RWN: 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.
RWN
Largest movements
- Tangible fixed assets -€635,034
down €635,034 (-65.5%), from €969,907 to €334,873
- Receivables within one year -€79,575
down €79,575 (-50.3%), from €158,222 to €78,647
of which Other amounts receivable: -€49,696
- Reserves -€640,369
down €640,369 (-15.1%), from €4.2m to €3.6m
of which Distributable reserves: -€571,113
- Tax, wage and social debts +€83,472
up €83,472 (+36.8%), from €227,046 to €310,518
- Trade debts -€77,795
down €77,795 (-100.0%), from €77,825 to €30
- Financial income -€2.4m
down €2.4m (-90.2%), from €2.6m to €255,530
of which Non-recurring financial income: -€2.4m
- Taxes -€173,584
down €173,584 (-66.2%), from €262,326 to €88,741
- Financial charges +€47,120
up €47,120 (+1173.6%), from €4,015 to €51,135
- Depreciation -€24,611
no longer reported in 2025 (was €24,611)
- Gross operating margin +€9,956
up €9,956 (+6.7%), from €149,595 to €159,551
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 | €4,797,788 | €4,090,114 | -€707,673 | -14.7% |
| Fixed assets | 21/28 | €971,407 | €336,373 | -€635,034 | -65.4% |
| Tangible fixed assets | 22/27 | €969,907 | €334,873 | -€635,034 | -65.5% |
| Land and buildings | 22 | €969,907 | €334,873 | -€635,034 | -65.5% |
| Financial fixed assets | 28 | €1,500 | €1,500 | = | 0.0% |
| Current assets | 29/58 | €3,826,381 | €3,753,742 | -€72,639 | -1.9% |
| Amounts receivable after more than one year | 29 | €272,773 | €272,773 | = | 0.0% |
| Other amounts receivable | 291 | €272,773 | €272,773 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €158,222 | €78,647 | -€79,575 | -50.3% |
| Trade receivables | 40 | €29,879 | - | -€29,879 | |
| Other amounts receivable | 41 | €128,343 | €78,647 | -€49,696 | -38.7% |
| Current investments | 50/53 | €3,392,238 | €3,391,265 | -€972 | 0.0% |
| Cash at bank and in hand | 54/58 | €3,148 | €11,056 | +€7,908 | +251.2% |
| Total equity and liabilities | 10/49 | €4,797,788 | €4,090,114 | -€707,673 | -14.7% |
| Equity | 10/15 | €4,277,843 | €3,637,474 | -€640,369 | -15.0% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €4,227,843 | €3,587,474 | -€640,369 | -15.1% |
| Tax-exempt reserves | 132 | €69,257 | - | -€69,257 | |
| Distributable reserves | 133 | €4,158,586 | €3,587,474 | -€571,113 | -13.7% |
| Provisions and deferred taxes | 16 | €17,314 | - | -€17,314 | |
| Deferred taxes | 168 | €17,314 | - | -€17,314 | |
| Amounts payable | 17/49 | €502,630 | €452,641 | -€49,990 | -9.9% |
| Amounts payable after more than one year | 17 | €142,092 | €116,959 | -€25,133 | -17.7% |
| Financial debts | 170/4 | €142,092 | €116,959 | -€25,133 | -17.7% |
| Amounts payable within one year | 42/48 | €360,538 | €335,682 | -€24,856 | -6.9% |
| Current portion of amounts payable after more than one year | 42 | €24,656 | €25,133 | +€478 | +1.9% |
| Trade debts | 44 | €77,825 | €30 | -€77,795 | -100.0% |
| Suppliers | 440/4 | €77,825 | €30 | -€77,795 | -100.0% |
| Taxes, remuneration and social security | 45 | €227,046 | €310,518 | +€83,472 | +36.8% |
| Taxes | 450/3 | €227,046 | €310,518 | +€83,472 | +36.8% |
| Other amounts payable | 47/48 | €31,012 | - | -€31,012 | |
| Non-recurring operating income | 76A | - | €188,966 | +€188,966 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,611 | - | -€24,611 | |
| Other operating charges | 640/8 | €3,144 | €6,970 | +€3,825 | +121.7% |
| Gross operating margin | 9900 | €149,595 | €159,551 | +€9,956 | +6.7% |
| Operating profit (loss) | 9901 | €121,839 | €152,581 | +€30,742 | +25.2% |
| Financial income | 75/76B | €2,620,077 | €255,530 | -€2.4m | -90.2% |
| Recurring financial income | 75 | €199,575 | €255,530 | +€55,955 | +28.0% |
| Non-recurring financial income | 76B | €2,420,502 | - | -€2.4m | |
| Financial charges | 65/66B | €4,015 | €51,135 | +€47,120 | +1173.6% |
| Recurring financial charges | 65 | €4,015 | €51,135 | +€47,120 | +1173.6% |
| Profit (loss) for the period before taxes | 9903 | €2,737,901 | €356,977 | -€2.4m | -87.0% |
| Transfer from deferred taxes | 780 | €366 | €17,314 | +€16,948 | +4627.7% |
| Income taxes | 67/77 | €262,326 | €88,741 | -€173,584 | -66.2% |
| Profit (loss) for the period | 9904 | €2,475,941 | €285,549 | -€2.2m | -88.5% |
| Transfer from tax-exempt reserves | 789 | €1,465 | €69,257 | +€67,792 | +4627.6% |
| Profit (loss) for the period to be appropriated | 9905 | €2,477,406 | €354,806 | -€2.1m | -85.7% |
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 9 October 2026 via checked.be.