R.O.G.E.: 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.
R.O.G.E.
Largest movements
- Tangible fixed assets -€321,840
down €321,840 (-12.0%), from €2.7m to €2.4m
of which Plant, machinery and equipment: -€264,991
- Receivables within one year +€251,252
up €251,252 (+61.7%), from €407,351 to €658,604
of which Trade receivables: +€289,112
- Cash -€167,333
down €167,333 (-69.4%), from €241,028 to €73,696
mainly Debts after one year (-€304,337) and Receivables within one year (-€251,252)
- Debts after one year -€304,337
down €304,337 (-22.2%), from €1.4m to €1.1m
- Current portion of long-term debt -€88,571
down €88,571 (-28.4%), from €312,194 to €223,623
- Trade debts +€79,109
up €79,109 (+185%), from €42,856 to €121,965
- Reserves +€67,349
up €67,349 (+5.3%), from €1.3m to €1.3m
of which Distributable reserves: +€72,327
- Gross operating margin +€35,557
up €35,557 (+6.0%), from €588,090 to €623,646
- Depreciation +€29,543
up €29,543 (+6.0%), from €488,963 to €518,507
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 | €3,329,213 | €3,092,086 | -€237,126 | -7.1% |
| Fixed assets | 21/28 | €2,676,947 | €2,355,107 | -€321,840 | -12.0% |
| Tangible fixed assets | 22/27 | €2,676,947 | €2,355,107 | -€321,840 | -12.0% |
| Land and buildings | 22 | €323,442 | €306,946 | -€16,496 | -5.1% |
| Plant, machinery and equipment | 23 | €1,781,169 | €1,516,178 | -€264,991 | -14.9% |
| Furniture and vehicles | 24 | €33,321 | €69,960 | +€36,639 | +110% |
| Leasing and similar rights | 25 | €539,015 | €462,023 | -€76,992 | -14.3% |
| Current assets | 29/58 | €652,265 | €736,979 | +€84,714 | +13.0% |
| Amounts receivable within one year | 40/41 | €407,351 | €658,604 | +€251,252 | +61.7% |
| Trade receivables | 40 | €368,834 | €657,946 | +€289,112 | +78.4% |
| Other amounts receivable | 41 | €38,517 | €658 | -€37,860 | -98.3% |
| Cash at bank and in hand | 54/58 | €241,028 | €73,696 | -€167,333 | -69.4% |
| Deferred charges and accrued income | 490/1 | €3,885 | €4,680 | +€794 | +20.4% |
| Total equity and liabilities | 10/49 | €3,329,213 | €3,092,086 | -€237,126 | -7.1% |
| Equity | 10/15 | €1,456,380 | €1,520,957 | +€64,577 | +4.4% |
| Contributions | 10/11 | €186,000 | €186,000 | = | 0.0% |
| Capital | 10 | €186,000 | €186,000 | = | 0.0% |
| Issued capital | 100 | €186,000 | €186,000 | = | 0.0% |
| Reserves | 13 | €1,264,027 | €1,331,376 | +€67,349 | +5.3% |
| Non-distributable reserves | 130/1 | €18,600 | €18,600 | = | 0.0% |
| Legal reserve | 130 | €18,600 | €18,600 | = | 0.0% |
| Tax-exempt reserves | 132 | €78,233 | €73,256 | -€4,978 | -6.4% |
| Distributable reserves | 133 | €1,167,193 | €1,239,520 | +€72,327 | +6.2% |
| Investment grants | 15 | €6,353 | €3,581 | -€2,772 | -43.6% |
| Provisions and deferred taxes | 16 | €26,078 | €24,419 | -€1,659 | -6.4% |
| Deferred taxes | 168 | €26,078 | €24,419 | -€1,659 | -6.4% |
| Amounts payable | 17/49 | €1,846,755 | €1,546,711 | -€300,044 | -16.2% |
| Amounts payable after more than one year | 17 | €1,370,309 | €1,065,971 | -€304,337 | -22.2% |
| Financial debts | 170/4 | €1,370,309 | €1,065,971 | -€304,337 | -22.2% |
| Amounts payable within one year | 42/48 | €476,447 | €480,740 | +€4,293 | +0.9% |
| Current portion of amounts payable after more than one year | 42 | €312,194 | €223,623 | -€88,571 | -28.4% |
| Trade debts | 44 | €42,856 | €121,965 | +€79,109 | +185% |
| Suppliers | 440/4 | €42,856 | €121,965 | +€79,109 | +185% |
| Taxes, remuneration and social security | 45 | €1,754 | €4,518 | +€2,764 | +158% |
| Taxes | 450/3 | - | €2,918 | +€2,918 | |
| Remuneration and social security | 454/9 | €1,754 | €1,600 | -€154 | -8.8% |
| Other amounts payable | 47/48 | €119,642 | €130,634 | +€10,992 | +9.2% |
| Non-recurring operating income | 76A | €13,307 | €20,188 | +€6,881 | +51.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €488,963 | €518,507 | +€29,543 | +6.0% |
| Other operating charges | 640/8 | €3,855 | €4,075 | +€220 | +5.7% |
| Non-recurring operating charges | 66A | €3,295 | - | -€3,295 | |
| Gross operating margin | 9900 | €588,090 | €623,646 | +€35,557 | +6.0% |
| Operating profit (loss) | 9901 | €91,977 | €101,064 | +€9,087 | +9.9% |
| Financial income | 75/76B | €4,582 | €2,772 | -€1,810 | -39.5% |
| Recurring financial income | 75 | €4,582 | €2,772 | -€1,810 | -39.5% |
| Financial charges | 65/66B | €36,242 | €38,146 | +€1,904 | +5.3% |
| Recurring financial charges | 65 | €36,242 | €38,146 | +€1,904 | +5.3% |
| Profit (loss) for the period before taxes | 9903 | €60,317 | €65,690 | +€5,373 | +8.9% |
| Transfer from deferred taxes | 780 | €13,785 | €6,656 | -€7,129 | -51.7% |
| Transfer to deferred taxes | 680 | - | €4,997 | +€4,997 | |
| Profit (loss) for the period | 9904 | €74,102 | €67,349 | -€6,753 | -9.1% |
| Transfer from tax-exempt reserves | 789 | €33,341 | €19,969 | -€13,372 | -40.1% |
| Transfer to tax-exempt reserves | 689 | - | €14,991 | +€14,991 | |
| Profit (loss) for the period to be appropriated | 9905 | €107,443 | €72,327 | -€35,116 | -32.7% |
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 20 October 2026 via checked.be.