RWK VASTGOED: 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.
RWK VASTGOED
Largest movements
- Financial fixed assets -€4.8m
down €4.8m (-98.8%), from €4.8m to €60,000
- Receivables within one year +€1.5m
up €1.5m (+114%), from €1.3m to €2.8m
of which Other amounts receivable: +€1.4m
- Tangible fixed assets +€1.2m
up €1.2m (+52.7%), from €2.2m to €3.4m
of which Land and buildings: +€1.2m
- Stocks and contracts +€616,652
new in 2025: €616,652
- Cash +€365,658
up €365,658 (+388%), from €94,192 to €459,850
mainly Investment in fixed assets (net) (+€3.3m) and Other debts (+€1.4m)
- Profit (loss) carried forward -€3.7m
down €3.7m, from €0 to -€3.7m
- Other debts +€1.4m
up €1.4m (+2,991%), from €46,717 to €1.4m
- Reserves +€352,086
up €352,086 (+52.2%), from €674,273 to €1.0m
of which Tax-exempt reserves: +€352,086
- Debts after one year +€302,334
up €302,334 (+8.7%), from €3.5m to €3.8m
of which Financial debts: +€295,493
- Current portion of long-term debt +€166,216
up €166,216 (+338%), from €49,203 to €215,419
- Financial charges +€4.5m
up €4.5m (+3,400%), from €133,529 to €4.7m
of which Non-recurring financial charges: +€4.6m
- Gross operating margin +€288,839
up €288,839 (+22.8%), from €1.3m to €1.6m
- Depreciation +€121,850
up €121,850 (+77.4%), from €157,476 to €279,327
- Other operating charges +€37,313
up €37,313 (+534%), from €6,983 to €44,296
- Taxes +€23,514
up €23,514 (+9.1%), from €259,033 to €282,547
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 | €8,464,428 | €7,325,329 | -€1.1m | -13.5% |
| Fixed assets | 21/28 | €7,072,887 | €3,470,349 | -€3.6m | -50.9% |
| Tangible fixed assets | 22/27 | €2,232,991 | €3,410,349 | +€1.2m | +52.7% |
| Land and buildings | 22 | €1,756,652 | €2,960,501 | +€1.2m | +68.5% |
| Plant, machinery and equipment | 23 | €39,325 | €40,874 | +€1,549 | +3.9% |
| Furniture and vehicles | 24 | €297,824 | €248,781 | -€49,043 | -16.5% |
| Other tangible fixed assets | 26 | €139,191 | €160,193 | +€21,002 | +15.1% |
| Financial fixed assets | 28 | €4,839,896 | €60,000 | -€4.8m | -98.8% |
| Current assets | 29/58 | €1,391,540 | €3,854,980 | +€2.5m | +177% |
| Stocks and contracts in progress | 3 | - | €616,652 | +€616,652 | |
| Stocks | 30/36 | - | €616,652 | +€616,652 | |
| Amounts receivable within one year | 40/41 | €1,296,849 | €2,774,164 | +€1.5m | +114% |
| Trade receivables | 40 | €17,199 | €66,324 | +€49,125 | +286% |
| Other amounts receivable | 41 | €1,279,650 | €2,707,840 | +€1.4m | +112% |
| Cash at bank and in hand | 54/58 | €94,192 | €459,850 | +€365,658 | +388% |
| Deferred charges and accrued income | 490/1 | €500 | €4,314 | +€3,815 | +763% |
| Total equity and liabilities | 10/49 | €8,464,428 | €7,325,329 | -€1.1m | -13.5% |
| Equity | 10/15 | €4,852,648 | €1,499,580 | -€3.4m | -69.1% |
| Contributions | 10/11 | €4,178,375 | €4,178,375 | = | 0.0% |
| Reserves | 13 | €674,273 | €1,026,359 | +€352,086 | +52.2% |
| Tax-exempt reserves | 132 | - | €352,086 | +€352,086 | |
| Distributable reserves | 133 | €674,273 | €674,273 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | -€3,705,154 | -€3.7m | |
| Provisions and deferred taxes | 16 | - | €141,782 | +€141,782 | |
| Deferred taxes | 168 | - | €141,782 | +€141,782 | |
| Amounts payable | 17/49 | €3,611,780 | €5,683,967 | +€2.1m | +57.4% |
| Amounts payable after more than one year | 17 | €3,456,250 | €3,758,584 | +€302,334 | +8.7% |
| Financial debts | 170/4 | €569,964 | €865,457 | +€295,493 | +51.8% |
| Other amounts payable | 178/9 | €2,886,286 | €2,893,127 | +€6,841 | +0.2% |
| Amounts payable within one year | 42/48 | €155,530 | €1,867,062 | +€1.7m | +1,100% |
| Current portion of amounts payable after more than one year | 42 | €49,203 | €215,419 | +€166,216 | +338% |
| Trade debts | 44 | €17,437 | €172,229 | +€154,792 | +888% |
| Suppliers | 440/4 | €17,437 | €172,229 | +€154,792 | +888% |
| Taxes, remuneration and social security | 45 | €42,172 | €35,278 | -€6,894 | -16.3% |
| Taxes | 450/3 | €42,172 | €35,278 | -€6,894 | -16.3% |
| Other amounts payable | 47/48 | €46,717 | €1,444,137 | +€1.4m | +2,991% |
| Accrued charges and deferred income | 492/3 | - | €58,321 | +€58,321 | |
| Non-recurring operating income | 76A | €1,380,104 | €1,478,175 | +€98,070 | +7.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €157,476 | €279,327 | +€121,850 | +77.4% |
| Other operating charges | 640/8 | €6,983 | €44,296 | +€37,313 | +534% |
| Gross operating margin | 9900 | €1,265,353 | €1,554,192 | +€288,839 | +22.8% |
| Operating profit (loss) | 9901 | €1,100,894 | €1,230,569 | +€129,675 | +11.8% |
| Financial income | 75/76B | €126 | €0 | -€126 | -99.9% |
| Recurring financial income | 75 | €126 | €0 | -€126 | -99.9% |
| Financial charges | 65/66B | €133,529 | €4,672,876 | +€4.5m | +3,400% |
| Recurring financial charges | 65 | €133,529 | €114,681 | -€18,848 | -14.1% |
| Non-recurring financial charges | 66B | - | €4,558,196 | +€4.6m | |
| Profit (loss) for the period before taxes | 9903 | €967,491 | -€3,442,307 | -€4.4m | |
| Transfer from deferred taxes | 780 | - | €13,100 | +€13,100 | |
| Income taxes | 67/77 | €259,033 | €282,547 | +€23,514 | +9.1% |
| Profit (loss) for the period | 9904 | €708,458 | -€3,711,754 | -€4.4m | |
| Transfer from tax-exempt reserves | 789 | - | €6,599 | +€6,599 | |
| Profit (loss) for the period to be appropriated | 9905 | €708,458 | -€3,705,154 | -€4.4m |
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 31 October 2026 via checked.be.