RS Associates: 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 Associates
Largest movements
- Receivables within one year -€30,483
down €30,483 (-58.3%), from €52,251 to €21,768
of which Trade receivables: -€34,830
- Cash -€22,527
down €22,527 (-35.8%), from €62,880 to €40,353
mainly Net result for the year (-€49,891) and Investment in fixed assets (net) (-€6,947)
- Tangible fixed assets +€3,909
up €3,909 (+98.9%), from €3,954 to €7,863
of which Furniture and vehicles: +€4,195
- Deferred charges and accrued income -€1,962
down €1,962 (-96.7%), from €2,029 to €67
- Profit (loss) carried forward -€49,891
down €49,891 (-53.4%), from €93,477 to €43,586
- Trade debts +€5,773
up €5,773 (+361%), from €1,598 to €7,371
- Tax, wage and social debts -€5,556
down €5,556 (-51.6%), from €10,763 to €5,207
- Other debts -€1,442
no longer reported in 2025 (was €1,442)
- Gross operating margin -€56,000
down €56,000 (-95.6%), from €58,593 to €2,593
- Depreciation +€885
up €885 (+40.2%), from €2,205 to €3,091
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 | €121,540 | €70,424 | -€51,116 | -42.1% |
| Fixed assets | 21/28 | €4,380 | €8,236 | +€3,856 | +88.0% |
| Intangible fixed assets | 21 | €427 | €373 | -€53 | -12.5% |
| Tangible fixed assets | 22/27 | €3,954 | €7,863 | +€3,909 | +98.9% |
| Plant, machinery and equipment | 23 | €856 | €571 | -€286 | -33.3% |
| Furniture and vehicles | 24 | €3,097 | €7,292 | +€4,195 | +135% |
| Current assets | 29/58 | €117,160 | €62,188 | -€54,972 | -46.9% |
| Amounts receivable within one year | 40/41 | €52,251 | €21,768 | -€30,483 | -58.3% |
| Trade receivables | 40 | €41,606 | €6,776 | -€34,830 | -83.7% |
| Other amounts receivable | 41 | €10,644 | €14,992 | +€4,348 | +40.8% |
| Cash at bank and in hand | 54/58 | €62,880 | €40,353 | -€22,527 | -35.8% |
| Deferred charges and accrued income | 490/1 | €2,029 | €67 | -€1,962 | -96.7% |
| Total equity and liabilities | 10/49 | €121,540 | €70,424 | -€51,116 | -42.1% |
| Equity | 10/15 | €107,737 | €57,846 | -€49,891 | -46.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €93,477 | €43,586 | -€49,891 | -53.4% |
| Amounts payable | 17/49 | €13,803 | €12,578 | -€1,225 | -8.9% |
| Amounts payable within one year | 42/48 | €13,803 | €12,578 | -€1,225 | -8.9% |
| Trade debts | 44 | €1,598 | €7,371 | +€5,773 | +361% |
| Suppliers | 440/4 | €1,598 | €7,371 | +€5,773 | +361% |
| Taxes, remuneration and social security | 45 | €10,763 | €5,207 | -€5,556 | -51.6% |
| Taxes | 450/3 | €10,763 | €5,207 | -€5,556 | -51.6% |
| Other amounts payable | 47/48 | €1,442 | - | -€1,442 | |
| Non-recurring operating income | 76A | - | €1,653 | +€1,653 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,205 | €3,091 | +€885 | +40.2% |
| Other operating charges | 640/8 | €730 | €263 | -€467 | -64.0% |
| Gross operating margin | 9900 | €58,593 | €2,593 | -€56,000 | -95.6% |
| Operating profit (loss) | 9901 | €55,658 | -€760 | -€56,418 | |
| Financial income | 75/76B | €8 | - | -€8 | |
| Recurring financial income | 75 | €8 | - | -€8 | |
| Financial charges | 65/66B | €48,637 | €48,990 | +€353 | +0.7% |
| Recurring financial charges | 65 | €48,637 | €48,990 | +€353 | +0.7% |
| Profit (loss) for the period before taxes | 9903 | €7,029 | -€49,750 | -€56,780 | |
| Income taxes | 67/77 | €131 | €141 | +€10 | +8.0% |
| Profit (loss) for the period | 9904 | €6,899 | -€49,891 | -€56,790 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,899 | -€49,891 | -€56,790 |
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 21 October 2026 via checked.be.