FRANK ROETS: 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.
FRANK ROETS
Largest movements
- Tangible fixed assets +€935,748
up €935,748 (+521%), from €179,759 to €1.1m
of which Land and buildings: +€920,404
- Cash -€343,960
down €343,960 (-96.5%), from €356,439 to €12,479
mainly Investment in fixed assets (net) (-€1.0m) and Net result for the year (-€178,631)
- Intangible fixed assets -€270,220
down €270,220 (-23.4%), from €1.2m to €882,247
- Receivables within one year -€50,100
down €50,100 (-52.4%), from €95,588 to €45,488
of which Trade receivables: -€27,398
- Other debts +€192,624
up €192,624 (+360%), from €53,516 to €246,140
- Profit (loss) carried forward -€178,631
down €178,631 (-2,097%), from -€8,520 to -€187,152
- Debts after one year +€153,024
up €153,024 (+13.6%), from €1.1m to €1.3m
- Short-term financial debts +€36,837
up €36,837 (+70.5%), from €52,283 to €89,121
- Staff costs +€171,923
up €171,923 (+45.0%), from €381,976 to €553,899
- Depreciation +€145,333
up €145,333 (+73.7%), from €197,179 to €342,512
- Gross operating margin +€110,082
up €110,082 (+16.8%), from €653,781 to €763,863
- Taxes -€23,892
down €23,892 (-94.7%), from €25,237 to €1,345
- Financial charges +€15,409
up €15,409 (+58.7%), from €26,258 to €41,667
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 | €1,809,868 | €2,070,159 | +€260,291 | +14.4% |
| Fixed assets | 21/28 | €1,341,190 | €2,006,718 | +€665,528 | +49.6% |
| Intangible fixed assets | 21 | €1,152,467 | €882,247 | -€270,220 | -23.4% |
| Tangible fixed assets | 22/27 | €179,759 | €1,115,507 | +€935,748 | +521% |
| Land and buildings | 22 | €52,434 | €972,838 | +€920,404 | +1,755% |
| Plant, machinery and equipment | 23 | €3,697 | €4,972 | +€1,275 | +34.5% |
| Furniture and vehicles | 24 | €123,628 | €137,697 | +€14,069 | +11.4% |
| Financial fixed assets | 28 | €8,964 | €8,964 | = | 0.0% |
| Current assets | 29/58 | €468,677 | €63,441 | -€405,237 | -86.5% |
| Amounts receivable within one year | 40/41 | €95,588 | €45,488 | -€50,100 | -52.4% |
| Trade receivables | 40 | €72,669 | €45,271 | -€27,398 | -37.7% |
| Other amounts receivable | 41 | €22,919 | €217 | -€22,702 | -99.1% |
| Cash at bank and in hand | 54/58 | €356,439 | €12,479 | -€343,960 | -96.5% |
| Deferred charges and accrued income | 490/1 | €16,651 | €5,473 | -€11,177 | -67.1% |
| Total equity and liabilities | 10/49 | €1,809,868 | €2,070,159 | +€260,291 | +14.4% |
| Equity | 10/15 | €181,372 | €2,741 | -€178,631 | -98.5% |
| Contributions | 10/11 | €182,705 | €182,705 | = | 0.0% |
| Reserves | 13 | €7,187 | €7,187 | = | 0.0% |
| Distributable reserves | 133 | €7,187 | €7,187 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€8,520 | -€187,152 | -€178,631 | -2,097% |
| Amounts payable | 17/49 | €1,628,496 | €2,067,418 | +€438,922 | +27.0% |
| Amounts payable after more than one year | 17 | €1,121,148 | €1,274,172 | +€153,024 | +13.6% |
| Financial debts | 170/4 | €1,121,148 | €1,274,172 | +€153,024 | +13.6% |
| Amounts payable within one year | 42/48 | €493,040 | €774,539 | +€281,500 | +57.1% |
| Current portion of amounts payable after more than one year | 42 | €264,608 | €282,380 | +€17,772 | +6.7% |
| Financial debts | 43 | €52,283 | €89,121 | +€36,837 | +70.5% |
| Credit institutions | 430/8 | €52,283 | €89,121 | +€36,837 | +70.5% |
| Trade debts | 44 | €70,235 | €85,136 | +€14,901 | +21.2% |
| Suppliers | 440/4 | €70,235 | €85,136 | +€14,901 | +21.2% |
| Taxes, remuneration and social security | 45 | €52,397 | €71,763 | +€19,366 | +37.0% |
| Taxes | 450/3 | €7,980 | €10,769 | +€2,790 | +35.0% |
| Remuneration and social security | 454/9 | €44,418 | €60,994 | +€16,576 | +37.3% |
| Other amounts payable | 47/48 | €53,516 | €246,140 | +€192,624 | +360% |
| Accrued charges and deferred income | 492/3 | €14,308 | €18,707 | +€4,399 | +30.7% |
| Non-recurring operating income | 76A | €1,500 | €0 | -€1,500 | -100% |
| Remuneration, social security and pensions | 62 | €381,976 | €553,899 | +€171,923 | +45.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €197,179 | €342,512 | +€145,333 | +73.7% |
| Other operating charges | 640/8 | €5,920 | €6,192 | +€272 | +4.6% |
| Non-recurring operating charges | 66A | €567 | €629 | +€62 | +10.9% |
| Gross operating margin | 9900 | €653,781 | €763,863 | +€110,082 | +16.8% |
| Operating profit (loss) | 9901 | €68,138 | -€139,370 | -€207,508 | |
| Financial income | 75/76B | €760 | €3,751 | +€2,991 | +394% |
| Recurring financial income | 75 | €760 | €3,751 | +€2,991 | +394% |
| Financial charges | 65/66B | €26,258 | €41,667 | +€15,409 | +58.7% |
| Recurring financial charges | 65 | €26,258 | €41,667 | +€15,409 | +58.7% |
| Profit (loss) for the period before taxes | 9903 | €42,639 | -€177,287 | -€219,926 | |
| Income taxes | 67/77 | €25,237 | €1,345 | -€23,892 | -94.7% |
| Profit (loss) for the period | 9904 | €17,403 | -€178,631 | -€196,034 | |
| Profit (loss) for the period to be appropriated | 9905 | €17,403 | -€178,631 | -€196,034 |
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 30 October 2026 via checked.be.