Drs. Roels - Hoste: 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.
Drs. Roels - Hoste
Largest movements
- Receivables within one year -€171,851
down €171,851 (-95.3%), from €180,352 to €8,501
of which Trade receivables: -€163,760
- Cash -€167,248
down €167,248 (-31.6%), from €529,424 to €362,176
mainly Contributions, distributions and other (-€563,158) and Deferred charges and accrued income (-€129,034)
- Deferred charges and accrued income +€129,034
up €129,034 (+896%), from €14,406 to €143,441
- Current investments +€76,358
up €76,358 (+12.3%), from €622,549 to €698,907
- Reserves -€350,047
down €350,047 (-25.9%), from €1.4m to €1.0m
- Other debts +€200,205
new in 2025: €200,205
- Gross operating margin -€69,825
down €69,825 (-20.8%), from €336,147 to €266,322
- Taxes -€51,809
down €51,809 (-38.3%), from €135,172 to €83,362
- Financial charges -€13,207
down €13,207 (-73.2%), from €18,045 to €4,837
of which Non-recurring financial charges: -€15,107
- Depreciation -€6,232
down €6,232 (-32.0%), from €19,500 to €13,268
- Financial income +€4,367
up €4,367 (+7.8%), from €55,828 to €60,194
of which Non-recurring financial income: +€21,891
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 | €1,395,293 | €1,255,198 | -€140,096 | -10.0% |
| Fixed assets | 21/28 | €48,562 | €42,173 | -€6,389 | -13.2% |
| Tangible fixed assets | 22/27 | €48,562 | €42,173 | -€6,389 | -13.2% |
| Land and buildings | 22 | €38,248 | €35,192 | -€3,056 | -8.0% |
| Plant, machinery and equipment | 23 | €1,976 | €1,810 | -€166 | -8.4% |
| Furniture and vehicles | 24 | €8,338 | €5,171 | -€3,167 | -38.0% |
| Current assets | 29/58 | €1,346,732 | €1,213,025 | -€133,707 | -9.9% |
| Amounts receivable within one year | 40/41 | €180,352 | €8,501 | -€171,851 | -95.3% |
| Trade receivables | 40 | €163,760 | €0 | -€163,760 | -100% |
| Other amounts receivable | 41 | €16,592 | €8,501 | -€8,091 | -48.8% |
| Current investments | 50/53 | €622,549 | €698,907 | +€76,358 | +12.3% |
| Cash at bank and in hand | 54/58 | €529,424 | €362,176 | -€167,248 | -31.6% |
| Deferred charges and accrued income | 490/1 | €14,406 | €143,441 | +€129,034 | +896% |
| Total equity and liabilities | 10/49 | €1,395,293 | €1,255,198 | -€140,096 | -10.0% |
| Equity | 10/15 | €1,368,901 | €1,018,854 | -€350,047 | -25.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,350,301 | €1,000,254 | -€350,047 | -25.9% |
| Distributable reserves | 133 | €1,350,301 | €1,000,254 | -€350,047 | -25.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €26,393 | €236,344 | +€209,951 | +795% |
| Amounts payable within one year | 42/48 | €25,347 | €236,344 | +€210,997 | +832% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | - | €4,593 | +€4,593 | |
| Credit institutions | 430/8 | - | €4,593 | +€4,593 | |
| Trade debts | 44 | €4,656 | €10,847 | +€6,192 | +133% |
| Suppliers | 440/4 | €4,656 | €10,847 | +€6,192 | +133% |
| Taxes, remuneration and social security | 45 | €20,691 | €20,698 | +€7 | 0.0% |
| Taxes | 450/3 | €20,523 | €20,523 | = | 0.0% |
| Remuneration and social security | 454/9 | €168 | €175 | +€7 | +4.0% |
| Other amounts payable | 47/48 | - | €200,205 | +€200,205 | |
| Accrued charges and deferred income | 492/3 | €1,046 | €0 | -€1,046 | -100% |
| Remuneration, social security and pensions | 62 | €8,083 | €8,221 | +€138 | +1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,500 | €13,268 | -€6,232 | -32.0% |
| Other operating charges | 640/8 | €3,179 | €3,717 | +€538 | +16.9% |
| Gross operating margin | 9900 | €336,147 | €266,322 | -€69,825 | -20.8% |
| Operating profit (loss) | 9901 | €305,385 | €241,117 | -€64,268 | -21.0% |
| Financial income | 75/76B | €55,828 | €60,194 | +€4,367 | +7.8% |
| Recurring financial income | 75 | €23,474 | €5,950 | -€17,524 | -74.7% |
| Non-recurring financial income | 76B | €32,354 | €54,245 | +€21,891 | +67.7% |
| Financial charges | 65/66B | €18,045 | €4,837 | -€13,207 | -73.2% |
| Recurring financial charges | 65 | €2,938 | €4,837 | +€1,899 | +64.6% |
| Non-recurring financial charges | 66B | €15,107 | €0 | -€15,107 | -100% |
| Profit (loss) for the period before taxes | 9903 | €343,168 | €296,474 | -€46,694 | -13.6% |
| Income taxes | 67/77 | €135,172 | €83,362 | -€51,809 | -38.3% |
| Profit (loss) for the period | 9904 | €207,996 | €213,111 | +€5,115 | +2.5% |
| Profit (loss) for the period to be appropriated | 9905 | €207,996 | €213,111 | +€5,115 | +2.5% |
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 20 October 2026 via checked.be.