Dr. I. Rogiers: 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. I. Rogiers
Largest movements
- Current investments +€64,500
up €64,500 (+20.9%), from €309,035 to €373,535
- Cash -€28,626
down €28,626 (-39.3%), from €72,844 to €44,218
mainly Contributions, distributions and other (-€125,740) and Current investments (-€64,500)
- Receivables within one year +€12,580
up €12,580 (+76.6%), from €16,419 to €28,999
- Other debts +€111,057
up €111,057 (+756%), from €14,683 to €125,740
- Reserves -€64,191
down €64,191 (-16.8%), from €382,996 to €318,804
of which Distributable reserves: -€64,191
- Gross operating margin -€34,417
down €34,417 (-27.8%), from €123,596 to €89,179
- Depreciation -€7,945
down €7,945 (-77.5%), from €10,253 to €2,308
- Taxes -€7,884
down €7,884 (-24.3%), from €32,405 to €24,521
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €429,948 | €472,260 | +€42,313 | +9.8% |
| Fixed assets | 21/28 | €3,545 | €1,237 | -€2,308 | -65.1% |
| Tangible fixed assets | 22/27 | €3,095 | €787 | -€2,308 | -74.6% |
| Furniture and vehicles | 24 | €3,095 | €787 | -€2,308 | -74.6% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Financial fixed assets | 28 | €450 | €450 | = | 0.0% |
| Current assets | 29/58 | €426,402 | €471,023 | +€44,621 | +10.5% |
| Amounts receivable within one year | 40/41 | €16,419 | €28,999 | +€12,580 | +76.6% |
| Other amounts receivable | 41 | €16,419 | €28,999 | +€12,580 | +76.6% |
| Current investments | 50/53 | €309,035 | €373,535 | +€64,500 | +20.9% |
| Cash at bank and in hand | 54/58 | €72,844 | €44,218 | -€28,626 | -39.3% |
| Deferred charges and accrued income | 490/1 | €28,104 | €24,271 | -€3,833 | -13.6% |
| Total equity and liabilities | 10/49 | €429,948 | €472,260 | +€42,313 | +9.8% |
| Equity | 10/15 | €401,596 | €337,404 | -€64,191 | -16.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €382,996 | €318,804 | -€64,191 | -16.8% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €382,996 | €318,804 | -€64,191 | -16.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €28,352 | €134,856 | +€106,504 | +376% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €28,352 | €134,856 | +€106,504 | +376% |
| Current portion of amounts payable after more than one year | 42 | €1,410 | €0 | -€1,410 | -100% |
| Trade debts | 44 | €846 | €1,283 | +€437 | +51.6% |
| Suppliers | 440/4 | €846 | €1,283 | +€437 | +51.6% |
| Taxes, remuneration and social security | 45 | €11,412 | €7,832 | -€3,580 | -31.4% |
| Taxes | 450/3 | €7,202 | €7,832 | +€630 | +8.7% |
| Remuneration and social security | 454/9 | €4,210 | €0 | -€4,210 | -100% |
| Other amounts payable | 47/48 | €14,683 | €125,740 | +€111,057 | +756% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,253 | €2,308 | -€7,945 | -77.5% |
| Other operating charges | 640/8 | €946 | €915 | -€31 | -3.3% |
| Gross operating margin | 9900 | €123,596 | €89,179 | -€34,417 | -27.8% |
| Operating profit (loss) | 9901 | €112,397 | €85,956 | -€26,442 | -23.5% |
| Financial income | 75/76B | €1,053 | €346 | -€707 | -67.2% |
| Recurring financial income | 75 | €1,053 | €346 | -€707 | -67.2% |
| Financial charges | 65/66B | €450 | €231 | -€219 | -48.7% |
| Recurring financial charges | 65 | €450 | €231 | -€219 | -48.7% |
| Profit (loss) for the period before taxes | 9903 | €113,000 | €86,070 | -€26,930 | -23.8% |
| Income taxes | 67/77 | €32,405 | €24,521 | -€7,884 | -24.3% |
| Profit (loss) for the period | 9904 | €80,595 | €61,549 | -€19,046 | -23.6% |
| Profit (loss) for the period to be appropriated | 9905 | €80,595 | €61,549 | -€19,046 | -23.6% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.