 | +€14,317 | +288% |
| Other operating charges | 640/8 | €594 | €1,755 | +€1,160 | +195% |
| Gross operating margin | 9900 | €93,092 | €86,776 | -€6,316 | -6.8% |
| Operating profit (loss) | 9901 | €87,527 | €65,734 | -€21,793 | -24.9% |
| Financial income | 75/76B | €670 | €405 | -€265 | -39.5% |
| Recurring financial income | 75 | €670 | €405 | -€265 | -39.5% |
| Financial charges | 65/66B | €3,807 | €11,677 | +€7,870 | +207% |
| Recurring financial charges | 65 | €3,807 | €11,677 | +€7,870 | +207% |
| Profit (loss) for the period before taxes | 9903 | €84,390 | €54,462 | -€29,928 | -35.5% |
| Income taxes | 67/77 | €24,139 | €15,968 | -€8,171 | -33.9% |
| Profit (loss) for the period | 9904 | €60,251 | €38,495 | -€21,757 | -36.1% |
| Profit (loss) for the period to be appropriated | 9905 | €60,251 | €38,495 | -€21,757 | -36.1% |
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 20 October 2026 via checked.be.