RCM: 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.
RCM
Largest movements
- Tangible fixed assets +€36,791
up €36,791 (+46.4%), from €79,315 to €116,106
of which Plant, machinery and equipment: +€37,726
- Cash -€26,986
down €26,986 (-45.5%), from €59,275 to €32,289
mainly Investment in fixed assets (net) (-€45,957) and Current portion of long-term debt (-€11,087)
- Debts after one year +€14,372
up €14,372 (+89.9%), from €15,991 to €30,363
- Current portion of long-term debt -€11,087
down €11,087 (-53.5%), from €20,715 to €9,628
- Reserves +€10,970
up €10,970 (+42.4%), from €25,844 to €36,814
- Trade debts -€4,434
down €4,434 (-52.9%), from €8,381 to €3,947
- Depreciation -€10,820
down €10,820 (-54.1%), from €19,986 to €9,166
- Gross operating margin -€7,306
down €7,306 (-19.2%), from €38,080 to €30,775
- Taxes +€965
up €965 (+24.3%), from €3,979 to €4,944
- Financial charges +€528
up €528 (+22.4%), from €2,358 to €2,886
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 | €140,055 | €149,068 | +€9,013 | +6.4% |
| Fixed assets | 21/28 | €79,373 | €116,164 | +€36,791 | +46.4% |
| Tangible fixed assets | 22/27 | €79,315 | €116,106 | +€36,791 | +46.4% |
| Land and buildings | 22 | €51,519 | €49,802 | -€1,716 | -3.3% |
| Plant, machinery and equipment | 23 | €27,796 | €65,522 | +€37,726 | +136% |
| Furniture and vehicles | 24 | - | €781 | +€781 | |
| Financial fixed assets | 28 | €58 | €58 | = | 0.0% |
| Current assets | 29/58 | €60,682 | €32,904 | -€27,778 | -45.8% |
| Amounts receivable within one year | 40/41 | €129 | €615 | +€486 | +375% |
| Trade receivables | 40 | - | €615 | +€615 | |
| Other amounts receivable | 41 | €129 | - | -€129 | |
| Cash at bank and in hand | 54/58 | €59,275 | €32,289 | -€26,986 | -45.5% |
| Deferred charges and accrued income | 490/1 | €1,278 | - | -€1,278 | |
| Total equity and liabilities | 10/49 | €140,055 | €149,068 | +€9,013 | +6.4% |
| Equity | 10/15 | €78,502 | €89,472 | +€10,970 | +14.0% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €25,844 | €36,814 | +€10,970 | +42.4% |
| Distributable reserves | 133 | €25,844 | €36,814 | +€10,970 | +42.4% |
| Profit (loss) carried forward | 14 | €34,066 | €34,066 | = | 0.0% |
| Amounts payable | 17/49 | €61,553 | €59,596 | -€1,957 | -3.2% |
| Amounts payable after more than one year | 17 | €15,991 | €30,363 | +€14,372 | +89.9% |
| Financial debts | 170/4 | €15,991 | €30,363 | +€14,372 | +89.9% |
| Amounts payable within one year | 42/48 | €44,503 | €29,233 | -€15,271 | -34.3% |
| Current portion of amounts payable after more than one year | 42 | €20,715 | €9,628 | -€11,087 | -53.5% |
| Trade debts | 44 | €8,381 | €3,947 | -€4,434 | -52.9% |
| Suppliers | 440/4 | €8,381 | €3,947 | -€4,434 | -52.9% |
| Taxes, remuneration and social security | 45 | €13,382 | €12,850 | -€532 | -4.0% |
| Taxes | 450/3 | €11,686 | €11,143 | -€543 | -4.6% |
| Remuneration and social security | 454/9 | €1,696 | €1,707 | +€11 | +0.6% |
| Other amounts payable | 47/48 | €2,025 | €2,808 | +€783 | +38.7% |
| Accrued charges and deferred income | 492/3 | €1,058 | - | -€1,058 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,986 | €9,166 | -€10,820 | -54.1% |
| Other operating charges | 640/8 | €2,944 | €3,004 | +€60 | +2.0% |
| Gross operating margin | 9900 | €38,080 | €30,775 | -€7,306 | -19.2% |
| Operating profit (loss) | 9901 | €15,150 | €18,605 | +€3,455 | +22.8% |
| Financial income | 75/76B | €184 | €195 | +€11 | +5.9% |
| Recurring financial income | 75 | €184 | €195 | +€11 | +5.9% |
| Financial charges | 65/66B | €2,358 | €2,886 | +€528 | +22.4% |
| Recurring financial charges | 65 | €2,358 | €2,886 | +€528 | +22.4% |
| Profit (loss) for the period before taxes | 9903 | €12,976 | €15,914 | +€2,938 | +22.6% |
| Income taxes | 67/77 | €3,979 | €4,944 | +€965 | +24.3% |
| Profit (loss) for the period | 9904 | €8,997 | €10,970 | +€1,973 | +21.9% |
| Profit (loss) for the period to be appropriated | 9905 | €8,997 | €10,970 | +€1,973 | +21.9% |
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 29 October 2026 via checked.be.