David Rouss: what changed
Two fiscal 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.
David Rouss
Largest movements
- Receivables within one year +€131,278
up €131,278 (+34.5%), from €380,144 to €511,422
of which Trade receivables: +€129,970
- Stocks and contracts -€113,037
down €113,037 (-38.9%), from €290,513 to €177,476
- Cash +€102,106
up €102,106 (+218.7%), from €46,693 to €148,799
mainly Stocks and contracts (+€113,037) and Short-term financial debts (+€87,237)
- Receivables after one year +€22,386
up €22,386 (+19.9%), from €112,434 to €134,821
- Short-term financial debts +€87,237
up €87,237 (+42.0%), from €207,763 to €295,000
- Advances received +€74,069
up €74,069, from €0 to €74,069
- Reserves +€56,267
up €56,267 (+26.2%), from €215,068 to €271,335
- Trade debts -€49,414
down €49,414 (-18.4%), from €268,149 to €218,735
- Debts after one year -€36,007
down €36,007 (-8.5%), from €422,878 to €386,871
- Taxes +€18,839
up €18,839 (+318.4%), from €5,916 to €24,755
- Gross operating margin +€9,468
up €9,468 (+6.7%), from €141,986 to €151,454
- Financial charges -€3,779
down €3,779 (-9.0%), from €41,814 to €38,035
- Other operating charges -€2,942
down €2,942 (-43.3%), from €6,797 to €3,854
- Financial income -€2,262
down €2,262 (-13.3%), from €16,954 to €14,692
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 | €1,281,747 | €1,419,158 | +€137,411 | +10.7% |
| Fixed assets | 21/28 | €445,359 | €443,000 | -€2,359 | -0.5% |
| Tangible fixed assets | 22/27 | €444,859 | €442,500 | -€2,359 | -0.5% |
| Land and buildings | 22 | €436,242 | €430,422 | -€5,820 | -1.3% |
| Plant, machinery and equipment | 23 | €2,255 | €5,945 | +€3,690 | +163.6% |
| Furniture and vehicles | 24 | €6,362 | €6,133 | -€229 | -3.6% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €836,388 | €976,158 | +€139,769 | +16.7% |
| Amounts receivable after more than one year | 29 | €112,434 | €134,821 | +€22,386 | +19.9% |
| Other amounts receivable | 291 | €112,434 | €134,821 | +€22,386 | +19.9% |
| Stocks and contracts in progress | 3 | €290,513 | €177,476 | -€113,037 | -38.9% |
| Stocks | 30/36 | €290,513 | €177,476 | -€113,037 | -38.9% |
| Amounts receivable within one year | 40/41 | €380,144 | €511,422 | +€131,278 | +34.5% |
| Trade receivables | 40 | €336,468 | €466,438 | +€129,970 | +38.6% |
| Other amounts receivable | 41 | €43,676 | €44,985 | +€1,309 | +3.0% |
| Cash at bank and in hand | 54/58 | €46,693 | €148,799 | +€102,106 | +218.7% |
| Deferred charges and accrued income | 490/1 | €6,603 | €3,639 | -€2,965 | -44.9% |
| Total equity and liabilities | 10/49 | €1,281,747 | €1,419,158 | +€137,411 | +10.7% |
| Equity | 10/15 | €245,185 | €301,452 | +€56,267 | +22.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €215,068 | €271,335 | +€56,267 | +26.2% |
| Distributable reserves | 133 | €215,068 | €271,335 | +€56,267 | +26.2% |
| Profit (loss) carried forward | 14 | €11,517 | €11,517 | = | 0.0% |
| Amounts payable | 17/49 | €1,036,562 | €1,117,706 | +€81,144 | +7.8% |
| Amounts payable after more than one year | 17 | €422,878 | €386,871 | -€36,007 | -8.5% |
| Financial debts | 170/4 | €422,878 | €386,871 | -€36,007 | -8.5% |
| Amounts payable within one year | 42/48 | €607,284 | €730,835 | +€123,551 | +20.3% |
| Current portion of amounts payable after more than one year | 42 | €34,765 | €36,007 | +€1,242 | +3.6% |
| Financial debts | 43 | €207,763 | €295,000 | +€87,237 | +42.0% |
| Credit institutions | 430/8 | €207,763 | €295,000 | +€87,237 | +42.0% |
| Trade debts | 44 | €268,149 | €218,735 | -€49,414 | -18.4% |
| Suppliers | 440/4 | €268,149 | €218,735 | -€49,414 | -18.4% |
| Advances received on contracts in progress | 46 | €0 | €74,069 | +€74,069 | |
| Taxes, remuneration and social security | 45 | €33,266 | €47,271 | +€14,005 | +42.1% |
| Taxes | 450/3 | €31,466 | €47,271 | +€15,805 | +50.2% |
| Remuneration and social security | 454/9 | €1,800 | €0 | -€1,800 | -100.0% |
| Other amounts payable | 47/48 | €63,341 | €59,753 | -€3,588 | -5.7% |
| Accrued charges and deferred income | 492/3 | €6,400 | €0 | -€6,400 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,702 | €16,234 | +€532 | +3.4% |
| Other operating charges | 640/8 | €6,797 | €3,854 | -€2,942 | -43.3% |
| Non-recurring operating charges | 66A | €800 | €0 | -€800 | -100.0% |
| Gross operating margin | 9900 | €141,986 | €151,454 | +€9,468 | +6.7% |
| Operating profit (loss) | 9901 | €118,687 | €131,365 | +€12,678 | +10.7% |
| Financial income | 75/76B | €16,954 | €14,692 | -€2,262 | -13.3% |
| Recurring financial income | 75 | €16,954 | €14,692 | -€2,262 | -13.3% |
| Financial charges | 65/66B | €41,814 | €38,035 | -€3,779 | -9.0% |
| Recurring financial charges | 65 | €41,814 | €38,035 | -€3,779 | -9.0% |
| Profit (loss) for the period before taxes | 9903 | €93,827 | €108,022 | +€14,195 | +15.1% |
| Income taxes | 67/77 | €5,916 | €24,755 | +€18,839 | +318.4% |
| Profit (loss) for the period | 9904 | €87,911 | €83,267 | -€4,644 | -5.3% |
| Profit (loss) for the period to be appropriated | 9905 | €87,911 | €83,267 | -€4,644 | -5.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.