Dr. MICHAEL ROSSEEL: 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. MICHAEL ROSSEEL
Largest movements
- Cash +€65,896
up €65,896 (+17.5%), from €375,495 to €441,391
mainly Net result for the year (+€74,084) and Receivables within one year (+€43,792)
- Receivables within one year -€43,792
down €43,792 (-98.7%), from €44,355 to €563
of which Other amounts receivable: -€40,452
- Other debts +€28,329
new in 2025: €28,329
- Gross operating margin -€20,553
down €20,553 (-17.7%), from €116,074 to €95,521
- Taxes -€4,655
down €4,655 (-19.3%), from €24,092 to €19,437
- Financial income -€2,147
down €2,147 (-100%), from €2,147 to €0
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 | €422,225 | €447,748 | +€25,524 | +6.0% |
| Fixed assets | 21/28 | €2,092 | €1,203 | -€889 | -42.5% |
| Tangible fixed assets | 22/27 | €2,092 | €1,203 | -€889 | -42.5% |
| Plant, machinery and equipment | 23 | - | €1,203 | +€1,203 | |
| Furniture and vehicles | 24 | €2,092 | - | -€2,092 | |
| Current assets | 29/58 | €420,133 | €446,546 | +€26,413 | +6.3% |
| Amounts receivable within one year | 40/41 | €44,355 | €563 | -€43,792 | -98.7% |
| Trade receivables | 40 | €3,340 | €0 | -€3,340 | -100% |
| Other amounts receivable | 41 | €41,015 | €563 | -€40,452 | -98.6% |
| Cash at bank and in hand | 54/58 | €375,495 | €441,391 | +€65,896 | +17.5% |
| Deferred charges and accrued income | 490/1 | €282 | €4,592 | +€4,310 | +1,528% |
| Total equity and liabilities | 10/49 | €422,225 | €447,748 | +€25,524 | +6.0% |
| Equity | 10/15 | €393,406 | €393,406 | = | 0.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €383,406 | €383,406 | = | 0.0% |
| Amounts payable | 17/49 | €28,818 | €54,342 | +€25,524 | +88.6% |
| Amounts payable within one year | 42/48 | €28,818 | €54,342 | +€25,524 | +88.6% |
| Trade debts | 44 | €3,958 | €1,171 | -€2,787 | -70.4% |
| Suppliers | 440/4 | €3,958 | €1,171 | -€2,787 | -70.4% |
| Taxes, remuneration and social security | 45 | €24,861 | €24,843 | -€18 | -0.1% |
| Taxes | 450/3 | €24,861 | €24,843 | -€18 | -0.1% |
| Other amounts payable | 47/48 | - | €28,329 | +€28,329 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €576 | €889 | +€314 | +54.4% |
| Other operating charges | 640/8 | €722 | €406 | -€316 | -43.8% |
| Gross operating margin | 9900 | €116,074 | €95,521 | -€20,553 | -17.7% |
| Operating profit (loss) | 9901 | €114,776 | €94,225 | -€20,550 | -17.9% |
| Financial income | 75/76B | €2,147 | €0 | -€2,147 | -100% |
| Recurring financial income | 75 | €2,147 | €0 | -€2,147 | -100% |
| Financial charges | 65/66B | €556 | €705 | +€149 | +26.8% |
| Recurring financial charges | 65 | €556 | €705 | +€149 | +26.8% |
| Profit (loss) for the period before taxes | 9903 | €116,367 | €93,521 | -€22,846 | -19.6% |
| Income taxes | 67/77 | €24,092 | €19,437 | -€4,655 | -19.3% |
| Profit (loss) for the period | 9904 | €92,275 | €74,084 | -€18,191 | -19.7% |
| Profit (loss) for the period to be appropriated | 9905 | €92,275 | €74,084 | -€18,191 | -19.7% |
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 22 October 2026 via checked.be.