DR. BART ROUSSARD: 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.
DR. BART ROUSSARD
Largest movements
- Receivables within one year -€68,713
down €68,713 (-46.4%), from €148,085 to €79,373
of which Trade receivables: -€54,253
- Cash +€59,516
up €59,516 (+11.5%), from €515,475 to €574,991
mainly Net result for the year (+€213,442) and Receivables within one year (+€68,713)
- Tangible fixed assets -€32,036
down €32,036 (-11.8%), from €271,881 to €239,845
of which Land and buildings: -€20,573
- Current investments +€30,637
up €30,637 (+44.7%), from €68,534 to €99,171
- Reserves -€59,680
down €59,680 (-6.5%), from €913,905 to €854,225
- Other debts +€54,906
up €54,906 (+18468.2%), from €297 to €55,203
- Accrued charges and deferred income -€28,004
down €28,004 (-100.0%), from €28,004 to €0
- Trade debts +€21,815
up €21,815 (+57.9%), from €37,648 to €59,463
- Gross operating margin -€17,773
down €17,773 (-4.8%), from €367,246 to €349,473
- Other operating charges -€5,601
down €5,601 (-65.1%), from €8,603 to €3,002
- Taxes -€4,708
down €4,708 (-4.5%), from €104,791 to €100,084
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 | €1,003,976 | €993,380 | -€10,596 | -1.1% |
| Fixed assets | 21/28 | €271,881 | €239,845 | -€32,036 | -11.8% |
| Tangible fixed assets | 22/27 | €271,881 | €239,845 | -€32,036 | -11.8% |
| Land and buildings | 22 | €218,203 | €197,630 | -€20,573 | -9.4% |
| Plant, machinery and equipment | 23 | €13,161 | €10,733 | -€2,428 | -18.4% |
| Furniture and vehicles | 24 | €40,517 | €31,482 | -€9,036 | -22.3% |
| Current assets | 29/58 | €732,095 | €753,535 | +€21,440 | +2.9% |
| Amounts receivable within one year | 40/41 | €148,085 | €79,373 | -€68,713 | -46.4% |
| Trade receivables | 40 | €125,534 | €71,280 | -€54,253 | -43.2% |
| Other amounts receivable | 41 | €22,551 | €8,092 | -€14,459 | -64.1% |
| Current investments | 50/53 | €68,534 | €99,171 | +€30,637 | +44.7% |
| Cash at bank and in hand | 54/58 | €515,475 | €574,991 | +€59,516 | +11.5% |
| Total equity and liabilities | 10/49 | €1,003,976 | €993,380 | -€10,596 | -1.1% |
| Equity | 10/15 | €926,305 | €866,625 | -€59,680 | -6.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €913,905 | €854,225 | -€59,680 | -6.5% |
| Distributable reserves | 133 | €913,905 | €854,225 | -€59,680 | -6.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €77,671 | €126,755 | +€49,084 | +63.2% |
| Amounts payable within one year | 42/48 | €49,668 | €126,755 | +€77,088 | +155.2% |
| Trade debts | 44 | €37,648 | €59,463 | +€21,815 | +57.9% |
| Suppliers | 440/4 | €37,648 | €59,463 | +€21,815 | +57.9% |
| Taxes, remuneration and social security | 45 | €11,722 | €12,089 | +€367 | +3.1% |
| Taxes | 450/3 | €9,941 | €10,295 | +€355 | +3.6% |
| Remuneration and social security | 454/9 | €1,781 | €1,794 | +€13 | +0.7% |
| Other amounts payable | 47/48 | €297 | €55,203 | +€54,906 | +18468.2% |
| Accrued charges and deferred income | 492/3 | €28,004 | €0 | -€28,004 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,035 | €32,036 | +€3,002 | +10.3% |
| Other operating charges | 640/8 | €8,603 | €3,002 | -€5,601 | -65.1% |
| Gross operating margin | 9900 | €367,246 | €349,473 | -€17,773 | -4.8% |
| Operating profit (loss) | 9901 | €329,609 | €314,434 | -€15,174 | -4.6% |
| Financial income | 75/76B | €4,674 | €3,025 | -€1,648 | -35.3% |
| Recurring financial income | 75 | €4,674 | €3,025 | -€1,648 | -35.3% |
| Financial charges | 65/66B | €2,974 | €3,935 | +€961 | +32.3% |
| Recurring financial charges | 65 | €2,974 | €3,935 | +€961 | +32.3% |
| Profit (loss) for the period before taxes | 9903 | €331,308 | €313,525 | -€17,783 | -5.4% |
| Income taxes | 67/77 | €104,791 | €100,084 | -€4,708 | -4.5% |
| Profit (loss) for the period | 9904 | €226,517 | €213,442 | -€13,075 | -5.8% |
| Profit (loss) for the period to be appropriated | 9905 | €226,517 | €213,442 | -€13,075 | -5.8% |
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 11 October 2026 via checked.be.