Dr. Raf Roesems: 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. Raf Roesems
Largest movements
- Cash +€40,388
up €40,388 (+4.5%), from €893,467 to €933,855
mainly Net result for the year (+€65,928) and Debts after one year (+€50,000)
- Other debts -€90,776
down €90,776 (-64.5%), from €140,669 to €49,893
- Reserves +€65,928
up €65,928 (+17.0%), from €388,441 to €454,368
- Debts after one year +€50,000
up €50,000 (+20.0%), from €250,000 to €300,000
- Tax, wage and social debts +€13,928
up €13,928 (+37.5%), from €37,157 to €51,086
- Gross operating margin -€283,252
down €283,252 (-73.3%), from €386,369 to €103,117
- Taxes -€84,887
down €84,887 (-76.2%), from €111,383 to €26,496
- Financial income +€17,362
up €17,362 (+1,482%), from €1,172 to €18,534
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 | €934,955 | €973,547 | +€38,592 | +4.1% |
| Fixed assets | 21/28 | €27,462 | €30,333 | +€2,871 | +10.5% |
| Tangible fixed assets | 22/27 | €27,462 | €30,333 | +€2,871 | +10.5% |
| Plant, machinery and equipment | 23 | €13,636 | €10,761 | -€2,875 | -21.1% |
| Furniture and vehicles | 24 | €13,826 | €13,308 | -€518 | -3.7% |
| Other tangible fixed assets | 26 | - | €6,264 | +€6,264 | |
| Current assets | 29/58 | €907,492 | €943,214 | +€35,721 | +3.9% |
| Amounts receivable within one year | 40/41 | €13,325 | €8,659 | -€4,667 | -35.0% |
| Other amounts receivable | 41 | €13,325 | €8,659 | -€4,667 | -35.0% |
| Cash at bank and in hand | 54/58 | €893,467 | €933,855 | +€40,388 | +4.5% |
| Deferred charges and accrued income | 490/1 | €700 | €700 | = | 0.0% |
| Total equity and liabilities | 10/49 | €934,955 | €973,547 | +€38,592 | +4.1% |
| Equity | 10/15 | €503,441 | €569,368 | +€65,928 | +13.1% |
| Contributions | 10/11 | €115,000 | €115,000 | = | 0.0% |
| Reserves | 13 | €388,441 | €454,368 | +€65,928 | +17.0% |
| Distributable reserves | 133 | €388,441 | €454,368 | +€65,928 | +17.0% |
| Amounts payable | 17/49 | €431,514 | €404,178 | -€27,336 | -6.3% |
| Amounts payable after more than one year | 17 | €250,000 | €300,000 | +€50,000 | +20.0% |
| Financial debts | 170/4 | €250,000 | €300,000 | +€50,000 | +20.0% |
| Amounts payable within one year | 42/48 | €181,514 | €104,178 | -€77,336 | -42.6% |
| Trade debts | 44 | €3,688 | €3,200 | -€488 | -13.2% |
| Suppliers | 440/4 | €3,688 | €3,200 | -€488 | -13.2% |
| Taxes, remuneration and social security | 45 | €37,157 | €51,086 | +€13,928 | +37.5% |
| Taxes | 450/3 | €37,157 | €51,086 | +€13,928 | +37.5% |
| Other amounts payable | 47/48 | €140,669 | €49,893 | -€90,776 | -64.5% |
| Non-recurring operating income | 76A | €398,302 | - | -€398,302 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,929 | €8,705 | +€2,776 | +46.8% |
| Other operating charges | 640/8 | €1,320 | €1,054 | -€266 | -20.1% |
| Gross operating margin | 9900 | €386,369 | €103,117 | -€283,252 | -73.3% |
| Operating profit (loss) | 9901 | €379,119 | €93,357 | -€285,762 | -75.4% |
| Financial income | 75/76B | €1,172 | €18,534 | +€17,362 | +1,482% |
| Recurring financial income | 75 | €1,172 | €18,534 | +€17,362 | +1,482% |
| Financial charges | 65/66B | €18,496 | €19,468 | +€972 | +5.3% |
| Recurring financial charges | 65 | €18,496 | €19,468 | +€972 | +5.3% |
| Profit (loss) for the period before taxes | 9903 | €361,795 | €92,424 | -€269,371 | -74.5% |
| Income taxes | 67/77 | €111,383 | €26,496 | -€84,887 | -76.2% |
| Profit (loss) for the period | 9904 | €250,412 | €65,928 | -€184,485 | -73.7% |
| Profit (loss) for the period to be appropriated | 9905 | €250,412 | €65,928 | -€184,485 | -73.7% |
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 23 October 2026 via checked.be.