Michel ROBERFROID: 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.
Michel ROBERFROID
Largest movements
- Cash -€10,086
down €10,086 (-39.1%), from €25,786 to €15,700
mainly Contributions, distributions and other (-€20,000) and Investment in fixed assets (net) (-€9,071)
- Reserves -€10,000
down €10,000 (-7.0%), from €142,375 to €132,375
of which Distributable reserves: -€10,000
- Gross operating margin +€1,443
up €1,443 (+6.7%), from €21,442 to €22,885
- Depreciation +€1,217
up €1,217 (+16.9%), from €7,200 to €8,417
- Taxes +€1,000
new in 2025: €1,000
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 | €176,007 | €167,106 | -€8,901 | -5.1% |
| Fixed assets | 21/28 | €141,360 | €142,014 | +€654 | +0.5% |
| Tangible fixed assets | 22/27 | €141,360 | €142,014 | +€654 | +0.5% |
| Land and buildings | 22 | €141,360 | €142,014 | +€654 | +0.5% |
| Current assets | 29/58 | €34,647 | €25,092 | -€9,555 | -27.6% |
| Amounts receivable within one year | 40/41 | €8,860 | €9,392 | +€532 | +6.0% |
| Other amounts receivable | 41 | €8,860 | €9,392 | +€532 | +6.0% |
| Cash at bank and in hand | 54/58 | €25,786 | €15,700 | -€10,086 | -39.1% |
| Total equity and liabilities | 10/49 | €176,007 | €167,106 | -€8,901 | -5.1% |
| Equity | 10/15 | €154,438 | €144,996 | -€9,443 | -6.1% |
| Contributions | 10/11 | €8,000 | €8,000 | = | 0.0% |
| Reserves | 13 | €142,375 | €132,375 | -€10,000 | -7.0% |
| Tax-exempt reserves | 132 | €2,375 | €2,375 | = | 0.0% |
| Distributable reserves | 133 | €140,000 | €130,000 | -€10,000 | -7.1% |
| Profit (loss) carried forward | 14 | €4,063 | €4,620 | +€557 | +13.7% |
| Amounts payable | 17/49 | €21,569 | €22,111 | +€542 | +2.5% |
| Amounts payable within one year | 42/48 | €21,569 | €22,111 | +€542 | +2.5% |
| Trade debts | 44 | €1,569 | €1,111 | -€458 | -29.2% |
| Suppliers | 440/4 | €1,569 | €1,111 | -€458 | -29.2% |
| Taxes, remuneration and social security | 45 | - | €1,000 | +€1,000 | |
| Taxes | 450/3 | - | €1,000 | +€1,000 | |
| Other amounts payable | 47/48 | €20,000 | €20,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,200 | €8,417 | +€1,217 | +16.9% |
| Other operating charges | 640/8 | €3,191 | €3,292 | +€101 | +3.2% |
| Gross operating margin | 9900 | €21,442 | €22,885 | +€1,443 | +6.7% |
| Operating profit (loss) | 9901 | €11,050 | €11,175 | +€125 | +1.1% |
| Financial income | 75/76B | €640 | €532 | -€108 | -16.9% |
| Recurring financial income | 75 | €640 | €532 | -€108 | -16.9% |
| Financial charges | 65/66B | €84 | €149 | +€65 | +77.8% |
| Recurring financial charges | 65 | €84 | €149 | +€65 | +77.8% |
| Profit (loss) for the period before taxes | 9903 | €11,606 | €11,557 | -€49 | -0.4% |
| Income taxes | 67/77 | - | €1,000 | +€1,000 | |
| Profit (loss) for the period | 9904 | €11,606 | €10,557 | -€1,049 | -9.0% |
| Profit (loss) for the period to be appropriated | 9905 | €11,606 | €10,557 | -€1,049 | -9.0% |
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.