FILIP ROGIERS: 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.
FILIP ROGIERS
Largest movements
- Stocks and contracts +€65,646
new in 2026: €65,646
- Cash -€62,787
down €62,787 (-67.5%), from €93,083 to €30,296
mainly Stocks and contracts (-€65,646) and Debts after one year (-€18,971)
- Tangible fixed assets -€30,502
down €30,502 (-16.2%), from €188,171 to €157,669
- Receivables within one year +€11,047
up €11,047 (+33.7%), from €32,806 to €43,853
of which Trade receivables: +€6,209
- Debts after one year -€18,971
down €18,971 (-23.2%), from €81,765 to €62,794
- Reserves +€13,160
up €13,160 (+11.6%), from €113,837 to €126,996
- Trade debts +€10,733
up €10,733 (+152%), from €7,069 to €17,802
- Other debts -€9,118
down €9,118 (-16.5%), from €55,116 to €45,999
- Current portion of long-term debt -€7,681
down €7,681 (-28.8%), from €26,652 to €18,971
- Gross operating margin +€5,909
up €5,909 (+12.4%), from €47,840 to €53,748
- Depreciation -€3,044
down €3,044 (-9.1%), from €33,546 to €30,502
- Taxes +€2,041
up €2,041 (+69.5%), from €2,938 to €4,979
- Financial charges -€842
down €842 (-15.9%), from €5,286 to €4,445
- Financial income +€680
up €680 (+1,511%), from €45 to €724
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €316,016 | €300,391 | -€15,624 | -4.9% |
| Fixed assets | 21/28 | €188,171 | €157,669 | -€30,502 | -16.2% |
| Tangible fixed assets | 22/27 | €188,171 | €157,669 | -€30,502 | -16.2% |
| Land and buildings | 22 | €150,149 | €145,006 | -€5,143 | -3.4% |
| Plant, machinery and equipment | 23 | €10,182 | €0 | -€10,182 | -100% |
| Furniture and vehicles | 24 | €27,839 | €12,663 | -€15,177 | -54.5% |
| Current assets | 29/58 | €127,845 | €142,723 | +€14,877 | +11.6% |
| Stocks and contracts in progress | 3 | - | €65,646 | +€65,646 | |
| Stocks | 30/36 | - | €65,646 | +€65,646 | |
| Amounts receivable within one year | 40/41 | €32,806 | €43,853 | +€11,047 | +33.7% |
| Trade receivables | 40 | €32,806 | €39,015 | +€6,209 | +18.9% |
| Other amounts receivable | 41 | €0 | €4,838 | +€4,838 | |
| Cash at bank and in hand | 54/58 | €93,083 | €30,296 | -€62,787 | -67.5% |
| Deferred charges and accrued income | 490/1 | €1,956 | €2,927 | +€971 | +49.6% |
| Total equity and liabilities | 10/49 | €316,016 | €300,391 | -€15,624 | -4.9% |
| Equity | 10/15 | €132,437 | €145,596 | +€13,160 | +9.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €113,837 | €126,996 | +€13,160 | +11.6% |
| Distributable reserves | 133 | €113,837 | €126,996 | +€13,160 | +11.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €183,579 | €154,795 | -€28,784 | -15.7% |
| Amounts payable after more than one year | 17 | €81,765 | €62,794 | -€18,971 | -23.2% |
| Financial debts | 170/4 | €81,765 | €62,794 | -€18,971 | -23.2% |
| Amounts payable within one year | 42/48 | €101,814 | €91,992 | -€9,822 | -9.6% |
| Current portion of amounts payable after more than one year | 42 | €26,652 | €18,971 | -€7,681 | -28.8% |
| Trade debts | 44 | €7,069 | €17,802 | +€10,733 | +152% |
| Suppliers | 440/4 | €7,069 | €17,802 | +€10,733 | +152% |
| Taxes, remuneration and social security | 45 | €12,977 | €9,221 | -€3,757 | -28.9% |
| Taxes | 450/3 | €9,396 | €3,482 | -€5,914 | -62.9% |
| Remuneration and social security | 454/9 | €3,582 | €5,739 | +€2,157 | +60.2% |
| Other amounts payable | 47/48 | €55,116 | €45,999 | -€9,118 | -16.5% |
| Accrued charges and deferred income | 492/3 | - | €9 | +€9 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,546 | €30,502 | -€3,044 | -9.1% |
| Other operating charges | 640/8 | €1,335 | €1,388 | +€53 | +3.9% |
| Gross operating margin | 9900 | €47,840 | €53,748 | +€5,909 | +12.4% |
| Operating profit (loss) | 9901 | €12,959 | €21,859 | +€8,900 | +68.7% |
| Financial income | 75/76B | €45 | €724 | +€680 | +1,511% |
| Recurring financial income | 75 | €45 | €724 | +€680 | +1,511% |
| Financial charges | 65/66B | €5,286 | €4,445 | -€842 | -15.9% |
| Recurring financial charges | 65 | €5,286 | €4,445 | -€842 | -15.9% |
| Profit (loss) for the period before taxes | 9903 | €7,717 | €18,139 | +€10,421 | +135% |
| Income taxes | 67/77 | €2,938 | €4,979 | +€2,041 | +69.5% |
| Profit (loss) for the period | 9904 | €4,779 | €13,160 | +€8,380 | +175% |
| Profit (loss) for the period to be appropriated | 9905 | €4,779 | €13,160 | +€8,380 | +175% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.