RVL: 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.
RVL
Largest movements
- Tangible fixed assets -€11,422
down €11,422 (-2.7%), from €430,679 to €419,257
of which Land and buildings: -€22,535
- Receivables within one year -€7,542
down €7,542 (-18.4%), from €41,019 to €33,477
of which Other amounts receivable: -€10,647
- Current investments +€7,426
new in 2025: €7,426
- Debts after one year -€24,849
down €24,849 (-8.8%), from €281,940 to €257,091
- Other debts +€6,838
new in 2025: €6,838
- Reserves +€5,543
up €5,543 (+2.9%), from €191,510 to €197,053
- Depreciation +€4,955
up €4,955 (+16.9%), from €29,385 to €34,340
- Gross operating margin -€4,376
down €4,376 (-4.7%), from €93,414 to €89,038
- Taxes -€2,625
down €2,625 (-16.9%), from €15,495 to €12,870
- Staff costs +€1,495
up €1,495 (+82.7%), from €1,809 to €3,304
- Financial charges -€1,019
down €1,019 (-7.5%), from €13,543 to €12,525
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 | €542,721 | €528,226 | -€14,495 | -2.7% |
| Fixed assets | 21/28 | €430,679 | €419,257 | -€11,422 | -2.7% |
| Tangible fixed assets | 22/27 | €430,679 | €419,257 | -€11,422 | -2.7% |
| Land and buildings | 22 | €423,099 | €400,564 | -€22,535 | -5.3% |
| Plant, machinery and equipment | 23 | €1,505 | €1,745 | +€240 | +15.9% |
| Furniture and vehicles | 24 | €6,074 | €16,948 | +€10,874 | +179.0% |
| Current assets | 29/58 | €112,042 | €108,969 | -€3,074 | -2.7% |
| Amounts receivable within one year | 40/41 | €41,019 | €33,477 | -€7,542 | -18.4% |
| Trade receivables | 40 | €30,368 | €33,474 | +€3,106 | +10.2% |
| Other amounts receivable | 41 | €10,651 | €3 | -€10,647 | -100.0% |
| Current investments | 50/53 | - | €7,426 | +€7,426 | |
| Cash at bank and in hand | 54/58 | €69,530 | €66,866 | -€2,664 | -3.8% |
| Deferred charges and accrued income | 490/1 | €1,493 | €1,199 | -€294 | -19.7% |
| Total equity and liabilities | 10/49 | €542,721 | €528,226 | -€14,495 | -2.7% |
| Equity | 10/15 | €216,899 | €222,443 | +€5,544 | +2.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €191,510 | €197,053 | +€5,543 | +2.9% |
| Distributable reserves | 133 | €191,510 | €197,053 | +€5,543 | +2.9% |
| Profit (loss) carried forward | 14 | €19,189 | €19,190 | +€1 | 0.0% |
| Amounts payable | 17/49 | €325,822 | €305,783 | -€20,039 | -6.2% |
| Amounts payable after more than one year | 17 | €281,940 | €257,091 | -€24,849 | -8.8% |
| Financial debts | 170/4 | €281,940 | €257,091 | -€24,849 | -8.8% |
| Amounts payable within one year | 42/48 | €43,882 | €48,691 | +€4,810 | +11.0% |
| Current portion of amounts payable after more than one year | 42 | €23,779 | €24,849 | +€1,070 | +4.5% |
| Trade debts | 44 | €2,935 | €627 | -€2,308 | -78.6% |
| Suppliers | 440/4 | €2,935 | €627 | -€2,308 | -78.6% |
| Taxes, remuneration and social security | 45 | €17,168 | €16,378 | -€790 | -4.6% |
| Taxes | 450/3 | €17,168 | €16,378 | -€790 | -4.6% |
| Other amounts payable | 47/48 | - | €6,838 | +€6,838 | |
| Remuneration, social security and pensions | 62 | €1,809 | €3,304 | +€1,495 | +82.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,385 | €34,340 | +€4,955 | +16.9% |
| Other operating charges | 640/8 | €3,433 | €3,471 | +€39 | +1.1% |
| Gross operating margin | 9900 | €93,414 | €89,038 | -€4,376 | -4.7% |
| Operating profit (loss) | 9901 | €58,788 | €47,923 | -€10,865 | -18.5% |
| Financial income | 75/76B | €705 | €615 | -€89 | -12.7% |
| Recurring financial income | 75 | €705 | €615 | -€89 | -12.7% |
| Financial charges | 65/66B | €13,543 | €12,525 | -€1,019 | -7.5% |
| Recurring financial charges | 65 | €13,543 | €12,525 | -€1,019 | -7.5% |
| Profit (loss) for the period before taxes | 9903 | €45,949 | €36,014 | -€9,935 | -21.6% |
| Income taxes | 67/77 | €15,495 | €12,870 | -€2,625 | -16.9% |
| Profit (loss) for the period | 9904 | €30,454 | €23,144 | -€7,310 | -24.0% |
| Profit (loss) for the period to be appropriated | 9905 | €30,454 | €23,144 | -€7,310 | -24.0% |
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 8 October 2026 via checked.be.