RR93: 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.
RR93
Largest movements
- Stocks and contracts +€8.3m
new in 2025: €8.3m
- Tangible fixed assets -€7.7m
no longer reported in 2025 (was €7.7m)
of which Land and buildings: -€7.2m
- Cash -€365,483
down €365,483 (-94.4%), from €387,248 to €21,765
mainly Stocks and contracts (-€8.3m) and Trade debts (-€35,936)
- Debts after one year +€234,178
up €234,178 (+8.3%), from €2.8m to €3.0m
- Gross operating margin +€603,413
up €603,413, from -€27,317 to €576,096
- Depreciation -€114,756
no longer reported in 2025 (was €114,756)
- Financial charges -€97,799
down €97,799 (-18.9%), from €516,680 to €418,881
- Other operating charges +€18,177
up €18,177 (+16.2%), from €112,280 to €130,457
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 | €8,133,098 | €8,354,687 | +€221,589 | +2.7% |
| Fixed assets | 21/28 | €7,696,772 | - | -€7.7m | |
| Tangible fixed assets | 22/27 | €7,696,772 | - | -€7.7m | |
| Land and buildings | 22 | €7,155,002 | - | -€7.2m | |
| Assets under construction and advance payments | 27 | €541,770 | - | -€541,770 | |
| Current assets | 29/58 | €436,326 | €8,354,687 | +€7.9m | +1814.8% |
| Stocks and contracts in progress | 3 | - | €8,331,564 | +€8.3m | |
| Stocks | 30/36 | - | €8,331,564 | +€8.3m | |
| Amounts receivable within one year | 40/41 | €49,069 | €1,358 | -€47,710 | -97.2% |
| Trade receivables | 40 | €214 | - | -€214 | |
| Other amounts receivable | 41 | €48,855 | €1,358 | -€47,497 | -97.2% |
| Cash at bank and in hand | 54/58 | €387,248 | €21,765 | -€365,483 | -94.4% |
| Deferred charges and accrued income | 490/1 | €10 | - | -€10 | |
| Total equity and liabilities | 10/49 | €8,133,098 | €8,354,687 | +€221,589 | +2.7% |
| Equity | 10/15 | -€798,331 | -€771,573 | +€26,758 | +3.4% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€859,831 | -€833,073 | +€26,758 | +3.1% |
| Amounts payable | 17/49 | €8,931,429 | €9,126,260 | +€194,831 | +2.2% |
| Amounts payable after more than one year | 17 | €2,804,701 | €3,038,878 | +€234,178 | +8.3% |
| Financial debts | 170/4 | €2,804,701 | €3,038,878 | +€234,178 | +8.3% |
| Amounts payable within one year | 42/48 | €6,120,733 | €6,084,193 | -€36,540 | -0.6% |
| Financial debts | 43 | €6,000,000 | €6,000,000 | = | 0.0% |
| Credit institutions | 430/8 | €6,000,000 | €6,000,000 | = | 0.0% |
| Trade debts | 44 | €120,129 | €84,193 | -€35,936 | -29.9% |
| Suppliers | 440/4 | €111,619 | €84,193 | -€27,426 | -24.6% |
| Bills of exchange payable | 441 | €8,510 | - | -€8,510 | |
| Taxes, remuneration and social security | 45 | €604 | - | -€604 | |
| Taxes | 450/3 | €604 | - | -€604 | |
| Accrued charges and deferred income | 492/3 | €5,996 | €3,189 | -€2,807 | -46.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €114,756 | - | -€114,756 | |
| Other operating charges | 640/8 | €112,280 | €130,457 | +€18,177 | +16.2% |
| Gross operating margin | 9900 | -€27,317 | €576,096 | +€603,413 | |
| Operating profit (loss) | 9901 | -€254,352 | €445,639 | +€699,992 | |
| Financial charges | 65/66B | €516,680 | €418,881 | -€97,799 | -18.9% |
| Recurring financial charges | 65 | €516,680 | €418,881 | -€97,799 | -18.9% |
| Profit (loss) for the period before taxes | 9903 | -€771,033 | €26,758 | +€797,791 | |
| Profit (loss) for the period | 9904 | -€771,033 | €26,758 | +€797,791 | |
| Profit (loss) for the period to be appropriated | 9905 | -€771,033 | €26,758 | +€797,791 |
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 7 October 2026 via checked.be.