Dr. Rick Roels: 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. Rick Roels
Largest movements
- Tangible fixed assets +€33,732
up €33,732 (+3.5%), from €971,352 to €1.0m
of which Land and buildings: +€29,115
- Cash -€25,020
down €25,020 (-72.8%), from €34,391 to €9,371
mainly Investment in fixed assets (net) (-€65,440) and Other debts (-€23,507)
- Receivables within one year +€15,029
up €15,029 (+6,617%), from €227 to €15,256
of which Other amounts receivable: +€15,256
- Reserves +€55,947
up €55,947 (+144%), from €38,794 to €94,741
- Other debts -€23,507
down €23,507 (-30.6%), from €76,783 to €53,276
- Tax, wage and social debts -€20,239
down €20,239 (-69.1%), from €29,288 to €9,050
of which Taxes: -€20,239
- Debts after one year +€10,564
up €10,564 (+1.3%), from €815,587 to €826,151
- Gross operating margin +€24,313
up €24,313 (+23.5%), from €103,506 to €127,820
- Taxes +€4,270
up €4,270 (+35.5%), from €12,020 to €16,289
- Depreciation +€2,260
up €2,260 (+7.7%), from €29,449 to €31,709
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 | €1,013,896 | €1,037,479 | +€23,583 | +2.3% |
| Fixed assets | 21/28 | €971,352 | €1,005,083 | +€33,732 | +3.5% |
| Tangible fixed assets | 22/27 | €971,352 | €1,005,083 | +€33,732 | +3.5% |
| Land and buildings | 22 | €956,260 | €985,375 | +€29,115 | +3.0% |
| Plant, machinery and equipment | 23 | €4,306 | €3,890 | -€416 | -9.7% |
| Furniture and vehicles | 24 | €10,786 | €15,818 | +€5,032 | +46.7% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Current assets | 29/58 | €42,544 | €32,396 | -€10,149 | -23.9% |
| Amounts receivable within one year | 40/41 | €227 | €15,256 | +€15,029 | +6,617% |
| Trade receivables | 40 | €227 | €0 | -€227 | -100% |
| Other amounts receivable | 41 | - | €15,256 | +€15,256 | |
| Cash at bank and in hand | 54/58 | €34,391 | €9,371 | -€25,020 | -72.8% |
| Deferred charges and accrued income | 490/1 | €7,926 | €7,769 | -€158 | -2.0% |
| Total equity and liabilities | 10/49 | €1,013,896 | €1,037,479 | +€23,583 | +2.3% |
| Equity | 10/15 | €38,795 | €94,742 | +€55,947 | +144% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Reserves | 13 | €38,794 | €94,741 | +€55,947 | +144% |
| Distributable reserves | 133 | €38,794 | €94,741 | +€55,947 | +144% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €975,101 | €942,736 | -€32,365 | -3.3% |
| Amounts payable after more than one year | 17 | €815,587 | €826,151 | +€10,564 | +1.3% |
| Financial debts | 170/4 | €815,587 | €826,151 | +€10,564 | +1.3% |
| Amounts payable within one year | 42/48 | €158,764 | €116,585 | -€42,178 | -26.6% |
| Current portion of amounts payable after more than one year | 42 | €45,494 | €46,194 | +€701 | +1.5% |
| Financial debts | 43 | - | €2,533 | +€2,533 | |
| Credit institutions | 430/8 | - | €2,533 | +€2,533 | |
| Trade debts | 44 | €7,199 | €5,533 | -€1,666 | -23.1% |
| Suppliers | 440/4 | €7,199 | €5,533 | -€1,666 | -23.1% |
| Taxes, remuneration and social security | 45 | €29,288 | €9,050 | -€20,239 | -69.1% |
| Taxes | 450/3 | €29,288 | €9,050 | -€20,239 | -69.1% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €76,783 | €53,276 | -€23,507 | -30.6% |
| Accrued charges and deferred income | 492/3 | €750 | €0 | -€750 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,449 | €31,709 | +€2,260 | +7.7% |
| Other operating charges | 640/8 | €4,093 | €4,223 | +€130 | +3.2% |
| Gross operating margin | 9900 | €103,506 | €127,820 | +€24,313 | +23.5% |
| Operating profit (loss) | 9901 | €69,965 | €91,888 | +€21,924 | +31.3% |
| Financial income | 75/76B | €31 | €28 | -€3 | -8.6% |
| Recurring financial income | 75 | €31 | €28 | -€3 | -8.6% |
| Financial charges | 65/66B | €19,182 | €18,847 | -€335 | -1.7% |
| Recurring financial charges | 65 | €19,182 | €18,847 | -€335 | -1.7% |
| Profit (loss) for the period before taxes | 9903 | €50,814 | €73,070 | +€22,256 | +43.8% |
| Income taxes | 67/77 | €12,020 | €16,289 | +€4,270 | +35.5% |
| Profit (loss) for the period | 9904 | €38,794 | €56,780 | +€17,986 | +46.4% |
| Profit (loss) for the period to be appropriated | 9905 | €38,794 | €56,780 | +€17,986 | +46.4% |
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 19 October 2026 via checked.be.