RSDECO: 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.
RSDECO
Largest movements
- Stocks and contracts +€22,105
up €22,105 (+5.7%), from €387,580 to €409,685
- Cash -€11,434
down €11,434 (-19.7%), from €57,936 to €46,503
mainly Trade debts (-€31,653) and Net result for the year (-€29,517)
- Deferred charges and accrued income -€9,549
down €9,549 (-88.9%), from €10,740 to €1,191
- Tax, wage and social debts +€46,704
up €46,704 (+49.8%), from €93,734 to €140,437
of which Taxes: +€45,979
- Trade debts -€31,653
down €31,653 (-25.7%), from €123,216 to €91,562
- Reserves -€29,517
down €29,517 (-19.8%), from €149,121 to €119,603
of which Distributable reserves: -€29,517
- Short-term financial debts +€13,914
up €13,914 (+13.7%), from €101,311 to €115,225
- Debts after one year -€9,671
down €9,671 (-25.1%), from €38,469 to €28,798
- Staff costs -€57,629
down €57,629 (-18.3%), from €314,638 to €257,009
- Taxes -€6,319
no longer reported in 2025 (was €6,319)
- Financial charges +€6,139
up €6,139 (+30.7%), from €20,012 to €26,151
of which Financial charges: +€4,196
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 | €576,622 | €576,736 | +€114 | 0.0% |
| Fixed assets | 21/28 | €22,763 | €27,095 | +€4,332 | +19.0% |
| Tangible fixed assets | 22/27 | €3,932 | €2,764 | -€1,168 | -29.7% |
| Furniture and vehicles | 24 | €1,451 | €544 | -€907 | -62.5% |
| Other tangible fixed assets | 26 | €2,481 | €2,220 | -€261 | -10.5% |
| Financial fixed assets | 28 | €18,831 | €24,331 | +€5,500 | +29.2% |
| Current assets | 29/58 | €553,859 | €549,640 | -€4,218 | -0.8% |
| Stocks and contracts in progress | 3 | €387,580 | €409,685 | +€22,105 | +5.7% |
| Stocks | 30/36 | €387,580 | €409,685 | +€22,105 | +5.7% |
| Amounts receivable within one year | 40/41 | €97,603 | €92,262 | -€5,341 | -5.5% |
| Trade receivables | 40 | - | €7,833 | +€7,833 | |
| Other amounts receivable | 41 | €97,603 | €84,429 | -€13,174 | -13.5% |
| Cash at bank and in hand | 54/58 | €57,936 | €46,503 | -€11,434 | -19.7% |
| Deferred charges and accrued income | 490/1 | €10,740 | €1,191 | -€9,549 | -88.9% |
| Total equity and liabilities | 10/49 | €576,622 | €576,736 | +€114 | 0.0% |
| Equity | 10/15 | €210,621 | €181,103 | -€29,517 | -14.0% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €149,121 | €119,603 | -€29,517 | -19.8% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €142,971 | €113,453 | -€29,517 | -20.6% |
| Amounts payable | 17/49 | €366,001 | €395,632 | +€29,631 | +8.1% |
| Amounts payable after more than one year | 17 | €38,469 | €28,798 | -€9,671 | -25.1% |
| Financial debts | 170/4 | €38,469 | €28,798 | -€9,671 | -25.1% |
| Amounts payable within one year | 42/48 | €327,532 | €365,908 | +€38,376 | +11.7% |
| Current portion of amounts payable after more than one year | 42 | €9,272 | €9,671 | +€399 | +4.3% |
| Financial debts | 43 | €101,311 | €115,225 | +€13,914 | +13.7% |
| Credit institutions | 430/8 | €101,311 | €115,225 | +€13,914 | +13.7% |
| Trade debts | 44 | €123,216 | €91,562 | -€31,653 | -25.7% |
| Suppliers | 440/4 | €123,216 | €91,562 | -€31,653 | -25.7% |
| Advances received on contracts in progress | 46 | - | €9,012 | +€9,012 | |
| Taxes, remuneration and social security | 45 | €93,734 | €140,437 | +€46,704 | +49.8% |
| Taxes | 450/3 | €73,597 | €119,576 | +€45,979 | +62.5% |
| Remuneration and social security | 454/9 | €20,136 | €20,861 | +€725 | +3.6% |
| Accrued charges and deferred income | 492/3 | - | €927 | +€927 | |
| Non-recurring operating income | 76A | €2,787 | €1,306 | -€1,481 | -53.1% |
| Remuneration, social security and pensions | 62 | €314,638 | €257,009 | -€57,629 | -18.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,047 | €1,168 | +€121 | +11.6% |
| Other operating charges | 640/8 | €3,747 | €4,246 | +€500 | +13.3% |
| Non-recurring operating charges | 66A | €8,841 | €19 | -€8,822 | -99.8% |
| Gross operating margin | 9900 | €256,898 | €259,076 | +€2,178 | +0.8% |
| Operating profit (loss) | 9901 | -€71,374 | -€3,366 | +€68,008 | +95.3% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €20,012 | €26,151 | +€6,139 | +30.7% |
| Recurring financial charges | 65 | €16,177 | €20,373 | +€4,196 | +25.9% |
| Non-recurring financial charges | 66B | €3,834 | €5,778 | +€1,944 | +50.7% |
| Profit (loss) for the period before taxes | 9903 | -€91,386 | -€29,517 | +€61,868 | +67.7% |
| Income taxes | 67/77 | €6,319 | - | -€6,319 | |
| Profit (loss) for the period | 9904 | -€97,705 | -€29,517 | +€68,188 | +69.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€97,705 | -€29,517 | +€68,188 | +69.8% |
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.