RSA Immo: 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 Immo
Largest movements
- Receivables within one year -€163,327
down €163,327 (-81.5%), from €200,374 to €37,047
of which Trade receivables: -€159,867
- Cash +€84,645
up €84,645 (+245%), from €34,529 to €119,174
mainly Receivables within one year (+€163,327) and Stocks and contracts (+€69,390)
- Stocks and contracts -€69,390
down €69,390 (-98.2%), from €70,632 to €1,242
- Tangible fixed assets +€20,445
up €20,445 (+12.3%), from €166,582 to €187,027
of which Land and buildings: +€35,000
- Trade debts -€140,760
down €140,760 (-53.2%), from €264,563 to €123,803
- Profit (loss) carried forward +€48,852
up €48,852 (+38.9%), from €125,579 to €174,431
- Other debts -€38,290
down €38,290 (-93.3%), from €41,029 to €2,739
- Tax, wage and social debts -€25,498
down €25,498 (-56.1%), from €45,416 to €19,918
of which Taxes: -€13,106
- Current portion of long-term debt +€25,000
new in 2025: €25,000
- Gross operating margin +€34,078
up €34,078 (+34.9%), from €97,652 to €131,730
- Staff costs +€11,589
up €11,589 (+44.1%), from €26,270 to €37,859
- Depreciation +€10,903
up €10,903 (+102%), from €10,654 to €21,557
- Other operating charges +€8,241
up €8,241 (+1,394%), from €591 to €8,832
- Taxes -€3,397
down €3,397 (-20.2%), from €16,854 to €13,457
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 | €485,187 | €352,491 | -€132,696 | -27.3% |
| Fixed assets | 21/28 | €173,608 | €193,115 | +€19,507 | +11.2% |
| Intangible fixed assets | 21 | €7,026 | €6,088 | -€938 | -13.4% |
| Tangible fixed assets | 22/27 | €166,582 | €187,027 | +€20,445 | +12.3% |
| Land and buildings | 22 | - | €35,000 | +€35,000 | |
| Plant, machinery and equipment | 23 | €158,559 | €147,056 | -€11,503 | -7.3% |
| Furniture and vehicles | 24 | €8,023 | €4,971 | -€3,052 | -38.0% |
| Current assets | 29/58 | €311,579 | €159,376 | -€152,203 | -48.8% |
| Stocks and contracts in progress | 3 | €70,632 | €1,242 | -€69,390 | -98.2% |
| Stocks | 30/36 | €70,632 | €1,242 | -€69,390 | -98.2% |
| Amounts receivable within one year | 40/41 | €200,374 | €37,047 | -€163,327 | -81.5% |
| Trade receivables | 40 | €184,960 | €25,093 | -€159,867 | -86.4% |
| Other amounts receivable | 41 | €15,414 | €11,954 | -€3,460 | -22.4% |
| Cash at bank and in hand | 54/58 | €34,529 | €119,174 | +€84,645 | +245% |
| Deferred charges and accrued income | 490/1 | €6,044 | €1,913 | -€4,131 | -68.3% |
| Total equity and liabilities | 10/49 | €485,187 | €352,491 | -€132,696 | -27.3% |
| Equity | 10/15 | €132,179 | €181,031 | +€48,852 | +37.0% |
| Contributions | 10/11 | €6,600 | €6,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €125,579 | €174,431 | +€48,852 | +38.9% |
| Amounts payable | 17/49 | €353,008 | €171,460 | -€181,548 | -51.4% |
| Amounts payable within one year | 42/48 | €351,008 | €171,460 | -€179,548 | -51.2% |
| Current portion of amounts payable after more than one year | 42 | - | €25,000 | +€25,000 | |
| Trade debts | 44 | €264,563 | €123,803 | -€140,760 | -53.2% |
| Suppliers | 440/4 | €264,563 | €123,803 | -€140,760 | -53.2% |
| Taxes, remuneration and social security | 45 | €45,416 | €19,918 | -€25,498 | -56.1% |
| Taxes | 450/3 | €32,881 | €19,775 | -€13,106 | -39.9% |
| Remuneration and social security | 454/9 | €12,535 | €143 | -€12,392 | -98.9% |
| Other amounts payable | 47/48 | €41,029 | €2,739 | -€38,290 | -93.3% |
| Accrued charges and deferred income | 492/3 | €2,000 | - | -€2,000 | |
| Remuneration, social security and pensions | 62 | €26,270 | €37,859 | +€11,589 | +44.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,654 | €21,557 | +€10,903 | +102% |
| Other operating charges | 640/8 | €591 | €8,832 | +€8,241 | +1,394% |
| Gross operating margin | 9900 | €97,652 | €131,730 | +€34,078 | +34.9% |
| Operating profit (loss) | 9901 | €60,137 | €63,482 | +€3,345 | +5.6% |
| Financial charges | 65/66B | €719 | €1,173 | +€454 | +63.1% |
| Recurring financial charges | 65 | €719 | €1,173 | +€454 | +63.1% |
| Profit (loss) for the period before taxes | 9903 | €59,418 | €62,309 | +€2,891 | +4.9% |
| Income taxes | 67/77 | €16,854 | €13,457 | -€3,397 | -20.2% |
| Profit (loss) for the period | 9904 | €42,564 | €48,852 | +€6,288 | +14.8% |
| Profit (loss) for the period to be appropriated | 9905 | €42,564 | €48,852 | +€6,288 | +14.8% |
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 14 October 2026 via checked.be.