RSL: what changed
RSL
Largest movements
- Current investments +€1.5m
up €1.5m (+112%), from €1.3m to €2.8m
- Cash -€769,189
down €769,189 (-56.7%), from €1.4m to €587,796
mainly Contributions, distributions and other (-€1.5m) and Current investments (-€1.5m)
- Receivables within one year +€166,277
up €166,277 (+9.1%), from €1.8m to €2.0m
of which Other amounts receivable: +€89,421
- Other debts +€1.5m
up €1.5m (+750%), from €201,433 to €1.7m
- Reserves -€442,549
down €442,549 (-6.5%), from €6.8m to €6.4m
- Tax, wage and social debts -€254,777
down €254,777 (-86.6%), from €294,205 to €39,429
of which Taxes: -€265,206
- Financial income -€1.3m
down €1.3m (-60.1%), from €2.1m to €854,536
- Gross operating margin +€173,204
up €173,204 (+42.3%), from €409,420 to €582,624
- Financial charges -€123,257
down €123,257 (-89.8%), from €137,278 to €14,021
- Staff costs -€29,771
down €29,771 (-21.5%), from €138,154 to €108,382
- Taxes -€24,337
down €24,337 (-9.8%), from €248,097 to €223,761
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 | €7,948,501 | €8,759,981 | +€811,480 | +10.2% |
| Fixed assets | 21/28 | €3,436,542 | €3,405,082 | -€31,460 | -0.9% |
| Tangible fixed assets | 22/27 | €62,194 | €30,734 | -€31,460 | -50.6% |
| Furniture and vehicles | 24 | €62,194 | €30,734 | -€31,460 | -50.6% |
| Financial fixed assets | 28 | €3,374,348 | €3,374,348 | = | 0.0% |
| Current assets | 29/58 | €4,511,959 | €5,354,899 | +€842,940 | +18.7% |
| Amounts receivable within one year | 40/41 | €1,832,500 | €1,998,777 | +€166,277 | +9.1% |
| Trade receivables | 40 | €53,960 | €130,816 | +€76,856 | +142% |
| Other amounts receivable | 41 | €1,778,540 | €1,867,961 | +€89,421 | +5.0% |
| Current investments | 50/53 | €1,300,000 | €2,750,000 | +€1.5m | +112% |
| Cash at bank and in hand | 54/58 | €1,356,985 | €587,796 | -€769,189 | -56.7% |
| Deferred charges and accrued income | 490/1 | €22,474 | €18,326 | -€4,148 | -18.5% |
| Total equity and liabilities | 10/49 | €7,948,501 | €8,759,981 | +€811,480 | +10.2% |
| Equity | 10/15 | €7,449,013 | €7,006,464 | -€442,549 | -5.9% |
| Contributions | 10/11 | €600,000 | €600,000 | = | 0.0% |
| Reserves | 13 | €6,849,013 | €6,406,464 | -€442,549 | -6.5% |
| Distributable reserves | 133 | €6,849,013 | €6,406,464 | -€442,549 | -6.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €499,488 | €1,753,518 | +€1.3m | +251% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €499,488 | €1,753,518 | +€1.3m | +251% |
| Trade debts | 44 | €3,851 | €1,316 | -€2,535 | -65.8% |
| Suppliers | 440/4 | €3,851 | €1,316 | -€2,535 | -65.8% |
| Taxes, remuneration and social security | 45 | €294,205 | €39,429 | -€254,777 | -86.6% |
| Taxes | 450/3 | €271,337 | €6,131 | -€265,206 | -97.7% |
| Remuneration and social security | 454/9 | €22,869 | €33,298 | +€10,429 | +45.6% |
| Other amounts payable | 47/48 | €201,433 | €1,712,773 | +€1.5m | +750% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €138,154 | €108,382 | -€29,771 | -21.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,460 | €31,460 | = | 0.0% |
| Other operating charges | 640/8 | €1,848 | €2,085 | +€236 | +12.8% |
| Gross operating margin | 9900 | €409,420 | €582,624 | +€173,204 | +42.3% |
| Operating profit (loss) | 9901 | €237,959 | €440,697 | +€202,739 | +85.2% |
| Financial income | 75/76B | €2,142,826 | €854,536 | -€1.3m | -60.1% |
| Recurring financial income | 75 | €2,142,826 | €854,536 | -€1.3m | -60.1% |
| Financial charges | 65/66B | €137,278 | €14,021 | -€123,257 | -89.8% |
| Recurring financial charges | 65 | €137,278 | €14,021 | -€123,257 | -89.8% |
| Profit (loss) for the period before taxes | 9903 | €2,243,507 | €1,281,212 | -€962,295 | -42.9% |
| Income taxes | 67/77 | €248,097 | €223,761 | -€24,337 | -9.8% |
| Profit (loss) for the period | 9904 | €1,995,409 | €1,057,451 | -€937,958 | -47.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,995,409 | €1,057,451 | -€937,958 | -47.0% |
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 1 November 2026 via checked.be.