RS: 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.
RS
Largest movements
- Tangible fixed assets -€202,726
down €202,726 (-53.2%), from €380,842 to €178,116
of which Furniture and vehicles: -€188,453
- Cash +€121,649
up €121,649 (+90.2%), from €134,833 to €256,481
mainly Investment in fixed assets (net) (+€164,565) and Net result for the year (+€49,721)
- Receivables within one year -€28,959
down €28,959 (-47.0%), from €61,634 to €32,675
of which Trade receivables: -€25,823
- Debts after one year -€93,739
down €93,739 (-97.8%), from €95,801 to €2,062
- Current portion of long-term debt -€44,757
down €44,757 (-78.4%), from €57,089 to €12,332
- Other debts +€23,282
up €23,282 (+70.5%), from €33,031 to €56,313
- Reserves +€22,223
up €22,223 (+6.1%), from €366,366 to €388,590
of which Distributable reserves: +€22,223
- Tax, wage and social debts -€9,737
down €9,737 (-59.3%), from €16,421 to €6,684
- Gross operating margin -€74,053
down €74,053 (-36.9%), from €200,578 to €126,525
- Depreciation -€53,423
down €53,423 (-58.3%), from €91,585 to €38,161
- Other operating charges -€6,754
down €6,754 (-34.4%), from €19,630 to €12,876
- Taxes -€5,142
down €5,142 (-21.5%), from €23,887 to €18,745
- Financial charges -€3,131
down €3,131 (-31.0%), from €10,118 to €6,986
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 | €586,878 | €477,754 | -€109,124 | -18.6% |
| Fixed assets | 21/28 | €381,337 | €178,611 | -€202,726 | -53.2% |
| Tangible fixed assets | 22/27 | €380,842 | €178,116 | -€202,726 | -53.2% |
| Land and buildings | 22 | €153,149 | €140,189 | -€12,959 | -8.5% |
| Plant, machinery and equipment | 23 | €3,750 | €2,436 | -€1,314 | -35.0% |
| Furniture and vehicles | 24 | €223,943 | €35,490 | -€188,453 | -84.2% |
| Financial fixed assets | 28 | €495 | €495 | = | 0.0% |
| Current assets | 29/58 | €205,541 | €299,144 | +€93,603 | +45.5% |
| Stocks and contracts in progress | 3 | €6,000 | €6,000 | = | 0.0% |
| Stocks | 30/36 | €6,000 | €6,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €61,634 | €32,675 | -€28,959 | -47.0% |
| Trade receivables | 40 | €57,241 | €31,418 | -€25,823 | -45.1% |
| Other amounts receivable | 41 | €4,393 | €1,257 | -€3,135 | -71.4% |
| Cash at bank and in hand | 54/58 | €134,833 | €256,481 | +€121,649 | +90.2% |
| Deferred charges and accrued income | 490/1 | €3,075 | €3,987 | +€912 | +29.7% |
| Total equity and liabilities | 10/49 | €586,878 | €477,754 | -€109,124 | -18.6% |
| Equity | 10/15 | €372,830 | €395,108 | +€22,279 | +6.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €366,366 | €388,590 | +€22,223 | +6.1% |
| Tax-exempt reserves | 132 | €53,800 | €53,800 | = | 0.0% |
| Distributable reserves | 133 | €312,566 | €334,790 | +€22,223 | +7.1% |
| Profit (loss) carried forward | 14 | €264 | €319 | +€55 | +20.9% |
| Amounts payable | 17/49 | €214,048 | €82,646 | -€131,402 | -61.4% |
| Amounts payable after more than one year | 17 | €95,801 | €2,062 | -€93,739 | -97.8% |
| Financial debts | 170/4 | €95,801 | €2,062 | -€93,739 | -97.8% |
| Amounts payable within one year | 42/48 | €117,362 | €80,584 | -€36,778 | -31.3% |
| Current portion of amounts payable after more than one year | 42 | €57,089 | €12,332 | -€44,757 | -78.4% |
| Financial debts | 43 | €990 | €2,823 | +€1,832 | +185% |
| Credit institutions | 430/8 | €990 | €2,823 | +€1,832 | +185% |
| Trade debts | 44 | €9,830 | €2,432 | -€7,398 | -75.3% |
| Suppliers | 440/4 | €9,830 | €2,432 | -€7,398 | -75.3% |
| Taxes, remuneration and social security | 45 | €16,421 | €6,684 | -€9,737 | -59.3% |
| Taxes | 450/3 | €16,421 | €6,684 | -€9,737 | -59.3% |
| Other amounts payable | 47/48 | €33,031 | €56,313 | +€23,282 | +70.5% |
| Accrued charges and deferred income | 492/3 | €885 | €0 | -€885 | -100% |
| Non-recurring operating income | 76A | €4,140 | €66,107 | +€61,968 | +1,497% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €91,585 | €38,161 | -€53,423 | -58.3% |
| Other operating charges | 640/8 | €19,630 | €12,876 | -€6,754 | -34.4% |
| Non-recurring operating charges | 66A | - | €34 | +€34 | |
| Gross operating margin | 9900 | €200,578 | €126,525 | -€74,053 | -36.9% |
| Operating profit (loss) | 9901 | €89,363 | €75,453 | -€13,911 | -15.6% |
| Financial income | 75/76B | €4 | €0 | -€4 | -100% |
| Recurring financial income | 75 | €4 | €0 | -€4 | -100% |
| Financial charges | 65/66B | €10,118 | €6,986 | -€3,131 | -31.0% |
| Recurring financial charges | 65 | €10,118 | €6,986 | -€3,131 | -31.0% |
| Profit (loss) for the period before taxes | 9903 | €79,249 | €68,467 | -€10,783 | -13.6% |
| Income taxes | 67/77 | €23,887 | €18,745 | -€5,142 | -21.5% |
| Profit (loss) for the period | 9904 | €55,362 | €49,721 | -€5,641 | -10.2% |
| Profit (loss) for the period to be appropriated | 9905 | €55,362 | €49,721 | -€5,641 | -10.2% |
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 18 October 2026 via checked.be.