RVDM: 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.
RVDM
Largest movements
- Tangible fixed assets -€39,898
down €39,898 (-6.4%), from €627,789 to €587,891
- Debts after one year -€40,000
down €40,000 (-24.8%), from €161,111 to €121,111
- Reserves +€28,217
up €28,217 (+13.9%), from €202,702 to €230,920
of which Distributable reserves: +€32,077
- Current portion of long-term debt -€24,376
down €24,376 (-44.8%), from €54,376 to €30,000
- Trade debts -€14,011
down €14,011 (-74.4%), from €18,840 to €4,829
- Gross operating margin +€37,847
up €37,847 (+61.4%), from €61,618 to €99,466
- Provisions +€14,311
up €14,311, from -€14,311 to €0
- Taxes +€12,698
up €12,698 (+442.6%), from €2,869 to €15,567
- Depreciation -€12,091
down €12,091 (-20.8%), from €58,101 to €46,010
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 | €643,209 | €599,414 | -€43,796 | -6.8% |
| Fixed assets | 21/28 | €627,789 | €587,891 | -€39,898 | -6.4% |
| Tangible fixed assets | 22/27 | €627,789 | €587,891 | -€39,898 | -6.4% |
| Land and buildings | 22 | €627,789 | €587,891 | -€39,898 | -6.4% |
| Current assets | 29/58 | €15,421 | €11,523 | -€3,898 | -25.3% |
| Amounts receivable within one year | 40/41 | €2,650 | €0 | -€2,650 | -100.0% |
| Other amounts receivable | 41 | €2,650 | €0 | -€2,650 | -100.0% |
| Cash at bank and in hand | 54/58 | €12,771 | €11,523 | -€1,248 | -9.8% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €643,209 | €599,414 | -€43,796 | -6.8% |
| Equity | 10/15 | €334,202 | €362,420 | +€28,217 | +8.4% |
| Contributions | 10/11 | €131,500 | €131,500 | = | 0.0% |
| Reserves | 13 | €202,702 | €230,920 | +€28,217 | +13.9% |
| Tax-exempt reserves | 132 | €69,977 | €66,117 | -€3,859 | -5.5% |
| Distributable reserves | 133 | €132,725 | €164,802 | +€32,077 | +24.2% |
| Provisions and deferred taxes | 16 | €23,326 | €22,039 | -€1,286 | -5.5% |
| Provisions for liabilities and charges | 160/5 | €0 | - | = | |
| Major repairs and maintenance | 162 | €0 | - | = | |
| Deferred taxes | 168 | €23,326 | €22,039 | -€1,286 | -5.5% |
| Amounts payable | 17/49 | €285,681 | €214,955 | -€70,727 | -24.8% |
| Amounts payable after more than one year | 17 | €161,111 | €121,111 | -€40,000 | -24.8% |
| Financial debts | 170/4 | €161,111 | €121,111 | -€40,000 | -24.8% |
| Amounts payable within one year | 42/48 | €124,270 | €93,844 | -€30,427 | -24.5% |
| Current portion of amounts payable after more than one year | 42 | €54,376 | €30,000 | -€24,376 | -44.8% |
| Trade debts | 44 | €18,840 | €4,829 | -€14,011 | -74.4% |
| Suppliers | 440/4 | €18,840 | €4,829 | -€14,011 | -74.4% |
| Taxes, remuneration and social security | 45 | €3,942 | €9,568 | +€5,626 | +142.7% |
| Taxes | 450/3 | €3,942 | €9,568 | +€5,626 | +142.7% |
| Other amounts payable | 47/48 | €47,112 | €49,447 | +€2,335 | +5.0% |
| Accrued charges and deferred income | 492/3 | €300 | €0 | -€300 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,101 | €46,010 | -€12,091 | -20.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€14,311 | €0 | +€14,311 | |
| Other operating charges | 640/8 | €3,881 | €4,001 | +€120 | +3.1% |
| Gross operating margin | 9900 | €61,618 | €99,466 | +€37,847 | +61.4% |
| Operating profit (loss) | 9901 | €13,948 | €49,455 | +€35,507 | +254.6% |
| Financial charges | 65/66B | €7,065 | €6,957 | -€109 | -1.5% |
| Recurring financial charges | 65 | €7,065 | €6,957 | -€109 | -1.5% |
| Profit (loss) for the period before taxes | 9903 | €6,882 | €42,498 | +€35,616 | +517.5% |
| Transfer from deferred taxes | 780 | €1,286 | €1,286 | = | 0.0% |
| Income taxes | 67/77 | €2,869 | €15,567 | +€12,698 | +442.6% |
| Profit (loss) for the period | 9904 | €5,300 | €28,217 | +€22,918 | +432.4% |
| Transfer from tax-exempt reserves | 789 | €3,859 | €3,859 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €9,159 | €32,077 | +€22,918 | +250.2% |
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.