KENNETH ROELENS: 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.
KENNETH ROELENS
Largest movements
- Tangible fixed assets +€55,168
up €55,168 (+30.8%), from €179,291 to €234,459
of which Land and buildings: +€45,550
- Receivables within one year +€28,381
up €28,381 (+69.6%), from €40,804 to €69,185
of which Trade receivables: +€24,317
- Stocks and contracts -€12,099
down €12,099 (-99.1%), from €12,214 to €114
of which Contracts in progress: -€10,805
- Cash -€7,234
down €7,234 (-19.2%), from €37,726 to €30,491
mainly Investment in fixed assets (net) (-€71,625) and Receivables within one year (-€28,381)
- Debts after one year +€39,200
up €39,200 (+27.7%), from €141,526 to €180,727
- Reserves +€20,000
up €20,000 (+22.2%), from €90,000 to €110,000
- Tax, wage and social debts -€12,988
down €12,988 (-78.3%), from €16,586 to €3,597
of which Taxes: -€14,748
- Advances received +€10,000
up €10,000, from €0 to €10,000
- Current portion of long-term debt +€5,634
up €5,634 (+52.1%), from €10,814 to €16,449
- Gross operating margin -€51,828
down €51,828 (-32.0%), from €162,048 to €110,219
- Taxes -€10,355
down €10,355 (-70.4%), from €14,718 to €4,363
- Depreciation +€9,369
up €9,369 (+123%), from €7,589 to €16,958
- Staff costs -€6,853
down €6,853 (-10.0%), from €68,748 to €61,895
- Financial charges +€4,676
up €4,676 (+145%), from €3,224 to €7,900
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 | €274,587 | €336,159 | +€61,572 | +22.4% |
| Fixed assets | 21/28 | €179,905 | €234,573 | +€54,668 | +30.4% |
| Intangible fixed assets | 21 | €614 | €114 | -€500 | -81.5% |
| Tangible fixed assets | 22/27 | €179,291 | €234,459 | +€55,168 | +30.8% |
| Land and buildings | 22 | €167,309 | €212,859 | +€45,550 | +27.2% |
| Plant, machinery and equipment | 23 | €1,768 | €13,941 | +€12,172 | +688% |
| Furniture and vehicles | 24 | €10,214 | €7,659 | -€2,555 | -25.0% |
| Current assets | 29/58 | €94,682 | €101,586 | +€6,905 | +7.3% |
| Stocks and contracts in progress | 3 | €12,214 | €114 | -€12,099 | -99.1% |
| Stocks | 30/36 | €1,409 | €114 | -€1,294 | -91.9% |
| Contracts in progress | 37 | €10,805 | €0 | -€10,805 | -100% |
| Amounts receivable within one year | 40/41 | €40,804 | €69,185 | +€28,381 | +69.6% |
| Trade receivables | 40 | €18,227 | €42,543 | +€24,317 | +133% |
| Other amounts receivable | 41 | €22,577 | €26,642 | +€4,065 | +18.0% |
| Cash at bank and in hand | 54/58 | €37,726 | €30,491 | -€7,234 | -19.2% |
| Deferred charges and accrued income | 490/1 | €3,939 | €1,796 | -€2,143 | -54.4% |
| Total equity and liabilities | 10/49 | €274,587 | €336,159 | +€61,572 | +22.4% |
| Equity | 10/15 | €99,144 | €118,174 | +€19,030 | +19.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €90,000 | €110,000 | +€20,000 | +22.2% |
| Distributable reserves | 133 | €90,000 | €110,000 | +€20,000 | +22.2% |
| Profit (loss) carried forward | 14 | €6,144 | €5,174 | -€970 | -15.8% |
| Amounts payable | 17/49 | €175,443 | €217,985 | +€42,542 | +24.2% |
| Amounts payable after more than one year | 17 | €141,526 | €180,727 | +€39,200 | +27.7% |
| Financial debts | 170/4 | €141,526 | €180,727 | +€39,200 | +27.7% |
| Amounts payable within one year | 42/48 | €33,916 | €37,114 | +€3,197 | +9.4% |
| Current portion of amounts payable after more than one year | 42 | €10,814 | €16,449 | +€5,634 | +52.1% |
| Trade debts | 44 | €5,517 | €7,068 | +€1,551 | +28.1% |
| Suppliers | 440/4 | €5,517 | €7,068 | +€1,551 | +28.1% |
| Advances received on contracts in progress | 46 | €0 | €10,000 | +€10,000 | |
| Taxes, remuneration and social security | 45 | €16,586 | €3,597 | -€12,988 | -78.3% |
| Taxes | 450/3 | €14,858 | €110 | -€14,748 | -99.3% |
| Remuneration and social security | 454/9 | €1,727 | €3,487 | +€1,760 | +102% |
| Other amounts payable | 47/48 | €1,000 | €0 | -€1,000 | -100% |
| Accrued charges and deferred income | 492/3 | - | €145 | +€145 | |
| Remuneration, social security and pensions | 62 | €68,748 | €61,895 | -€6,853 | -10.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,589 | €16,958 | +€9,369 | +123% |
| Other operating charges | 640/8 | €3,191 | €1,103 | -€2,088 | -65.4% |
| Gross operating margin | 9900 | €162,048 | €110,219 | -€51,828 | -32.0% |
| Operating profit (loss) | 9901 | €82,520 | €30,264 | -€52,256 | -63.3% |
| Financial income | 75/76B | €535 | €1,028 | +€493 | +92.0% |
| Recurring financial income | 75 | €535 | €1,028 | +€493 | +92.0% |
| Financial charges | 65/66B | €3,224 | €7,900 | +€4,676 | +145% |
| Recurring financial charges | 65 | €3,224 | €7,900 | +€4,676 | +145% |
| Profit (loss) for the period before taxes | 9903 | €79,832 | €23,393 | -€56,439 | -70.7% |
| Income taxes | 67/77 | €14,718 | €4,363 | -€10,355 | -70.4% |
| Profit (loss) for the period | 9904 | €65,114 | €19,030 | -€46,084 | -70.8% |
| Profit (loss) for the period to be appropriated | 9905 | €65,114 | €19,030 | -€46,084 | -70.8% |
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 22 October 2026 via checked.be.