RS CAPITAL: 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 CAPITAL
Largest movements
- Receivables within one year +€816,755
up €816,755 (+399.7%), from €204,341 to €1.0m
of which Other amounts receivable: +€654,752
- Financial fixed assets -€268,229
down €268,229 (-8.9%), from €3.0m to €2.7m
- Debts after one year +€3.3m
up €3.3m (+251.9%), from €1.3m to €4.7m
- Profit (loss) carried forward -€3.1m
down €3.1m, from €1.2m to -€1.9m
- Short-term financial debts +€227,264
up €227,264 (+298874.9%), from €76 to €227,340
of which Other loans: +€165,000
- Trade debts +€123,912
up €123,912 (+112.3%), from €110,349 to €234,260
- Financial charges +€2.9m
up €2.9m (+7546.1%), from €38,913 to €3.0m
of which Non-recurring financial charges: +€2.8m
- Financial income -€397,661
down €397,661 (-99.6%), from €399,196 to €1,536
- Gross operating margin -€156,520
down €156,520, from €133,605 to -€22,915
- Staff costs +€78,701
new in 2025: €78,701
- Write-downs +€33,880
new in 2025: €33,880
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 | €3,219,128 | €3,785,109 | +€565,981 | +17.6% |
| Fixed assets | 21/28 | €3,012,287 | €2,755,304 | -€256,983 | -8.5% |
| Tangible fixed assets | 22/27 | - | €11,245 | +€11,245 | |
| Furniture and vehicles | 24 | - | €11,245 | +€11,245 | |
| Financial fixed assets | 28 | €3,012,287 | €2,744,058 | -€268,229 | -8.9% |
| Current assets | 29/58 | €206,841 | €1,029,805 | +€822,964 | +397.9% |
| Amounts receivable within one year | 40/41 | €204,341 | €1,021,097 | +€816,755 | +399.7% |
| Trade receivables | 40 | €94,582 | €256,585 | +€162,003 | +171.3% |
| Other amounts receivable | 41 | €109,759 | €764,512 | +€654,752 | +596.5% |
| Cash at bank and in hand | 54/58 | €2,500 | €0 | -€2,500 | -100.0% |
| Deferred charges and accrued income | 490/1 | - | €8,708 | +€8,708 | |
| Total equity and liabilities | 10/49 | €3,219,128 | €3,785,109 | +€565,981 | +17.6% |
| Equity | 10/15 | €1,266,382 | -€1,845,743 | -€3.1m | |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,216,382 | -€1,895,743 | -€3.1m | |
| Amounts payable | 17/49 | €1,952,746 | €5,630,852 | +€3.7m | +188.4% |
| Amounts payable after more than one year | 17 | €1,324,464 | €4,661,371 | +€3.3m | +251.9% |
| Financial debts | 170/4 | €1,324,464 | €4,661,371 | +€3.3m | +251.9% |
| Amounts payable within one year | 42/48 | €628,282 | €969,481 | +€341,199 | +54.3% |
| Current portion of amounts payable after more than one year | 42 | €426,640 | €414,553 | -€12,087 | -2.8% |
| Financial debts | 43 | €76 | €227,340 | +€227,264 | +298874.9% |
| Credit institutions | 430/8 | €76 | €62,341 | +€62,264 | +81883.9% |
| Other loans | 439 | - | €165,000 | +€165,000 | |
| Trade debts | 44 | €110,349 | €234,260 | +€123,912 | +112.3% |
| Suppliers | 440/4 | €110,349 | €234,260 | +€123,912 | +112.3% |
| Taxes, remuneration and social security | 45 | €65,824 | €62,767 | -€3,057 | -4.6% |
| Taxes | 450/3 | €65,824 | €37,119 | -€28,705 | -43.6% |
| Remuneration and social security | 454/9 | - | €25,648 | +€25,648 | |
| Other amounts payable | 47/48 | €25,393 | €30,561 | +€5,167 | +20.3% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | - | €78,701 | +€78,701 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €1,234 | +€1,234 | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €33,880 | +€33,880 | |
| Other operating charges | 640/8 | €2,595 | €1,346 | -€1,249 | -48.1% |
| Gross operating margin | 9900 | €133,605 | -€22,915 | -€156,520 | |
| Operating profit (loss) | 9901 | €131,010 | -€138,076 | -€269,086 | |
| Financial income | 75/76B | €399,196 | €1,536 | -€397,661 | -99.6% |
| Recurring financial income | 75 | €399,196 | €1,536 | -€397,661 | -99.6% |
| Financial charges | 65/66B | €38,913 | €2,975,308 | +€2.9m | +7546.1% |
| Recurring financial charges | 65 | €38,913 | €212,077 | +€173,164 | +445.0% |
| Non-recurring financial charges | 66B | - | €2,763,232 | +€2.8m | |
| Profit (loss) for the period before taxes | 9903 | €491,293 | -€3,111,849 | -€3.6m | |
| Income taxes | 67/77 | €23,966 | €276 | -€23,690 | -98.8% |
| Profit (loss) for the period | 9904 | €467,327 | -€3,112,125 | -€3.6m | |
| Profit (loss) for the period to be appropriated | 9905 | €467,327 | -€3,112,125 | -€3.6m |
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 12 October 2026 via checked.be.