RSG FINANCE: what changed
RSG FINANCE
Largest movements
- Intangible fixed assets +€102,857
up €102,857 (+96.0%), from €107,143 to €210,000
- Receivables after one year +€93,354
new in 2025: €93,354
- Cash +€27,916
up €27,916 (+58.4%), from €47,785 to €75,701
mainly Debts after one year (+€98,115) and Net result for the year (+€93,191)
- Deferred charges and accrued income -€24,368
down €24,368 (-86.5%), from €28,178 to €3,809
- Receivables within one year +€5,894
up €5,894 (+11.7%), from €50,543 to €56,437
of which Trade receivables: +€6,734
- Reserves -€99,039
no longer reported in 2025 (was €99,039)
- Debts after one year +€98,115
up €98,115 (+70.8%), from €138,523 to €236,638
- Profit (loss) carried forward +€93,191
new in 2025: €93,191
- Other debts +€79,146
up €79,146 (+396%), from €20,000 to €99,146
- Tax, wage and social debts +€21,130
up €21,130 (+47.8%), from €44,208 to €65,338
of which Remuneration and social security: +€15,285
- Gross operating margin +€158,523
up €158,523 (+90.6%), from €175,017 to €333,540
- Staff costs +€46,011
up €46,011 (+55.3%), from €83,217 to €129,228
- Depreciation +€30,597
up €30,597 (+90.3%), from €33,880 to €64,477
- Taxes +€21,611
up €21,611 (+370%), from €5,843 to €27,455
- Other operating charges +€12,597
up €12,597 (+895%), from €1,408 to €14,005
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €337,933 | €540,761 | +€202,827 | +60.0% |
| Fixed assets | 21/28 | €211,428 | €311,460 | +€100,032 | +47.3% |
| Intangible fixed assets | 21 | €107,143 | €210,000 | +€102,857 | +96.0% |
| Tangible fixed assets | 22/27 | €104,035 | €101,210 | -€2,825 | -2.7% |
| Plant, machinery and equipment | 23 | - | €17,562 | +€17,562 | |
| Furniture and vehicles | 24 | €70,392 | €53,727 | -€16,665 | -23.7% |
| Other tangible fixed assets | 26 | €33,642 | €29,921 | -€3,722 | -11.1% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €126,506 | €229,301 | +€102,795 | +81.3% |
| Amounts receivable after more than one year | 29 | - | €93,354 | +€93,354 | |
| Other amounts receivable | 291 | - | €93,354 | +€93,354 | |
| Amounts receivable within one year | 40/41 | €50,543 | €56,437 | +€5,894 | +11.7% |
| Trade receivables | 40 | - | €6,734 | +€6,734 | |
| Other amounts receivable | 41 | €50,543 | €49,703 | -€840 | -1.7% |
| Cash at bank and in hand | 54/58 | €47,785 | €75,701 | +€27,916 | +58.4% |
| Deferred charges and accrued income | 490/1 | €28,178 | €3,809 | -€24,368 | -86.5% |
| Total equity and liabilities | 10/49 | €337,933 | €540,761 | +€202,827 | +60.0% |
| Equity | 10/15 | €105,039 | €99,191 | -€5,848 | -5.6% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €99,039 | - | -€99,039 | |
| Tax-exempt reserves | 132 | €99,039 | - | -€99,039 | |
| Profit (loss) carried forward | 14 | - | €93,191 | +€93,191 | |
| Amounts payable | 17/49 | €232,894 | €441,570 | +€208,676 | +89.6% |
| Amounts payable after more than one year | 17 | €138,523 | €236,638 | +€98,115 | +70.8% |
| Financial debts | 170/4 | €138,523 | €236,638 | +€98,115 | +70.8% |
| Amounts payable within one year | 42/48 | €94,371 | €204,932 | +€110,560 | +117% |
| Current portion of amounts payable after more than one year | 42 | €24,032 | €39,323 | +€15,291 | +63.6% |
| Trade debts | 44 | €6,131 | €1,125 | -€5,006 | -81.7% |
| Suppliers | 440/4 | €6,131 | €1,125 | -€5,006 | -81.7% |
| Taxes, remuneration and social security | 45 | €44,208 | €65,338 | +€21,130 | +47.8% |
| Taxes | 450/3 | €27,452 | €33,298 | +€5,845 | +21.3% |
| Remuneration and social security | 454/9 | €16,755 | €32,040 | +€15,285 | +91.2% |
| Other amounts payable | 47/48 | €20,000 | €99,146 | +€79,146 | +396% |
| Remuneration, social security and pensions | 62 | €83,217 | €129,228 | +€46,011 | +55.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,880 | €64,477 | +€30,597 | +90.3% |
| Other operating charges | 640/8 | €1,408 | €14,005 | +€12,597 | +895% |
| Gross operating margin | 9900 | €175,017 | €333,540 | +€158,523 | +90.6% |
| Operating profit (loss) | 9901 | €56,511 | €125,830 | +€69,319 | +123% |
| Financial income | 75/76B | - | €3,303 | +€3,303 | |
| Recurring financial income | 75 | - | €3,303 | +€3,303 | |
| Financial charges | 65/66B | €2,305 | €8,487 | +€6,182 | +268% |
| Recurring financial charges | 65 | €2,305 | €8,487 | +€6,182 | +268% |
| Profit (loss) for the period before taxes | 9903 | €54,206 | €120,646 | +€66,440 | +123% |
| Income taxes | 67/77 | €5,843 | €27,455 | +€21,611 | +370% |
| Profit (loss) for the period | 9904 | €48,363 | €93,191 | +€44,828 | +92.7% |
| Profit (loss) for the period to be appropriated | 9905 | €48,363 | €93,191 | +€44,828 | +92.7% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.