109 ROYAL: 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.
109 ROYAL
Largest movements
- Receivables within one year +€461,216
up €461,216 (+231%), from €200,000 to €661,216
of which Other amounts receivable: +€447,151
- Tangible fixed assets -€140,803
down €140,803 (-3.2%), from €4.4m to €4.2m
of which Land and buildings: -€138,368
- Short-term financial debts -€908,225
down €908,225 (-21.7%), from €4.2m to €3.3m
- Accrued charges and deferred income +€750,366
up €750,366 (+124%), from €603,587 to €1.4m
- Other debts +€619,794
up €619,794 (+18.9%), from €3.3m to €3.9m
- Profit (loss) carried forward -€129,706
down €129,706 (-4.6%), from -€2.8m to -€3.0m
- Financial charges -€175,894
down €175,894 (-36.9%), from €476,917 to €301,022
of which Financial charges: -€184,894
- Gross operating margin +€137,990
up €137,990 (+87.8%), from €157,142 to €295,132
- Financial income -€43,327
down €43,327 (-43.9%), from €98,702 to €55,374
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 | €6,249,804 | €6,544,395 | +€294,591 | +4.7% |
| Fixed assets | 21/28 | €4,450,049 | €4,268,168 | -€181,881 | -4.1% |
| Intangible fixed assets | 21 | €2,477 | €1,899 | -€577 | -23.3% |
| Tangible fixed assets | 22/27 | €4,357,572 | €4,216,769 | -€140,803 | -3.2% |
| Land and buildings | 22 | €4,352,731 | €4,214,363 | -€138,368 | -3.2% |
| Plant, machinery and equipment | 23 | €2,379 | €1,143 | -€1,235 | -51.9% |
| Furniture and vehicles | 24 | €2,462 | €1,262 | -€1,200 | -48.7% |
| Financial fixed assets | 28 | €90,000 | €49,500 | -€40,500 | -45.0% |
| Current assets | 29/58 | €1,799,755 | €2,276,227 | +€476,472 | +26.5% |
| Stocks and contracts in progress | 3 | €1,543,410 | €1,591,398 | +€47,988 | +3.1% |
| Stocks | 30/36 | €1,543,410 | €1,591,398 | +€47,988 | +3.1% |
| Amounts receivable within one year | 40/41 | €200,000 | €661,216 | +€461,216 | +231% |
| Trade receivables | 40 | - | €14,065 | +€14,065 | |
| Other amounts receivable | 41 | €200,000 | €647,151 | +€447,151 | +224% |
| Cash at bank and in hand | 54/58 | €54,393 | €21,465 | -€32,928 | -60.5% |
| Deferred charges and accrued income | 490/1 | €1,952 | €2,148 | +€195 | +10.0% |
| Total equity and liabilities | 10/49 | €6,249,804 | €6,544,395 | +€294,591 | +4.7% |
| Equity | 10/15 | -€2,034,975 | -€2,164,681 | -€129,706 | -6.4% |
| Contributions | 10/11 | €787,000 | €787,000 | = | 0.0% |
| Capital | 10 | €787,000 | €787,000 | = | 0.0% |
| Issued capital | 100 | €787,000 | €787,000 | = | 0.0% |
| Reserves | 13 | €6,171 | €6,171 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,171 | €6,171 | = | 0.0% |
| Legal reserve | 130 | €6,171 | €6,171 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,828,146 | -€2,957,851 | -€129,706 | -4.6% |
| Amounts payable | 17/49 | €8,284,779 | €8,709,076 | +€424,297 | +5.1% |
| Amounts payable after more than one year | 17 | €180,451 | €149,684 | -€30,767 | -17.1% |
| Financial debts | 170/4 | €180,451 | €149,684 | -€30,767 | -17.1% |
| Amounts payable within one year | 42/48 | €7,500,740 | €7,205,439 | -€295,301 | -3.9% |
| Current portion of amounts payable after more than one year | 42 | €30,107 | €30,767 | +€660 | +2.2% |
| Financial debts | 43 | €4,183,225 | €3,275,000 | -€908,225 | -21.7% |
| Credit institutions | 430/8 | €4,183,225 | €3,275,000 | -€908,225 | -21.7% |
| Trade debts | 44 | €7,531 | - | -€7,531 | |
| Suppliers | 440/4 | €7,531 | - | -€7,531 | |
| Other amounts payable | 47/48 | €3,279,878 | €3,899,672 | +€619,794 | +18.9% |
| Accrued charges and deferred income | 492/3 | €603,587 | €1,353,953 | +€750,366 | +124% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €141,151 | €141,381 | +€230 | +0.2% |
| Other operating charges | 640/8 | €36,006 | €37,810 | +€1,804 | +5.0% |
| Gross operating margin | 9900 | €157,142 | €295,132 | +€137,990 | +87.8% |
| Operating profit (loss) | 9901 | -€20,015 | €115,942 | +€135,957 | |
| Financial income | 75/76B | €98,702 | €55,374 | -€43,327 | -43.9% |
| Recurring financial income | 75 | €98,702 | €55,374 | -€43,327 | -43.9% |
| Financial charges | 65/66B | €476,917 | €301,022 | -€175,894 | -36.9% |
| Recurring financial charges | 65 | €476,917 | €292,022 | -€184,894 | -38.8% |
| Non-recurring financial charges | 66B | - | €9,000 | +€9,000 | |
| Profit (loss) for the period before taxes | 9903 | -€398,230 | -€129,706 | +€268,524 | +67.4% |
| Profit (loss) for the period | 9904 | -€398,230 | -€129,706 | +€268,524 | +67.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€398,230 | -€129,706 | +€268,524 | +67.4% |
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.