RS17: 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.
RS17
Largest movements
- Cash -€47,562
down €47,562 (-89.3%), from €53,271 to €5,709
mainly Debts after one year (-€42,612) and Net result for the year (-€29,850)
- Receivables within one year -€29,733
down €29,733 (-70.6%), from €42,100 to €12,367
of which Trade receivables: -€42,100
- Receivables after one year +€20,000
new in 2025: €20,000
- Debts after one year -€42,612
down €42,612 (-11.1%), from €385,490 to €342,878
of which Financial debts: -€73,001
- Reserves -€29,850
down €29,850 (-2.6%), from €1.2m to €1.1m
of which Distributable reserves: -€27,990
- Gross operating margin -€88,145
down €88,145 (-97.7%), from €90,223 to €2,078
- Financial charges -€2,905
down €2,905 (-13.0%), from €22,317 to €19,412
- Taxes -€1,771
down €1,771 (-92.7%), from €1,909 to €139
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 | €1,670,067 | €1,595,359 | -€74,708 | -4.5% |
| Fixed assets | 21/28 | €1,541,235 | €1,529,099 | -€12,136 | -0.8% |
| Tangible fixed assets | 22/27 | €46,086 | €33,951 | -€12,136 | -26.3% |
| Plant, machinery and equipment | 23 | €1,135 | €815 | -€320 | -28.2% |
| Furniture and vehicles | 24 | €44,952 | €33,136 | -€11,816 | -26.3% |
| Financial fixed assets | 28 | €1,495,149 | €1,495,149 | = | 0.0% |
| Current assets | 29/58 | €128,832 | €66,260 | -€62,572 | -48.6% |
| Amounts receivable after more than one year | 29 | - | €20,000 | +€20,000 | |
| Other amounts receivable | 291 | - | €20,000 | +€20,000 | |
| Amounts receivable within one year | 40/41 | €42,100 | €12,367 | -€29,733 | -70.6% |
| Trade receivables | 40 | €42,100 | - | -€42,100 | |
| Other amounts receivable | 41 | - | €12,367 | +€12,367 | |
| Cash at bank and in hand | 54/58 | €53,271 | €5,709 | -€47,562 | -89.3% |
| Deferred charges and accrued income | 490/1 | €33,461 | €28,183 | -€5,277 | -15.8% |
| Total equity and liabilities | 10/49 | €1,670,067 | €1,595,359 | -€74,708 | -4.5% |
| Equity | 10/15 | €1,181,897 | €1,152,048 | -€29,850 | -2.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,163,297 | €1,133,448 | -€29,850 | -2.6% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €1,161,437 | €1,133,448 | -€27,990 | -2.4% |
| Amounts payable | 17/49 | €488,170 | €443,312 | -€44,858 | -9.2% |
| Amounts payable after more than one year | 17 | €385,490 | €342,878 | -€42,612 | -11.1% |
| Financial debts | 170/4 | €289,807 | €216,805 | -€73,001 | -25.2% |
| Other amounts payable | 178/9 | €95,683 | €126,072 | +€30,389 | +31.8% |
| Amounts payable within one year | 42/48 | €94,925 | €92,574 | -€2,351 | -2.5% |
| Current portion of amounts payable after more than one year | 42 | €69,208 | €72,766 | +€3,558 | +5.1% |
| Trade debts | 44 | €349 | €454 | +€105 | +30.1% |
| Suppliers | 440/4 | €349 | €454 | +€105 | +30.1% |
| Taxes, remuneration and social security | 45 | €25,368 | €19,354 | -€6,014 | -23.7% |
| Taxes | 450/3 | €25,368 | €19,354 | -€6,014 | -23.7% |
| Accrued charges and deferred income | 492/3 | €7,755 | €7,860 | +€106 | +1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,800 | €12,136 | -€664 | -5.2% |
| Other operating charges | 640/8 | €322 | €383 | +€61 | +19.0% |
| Gross operating margin | 9900 | €90,223 | €2,078 | -€88,145 | -97.7% |
| Operating profit (loss) | 9901 | €77,102 | -€10,440 | -€87,542 | |
| Financial income | 75/76B | €210 | €141 | -€69 | -33.0% |
| Recurring financial income | 75 | €210 | €141 | -€69 | -33.0% |
| Financial charges | 65/66B | €22,317 | €19,412 | -€2,905 | -13.0% |
| Recurring financial charges | 65 | €22,317 | €19,412 | -€2,905 | -13.0% |
| Profit (loss) for the period before taxes | 9903 | €54,995 | -€29,711 | -€84,706 | |
| Income taxes | 67/77 | €1,909 | €139 | -€1,771 | -92.7% |
| Profit (loss) for the period | 9904 | €53,085 | -€29,850 | -€82,935 | |
| Profit (loss) for the period to be appropriated | 9905 | €53,085 | -€29,850 | -€82,935 |
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 16 October 2026 via checked.be.