CÉDRIC ROEGIERS: 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.
CÉDRIC ROEGIERS
Largest movements
- Receivables within one year +€89,353
up €89,353 (+23.5%), from €381,035 to €470,388
of which Other amounts receivable: +€193,687
- Cash -€74,078
down €74,078 (-31.1%), from €238,423 to €164,345
mainly Receivables within one year (-€89,353) and Tax, wage and social debts (-€62,253)
- Tangible fixed assets -€62,017
down €62,017 (-10.6%), from €586,303 to €524,286
of which Furniture and vehicles: -€48,108
- Reserves +€88,804
up €88,804 (+15.9%), from €558,145 to €646,949
- Tax, wage and social debts -€62,253
down €62,253 (-84.5%), from €73,693 to €11,440
- Debts after one year -€52,236
down €52,236 (-14.4%), from €361,654 to €309,418
- Other debts -€31,312
down €31,312 (-22.4%), from €139,853 to €108,541
- Gross operating margin -€56,164
down €56,164 (-22.0%), from €255,171 to €199,007
- Taxes -€16,312
down €16,312 (-28.5%), from €57,183 to €40,871
- Financial income +€14,415
up €14,415 (+2,456%), from €587 to €15,002
- Depreciation +€7,538
up €7,538 (+13.8%), from €54,479 to €62,017
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 | €1,205,826 | €1,159,019 | -€46,807 | -3.9% |
| Fixed assets | 21/28 | €586,368 | €524,286 | -€62,082 | -10.6% |
| Tangible fixed assets | 22/27 | €586,303 | €524,286 | -€62,017 | -10.6% |
| Land and buildings | 22 | €389,262 | €375,353 | -€13,909 | -3.6% |
| Furniture and vehicles | 24 | €197,041 | €148,933 | -€48,108 | -24.4% |
| Financial fixed assets | 28 | €65 | - | -€65 | |
| Current assets | 29/58 | €619,458 | €634,733 | +€15,275 | +2.5% |
| Amounts receivable within one year | 40/41 | €381,035 | €470,388 | +€89,353 | +23.5% |
| Trade receivables | 40 | €122,324 | €17,990 | -€104,334 | -85.3% |
| Other amounts receivable | 41 | €258,711 | €452,398 | +€193,687 | +74.9% |
| Cash at bank and in hand | 54/58 | €238,423 | €164,345 | -€74,078 | -31.1% |
| Total equity and liabilities | 10/49 | €1,205,826 | €1,159,019 | -€46,807 | -3.9% |
| Equity | 10/15 | €572,405 | €661,209 | +€88,804 | +15.5% |
| Contributions | 10/11 | €14,260 | €14,260 | = | 0.0% |
| Contributions outside capital | 11 | €14,260 | €14,260 | = | 0.0% |
| Share premium | 1100/10 | €14,260 | €14,260 | = | 0.0% |
| Reserves | 13 | €558,145 | €646,949 | +€88,804 | +15.9% |
| Distributable reserves | 133 | €558,145 | €646,949 | +€88,804 | +15.9% |
| Amounts payable | 17/49 | €633,421 | €497,810 | -€135,611 | -21.4% |
| Amounts payable after more than one year | 17 | €361,654 | €309,418 | -€52,236 | -14.4% |
| Financial debts | 170/4 | €361,654 | €309,418 | -€52,236 | -14.4% |
| Amounts payable within one year | 42/48 | €271,767 | €188,392 | -€83,375 | -30.7% |
| Current portion of amounts payable after more than one year | 42 | €50,993 | €52,236 | +€1,243 | +2.4% |
| Trade debts | 44 | €7,228 | €16,175 | +€8,947 | +124% |
| Suppliers | 440/4 | €7,228 | €16,175 | +€8,947 | +124% |
| Taxes, remuneration and social security | 45 | €73,693 | €11,440 | -€62,253 | -84.5% |
| Taxes | 450/3 | €73,693 | €11,440 | -€62,253 | -84.5% |
| Other amounts payable | 47/48 | €139,853 | €108,541 | -€31,312 | -22.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,479 | €62,017 | +€7,538 | +13.8% |
| Other operating charges | 640/8 | €2,841 | €2,815 | -€26 | -0.9% |
| Gross operating margin | 9900 | €255,171 | €199,007 | -€56,164 | -22.0% |
| Operating profit (loss) | 9901 | €197,851 | €134,175 | -€63,676 | -32.2% |
| Financial income | 75/76B | €587 | €15,002 | +€14,415 | +2,456% |
| Recurring financial income | 75 | €587 | €15,002 | +€14,415 | +2,456% |
| Financial charges | 65/66B | €21,684 | €19,502 | -€2,182 | -10.1% |
| Recurring financial charges | 65 | €21,684 | €19,502 | -€2,182 | -10.1% |
| Profit (loss) for the period before taxes | 9903 | €176,754 | €129,675 | -€47,079 | -26.6% |
| Income taxes | 67/77 | €57,183 | €40,871 | -€16,312 | -28.5% |
| Profit (loss) for the period | 9904 | €119,571 | €88,804 | -€30,767 | -25.7% |
| Profit (loss) for the period to be appropriated | 9905 | €119,571 | €88,804 | -€30,767 | -25.7% |
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 30 October 2026 via checked.be.