JOHAN ROELS: 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.
JOHAN ROELS
Largest movements
- Stocks and contracts -€7,000
down €7,000 (-14.6%), from €48,000 to €41,000
of which Contracts in progress: -€4,000
- Cash +€6,819
up €6,819 (+6.9%), from €98,850 to €105,669
mainly Trade debts (+€8,199) and Stocks and contracts (+€7,000)
- Receivables within one year +€6,639
up €6,639 (+11.0%), from €60,225 to €66,864
of which Trade receivables: +€9,634
- Tangible fixed assets -€3,908
down €3,908 (-30.4%), from €12,855 to €8,946
- Trade debts +€8,199
up €8,199 (+86.7%), from €9,459 to €17,658
- Reserves +€5,357
up €5,357 (+6.8%), from €78,939 to €84,296
- Other debts -€5,315
down €5,315 (-4.8%), from €110,409 to €105,093
- Accrued charges and deferred income -€4,161
down €4,161 (-100%), from €4,161 to €0
- Staff costs +€13,753
up €13,753 (+11.4%), from €120,311 to €134,063
- Depreciation -€9,595
down €9,595 (-71.1%), from €13,503 to €3,908
- Other operating charges +€4,877
up €4,877 (+146%), from €3,332 to €8,210
- Taxes -€4,360
down €4,360 (-47.0%), from €9,269 to €4,909
- Gross operating margin -€3,990
down €3,990 (-2.4%), from €166,791 to €162,800
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 | €224,130 | €228,084 | +€3,955 | +1.8% |
| Fixed assets | 21/28 | €12,855 | €8,946 | -€3,908 | -30.4% |
| Tangible fixed assets | 22/27 | €12,855 | €8,946 | -€3,908 | -30.4% |
| Furniture and vehicles | 24 | €12,855 | €8,946 | -€3,908 | -30.4% |
| Current assets | 29/58 | €211,275 | €219,138 | +€7,863 | +3.7% |
| Stocks and contracts in progress | 3 | €48,000 | €41,000 | -€7,000 | -14.6% |
| Stocks | 30/36 | €32,000 | €29,000 | -€3,000 | -9.4% |
| Contracts in progress | 37 | €16,000 | €12,000 | -€4,000 | -25.0% |
| Amounts receivable within one year | 40/41 | €60,225 | €66,864 | +€6,639 | +11.0% |
| Trade receivables | 40 | €53,436 | €63,070 | +€9,634 | +18.0% |
| Other amounts receivable | 41 | €6,789 | €3,794 | -€2,995 | -44.1% |
| Cash at bank and in hand | 54/58 | €98,850 | €105,669 | +€6,819 | +6.9% |
| Deferred charges and accrued income | 490/1 | €4,200 | €5,605 | +€1,405 | +33.4% |
| Total equity and liabilities | 10/49 | €224,130 | €228,084 | +€3,955 | +1.8% |
| Equity | 10/15 | €97,539 | €102,896 | +€5,357 | +5.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €78,939 | €84,296 | +€5,357 | +6.8% |
| Distributable reserves | 133 | €78,939 | €84,296 | +€5,357 | +6.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €126,591 | €125,188 | -€1,403 | -1.1% |
| Amounts payable within one year | 42/48 | €122,430 | €125,188 | +€2,758 | +2.3% |
| Trade debts | 44 | €9,459 | €17,658 | +€8,199 | +86.7% |
| Suppliers | 440/4 | €9,459 | €17,658 | +€8,199 | +86.7% |
| Taxes, remuneration and social security | 45 | €2,562 | €2,437 | -€126 | -4.9% |
| Taxes | 450/3 | €2,562 | €2,437 | -€126 | -4.9% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €110,409 | €105,093 | -€5,315 | -4.8% |
| Accrued charges and deferred income | 492/3 | €4,161 | €0 | -€4,161 | -100% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €120,311 | €134,063 | +€13,753 | +11.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,503 | €3,908 | -€9,595 | -71.1% |
| Other operating charges | 640/8 | €3,332 | €8,210 | +€4,877 | +146% |
| Gross operating margin | 9900 | €166,791 | €162,800 | -€3,990 | -2.4% |
| Operating profit (loss) | 9901 | €29,645 | €16,619 | -€13,026 | -43.9% |
| Financial income | 75/76B | €826 | €1,162 | +€337 | +40.8% |
| Recurring financial income | 75 | €826 | €1,162 | +€337 | +40.8% |
| Financial charges | 65/66B | €6,112 | €7,516 | +€1,404 | +23.0% |
| Recurring financial charges | 65 | €6,112 | €7,516 | +€1,404 | +23.0% |
| Profit (loss) for the period before taxes | 9903 | €24,359 | €10,266 | -€14,093 | -57.9% |
| Income taxes | 67/77 | €9,269 | €4,909 | -€4,360 | -47.0% |
| Profit (loss) for the period | 9904 | €15,090 | €5,357 | -€9,733 | -64.5% |
| Profit (loss) for the period to be appropriated | 9905 | €15,090 | €5,357 | -€9,733 | -64.5% |
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 18 October 2026 via checked.be.