RSFJ: 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.
RSFJ
Largest movements
- Receivables within one year +€30,674
up €30,674 (+130.3%), from €23,536 to €54,211
of which Trade receivables: +€21,128
- Tangible fixed assets -€20,474
down €20,474 (-35.6%), from €57,441 to €36,966
of which Other tangible fixed assets: -€16,234
- Cash -€7,461
down €7,461 (-14.6%), from €51,222 to €43,761
mainly Net result for the year (-€41,237) and Receivables within one year (-€30,674)
- Deferred charges and accrued income -€5,845
down €5,845 (-18.1%), from €32,245 to €26,400
- Stocks and contracts -€4,927
down €4,927 (-25.9%), from €19,054 to €14,127
- Profit (loss) carried forward -€41,237
down €41,237 (-95.9%), from €43,000 to €1,763
- Trade debts +€40,465
up €40,465 (+83.4%), from €48,506 to €88,970
- Debts after one year -€10,209
down €10,209 (-52.1%), from €19,582 to €9,373
- Accrued charges and deferred income +€4,186
up €4,186 (+16.0%), from €26,195 to €30,381
- Staff costs +€35,740
up €35,740 (+30.2%), from €118,517 to €154,257
- Gross operating margin +€29,618
up €29,618 (+25.4%), from €116,708 to €146,327
- Depreciation -€2,164
down €2,164 (-9.6%), from €22,639 to €20,474
- Other operating charges -€1,524
down €1,524 (-18.4%), from €8,288 to €6,764
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 | €183,651 | €175,619 | -€8,032 | -4.4% |
| Fixed assets | 21/28 | €57,595 | €37,121 | -€20,474 | -35.5% |
| Tangible fixed assets | 22/27 | €57,441 | €36,966 | -€20,474 | -35.6% |
| Furniture and vehicles | 24 | €10,592 | €6,352 | -€4,240 | -40.0% |
| Other tangible fixed assets | 26 | €46,848 | €30,614 | -€16,234 | -34.7% |
| Financial fixed assets | 28 | €154 | €154 | = | 0.0% |
| Current assets | 29/58 | €126,057 | €138,499 | +€12,442 | +9.9% |
| Stocks and contracts in progress | 3 | €19,054 | €14,127 | -€4,927 | -25.9% |
| Stocks | 30/36 | €19,054 | €14,127 | -€4,927 | -25.9% |
| Amounts receivable within one year | 40/41 | €23,536 | €54,211 | +€30,674 | +130.3% |
| Trade receivables | 40 | €12,174 | €33,302 | +€21,128 | +173.5% |
| Other amounts receivable | 41 | €11,362 | €20,908 | +€9,546 | +84.0% |
| Cash at bank and in hand | 54/58 | €51,222 | €43,761 | -€7,461 | -14.6% |
| Deferred charges and accrued income | 490/1 | €32,245 | €26,400 | -€5,845 | -18.1% |
| Total equity and liabilities | 10/49 | €183,651 | €175,619 | -€8,032 | -4.4% |
| Equity | 10/15 | €46,000 | €4,763 | -€41,237 | -89.6% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €43,000 | €1,763 | -€41,237 | -95.9% |
| Amounts payable | 17/49 | €137,651 | €170,857 | +€33,205 | +24.1% |
| Amounts payable after more than one year | 17 | €19,582 | €9,373 | -€10,209 | -52.1% |
| Financial debts | 170/4 | €19,582 | €9,373 | -€10,209 | -52.1% |
| Amounts payable within one year | 42/48 | €91,875 | €131,103 | +€39,229 | +42.7% |
| Current portion of amounts payable after more than one year | 42 | €17,222 | €16,780 | -€442 | -2.6% |
| Trade debts | 44 | €48,506 | €88,970 | +€40,465 | +83.4% |
| Suppliers | 440/4 | €48,506 | €88,970 | +€40,465 | +83.4% |
| Taxes, remuneration and social security | 45 | €26,147 | €25,353 | -€794 | -3.0% |
| Taxes | 450/3 | €8,768 | €5,549 | -€3,218 | -36.7% |
| Remuneration and social security | 454/9 | €17,379 | €19,804 | +€2,424 | +13.9% |
| Accrued charges and deferred income | 492/3 | €26,195 | €30,381 | +€4,186 | +16.0% |
| Remuneration, social security and pensions | 62 | €118,517 | €154,257 | +€35,740 | +30.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,639 | €20,474 | -€2,164 | -9.6% |
| Other operating charges | 640/8 | €8,288 | €6,764 | -€1,524 | -18.4% |
| Gross operating margin | 9900 | €116,708 | €146,327 | +€29,618 | +25.4% |
| Operating profit (loss) | 9901 | -€32,735 | -€35,168 | -€2,433 | -7.4% |
| Financial income | 75/76B | €138 | €472 | +€334 | +241.4% |
| Recurring financial income | 75 | €138 | €472 | +€334 | +241.4% |
| Financial charges | 65/66B | €6,487 | €6,394 | -€93 | -1.4% |
| Recurring financial charges | 65 | €6,487 | €6,394 | -€93 | -1.4% |
| Profit (loss) for the period before taxes | 9903 | -€39,084 | -€41,090 | -€2,006 | -5.1% |
| Income taxes | 67/77 | €158 | €147 | -€10 | -6.5% |
| Profit (loss) for the period | 9904 | -€39,241 | -€41,237 | -€1,996 | -5.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€39,241 | -€41,237 | -€1,996 | -5.1% |
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 6 October 2026 via checked.be.