Gerard RIGOLLE: 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.
Gerard RIGOLLE
Largest movements
- Tangible fixed assets -€388,543
down €388,543 (-11.7%), from €3.3m to €2.9m
of which Plant, machinery and equipment: -€238,020
- Cash -€83,201
down €83,201 (-77.5%), from €107,356 to €24,154
mainly Other debts (-€847,271) and Debts after one year (-€282,440)
- Stocks and contracts -€73,325
down €73,325 (-2.7%), from €2.7m to €2.6m
- Other debts -€847,271
down €847,271 (-68.6%), from €1.2m to €388,400
- Trade debts +€448,936
up €448,936 (+92.8%), from €483,624 to €932,560
- Debts after one year -€282,440
down €282,440 (-13.6%), from €2.1m to €1.8m
- Reserves +€214,177
up €214,177 (+27.5%), from €779,430 to €993,608
of which Distributable reserves: +€214,177
- Current portion of long-term debt -€133,742
down €133,742 (-33.2%), from €402,622 to €268,880
- Gross operating margin +€80,935
up €80,935 (+6.5%), from €1.2m to €1.3m
- Financial charges -€38,343
down €38,343 (-25.4%), from €150,678 to €112,335
- Depreciation -€20,642
down €20,642 (-5.1%), from €408,527 to €387,886
- Other operating charges +€15,966
up €15,966 (+27.6%), from €57,851 to €73,817
- Financial income -€14,160
down €14,160 (-77.5%), from €18,260 to €4,100
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 | €6,574,425 | €5,984,638 | -€589,787 | -9.0% |
| Fixed assets | 21/28 | €3,335,791 | €2,933,197 | -€402,593 | -12.1% |
| Tangible fixed assets | 22/27 | €3,321,740 | €2,933,197 | -€388,543 | -11.7% |
| Land and buildings | 22 | €2,643,685 | €2,505,501 | -€138,185 | -5.2% |
| Plant, machinery and equipment | 23 | €665,659 | €427,639 | -€238,020 | -35.8% |
| Furniture and vehicles | 24 | €12,396 | €58 | -€12,339 | -99.5% |
| Financial fixed assets | 28 | €14,051 | €0 | -€14,051 | -100% |
| Current assets | 29/58 | €3,238,634 | €3,051,440 | -€187,194 | -5.8% |
| Stocks and contracts in progress | 3 | €2,698,989 | €2,625,665 | -€73,325 | -2.7% |
| Stocks | 30/36 | €2,698,989 | €2,625,665 | -€73,325 | -2.7% |
| Amounts receivable within one year | 40/41 | €428,866 | €399,361 | -€29,506 | -6.9% |
| Trade receivables | 40 | €425,593 | €392,341 | -€33,252 | -7.8% |
| Other amounts receivable | 41 | €3,273 | €7,019 | +€3,747 | +114% |
| Cash at bank and in hand | 54/58 | €107,356 | €24,154 | -€83,201 | -77.5% |
| Deferred charges and accrued income | 490/1 | €3,423 | €2,261 | -€1,163 | -34.0% |
| Total equity and liabilities | 10/49 | €6,574,425 | €5,984,638 | -€589,787 | -9.0% |
| Equity | 10/15 | €798,030 | €1,012,208 | +€214,177 | +26.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €779,430 | €993,608 | +€214,177 | +27.5% |
| Non-distributable reserves | 130/1 | €496 | €496 | = | 0.0% |
| Other | 1319 | €496 | €496 | = | 0.0% |
| Tax-exempt reserves | 132 | €8,875 | €8,875 | = | 0.0% |
| Distributable reserves | 133 | €770,060 | €984,237 | +€214,177 | +27.8% |
| Amounts payable | 17/49 | €5,776,395 | €4,972,430 | -€803,965 | -13.9% |
| Amounts payable after more than one year | 17 | €2,071,421 | €1,788,981 | -€282,440 | -13.6% |
| Financial debts | 170/4 | €2,071,421 | €1,788,981 | -€282,440 | -13.6% |
| Amounts payable within one year | 42/48 | €3,699,398 | €3,179,693 | -€519,705 | -14.0% |
| Current portion of amounts payable after more than one year | 42 | €402,622 | €268,880 | -€133,742 | -33.2% |
| Financial debts | 43 | €1,500,000 | €1,500,000 | = | 0.0% |
| Credit institutions | 430/8 | €1,500,000 | €1,500,000 | = | 0.0% |
| Trade debts | 44 | €483,624 | €932,560 | +€448,936 | +92.8% |
| Suppliers | 440/4 | €483,624 | €932,560 | +€448,936 | +92.8% |
| Taxes, remuneration and social security | 45 | €77,482 | €89,854 | +€12,372 | +16.0% |
| Taxes | 450/3 | €4,070 | €3,966 | -€104 | -2.6% |
| Remuneration and social security | 454/9 | €73,412 | €85,888 | +€12,476 | +17.0% |
| Other amounts payable | 47/48 | €1,235,671 | €388,400 | -€847,271 | -68.6% |
| Accrued charges and deferred income | 492/3 | €5,576 | €3,756 | -€1,820 | -32.6% |
| Remuneration, social security and pensions | 62 | €535,656 | €539,991 | +€4,335 | +0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €408,527 | €387,886 | -€20,642 | -5.1% |
| Other operating charges | 640/8 | €57,851 | €73,817 | +€15,966 | +27.6% |
| Non-recurring operating charges | 66A | - | €2,836 | +€2,836 | |
| Gross operating margin | 9900 | €1,246,008 | €1,326,943 | +€80,935 | +6.5% |
| Operating profit (loss) | 9901 | €243,972 | €322,413 | +€78,440 | +32.2% |
| Financial income | 75/76B | €18,260 | €4,100 | -€14,160 | -77.5% |
| Recurring financial income | 75 | €18,260 | €4,100 | -€14,160 | -77.5% |
| Financial charges | 65/66B | €150,678 | €112,335 | -€38,343 | -25.4% |
| Recurring financial charges | 65 | €150,678 | €112,335 | -€38,343 | -25.4% |
| Profit (loss) for the period before taxes | 9903 | €111,554 | €214,177 | +€102,624 | +92.0% |
| Profit (loss) for the period | 9904 | €111,554 | €214,177 | +€102,624 | +92.0% |
| Profit (loss) for the period to be appropriated | 9905 | €111,554 | €214,177 | +€102,624 | +92.0% |
Source: filed annual accounts (NBB), financial years ended 31 October 2024 and 31 October 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.