RSD - Belgium: 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 - Belgium
Largest movements
- Cash +€2.2m
up €2.2m (+39.9%), from €5.5m to €7.7m
mainly Trade debts (+€1.9m) and Advances received (+€1.7m)
- Receivables within one year +€620,461
up €620,461 (+2,463%), from €25,187 to €645,648
of which Trade receivables: +€324,686
- Trade debts +€1.9m
up €1.9m (+240%), from €782,204 to €2.7m
- Advances received +€1.7m
up €1.7m (+77.9%), from €2.2m to €3.9m
- Other debts -€996,476
down €996,476 (-99.1%), from €1.0m to €8,995
- Reserves +€336,740
up €336,740 (+27.2%), from €1.2m to €1.6m
of which Distributable reserves: +€336,740
- Tax, wage and social debts -€127,883
down €127,883 (-95.2%), from €134,401 to €6,517
- Gross operating margin -€1.6m
down €1.6m (-77.0%), from €2.1m to €479,731
- Taxes -€414,575
down €414,575 (-78.6%), from €527,142 to €112,567
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 | €5,509,965 | €8,315,846 | +€2.8m | +50.9% |
| Fixed assets | 21/28 | €4,723 | €4,820 | +€97 | +2.1% |
| Financial fixed assets | 28 | €4,723 | €4,820 | +€97 | +2.1% |
| Current assets | 29/58 | €5,505,242 | €8,311,026 | +€2.8m | +51.0% |
| Amounts receivable within one year | 40/41 | €25,187 | €645,648 | +€620,461 | +2,463% |
| Trade receivables | 40 | €23,289 | €347,975 | +€324,686 | +1,394% |
| Other amounts receivable | 41 | €1,898 | €297,673 | +€295,775 | +15,581% |
| Cash at bank and in hand | 54/58 | €5,476,156 | €7,659,780 | +€2.2m | +39.9% |
| Deferred charges and accrued income | 490/1 | €3,898 | €5,598 | +€1,700 | +43.6% |
| Total equity and liabilities | 10/49 | €5,509,965 | €8,315,846 | +€2.8m | +50.9% |
| Equity | 10/15 | €1,389,382 | €1,726,122 | +€336,740 | +24.2% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Capital | 10 | €150,000 | €150,000 | = | 0.0% |
| Issued capital | 100 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €1,239,382 | €1,576,122 | +€336,740 | +27.2% |
| Non-distributable reserves | 130/1 | €15,000 | €15,000 | = | 0.0% |
| Legal reserve | 130 | €15,000 | €15,000 | = | 0.0% |
| Distributable reserves | 133 | €1,224,382 | €1,561,122 | +€336,740 | +27.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €4,120,583 | €6,589,724 | +€2.5m | +59.9% |
| Amounts payable within one year | 42/48 | €4,120,583 | €6,589,724 | +€2.5m | +59.9% |
| Trade debts | 44 | €782,204 | €2,662,117 | +€1.9m | +240% |
| Suppliers | 440/4 | €782,204 | €2,662,117 | +€1.9m | +240% |
| Advances received on contracts in progress | 46 | €2,198,507 | €3,912,094 | +€1.7m | +77.9% |
| Taxes, remuneration and social security | 45 | €134,401 | €6,517 | -€127,883 | -95.2% |
| Taxes | 450/3 | €134,401 | €6,517 | -€127,883 | -95.2% |
| Other amounts payable | 47/48 | €1,005,471 | €8,995 | -€996,476 | -99.1% |
| Other operating charges | 640/8 | €1,948 | €2,001 | +€54 | +2.8% |
| Gross operating margin | 9900 | €2,089,441 | €479,731 | -€1.6m | -77.0% |
| Operating profit (loss) | 9901 | €2,087,493 | €477,730 | -€1.6m | -77.1% |
| Financial income | 75/76B | €650 | €1,590 | +€940 | +145% |
| Recurring financial income | 75 | €650 | €1,590 | +€940 | +145% |
| Financial charges | 65/66B | €21,536 | €30,013 | +€8,477 | +39.4% |
| Recurring financial charges | 65 | €21,536 | €30,013 | +€8,477 | +39.4% |
| Profit (loss) for the period before taxes | 9903 | €2,066,607 | €449,307 | -€1.6m | -78.3% |
| Income taxes | 67/77 | €527,142 | €112,567 | -€414,575 | -78.6% |
| Profit (loss) for the period | 9904 | €1,539,466 | €336,740 | -€1.2m | -78.1% |
| Profit (loss) for the period to be appropriated | 9905 | €1,539,466 | €336,740 | -€1.2m | -78.1% |
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 25 October 2026 via checked.be.