LUC ROTSAERT: 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 ROTSAERT
Largest movements
- Receivables within one year +€216,701
up €216,701 (+36.4%), from €594,903 to €811,603
of which Trade receivables: +€218,539
- Cash +€96,533
up €96,533 (+88.5%), from €109,122 to €205,655
mainly Short-term financial debts (+€507,072) and Net result for the year (+€61,636)
- Stocks and contracts +€47,148
up €47,148 (+10.5%), from €449,018 to €496,166
- Tangible fixed assets +€24,626
up €24,626 (+16.4%), from €150,056 to €174,682
of which Furniture and vehicles: +€26,986
- Short-term financial debts +€507,072
new in 2025: €507,072
- Debts after one year -€148,279
down €148,279 (-40.2%), from €368,980 to €220,701
of which Financial debts: -€132,330
- Reserves +€61,636
up €61,636 (+40.5%), from €152,172 to €213,808
of which Distributable reserves: +€61,636
- Trade debts -€61,310
down €61,310 (-9.3%), from €660,723 to €599,413
- Gross operating margin +€28,269
up €28,269 (+14.0%), from €202,109 to €230,378
- Taxes +€10,428
up €10,428 (+65.9%), from €15,829 to €26,257
- Financial charges +€9,701
up €9,701 (+45.2%), from €21,441 to €31,141
- Staff costs -€8,920
down €8,920 (-12.8%), from €69,465 to €60,545
- Depreciation +€8,131
up €8,131 (+21.4%), from €37,912 to €46,043
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,329,883 | €1,700,716 | +€370,833 | +27.9% |
| Fixed assets | 21/28 | €161,088 | €179,297 | +€18,209 | +11.3% |
| Intangible fixed assets | 21 | €11,032 | €4,615 | -€6,417 | -58.2% |
| Tangible fixed assets | 22/27 | €150,056 | €174,682 | +€24,626 | +16.4% |
| Plant, machinery and equipment | 23 | €46,883 | €46,845 | -€38 | -0.1% |
| Furniture and vehicles | 24 | €79,504 | €106,490 | +€26,986 | +33.9% |
| Other tangible fixed assets | 26 | €23,668 | €21,347 | -€2,322 | -9.8% |
| Current assets | 29/58 | €1,168,795 | €1,521,420 | +€352,625 | +30.2% |
| Stocks and contracts in progress | 3 | €449,018 | €496,166 | +€47,148 | +10.5% |
| Stocks | 30/36 | €449,018 | €496,166 | +€47,148 | +10.5% |
| Amounts receivable within one year | 40/41 | €594,903 | €811,603 | +€216,701 | +36.4% |
| Trade receivables | 40 | €467,626 | €686,165 | +€218,539 | +46.7% |
| Other amounts receivable | 41 | €127,277 | €125,438 | -€1,839 | -1.4% |
| Cash at bank and in hand | 54/58 | €109,122 | €205,655 | +€96,533 | +88.5% |
| Deferred charges and accrued income | 490/1 | €15,752 | €7,995 | -€7,757 | -49.2% |
| Total equity and liabilities | 10/49 | €1,329,883 | €1,700,716 | +€370,833 | +27.9% |
| Equity | 10/15 | €265,912 | €327,548 | +€61,636 | +23.2% |
| Contributions | 10/11 | €113,740 | €113,740 | = | 0.0% |
| Reserves | 13 | €152,172 | €213,808 | +€61,636 | +40.5% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €152,172 | €213,808 | +€61,636 | +40.5% |
| Amounts payable | 17/49 | €1,063,971 | €1,373,168 | +€309,197 | +29.1% |
| Amounts payable after more than one year | 17 | €368,980 | €220,701 | -€148,279 | -40.2% |
| Financial debts | 170/4 | €332,008 | €199,678 | -€132,330 | -39.9% |
| Other amounts payable | 178/9 | €36,971 | €21,023 | -€15,949 | -43.1% |
| Amounts payable within one year | 42/48 | €694,992 | €1,150,270 | +€455,278 | +65.5% |
| Current portion of amounts payable after more than one year | 42 | €22,110 | €36,237 | +€14,127 | +63.9% |
| Financial debts | 43 | - | €507,072 | +€507,072 | |
| Credit institutions | 430/8 | - | €507,072 | +€507,072 | |
| Trade debts | 44 | €660,723 | €599,413 | -€61,310 | -9.3% |
| Suppliers | 440/4 | €660,723 | €599,413 | -€61,310 | -9.3% |
| Taxes, remuneration and social security | 45 | €12,159 | €7,548 | -€4,611 | -37.9% |
| Taxes | 450/3 | €1,791 | €962 | -€829 | -46.3% |
| Remuneration and social security | 454/9 | €10,368 | €6,586 | -€3,782 | -36.5% |
| Accrued charges and deferred income | 492/3 | €0 | €2,197 | +€2,197 | |
| Non-recurring operating income | 76A | €0 | €27,426 | +€27,426 | |
| Remuneration, social security and pensions | 62 | €69,465 | €60,545 | -€8,920 | -12.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,912 | €46,043 | +€8,131 | +21.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €5,168 | €4,870 | -€298 | -5.8% |
| Gross operating margin | 9900 | €202,109 | €230,378 | +€28,269 | +14.0% |
| Operating profit (loss) | 9901 | €89,564 | €118,921 | +€29,356 | +32.8% |
| Financial income | 75/76B | €5,098 | €114 | -€4,984 | -97.8% |
| Recurring financial income | 75 | €5,098 | €114 | -€4,984 | -97.8% |
| Financial charges | 65/66B | €21,441 | €31,141 | +€9,701 | +45.2% |
| Recurring financial charges | 65 | €21,441 | €31,141 | +€9,701 | +45.2% |
| Profit (loss) for the period before taxes | 9903 | €73,222 | €87,893 | +€14,671 | +20.0% |
| Income taxes | 67/77 | €15,829 | €26,257 | +€10,428 | +65.9% |
| Profit (loss) for the period | 9904 | €57,393 | €61,636 | +€4,244 | +7.4% |
| Profit (loss) for the period to be appropriated | 9905 | €57,393 | €61,636 | +€4,244 | +7.4% |
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 25 October 2026 via checked.be.