P. ROWLAND: 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.
P. ROWLAND
Largest movements
- Cash -€153,750
down €153,750 (-40.3%), from €381,557 to €227,806
mainly Contributions, distributions and other (-€302,854) and Other debts (-€27,885)
- Reserves -€134,283
down €134,283 (-23.2%), from €578,283 to €444,000
of which Distributable reserves: -€134,283
- Other debts -€27,885
down €27,885 (-24.0%), from €116,088 to €88,204
- Tax, wage and social debts +€8,445
up €8,445 (+34.9%), from €24,167 to €32,612
- Gross operating margin +€68,668
up €68,668 (+36.9%), from €186,028 to €254,696
- Taxes +€32,084
up €32,084 (+58.7%), from €54,679 to €86,763
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 | €732,753 | €578,595 | -€154,159 | -21.0% |
| Fixed assets | 21/28 | €1,197 | €788 | -€409 | -34.1% |
| Tangible fixed assets | 22/27 | €1,197 | €788 | -€409 | -34.1% |
| Plant, machinery and equipment | 23 | €1,197 | €788 | -€409 | -34.1% |
| Current assets | 29/58 | €731,557 | €577,806 | -€153,750 | -21.0% |
| Current investments | 50/53 | €350,000 | €350,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €381,557 | €227,806 | -€153,750 | -40.3% |
| Total equity and liabilities | 10/49 | €732,753 | €578,595 | -€154,159 | -21.0% |
| Equity | 10/15 | €590,683 | €456,400 | -€134,283 | -22.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €578,283 | €444,000 | -€134,283 | -23.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €576,423 | €442,140 | -€134,283 | -23.3% |
| Amounts payable | 17/49 | €142,070 | €122,195 | -€19,875 | -14.0% |
| Amounts payable within one year | 42/48 | €142,070 | €122,195 | -€19,875 | -14.0% |
| Trade debts | 44 | €1,815 | €1,379 | -€436 | -24.0% |
| Suppliers | 440/4 | €1,815 | €1,379 | -€436 | -24.0% |
| Taxes, remuneration and social security | 45 | €24,167 | €32,612 | +€8,445 | +34.9% |
| Taxes | 450/3 | €24,167 | €32,612 | +€8,445 | +34.9% |
| Other amounts payable | 47/48 | €116,088 | €88,204 | -€27,885 | -24.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29 | €409 | +€380 | +1,308% |
| Other operating charges | 640/8 | €778 | €400 | -€378 | -48.6% |
| Gross operating margin | 9900 | €186,028 | €254,696 | +€68,668 | +36.9% |
| Operating profit (loss) | 9901 | €185,221 | €253,888 | +€68,666 | +37.1% |
| Financial income | 75/76B | €925 | €1,702 | +€778 | +84.1% |
| Recurring financial income | 75 | €925 | €1,702 | +€778 | +84.1% |
| Financial charges | 65/66B | €275 | €256 | -€19 | -6.8% |
| Recurring financial charges | 65 | €275 | €256 | -€19 | -6.8% |
| Profit (loss) for the period before taxes | 9903 | €185,871 | €255,334 | +€69,463 | +37.4% |
| Income taxes | 67/77 | €54,679 | €86,763 | +€32,084 | +58.7% |
| Profit (loss) for the period | 9904 | €131,192 | €168,571 | +€37,379 | +28.5% |
| Profit (loss) for the period to be appropriated | 9905 | €131,192 | €168,571 | +€37,379 | +28.5% |
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.