RVNL: 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.
RVNL
Largest movements
- Stocks and contracts -€31,010
down €31,010 (-30.3%), from €102,210 to €71,200
- Receivables within one year +€23,922
up €23,922 (+99.5%), from €24,031 to €47,952
of which Other amounts receivable: +€14,409
- Tax, wage and social debts +€21,168
up €21,168 (+209.0%), from €10,130 to €31,298
- Debts after one year -€16,982
down €16,982 (-4.8%), from €353,212 to €336,230
- Other debts +€10,196
up €10,196 (+1875.7%), from €544 to €10,739
- Trade debts -€8,830
down €8,830 (-27.6%), from €31,938 to €23,109
- Short-term financial debts -€6,505
no longer reported in 2025 (was €6,505)
- Gross operating margin -€22,209
down €22,209 (-26.6%), from €83,589 to €61,380
- Depreciation -€19,165
down €19,165 (-52.1%), from €36,774 to €17,609
- Other operating charges -€6,995
down €6,995 (-50.2%), from €13,940 to €6,945
- Financial charges +€4,970
up €4,970 (+34.6%), from €14,360 to €19,329
of which Non-recurring financial charges: +€3,005
- Financial income +€1,721
up €1,721 (+40.0%), from €4,301 to €6,023
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 | €625,864 | €623,798 | -€2,066 | -0.3% |
| Fixed assets | 21/28 | €494,965 | €496,491 | +€1,526 | +0.3% |
| Tangible fixed assets | 22/27 | €494,965 | €496,491 | +€1,526 | +0.3% |
| Land and buildings | 22 | €489,988 | €475,838 | -€14,150 | -2.9% |
| Plant, machinery and equipment | 23 | €4,977 | €1,928 | -€3,050 | -61.3% |
| Furniture and vehicles | 24 | - | €18,726 | +€18,726 | |
| Current assets | 29/58 | €130,899 | €127,307 | -€3,592 | -2.7% |
| Stocks and contracts in progress | 3 | €102,210 | €71,200 | -€31,010 | -30.3% |
| Stocks | 30/36 | €102,210 | €71,200 | -€31,010 | -30.3% |
| Amounts receivable within one year | 40/41 | €24,031 | €47,952 | +€23,922 | +99.5% |
| Trade receivables | 40 | €22,604 | €32,117 | +€9,512 | +42.1% |
| Other amounts receivable | 41 | €1,426 | €15,835 | +€14,409 | +1010.2% |
| Cash at bank and in hand | 54/58 | €10 | €6,234 | +€6,223 | +59611.3% |
| Deferred charges and accrued income | 490/1 | €4,647 | €1,921 | -€2,727 | -58.7% |
| Total equity and liabilities | 10/49 | €625,864 | €623,798 | -€2,066 | -0.3% |
| Equity | 10/15 | €185,422 | €185,544 | +€122 | +0.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €165,422 | €165,544 | +€122 | +0.1% |
| Tax-exempt reserves | 132 | €9,235 | €9,235 | = | 0.0% |
| Distributable reserves | 133 | €156,187 | €156,309 | +€122 | +0.1% |
| Amounts payable | 17/49 | €440,442 | €438,253 | -€2,188 | -0.5% |
| Amounts payable after more than one year | 17 | €353,212 | €336,230 | -€16,982 | -4.8% |
| Financial debts | 170/4 | €353,212 | €336,230 | -€16,982 | -4.8% |
| Amounts payable within one year | 42/48 | €87,230 | €102,024 | +€14,794 | +17.0% |
| Current portion of amounts payable after more than one year | 42 | €38,113 | €36,878 | -€1,235 | -3.2% |
| Financial debts | 43 | €6,505 | - | -€6,505 | |
| Credit institutions | 430/8 | €6,505 | - | -€6,505 | |
| Trade debts | 44 | €31,938 | €23,109 | -€8,830 | -27.6% |
| Suppliers | 440/4 | €31,938 | €23,109 | -€8,830 | -27.6% |
| Taxes, remuneration and social security | 45 | €10,130 | €31,298 | +€21,168 | +209.0% |
| Taxes | 450/3 | €10,130 | €31,298 | +€21,168 | +209.0% |
| Other amounts payable | 47/48 | €544 | €10,739 | +€10,196 | +1875.7% |
| Non-recurring operating income | 76A | €9,745 | - | -€9,745 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,774 | €17,609 | -€19,165 | -52.1% |
| Other operating charges | 640/8 | €13,940 | €6,945 | -€6,995 | -50.2% |
| Gross operating margin | 9900 | €83,589 | €61,380 | -€22,209 | -26.6% |
| Operating profit (loss) | 9901 | €32,875 | €36,826 | +€3,951 | +12.0% |
| Financial income | 75/76B | €4,301 | €6,023 | +€1,721 | +40.0% |
| Recurring financial income | 75 | €4,301 | €6,023 | +€1,721 | +40.0% |
| Financial charges | 65/66B | €14,360 | €19,329 | +€4,970 | +34.6% |
| Recurring financial charges | 65 | €14,360 | €16,324 | +€1,964 | +13.7% |
| Non-recurring financial charges | 66B | - | €3,005 | +€3,005 | |
| Profit (loss) for the period before taxes | 9903 | €22,817 | €23,519 | +€703 | +3.1% |
| Income taxes | 67/77 | €624 | €898 | +€274 | +43.9% |
| Profit (loss) for the period | 9904 | €22,193 | €22,622 | +€429 | +1.9% |
| Profit (loss) for the period to be appropriated | 9905 | €22,193 | €22,622 | +€429 | +1.9% |
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 10 October 2026 via checked.be.