AA-RODEO: 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.
AA-RODEO
Largest movements
- Tangible fixed assets +€499,434
up €499,434 (+44.0%), from €1.1m to €1.6m
of which Land and buildings: +€514,327
- Receivables within one year -€131,957
down €131,957 (-93.6%), from €140,959 to €9,001
of which Trade receivables: -€118,946
- Current investments -€75,000
down €75,000 (-100.0%), from €75,000 to €0
- Cash +€50,119
up €50,119 (+72.9%), from €68,733 to €118,852
mainly Debts after one year (+€285,810) and Depreciation (+€145,642)
- Debts after one year +€285,810
up €285,810 (+52.9%), from €540,037 to €825,848
of which Financial debts: +€195,810
- Reserves +€29,255
up €29,255 (+6.8%), from €429,608 to €458,863
of which Distributable reserves: +€29,255
- Accrued charges and deferred income -€21,839
down €21,839 (-100.0%), from €21,839 to €0
- Trade debts +€20,965
up €20,965 (+126.0%), from €16,637 to €37,602
- Current portion of long-term debt +€19,760
up €19,760 (+26.3%), from €75,010 to €94,770
- Gross operating margin +€14,140
up €14,140 (+5.3%), from €268,158 to €282,298
- Staff costs +€12,408
up €12,408 (+33.8%), from €36,759 to €49,168
- Financial charges +€6,191
up €6,191 (+28.3%), from €21,856 to €28,047
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 | €1,426,380 | €1,774,337 | +€347,956 | +24.4% |
| Fixed assets | 21/28 | €1,135,861 | €1,637,312 | +€501,451 | +44.1% |
| Intangible fixed assets | 21 | €0 | €2,017 | +€2,017 | |
| Tangible fixed assets | 22/27 | €1,135,861 | €1,635,295 | +€499,434 | +44.0% |
| Land and buildings | 22 | €1,069,023 | €1,583,351 | +€514,327 | +48.1% |
| Plant, machinery and equipment | 23 | €11,560 | €7,796 | -€3,764 | -32.6% |
| Furniture and vehicles | 24 | €55,277 | €44,149 | -€11,128 | -20.1% |
| Current assets | 29/58 | €290,519 | €137,024 | -€153,495 | -52.8% |
| Stocks and contracts in progress | 3 | €1,000 | €1,000 | = | 0.0% |
| Stocks | 30/36 | €1,000 | €1,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €140,959 | €9,001 | -€131,957 | -93.6% |
| Trade receivables | 40 | €127,550 | €8,604 | -€118,946 | -93.3% |
| Other amounts receivable | 41 | €13,409 | €398 | -€13,011 | -97.0% |
| Current investments | 50/53 | €75,000 | €0 | -€75,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €68,733 | €118,852 | +€50,119 | +72.9% |
| Deferred charges and accrued income | 490/1 | €4,828 | €8,171 | +€3,343 | +69.2% |
| Total equity and liabilities | 10/49 | €1,426,380 | €1,774,337 | +€347,956 | +24.4% |
| Equity | 10/15 | €489,608 | €518,863 | +€29,255 | +6.0% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Reserves | 13 | €429,608 | €458,863 | +€29,255 | +6.8% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €410,858 | €440,113 | +€29,255 | +7.1% |
| Amounts payable | 17/49 | €936,772 | €1,255,474 | +€318,702 | +34.0% |
| Amounts payable after more than one year | 17 | €540,037 | €825,848 | +€285,810 | +52.9% |
| Financial debts | 170/4 | €540,037 | €735,848 | +€195,810 | +36.3% |
| Other amounts payable | 178/9 | - | €90,000 | +€90,000 | |
| Amounts payable within one year | 42/48 | €374,896 | €429,626 | +€54,730 | +14.6% |
| Current portion of amounts payable after more than one year | 42 | €75,010 | €94,770 | +€19,760 | +26.3% |
| Trade debts | 44 | €16,637 | €37,602 | +€20,965 | +126.0% |
| Suppliers | 440/4 | €16,637 | €37,602 | +€20,965 | +126.0% |
| Advances received on contracts in progress | 46 | €300 | €300 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €15,025 | €24,790 | +€9,765 | +65.0% |
| Taxes | 450/3 | €5,875 | €14,804 | +€8,929 | +152.0% |
| Remuneration and social security | 454/9 | €9,150 | €9,986 | +€835 | +9.1% |
| Other amounts payable | 47/48 | €267,924 | €272,165 | +€4,241 | +1.6% |
| Accrued charges and deferred income | 492/3 | €21,839 | €0 | -€21,839 | -100.0% |
| Non-recurring operating income | 76A | €23,000 | €0 | -€23,000 | -100.0% |
| Remuneration, social security and pensions | 62 | €36,759 | €49,168 | +€12,408 | +33.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €144,882 | €145,642 | +€760 | +0.5% |
| Other operating charges | 640/8 | €22,756 | €24,351 | +€1,596 | +7.0% |
| Non-recurring operating charges | 66A | €2,561 | €0 | -€2,561 | -100.0% |
| Gross operating margin | 9900 | €268,158 | €282,298 | +€14,140 | +5.3% |
| Operating profit (loss) | 9901 | €61,200 | €63,137 | +€1,937 | +3.2% |
| Financial income | 75/76B | €3,278 | €1,320 | -€1,957 | -59.7% |
| Recurring financial income | 75 | €3,278 | €1,320 | -€1,957 | -59.7% |
| Financial charges | 65/66B | €21,856 | €28,047 | +€6,191 | +28.3% |
| Recurring financial charges | 65 | €21,856 | €28,047 | +€6,191 | +28.3% |
| Profit (loss) for the period before taxes | 9903 | €42,621 | €36,410 | -€6,211 | -14.6% |
| Income taxes | 67/77 | €6,674 | €7,156 | +€481 | +7.2% |
| Profit (loss) for the period | 9904 | €35,947 | €29,255 | -€6,692 | -18.6% |
| Profit (loss) for the period to be appropriated | 9905 | €35,947 | €29,255 | -€6,692 | -18.6% |
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 11 October 2026 via checked.be.