RSW: 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.
RSW
Largest movements
- Receivables within one year -€27,413
down €27,413 (-45.0%), from €60,877 to €33,463
of which Other amounts receivable: -€21,933
- Tangible fixed assets -€16,009
down €16,009 (-45.9%), from €34,912 to €18,902
of which Furniture and vehicles: -€11,941
- Cash +€1,592
up €1,592 (+130%), from €1,223 to €2,814
mainly Receivables within one year (+€27,413) and Depreciation (+€16,009)
- Reserves -€23,000
down €23,000 (-65.0%), from €35,360 to €12,360
- Tax, wage and social debts -€7,638
down €7,638 (-66.9%), from €11,414 to €3,776
of which Taxes: -€5,938
- Debts after one year -€5,660
down €5,660 (-79.9%), from €7,084 to €1,424
- Profit (loss) carried forward -€4,859
down €4,859 (-71.1%), from €6,829 to €1,971
- Gross operating margin -€12,558
down €12,558 (-46.8%), from €26,828 to €14,270
- Taxes -€6,759
down €6,759, from €5,778 to -€980
- Depreciation +€3,354
up €3,354 (+26.5%), from €12,655 to €16,009
- Financial income -€2,893
down €2,893 (-99.6%), from €2,905 to €12
- Other operating charges +€505
up €505 (+17.4%), from €2,896 to €3,401
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 | €97,011 | €55,179 | -€41,831 | -43.1% |
| Fixed assets | 21/28 | €34,912 | €18,902 | -€16,009 | -45.9% |
| Tangible fixed assets | 22/27 | €34,912 | €18,902 | -€16,009 | -45.9% |
| Plant, machinery and equipment | 23 | €9,480 | €5,411 | -€4,069 | -42.9% |
| Furniture and vehicles | 24 | €25,432 | €13,491 | -€11,941 | -47.0% |
| Current assets | 29/58 | €62,099 | €36,277 | -€25,822 | -41.6% |
| Amounts receivable within one year | 40/41 | €60,877 | €33,463 | -€27,413 | -45.0% |
| Trade receivables | 40 | €14,520 | €9,039 | -€5,481 | -37.7% |
| Other amounts receivable | 41 | €46,357 | €24,424 | -€21,933 | -47.3% |
| Cash at bank and in hand | 54/58 | €1,223 | €2,814 | +€1,592 | +130% |
| Total equity and liabilities | 10/49 | €97,011 | €55,179 | -€41,831 | -43.1% |
| Equity | 10/15 | €60,789 | €32,931 | -€27,859 | -45.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €35,360 | €12,360 | -€23,000 | -65.0% |
| Distributable reserves | 133 | €35,360 | €12,360 | -€23,000 | -65.0% |
| Profit (loss) carried forward | 14 | €6,829 | €1,971 | -€4,859 | -71.1% |
| Amounts payable | 17/49 | €36,221 | €22,249 | -€13,972 | -38.6% |
| Amounts payable after more than one year | 17 | €7,084 | €1,424 | -€5,660 | -79.9% |
| Financial debts | 170/4 | €7,084 | €1,424 | -€5,660 | -79.9% |
| Amounts payable within one year | 42/48 | €29,137 | €20,825 | -€8,312 | -28.5% |
| Current portion of amounts payable after more than one year | 42 | €5,606 | €5,660 | +€54 | +1.0% |
| Trade debts | 44 | €12,117 | €11,389 | -€729 | -6.0% |
| Suppliers | 440/4 | €12,117 | €11,389 | -€729 | -6.0% |
| Taxes, remuneration and social security | 45 | €11,414 | €3,776 | -€7,638 | -66.9% |
| Taxes | 450/3 | €9,714 | €3,776 | -€5,938 | -61.1% |
| Remuneration and social security | 454/9 | €1,700 | - | -€1,700 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,655 | €16,009 | +€3,354 | +26.5% |
| Other operating charges | 640/8 | €2,896 | €3,401 | +€505 | +17.4% |
| Gross operating margin | 9900 | €26,828 | €14,270 | -€12,558 | -46.8% |
| Operating profit (loss) | 9901 | €11,277 | -€5,140 | -€16,417 | |
| Financial income | 75/76B | €2,905 | €12 | -€2,893 | -99.6% |
| Recurring financial income | 75 | €2,905 | €12 | -€2,893 | -99.6% |
| Financial charges | 65/66B | €769 | €711 | -€58 | -7.6% |
| Recurring financial charges | 65 | €769 | €711 | -€58 | -7.6% |
| Profit (loss) for the period before taxes | 9903 | €13,413 | -€5,839 | -€19,252 | |
| Income taxes | 67/77 | €5,778 | -€980 | -€6,759 | |
| Profit (loss) for the period | 9904 | €7,635 | -€4,859 | -€12,493 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,635 | -€4,859 | -€12,493 |
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.