RSVD: 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.
RSVD
Largest movements
- Receivables within one year +€33,243
up €33,243 (+33.9%), from €98,004 to €131,247
of which Other amounts receivable: +€34,008
- Tangible fixed assets +€6,269
up €6,269 (+14.8%), from €42,273 to €48,541
of which Furniture and vehicles: +€5,542
- Financial fixed assets +€2,685
new in 2025: €2,685
- Cash -€2,559
down €2,559 (-34.4%), from €7,428 to €4,869
mainly Receivables within one year (-€33,243) and Investment in fixed assets (net) (-€19,575)
- Deferred charges and accrued income +€2,410
new in 2025: €2,410
- Reserves +€43,433
up €43,433 (+57.5%), from €75,489 to €118,922
- Current portion of long-term debt -€6,163
down €6,163 (-20.3%), from €30,370 to €24,207
- Tax, wage and social debts +€2,796
up €2,796 (+55.1%), from €5,077 to €7,873
- Gross operating margin -€36,676
down €36,676 (-34.0%), from €107,870 to €71,194
- Taxes -€9,100
down €9,100 (-36.3%), from €25,077 to €15,977
- Depreciation +€5,692
up €5,692 (+115.5%), from €4,929 to €10,621
- Financial income +€2,219
up €2,219 (+1097.6%), from €202 to €2,421
- Financial charges +€1,271
up €1,271 (+97.6%), from €1,303 to €2,575
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 | €147,705 | €189,753 | +€42,048 | +28.5% |
| Fixed assets | 21/28 | €42,273 | €51,226 | +€8,954 | +21.2% |
| Tangible fixed assets | 22/27 | €42,273 | €48,541 | +€6,269 | +14.8% |
| Plant, machinery and equipment | 23 | €1,671 | €2,398 | +€727 | +43.5% |
| Furniture and vehicles | 24 | €40,602 | €46,144 | +€5,542 | +13.6% |
| Financial fixed assets | 28 | - | €2,685 | +€2,685 | |
| Current assets | 29/58 | €105,432 | €138,526 | +€33,094 | +31.4% |
| Amounts receivable within one year | 40/41 | €98,004 | €131,247 | +€33,243 | +33.9% |
| Trade receivables | 40 | €74,267 | €73,502 | -€765 | -1.0% |
| Other amounts receivable | 41 | €23,737 | €57,745 | +€34,008 | +143.3% |
| Cash at bank and in hand | 54/58 | €7,428 | €4,869 | -€2,559 | -34.4% |
| Deferred charges and accrued income | 490/1 | - | €2,410 | +€2,410 | |
| Total equity and liabilities | 10/49 | €147,705 | €189,753 | +€42,048 | +28.5% |
| Equity | 10/15 | €79,589 | €123,022 | +€43,433 | +54.6% |
| Contributions | 10/11 | €4,100 | €4,100 | = | 0.0% |
| Reserves | 13 | €75,489 | €118,922 | +€43,433 | +57.5% |
| Distributable reserves | 133 | €75,489 | €118,922 | +€43,433 | +57.5% |
| Amounts payable | 17/49 | €68,116 | €66,731 | -€1,385 | -2.0% |
| Amounts payable after more than one year | 17 | €30,136 | €31,873 | +€1,738 | +5.8% |
| Financial debts | 170/4 | €30,136 | €31,873 | +€1,738 | +5.8% |
| Amounts payable within one year | 42/48 | €37,980 | €34,858 | -€3,123 | -8.2% |
| Current portion of amounts payable after more than one year | 42 | €30,370 | €24,207 | -€6,163 | -20.3% |
| Trade debts | 44 | €2,533 | €2,777 | +€244 | +9.6% |
| Suppliers | 440/4 | €2,533 | €2,777 | +€244 | +9.6% |
| Taxes, remuneration and social security | 45 | €5,077 | €7,873 | +€2,796 | +55.1% |
| Taxes | 450/3 | €5,077 | €7,873 | +€2,796 | +55.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,929 | €10,621 | +€5,692 | +115.5% |
| Other operating charges | 640/8 | €1,275 | €1,010 | -€265 | -20.8% |
| Gross operating margin | 9900 | €107,870 | €71,194 | -€36,676 | -34.0% |
| Operating profit (loss) | 9901 | €101,667 | €59,564 | -€42,103 | -41.4% |
| Financial income | 75/76B | €202 | €2,421 | +€2,219 | +1097.6% |
| Recurring financial income | 75 | €202 | €2,421 | +€2,219 | +1097.6% |
| Financial charges | 65/66B | €1,303 | €2,575 | +€1,271 | +97.6% |
| Recurring financial charges | 65 | €1,303 | €2,575 | +€1,271 | +97.6% |
| Profit (loss) for the period before taxes | 9903 | €100,566 | €59,410 | -€41,156 | -40.9% |
| Income taxes | 67/77 | €25,077 | €15,977 | -€9,100 | -36.3% |
| Profit (loss) for the period | 9904 | €75,489 | €43,433 | -€32,056 | -42.5% |
| Profit (loss) for the period to be appropriated | 9905 | €75,489 | €43,433 | -€32,056 | -42.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.