R44: 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.
R44
Largest movements
- Financial fixed assets +€39,930
new in 2025: €39,930
- Receivables within one year -€11,753
down €11,753 (-5.0%), from €234,757 to €223,004
of which Trade receivables: -€26,220
- Cash -€4,291
down €4,291 (-26.9%), from €15,962 to €11,671
mainly Investment in fixed assets (net) (-€39,930) and Contributions, distributions and other (-€1,666)
- Reserves +€23,062
up €23,062 (+10.6%), from €218,451 to €241,514
- Financial charges +€48,017
up €48,017 (+82,080%), from €59 to €48,075
of which Non-recurring financial charges: +€48,000
- Gross operating margin +€10,664
up €10,664 (+16.1%), from €66,157 to €76,820
- Taxes -€4,415
down €4,415 (-32.2%), from €13,728 to €9,312
- Write-downs +€2,250
new in 2025: €2,250
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 | €261,634 | €283,386 | +€21,753 | +8.3% |
| Fixed assets | 21/28 | - | €39,930 | +€39,930 | |
| Financial fixed assets | 28 | - | €39,930 | +€39,930 | |
| Current assets | 29/58 | €261,634 | €243,456 | -€18,177 | -6.9% |
| Stocks and contracts in progress | 3 | €2,250 | €0 | -€2,250 | -100% |
| Stocks | 30/36 | €2,250 | €0 | -€2,250 | -100% |
| Amounts receivable within one year | 40/41 | €234,757 | €223,004 | -€11,753 | -5.0% |
| Trade receivables | 40 | €94,380 | €68,160 | -€26,220 | -27.8% |
| Other amounts receivable | 41 | €140,377 | €154,844 | +€14,467 | +10.3% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €15,962 | €11,671 | -€4,291 | -26.9% |
| Deferred charges and accrued income | 490/1 | €8,664 | €8,781 | +€117 | +1.4% |
| Total equity and liabilities | 10/49 | €261,634 | €283,386 | +€21,753 | +8.3% |
| Equity | 10/15 | €240,451 | €263,514 | +€23,062 | +9.6% |
| Contributions | 10/11 | €22,000 | €22,000 | = | 0.0% |
| Reserves | 13 | €218,451 | €241,514 | +€23,062 | +10.6% |
| Distributable reserves | 133 | €218,451 | €241,514 | +€23,062 | +10.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €21,182 | €19,873 | -€1,309 | -6.2% |
| Amounts payable within one year | 42/48 | €20,624 | €19,873 | -€751 | -3.6% |
| Trade debts | 44 | €5,314 | €4,364 | -€950 | -17.9% |
| Suppliers | 440/4 | €5,314 | €4,364 | -€950 | -17.9% |
| Taxes, remuneration and social security | 45 | €14,144 | €13,843 | -€301 | -2.1% |
| Taxes | 450/3 | €14,144 | €13,843 | -€301 | -2.1% |
| Other amounts payable | 47/48 | €1,166 | €1,666 | +€500 | +42.9% |
| Accrued charges and deferred income | 492/3 | €558 | €0 | -€558 | -100% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €2,250 | +€2,250 | |
| Other operating charges | 640/8 | €479 | €444 | -€36 | -7.4% |
| Gross operating margin | 9900 | €66,157 | €76,820 | +€10,664 | +16.1% |
| Operating profit (loss) | 9901 | €65,677 | €74,127 | +€8,450 | +12.9% |
| Financial income | 75/76B | €8,105 | €7,989 | -€116 | -1.4% |
| Recurring financial income | 75 | €8,105 | €7,989 | -€116 | -1.4% |
| Financial charges | 65/66B | €59 | €48,075 | +€48,017 | +82,080% |
| Recurring financial charges | 65 | €59 | €75 | +€17 | +28.7% |
| Non-recurring financial charges | 66B | - | €48,000 | +€48,000 | |
| Profit (loss) for the period before taxes | 9903 | €73,724 | €34,041 | -€39,683 | -53.8% |
| Income taxes | 67/77 | €13,728 | €9,312 | -€4,415 | -32.2% |
| Profit (loss) for the period | 9904 | €59,996 | €24,728 | -€35,268 | -58.8% |
| Profit (loss) for the period to be appropriated | 9905 | €59,996 | €24,728 | -€35,268 | -58.8% |
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 25 October 2026 via checked.be.