HEUSE & ROZNOWSKI: 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.
HEUSE & ROZNOWSKI
Largest movements
- Receivables within one year +€60,194
up €60,194 (+112%), from €53,682 to €113,876
of which Trade receivables: +€40,661
- Tangible fixed assets -€34,298
down €34,298 (-3.8%), from €904,013 to €869,715
of which Plant, machinery and equipment: -€25,488
- Profit (loss) carried forward +€45,214
up €45,214 (+49.4%), from €91,606 to €136,820
- Debts after one year -€32,632
down €32,632 (-13.4%), from €244,389 to €211,757
- Current portion of long-term debt -€23,661
down €23,661 (-30.0%), from €78,859 to €55,198
- Short-term financial debts +€14,157
up €14,157 (+23.8%), from €59,417 to €73,574
- Reserves +€13,772
up €13,772 (+3.5%), from €390,802 to €404,574
of which Distributable reserves: +€20,000
- Gross operating margin +€126,646
up €126,646 (+93.6%), from €135,278 to €261,924
- Financial charges +€17,803
up €17,803 (+70.8%), from €25,149 to €42,952
- Taxes +€13,971
up €13,971 (+57.6%), from €24,238 to €38,209
- Staff costs +€3,904
new in 2025: €3,904
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 | €965,603 | €991,940 | +€26,337 | +2.7% |
| Fixed assets | 21/28 | €904,573 | €870,275 | -€34,298 | -3.8% |
| Tangible fixed assets | 22/27 | €904,013 | €869,715 | -€34,298 | -3.8% |
| Land and buildings | 22 | €717,165 | €694,093 | -€23,072 | -3.2% |
| Plant, machinery and equipment | 23 | €163,676 | €138,188 | -€25,488 | -15.6% |
| Furniture and vehicles | 24 | €7,354 | €23,593 | +€16,239 | +221% |
| Leasing and similar rights | 25 | €15,818 | €13,841 | -€1,977 | -12.5% |
| Financial fixed assets | 28 | €560 | €560 | = | 0.0% |
| Current assets | 29/58 | €61,030 | €121,665 | +€60,635 | +99.4% |
| Amounts receivable within one year | 40/41 | €53,682 | €113,876 | +€60,194 | +112% |
| Trade receivables | 40 | €9,075 | €49,736 | +€40,661 | +448% |
| Other amounts receivable | 41 | €44,607 | €64,140 | +€19,533 | +43.8% |
| Cash at bank and in hand | 54/58 | €42 | €7,789 | +€7,747 | +18,445% |
| Deferred charges and accrued income | 490/1 | €7,306 | - | -€7,306 | |
| Total equity and liabilities | 10/49 | €965,603 | €991,940 | +€26,337 | +2.7% |
| Equity | 10/15 | €501,008 | €559,994 | +€58,986 | +11.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €390,802 | €404,574 | +€13,772 | +3.5% |
| Tax-exempt reserves | 132 | €163,942 | €157,714 | -€6,228 | -3.8% |
| Distributable reserves | 133 | €226,860 | €246,860 | +€20,000 | +8.8% |
| Profit (loss) carried forward | 14 | €91,606 | €136,820 | +€45,214 | +49.4% |
| Amounts payable | 17/49 | €464,595 | €431,946 | -€32,649 | -7.0% |
| Amounts payable after more than one year | 17 | €244,389 | €211,757 | -€32,632 | -13.4% |
| Financial debts | 170/4 | €244,389 | €211,757 | -€32,632 | -13.4% |
| Amounts payable within one year | 42/48 | €220,206 | €220,189 | -€17 | 0.0% |
| Current portion of amounts payable after more than one year | 42 | €78,859 | €55,198 | -€23,661 | -30.0% |
| Financial debts | 43 | €59,417 | €73,574 | +€14,157 | +23.8% |
| Credit institutions | 430/8 | €59,417 | €73,574 | +€14,157 | +23.8% |
| Trade debts | 44 | €35,907 | €36,788 | +€881 | +2.5% |
| Suppliers | 440/4 | €35,907 | €36,788 | +€881 | +2.5% |
| Taxes, remuneration and social security | 45 | €32,468 | €41,074 | +€8,606 | +26.5% |
| Taxes | 450/3 | €32,468 | €40,441 | +€7,973 | +24.6% |
| Remuneration and social security | 454/9 | - | €633 | +€633 | |
| Other amounts payable | 47/48 | €13,555 | €13,555 | = | 0.0% |
| Remuneration, social security and pensions | 62 | - | €3,904 | +€3,904 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,383 | €65,388 | +€2,005 | +3.2% |
| Other operating charges | 640/8 | €4,327 | €3,571 | -€756 | -17.5% |
| Gross operating margin | 9900 | €135,278 | €261,924 | +€126,646 | +93.6% |
| Operating profit (loss) | 9901 | €67,568 | €189,061 | +€121,493 | +180% |
| Financial income | 75/76B | €1,838 | €1,086 | -€752 | -40.9% |
| Recurring financial income | 75 | €1,838 | €1,086 | -€752 | -40.9% |
| Financial charges | 65/66B | €25,149 | €42,952 | +€17,803 | +70.8% |
| Recurring financial charges | 65 | €25,149 | €42,952 | +€17,803 | +70.8% |
| Profit (loss) for the period before taxes | 9903 | €44,257 | €147,195 | +€102,938 | +233% |
| Income taxes | 67/77 | €24,238 | €38,209 | +€13,971 | +57.6% |
| Profit (loss) for the period | 9904 | €20,019 | €108,986 | +€88,967 | +444% |
| Transfer from tax-exempt reserves | 789 | €6,228 | €6,228 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €26,247 | €115,214 | +€88,967 | +339% |
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 24 October 2026 via checked.be.