RSA: 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.
RSA
Largest movements
- Current investments -€970,874
down €970,874 (-12.2%), from €8.0m to €7.0m
- Cash -€227,305
down €227,305 (-87.7%), from €259,073 to €31,768
mainly Net result for the year (-€1.2m) and Contributions, distributions and other (-€402,891)
- Receivables within one year -€200,000
down €200,000 (-100%), from €200,000 to €0
- Profit (loss) carried forward -€1.2m
down €1.2m (-50.0%), from €2.3m to €1.2m
- Revaluation surpluses -€402,891
down €402,891 (-14.9%), from €2.7m to €2.3m
- Tax, wage and social debts +€112,115
up €112,115 (+312%), from €35,959 to €148,073
- Other operating charges +€233,524
up €233,524 (+396%), from €58,917 to €292,440
- Taxes +€110,379
up €110,379 (+225%), from €49,121 to €159,500
- Financial charges -€60,336
down €60,336 (-40.2%), from €150,065 to €89,729
- Financial income -€45,716
down €45,716 (-6.1%), from €743,900 to €698,184
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 | €8,874,421 | €7,428,589 | -€1.4m | -16.3% |
| Fixed assets | 21/28 | €367,499 | €367,499 | = | 0.0% |
| Financial fixed assets | 28 | €367,499 | €367,499 | = | 0.0% |
| Current assets | 29/58 | €8,506,922 | €7,061,090 | -€1.4m | -17.0% |
| Amounts receivable within one year | 40/41 | €200,000 | €0 | -€200,000 | -100% |
| Other amounts receivable | 41 | €200,000 | €0 | -€200,000 | -100% |
| Current investments | 50/53 | €7,982,937 | €7,012,063 | -€970,874 | -12.2% |
| Cash at bank and in hand | 54/58 | €259,073 | €31,768 | -€227,305 | -87.7% |
| Deferred charges and accrued income | 490/1 | €64,912 | €17,259 | -€47,653 | -73.4% |
| Total equity and liabilities | 10/49 | €8,874,421 | €7,428,589 | -€1.4m | -16.3% |
| Equity | 10/15 | €8,837,569 | €7,280,516 | -€1.6m | -17.6% |
| Contributions | 10/11 | €3,819,336 | €3,819,336 | = | 0.0% |
| Capital | 10 | €3,819,336 | €3,819,336 | = | 0.0% |
| Revaluation surpluses | 12 | €2,710,406 | €2,307,515 | -€402,891 | -14.9% |
| Profit (loss) carried forward | 14 | €2,307,827 | €1,153,664 | -€1.2m | -50.0% |
| Amounts payable | 17/49 | €36,852 | €148,073 | +€111,222 | +302% |
| Amounts payable within one year | 42/48 | €36,852 | €148,073 | +€111,222 | +302% |
| Trade debts | 44 | €893 | €0 | -€893 | -100% |
| Suppliers | 440/4 | €893 | €0 | -€893 | -100% |
| Taxes, remuneration and social security | 45 | €35,959 | €148,073 | +€112,115 | +312% |
| Taxes | 450/3 | €35,959 | €148,073 | +€112,115 | +312% |
| Other operating charges | 640/8 | €58,917 | €292,440 | +€233,524 | +396% |
| Gross operating margin | 9900 | -€1,303,260 | -€1,310,677 | -€7,417 | -0.6% |
| Operating profit (loss) | 9901 | -€1,362,177 | -€1,603,118 | -€240,941 | -17.7% |
| Financial income | 75/76B | €743,900 | €698,184 | -€45,716 | -6.1% |
| Recurring financial income | 75 | €743,900 | €698,184 | -€45,716 | -6.1% |
| Financial charges | 65/66B | €150,065 | €89,729 | -€60,336 | -40.2% |
| Recurring financial charges | 65 | €150,065 | €89,729 | -€60,336 | -40.2% |
| Profit (loss) for the period before taxes | 9903 | -€768,342 | -€994,663 | -€226,321 | -29.5% |
| Income taxes | 67/77 | €49,121 | €159,500 | +€110,379 | +225% |
| Profit (loss) for the period | 9904 | -€817,463 | -€1,154,163 | -€336,700 | -41.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€817,463 | -€1,154,163 | -€336,700 | -41.2% |
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 24 October 2026 via checked.be.