RSD: 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.
RSD
Largest movements
- Receivables within one year +€28,514
up €28,514 (+150%), from €18,997 to €47,511
of which Trade receivables: +€37,718
- Cash -€20,536
down €20,536 (-22.1%), from €93,083 to €72,547
mainly Contributions, distributions and other (-€32,989) and Receivables within one year (-€28,514)
- Stocks and contracts -€7,366
down €7,366 (-30.8%), from €23,946 to €16,580
- Tangible fixed assets -€4,748
down €4,748 (-26.9%), from €17,666 to €12,918
of which Furniture and vehicles: -€2,986
- Deferred charges and accrued income -€4,637
down €4,637 (-20.9%), from €22,143 to €17,506
- Reserves -€27,845
down €27,845 (-16.9%), from €164,619 to €136,774
- Trade debts +€19,428
up €19,428 (+7,861%), from €247 to €19,675
- Gross operating margin -€40,681
down €40,681 (-70.3%), from €57,906 to €17,224
- Other operating charges -€33,150
down €33,150 (-96.6%), from €34,328 to €1,178
- Staff costs -€7,976
no longer reported in 2025 (was €7,976)
- Financial charges +€2,784
up €2,784 (+3,768%), from €74 to €2,858
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 | €175,835 | €167,063 | -€8,773 | -5.0% |
| Fixed assets | 21/28 | €17,666 | €12,918 | -€4,748 | -26.9% |
| Tangible fixed assets | 22/27 | €17,666 | €12,918 | -€4,748 | -26.9% |
| Plant, machinery and equipment | 23 | €10,137 | €8,375 | -€1,762 | -17.4% |
| Furniture and vehicles | 24 | €7,529 | €4,543 | -€2,986 | -39.7% |
| Current assets | 29/58 | €158,170 | €154,145 | -€4,025 | -2.5% |
| Stocks and contracts in progress | 3 | €23,946 | €16,580 | -€7,366 | -30.8% |
| Stocks | 30/36 | €23,946 | €16,580 | -€7,366 | -30.8% |
| Amounts receivable within one year | 40/41 | €18,997 | €47,511 | +€28,514 | +150% |
| Trade receivables | 40 | €7,640 | €45,358 | +€37,718 | +494% |
| Other amounts receivable | 41 | €11,357 | €2,153 | -€9,204 | -81.0% |
| Cash at bank and in hand | 54/58 | €93,083 | €72,547 | -€20,536 | -22.1% |
| Deferred charges and accrued income | 490/1 | €22,143 | €17,506 | -€4,637 | -20.9% |
| Total equity and liabilities | 10/49 | €175,835 | €167,063 | -€8,773 | -5.0% |
| Equity | 10/15 | €170,819 | €142,974 | -€27,845 | -16.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €164,619 | €136,774 | -€27,845 | -16.9% |
| Distributable reserves | 133 | €164,619 | €136,774 | -€27,845 | -16.9% |
| Amounts payable | 17/49 | €5,017 | €24,089 | +€19,072 | +380% |
| Amounts payable within one year | 42/48 | €5,017 | €24,089 | +€19,072 | +380% |
| Trade debts | 44 | €247 | €19,675 | +€19,428 | +7,861% |
| Suppliers | 440/4 | €247 | €19,675 | +€19,428 | +7,861% |
| Taxes, remuneration and social security | 45 | €4,770 | €4,414 | -€356 | -7.5% |
| Taxes | 450/3 | €4,770 | €4,414 | -€356 | -7.5% |
| Non-recurring operating income | 76A | €15,700 | - | -€15,700 | |
| Remuneration, social security and pensions | 62 | €7,976 | - | -€7,976 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,285 | €4,748 | -€537 | -10.2% |
| Other operating charges | 640/8 | €34,328 | €1,178 | -€33,150 | -96.6% |
| Gross operating margin | 9900 | €57,906 | €17,224 | -€40,681 | -70.3% |
| Operating profit (loss) | 9901 | €10,316 | €11,299 | +€982 | +9.5% |
| Financial income | 75/76B | €6 | - | -€6 | |
| Recurring financial income | 75 | €6 | - | -€6 | |
| Financial charges | 65/66B | €74 | €2,858 | +€2,784 | +3,768% |
| Recurring financial charges | 65 | €74 | €2,858 | +€2,784 | +3,768% |
| Profit (loss) for the period before taxes | 9903 | €10,248 | €8,440 | -€1,808 | -17.6% |
| Income taxes | 67/77 | €3,687 | €3,296 | -€391 | -10.6% |
| Profit (loss) for the period | 9904 | €6,561 | €5,144 | -€1,417 | -21.6% |
| Profit (loss) for the period to be appropriated | 9905 | €6,561 | €5,144 | -€1,417 | -21.6% |
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 15 October 2026 via checked.be.