DR. ROEL BEELEN: 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. ROEL BEELEN
Largest movements
- Receivables within one year -€137,948
down €137,948 (-16.4%), from €841,249 to €703,301
of which Other amounts receivable: -€138,779
- Cash +€58,292
up €58,292 (+134%), from €43,563 to €101,855
mainly Net result for the year (+€218,803) and Receivables within one year (+€137,948)
- Current investments -€25,141
down €25,141 (-65.7%), from €38,241 to €13,100
- Deferred charges and accrued income +€19,055
up €19,055 (+222%), from €8,583 to €27,638
- Reserves -€81,300
down €81,300 (-9.5%), from €853,890 to €772,590
- Debts after one year -€45,544
down €45,544 (-8.8%), from €516,533 to €470,989
- Tax, wage and social debts +€22,921
up €22,921 (+117%), from €19,524 to €42,445
- Current portion of long-term debt +€20,493
up €20,493 (+21.6%), from €94,935 to €115,428
- Gross operating margin +€108,304
up €108,304 (+42.2%), from €256,688 to €364,993
- Taxes +€35,195
up €35,195 (+54.0%), from €65,159 to €100,354
- Depreciation +€5,984
up €5,984 (+25.5%), from €23,484 to €29,468
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 | €1,577,987 | €1,504,257 | -€73,729 | -4.7% |
| Fixed assets | 21/28 | €646,351 | €658,364 | +€12,012 | +1.9% |
| Tangible fixed assets | 22/27 | €646,351 | €658,364 | +€12,012 | +1.9% |
| Land and buildings | 22 | €606,692 | €591,657 | -€15,035 | -2.5% |
| Plant, machinery and equipment | 23 | €14,765 | €13,152 | -€1,613 | -10.9% |
| Furniture and vehicles | 24 | €6,264 | €37,425 | +€31,160 | +497% |
| Other tangible fixed assets | 26 | €18,630 | €16,130 | -€2,500 | -13.4% |
| Current assets | 29/58 | €931,636 | €845,894 | -€85,742 | -9.2% |
| Amounts receivable within one year | 40/41 | €841,249 | €703,301 | -€137,948 | -16.4% |
| Trade receivables | 40 | €126,490 | €127,321 | +€831 | +0.7% |
| Other amounts receivable | 41 | €714,759 | €575,980 | -€138,779 | -19.4% |
| Current investments | 50/53 | €38,241 | €13,100 | -€25,141 | -65.7% |
| Cash at bank and in hand | 54/58 | €43,563 | €101,855 | +€58,292 | +134% |
| Deferred charges and accrued income | 490/1 | €8,583 | €27,638 | +€19,055 | +222% |
| Total equity and liabilities | 10/49 | €1,577,987 | €1,504,257 | -€73,729 | -4.7% |
| Equity | 10/15 | €874,265 | €793,068 | -€81,197 | -9.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €853,890 | €772,590 | -€81,300 | -9.5% |
| Distributable reserves | 133 | €853,890 | €772,590 | -€81,300 | -9.5% |
| Profit (loss) carried forward | 14 | €1,775 | €1,878 | +€103 | +5.8% |
| Amounts payable | 17/49 | €703,722 | €711,190 | +€7,468 | +1.1% |
| Amounts payable after more than one year | 17 | €516,533 | €470,989 | -€45,544 | -8.8% |
| Financial debts | 170/4 | €516,533 | €470,989 | -€45,544 | -8.8% |
| Amounts payable within one year | 42/48 | €187,190 | €240,201 | +€53,011 | +28.3% |
| Current portion of amounts payable after more than one year | 42 | €94,935 | €115,428 | +€20,493 | +21.6% |
| Trade debts | 44 | €2,490 | €2,539 | +€49 | +2.0% |
| Suppliers | 440/4 | €2,490 | €2,539 | +€49 | +2.0% |
| Taxes, remuneration and social security | 45 | €19,524 | €42,445 | +€22,921 | +117% |
| Taxes | 450/3 | €19,524 | €42,445 | +€22,921 | +117% |
| Other amounts payable | 47/48 | €70,241 | €79,790 | +€9,548 | +13.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,484 | €29,468 | +€5,984 | +25.5% |
| Other operating charges | 640/8 | €3,390 | €3,632 | +€241 | +7.1% |
| Gross operating margin | 9900 | €256,688 | €364,993 | +€108,304 | +42.2% |
| Operating profit (loss) | 9901 | €229,814 | €331,893 | +€102,079 | +44.4% |
| Financial income | 75/76B | €202 | €644 | +€442 | +219% |
| Recurring financial income | 75 | €202 | €644 | +€442 | +219% |
| Financial charges | 65/66B | €14,607 | €13,380 | -€1,227 | -8.4% |
| Recurring financial charges | 65 | €14,607 | €13,380 | -€1,227 | -8.4% |
| Profit (loss) for the period before taxes | 9903 | €215,409 | €319,157 | +€103,748 | +48.2% |
| Income taxes | 67/77 | €65,159 | €100,354 | +€35,195 | +54.0% |
| Profit (loss) for the period | 9904 | €150,250 | €218,803 | +€68,553 | +45.6% |
| Profit (loss) for the period to be appropriated | 9905 | €150,250 | €218,803 | +€68,553 | +45.6% |
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 24 October 2026 via checked.be.