Luc Rossey: 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.
Luc Rossey
Largest movements
- Cash +€232,600
up €232,600 (+52.0%), from €447,511 to €680,110
mainly Net result for the year (+€208,409) and Current investments (+€21,819)
- Current investments -€21,819
down €21,819 (-5.0%), from €434,108 to €412,288
- Reserves +€208,409
up €208,409 (+23.4%), from €889,319 to €1.1m
of which Distributable reserves: +€208,409
- Gross operating margin +€48,901
up €48,901 (+14.8%), from €330,147 to €379,048
- Financial income +€29,964
up €29,964 (+5,992,714%), from €1 to €29,964
- Financial charges +€19,886
up €19,886, from -€4,196 to €15,690
- Taxes +€15,745
up €15,745 (+22.7%), from €69,355 to €85,101
- Staff costs -€7,131
down €7,131 (-7.1%), from €100,486 to €93,354
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 | €940,987 | €1,151,509 | +€210,522 | +22.4% |
| Fixed assets | 21/28 | €17,090 | €14,322 | -€2,768 | -16.2% |
| Tangible fixed assets | 22/27 | €17,090 | €14,322 | -€2,768 | -16.2% |
| Furniture and vehicles | 24 | €2,473 | €1,875 | -€598 | -24.2% |
| Other tangible fixed assets | 26 | €14,617 | €12,447 | -€2,170 | -14.8% |
| Current assets | 29/58 | €923,897 | €1,137,187 | +€213,290 | +23.1% |
| Amounts receivable within one year | 40/41 | €39,325 | €42,510 | +€3,185 | +8.1% |
| Trade receivables | 40 | €39,325 | €42,510 | +€3,185 | +8.1% |
| Current investments | 50/53 | €434,108 | €412,288 | -€21,819 | -5.0% |
| Cash at bank and in hand | 54/58 | €447,511 | €680,110 | +€232,600 | +52.0% |
| Deferred charges and accrued income | 490/1 | €2,954 | €2,279 | -€675 | -22.9% |
| Total equity and liabilities | 10/49 | €940,987 | €1,151,509 | +€210,522 | +22.4% |
| Equity | 10/15 | €907,919 | €1,116,328 | +€208,409 | +23.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €889,319 | €1,097,728 | +€208,409 | +23.4% |
| Tax-exempt reserves | 132 | €156 | €156 | = | 0.0% |
| Distributable reserves | 133 | €889,163 | €1,097,571 | +€208,409 | +23.4% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €33,068 | €35,182 | +€2,113 | +6.4% |
| Amounts payable within one year | 42/48 | €33,068 | €35,182 | +€2,113 | +6.4% |
| Trade debts | 44 | €11,663 | €14,978 | +€3,315 | +28.4% |
| Suppliers | 440/4 | €11,663 | €14,978 | +€3,315 | +28.4% |
| Taxes, remuneration and social security | 45 | €19,686 | €18,202 | -€1,484 | -7.5% |
| Taxes | 450/3 | €5,389 | €15,712 | +€10,323 | +192% |
| Remuneration and social security | 454/9 | €14,297 | €2,490 | -€11,807 | -82.6% |
| Other amounts payable | 47/48 | €1,719 | €2,001 | +€283 | +16.4% |
| Remuneration, social security and pensions | 62 | €100,486 | €93,354 | -€7,131 | -7.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,395 | €2,768 | -€1,627 | -37.0% |
| Other operating charges | 640/8 | €2,685 | €3,691 | +€1,005 | +37.4% |
| Gross operating margin | 9900 | €330,147 | €379,048 | +€48,901 | +14.8% |
| Operating profit (loss) | 9901 | €222,581 | €279,235 | +€56,654 | +25.5% |
| Financial income | 75/76B | €1 | €29,964 | +€29,964 | +5,992,714% |
| Recurring financial income | 75 | €1 | €29,964 | +€29,964 | +5,992,714% |
| Financial charges | 65/66B | -€4,196 | €15,690 | +€19,886 | |
| Recurring financial charges | 65 | -€4,196 | €15,690 | +€19,886 | |
| Profit (loss) for the period before taxes | 9903 | €226,778 | €293,509 | +€66,732 | +29.4% |
| Income taxes | 67/77 | €69,355 | €85,101 | +€15,745 | +22.7% |
| Profit (loss) for the period | 9904 | €157,422 | €208,409 | +€50,986 | +32.4% |
| Profit (loss) for the period to be appropriated | 9905 | €157,422 | €208,409 | +€50,986 | +32.4% |
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 17 October 2026 via checked.be.