F. RODENBACH: 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.
F. RODENBACH
Largest movements
- Tangible fixed assets +€513,633
up €513,633 (+339%), from €151,480 to €665,113
of which Land and buildings: +€514,168
- Current investments +€100,000
up €100,000 (+20.0%), from €500,000 to €600,000
- Deferred charges and accrued income +€65,979
up €65,979 (+853%), from €7,736 to €73,715
- Cash +€32,652
up €32,652 (+14.2%), from €230,562 to €263,214
mainly Other debts (+€584,284) and Net result for the year (+€189,340)
- Receivables after one year +€27,500
up €27,500 (+73.1%), from €37,599 to €65,099
- Other debts +€584,284
up €584,284 (+1,986%), from €29,426 to €613,709
- Reserves +€189,000
up €189,000 (+16.1%), from €1.2m to €1.4m
of which Distributable reserves: +€189,000
- Staff costs -€39,408
down €39,408 (-21.0%), from €187,422 to €148,014
- Gross operating margin -€23,468
down €23,468 (-3.9%), from €606,568 to €583,100
- Depreciation -€12,895
down €12,895 (-8.6%), from €150,568 to €137,674
- Financial income -€9,940
down €9,940 (-43.1%), from €23,068 to €13,128
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 | €1,466,014 | €2,248,591 | +€782,577 | +53.4% |
| Fixed assets | 21/28 | €151,961 | €665,113 | +€513,152 | +338% |
| Intangible fixed assets | 21 | €481 | €0 | -€481 | -100% |
| Tangible fixed assets | 22/27 | €151,480 | €665,113 | +€513,633 | +339% |
| Land and buildings | 22 | €135,832 | €650,000 | +€514,168 | +379% |
| Furniture and vehicles | 24 | €15,648 | €15,113 | -€535 | -3.4% |
| Current assets | 29/58 | €1,314,053 | €1,583,479 | +€269,425 | +20.5% |
| Amounts receivable after more than one year | 29 | €37,599 | €65,099 | +€27,500 | +73.1% |
| Other amounts receivable | 291 | €37,599 | €65,099 | +€27,500 | +73.1% |
| Stocks and contracts in progress | 3 | €384,887 | €411,226 | +€26,340 | +6.8% |
| Stocks | 30/36 | €384,887 | €411,226 | +€26,340 | +6.8% |
| Amounts receivable within one year | 40/41 | €153,270 | €170,224 | +€16,954 | +11.1% |
| Trade receivables | 40 | €153,270 | €170,224 | +€16,954 | +11.1% |
| Current investments | 50/53 | €500,000 | €600,000 | +€100,000 | +20.0% |
| Cash at bank and in hand | 54/58 | €230,562 | €263,214 | +€32,652 | +14.2% |
| Deferred charges and accrued income | 490/1 | €7,736 | €73,715 | +€65,979 | +853% |
| Total equity and liabilities | 10/49 | €1,466,014 | €2,248,591 | +€782,577 | +53.4% |
| Equity | 10/15 | €1,194,747 | €1,384,087 | +€189,340 | +15.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,173,631 | €1,362,631 | +€189,000 | +16.1% |
| Tax-exempt reserves | 132 | €23,771 | €23,771 | = | 0.0% |
| Distributable reserves | 133 | €1,149,860 | €1,338,860 | +€189,000 | +16.4% |
| Profit (loss) carried forward | 14 | €2,516 | €2,856 | +€340 | +13.5% |
| Amounts payable | 17/49 | €271,267 | €864,504 | +€593,237 | +219% |
| Amounts payable within one year | 42/48 | €244,608 | €840,517 | +€595,909 | +244% |
| Trade debts | 44 | €121,035 | €136,100 | +€15,065 | +12.4% |
| Suppliers | 440/4 | €121,035 | €136,100 | +€15,065 | +12.4% |
| Taxes, remuneration and social security | 45 | €94,147 | €90,707 | -€3,439 | -3.7% |
| Taxes | 450/3 | €58,040 | €78,500 | +€20,459 | +35.3% |
| Remuneration and social security | 454/9 | €36,106 | €12,208 | -€23,899 | -66.2% |
| Other amounts payable | 47/48 | €29,426 | €613,709 | +€584,284 | +1,986% |
| Accrued charges and deferred income | 492/3 | €26,659 | €23,988 | -€2,672 | -10.0% |
| Remuneration, social security and pensions | 62 | €187,422 | €148,014 | -€39,408 | -21.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €150,568 | €137,674 | -€12,895 | -8.6% |
| Other operating charges | 640/8 | €6,727 | €7,304 | +€578 | +8.6% |
| Gross operating margin | 9900 | €606,568 | €583,100 | -€23,468 | -3.9% |
| Operating profit (loss) | 9901 | €261,851 | €290,108 | +€28,257 | +10.8% |
| Financial income | 75/76B | €23,068 | €13,128 | -€9,940 | -43.1% |
| Recurring financial income | 75 | €23,068 | €13,128 | -€9,940 | -43.1% |
| Financial charges | 65/66B | €23,267 | €27,962 | +€4,695 | +20.2% |
| Recurring financial charges | 65 | €23,267 | €27,962 | +€4,695 | +20.2% |
| Profit (loss) for the period before taxes | 9903 | €261,652 | €275,274 | +€13,623 | +5.2% |
| Income taxes | 67/77 | €81,474 | €85,934 | +€4,460 | +5.5% |
| Profit (loss) for the period | 9904 | €180,177 | €189,340 | +€9,162 | +5.1% |
| Profit (loss) for the period to be appropriated | 9905 | €180,177 | €189,340 | +€9,162 | +5.1% |
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 14 October 2026 via checked.be.