RSCO: what changed
Two fiscal 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.
RSCO
Largest movements
- Stocks and contracts +€417,522
up €417,522 (+360.3%), from €115,876 to €533,398
- Cash -€215,397
down €215,397 (-87.7%), from €245,594 to €30,197
mainly Stocks and contracts (-€417,522) and Receivables within one year (-€139,785)
- Receivables within one year +€139,785
up €139,785 (+741.1%), from €18,861 to €158,646
of which Trade receivables: +€124,547
- Tangible fixed assets -€20,175
down €20,175 (-52.7%), from €38,312 to €18,137
of which Furniture and vehicles: -€17,766
- Advances received +€178,800
new in 2025: €178,800
- Short-term financial debts +€169,817
new in 2025: €169,817
- Profit (loss) carried forward -€69,433
down €69,433 (-76.6%), from €90,586 to €21,153
- Trade debts +€53,402
up €53,402 (+748.6%), from €7,134 to €60,536
- Other debts -€7,948
down €7,948 (-6.2%), from €127,673 to €119,725
- Gross operating margin +€124,380
up €124,380, from -€59,820 to €64,560
- Staff costs +€28,052
up €28,052 (+35.3%), from €79,513 to €107,565
- Depreciation -€2,724
down €2,724 (-11.9%), from €22,899 to €20,175
- Financial income -€1,447
down €1,447 (-97.7%), from €1,481 to €34
- Taxes +€1,076
up €1,076, from €0 to €1,076
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 | €420,613 | €742,348 | +€321,735 | +76.5% |
| Fixed assets | 21/28 | €40,282 | €20,107 | -€20,175 | -50.1% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €38,312 | €18,137 | -€20,175 | -52.7% |
| Plant, machinery and equipment | 23 | €2,877 | €468 | -€2,409 | -83.7% |
| Furniture and vehicles | 24 | €35,435 | €17,670 | -€17,766 | -50.1% |
| Financial fixed assets | 28 | €1,970 | €1,970 | = | 0.0% |
| Current assets | 29/58 | €380,331 | €722,241 | +€341,910 | +89.9% |
| Stocks and contracts in progress | 3 | €115,876 | €533,398 | +€417,522 | +360.3% |
| Stocks | 30/36 | €115,876 | €533,398 | +€417,522 | +360.3% |
| Amounts receivable within one year | 40/41 | €18,861 | €158,646 | +€139,785 | +741.1% |
| Trade receivables | 40 | €2,289 | €126,836 | +€124,547 | +5441.7% |
| Other amounts receivable | 41 | €16,572 | €31,809 | +€15,238 | +91.9% |
| Cash at bank and in hand | 54/58 | €245,594 | €30,197 | -€215,397 | -87.7% |
| Total equity and liabilities | 10/49 | €420,613 | €742,348 | +€321,735 | +76.5% |
| Equity | 10/15 | €236,601 | €167,169 | -€69,433 | -29.3% |
| Contributions | 10/11 | €123,950 | €123,950 | = | 0.0% |
| Outside capital | 11 | €123,950 | €123,950 | = | 0.0% |
| Share premium | 1100/10 | €123,950 | €0 | -€123,950 | -100.0% |
| Other | 1109/19 | - | €123,950 | +€123,950 | |
| Reserves | 13 | €22,065 | €22,065 | = | 0.0% |
| Non-distributable reserves | 130/1 | €12,395 | €12,395 | = | 0.0% |
| Reserves not available under the articles | 1311 | €12,395 | €12,395 | = | 0.0% |
| Tax-exempt reserves | 132 | €9,670 | €9,670 | = | 0.0% |
| Profit (loss) carried forward | 14 | €90,586 | €21,153 | -€69,433 | -76.6% |
| Amounts payable | 17/49 | €184,012 | €575,180 | +€391,168 | +212.6% |
| Amounts payable after more than one year | 17 | €22,582 | €15,626 | -€6,956 | -30.8% |
| Financial debts | 170/4 | €22,582 | €15,626 | -€6,956 | -30.8% |
| Amounts payable within one year | 42/48 | €161,430 | €559,554 | +€398,123 | +246.6% |
| Current portion of amounts payable after more than one year | 42 | €6,625 | €6,956 | +€331 | +5.0% |
| Financial debts | 43 | - | €169,817 | +€169,817 | |
| Credit institutions | 430/8 | - | €169,817 | +€169,817 | |
| Trade debts | 44 | €7,134 | €60,536 | +€53,402 | +748.6% |
| Suppliers | 440/4 | €7,134 | €60,536 | +€53,402 | +748.6% |
| Advances received on contracts in progress | 46 | - | €178,800 | +€178,800 | |
| Taxes, remuneration and social security | 45 | €19,999 | €23,720 | +€3,721 | +18.6% |
| Taxes | 450/3 | €1,952 | €926 | -€1,026 | -52.6% |
| Remuneration and social security | 454/9 | €18,047 | €22,794 | +€4,747 | +26.3% |
| Other amounts payable | 47/48 | €127,673 | €119,725 | -€7,948 | -6.2% |
| Remuneration, social security and pensions | 62 | €79,513 | €107,565 | +€28,052 | +35.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,899 | €20,175 | -€2,724 | -11.9% |
| Other operating charges | 640/8 | €1,667 | €998 | -€670 | -40.2% |
| Non-recurring operating charges | 66A | €5,252 | €0 | -€5,252 | -100.0% |
| Gross operating margin | 9900 | -€59,820 | €64,560 | +€124,380 | |
| Operating profit (loss) | 9901 | -€169,151 | -€64,178 | +€104,974 | +62.1% |
| Financial income | 75/76B | €1,481 | €34 | -€1,447 | -97.7% |
| Recurring financial income | 75 | €1,481 | €34 | -€1,447 | -97.7% |
| Financial charges | 65/66B | €4,256 | €4,213 | -€43 | -1.0% |
| Recurring financial charges | 65 | €4,256 | €4,213 | -€43 | -1.0% |
| Profit (loss) for the period before taxes | 9903 | -€171,926 | -€68,357 | +€103,569 | +60.2% |
| Income taxes | 67/77 | €0 | €1,076 | +€1,076 | |
| Profit (loss) for the period | 9904 | -€171,926 | -€69,433 | +€102,493 | +59.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€171,926 | -€69,433 | +€102,493 | +59.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.