RS MONTAGE: 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 MONTAGE
Largest movements
- Receivables within one year +€34,063
up €34,063 (+97.0%), from €35,099 to €69,162
of which Trade receivables: +€28,247
- Intangible fixed assets -€14,286
down €14,286 (-16.2%), from €88,329 to €74,044
- Tangible fixed assets -€9,995
down €9,995 (-39.5%), from €25,278 to €15,283
of which Plant, machinery and equipment: -€11,667
- Other debts -€50,000
down €50,000 (-53.2%), from €93,943 to €43,944
- Trade debts +€31,527
up €31,527 (+141%), from €22,322 to €53,849
- Profit (loss) carried forward +€21,978
up €21,978 (+100%), from €21,882 to €43,861
- Short-term financial debts +€8,310
new in 2025: €8,310
- Tax, wage and social debts -€2,407
down €2,407 (-29.6%), from €8,133 to €5,726
- Gross operating margin +€9,433
up €9,433 (+17.9%), from €52,788 to €62,222
- Depreciation +€5,879
up €5,879 (+27.5%), from €21,393 to €27,272
- Financial charges +€2,165
up €2,165 (+25,678%), from €8 to €2,173
- Other operating charges +€1,620
up €1,620 (+148%), from €1,091 to €2,711
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 | €151,281 | €160,689 | +€9,408 | +6.2% |
| Formation expenses | 20 | €1,241 | - | -€1,241 | |
| Fixed assets | 21/28 | €113,607 | €89,327 | -€24,281 | -21.4% |
| Intangible fixed assets | 21 | €88,329 | €74,044 | -€14,286 | -16.2% |
| Tangible fixed assets | 22/27 | €25,278 | €15,283 | -€9,995 | -39.5% |
| Plant, machinery and equipment | 23 | €25,278 | €13,611 | -€11,667 | -46.2% |
| Furniture and vehicles | 24 | - | €1,672 | +€1,672 | |
| Current assets | 29/58 | €36,432 | €71,362 | +€34,930 | +95.9% |
| Stocks and contracts in progress | 3 | - | €1,300 | +€1,300 | |
| Stocks | 30/36 | - | €1,300 | +€1,300 | |
| Amounts receivable within one year | 40/41 | €35,099 | €69,162 | +€34,063 | +97.0% |
| Trade receivables | 40 | €35,099 | €63,346 | +€28,247 | +80.5% |
| Other amounts receivable | 41 | - | €5,817 | +€5,817 | |
| Cash at bank and in hand | 54/58 | €1,333 | €676 | -€657 | -49.3% |
| Deferred charges and accrued income | 490/1 | - | €223 | +€223 | |
| Total equity and liabilities | 10/49 | €151,281 | €160,689 | +€9,408 | +6.2% |
| Equity | 10/15 | €26,882 | €48,861 | +€21,978 | +81.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €21,882 | €43,861 | +€21,978 | +100% |
| Amounts payable | 17/49 | €124,398 | €111,828 | -€12,570 | -10.1% |
| Amounts payable within one year | 42/48 | €124,398 | €111,828 | -€12,570 | -10.1% |
| Financial debts | 43 | - | €8,310 | +€8,310 | |
| Other loans | 439 | - | €8,310 | +€8,310 | |
| Trade debts | 44 | €22,322 | €53,849 | +€31,527 | +141% |
| Suppliers | 440/4 | €22,322 | €53,849 | +€31,527 | +141% |
| Taxes, remuneration and social security | 45 | €8,133 | €5,726 | -€2,407 | -29.6% |
| Taxes | 450/3 | €8,133 | €5,726 | -€2,407 | -29.6% |
| Other amounts payable | 47/48 | €93,943 | €43,944 | -€50,000 | -53.2% |
| Remuneration, social security and pensions | 62 | €411 | - | -€411 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,393 | €27,272 | +€5,879 | +27.5% |
| Other operating charges | 640/8 | €1,091 | €2,711 | +€1,620 | +148% |
| Gross operating margin | 9900 | €52,788 | €62,222 | +€9,433 | +17.9% |
| Operating profit (loss) | 9901 | €29,893 | €32,239 | +€2,346 | +7.8% |
| Financial income | 75/76B | - | €51 | +€51 | |
| Recurring financial income | 75 | - | €51 | +€51 | |
| Financial charges | 65/66B | €8 | €2,173 | +€2,165 | +25,678% |
| Recurring financial charges | 65 | €8 | €2,173 | +€2,165 | +25,678% |
| Profit (loss) for the period before taxes | 9903 | €29,884 | €30,116 | +€232 | +0.8% |
| Income taxes | 67/77 | €8,002 | €8,138 | +€136 | +1.7% |
| Profit (loss) for the period | 9904 | €21,882 | €21,978 | +€96 | +0.4% |
| Profit (loss) for the period to be appropriated | 9905 | €21,882 | €21,978 | +€96 | +0.4% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.