Frederik Roelens: what changed
Frederik Roelens
Largest movements
- Cash +€112,614
up €112,614 (+45.2%), from €249,280 to €361,894
mainly Net result for the year (+€103,594) and Tax, wage and social debts (+€17,895)
- Tangible fixed assets -€8,066
down €8,066 (-46.9%), from €17,198 to €9,132
of which Furniture and vehicles: -€4,803
- Reserves +€103,594
up €103,594 (+39.6%), from €261,413 to €365,007
- Tax, wage and social debts +€17,895
up €17,895 (+48.7%), from €36,751 to €54,646
- Trade debts -€13,179
down €13,179 (-65.5%), from €20,115 to €6,936
- Other debts -€5,894
down €5,894 (-19.9%), from €29,578 to €23,684
- Gross operating margin +€12,028
up €12,028 (+7.7%), from €155,318 to €167,347
- Taxes +€7,291
up €7,291 (+17.5%), from €41,634 to €48,925
- Financial income -€2,681
down €2,681 (-100%), from €2,681 to €0
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €365,477 | €467,198 | +€101,721 | +27.8% |
| Fixed assets | 21/28 | €17,238 | €9,172 | -€8,066 | -46.8% |
| Tangible fixed assets | 22/27 | €17,198 | €9,132 | -€8,066 | -46.9% |
| Plant, machinery and equipment | 23 | €10,592 | €7,329 | -€3,263 | -30.8% |
| Furniture and vehicles | 24 | €6,606 | €1,803 | -€4,803 | -72.7% |
| Financial fixed assets | 28 | €40 | €40 | = | 0.0% |
| Current assets | 29/58 | €348,239 | €458,026 | +€109,786 | +31.5% |
| Amounts receivable within one year | 40/41 | €98,073 | €94,769 | -€3,304 | -3.4% |
| Trade receivables | 40 | €98,073 | €94,769 | -€3,304 | -3.4% |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €249,280 | €361,894 | +€112,614 | +45.2% |
| Deferred charges and accrued income | 490/1 | €887 | €1,363 | +€476 | +53.7% |
| Total equity and liabilities | 10/49 | €365,477 | €467,198 | +€101,721 | +27.8% |
| Equity | 10/15 | €276,413 | €380,007 | +€103,594 | +37.5% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €261,413 | €365,007 | +€103,594 | +39.6% |
| Distributable reserves | 133 | €261,413 | €365,007 | +€103,594 | +39.6% |
| Amounts payable | 17/49 | €89,064 | €87,190 | -€1,874 | -2.1% |
| Amounts payable within one year | 42/48 | €86,445 | €85,267 | -€1,178 | -1.4% |
| Trade debts | 44 | €20,115 | €6,936 | -€13,179 | -65.5% |
| Suppliers | 440/4 | €20,115 | €6,936 | -€13,179 | -65.5% |
| Taxes, remuneration and social security | 45 | €36,751 | €54,646 | +€17,895 | +48.7% |
| Taxes | 450/3 | €36,751 | €54,646 | +€17,895 | +48.7% |
| Other amounts payable | 47/48 | €29,578 | €23,684 | -€5,894 | -19.9% |
| Accrued charges and deferred income | 492/3 | €2,619 | €1,924 | -€695 | -26.6% |
| Non-recurring operating income | 76A | €115 | €180 | +€65 | +56.5% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,736 | €11,999 | +€263 | +2.2% |
| Other operating charges | 640/8 | €780 | €743 | -€37 | -4.7% |
| Gross operating margin | 9900 | €155,318 | €167,347 | +€12,028 | +7.7% |
| Operating profit (loss) | 9901 | €142,802 | €154,604 | +€11,802 | +8.3% |
| Financial income | 75/76B | €2,681 | €0 | -€2,681 | -100% |
| Recurring financial income | 75 | €2,681 | €0 | -€2,681 | -100% |
| Financial charges | 65/66B | €2,730 | €2,084 | -€645 | -23.6% |
| Recurring financial charges | 65 | €2,730 | €2,084 | -€645 | -23.6% |
| Profit (loss) for the period before taxes | 9903 | €142,754 | €152,520 | +€9,766 | +6.8% |
| Income taxes | 67/77 | €41,634 | €48,925 | +€7,291 | +17.5% |
| Profit (loss) for the period | 9904 | €101,120 | €103,594 | +€2,474 | +2.4% |
| Profit (loss) for the period to be appropriated | 9905 | €101,120 | €103,594 | +€2,474 | +2.4% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.