RACHEL ROTTENBERG: 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.
RACHEL ROTTENBERG
Largest movements
- Receivables within one year -€32,943
no longer reported in 2025 (was €32,943)
- Stocks and contracts -€32,236
down €32,236 (-44.6%), from €72,290 to €40,054
- Cash +€3,696
up €3,696 (+65.9%), from €5,610 to €9,307
mainly Receivables within one year (+€32,943) and Stocks and contracts (+€32,236)
- Tangible fixed assets -€3,255
down €3,255 (-59.6%), from €5,463 to €2,209
of which Other tangible fixed assets: -€2,108
- Other debts -€34,880
down €34,880 (-78.9%), from €44,196 to €9,316
- Profit (loss) carried forward -€25,223
down €25,223, from €1 to -€25,222
- Reserves -€10,660
no longer reported in 2025 (was €10,660)
- Trade debts +€4,712
up €4,712 (+12.8%), from €36,694 to €41,405
- Tax, wage and social debts +€1,329
up €1,329 (+6.5%), from €20,288 to €21,617
of which Remuneration and social security: +€3,500
- Gross operating margin -€47,977
down €47,977, from €24,421 to -€23,556
- Taxes -€5,978
down €5,978 (-96.6%), from €6,186 to €208
- Financial charges +€5,696
up €5,696 (+2,231%), from €255 to €5,951
- Depreciation -€418
down €418 (-9.6%), from €4,339 to €3,921
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 | €118,039 | €53,317 | -€64,722 | -54.8% |
| Fixed assets | 21/28 | €6,785 | €2,864 | -€3,921 | -57.8% |
| Intangible fixed assets | 21 | €1,321 | €655 | -€667 | -50.4% |
| Tangible fixed assets | 22/27 | €5,463 | €2,209 | -€3,255 | -59.6% |
| Plant, machinery and equipment | 23 | €937 | €617 | -€320 | -34.1% |
| Furniture and vehicles | 24 | €1,542 | €716 | -€827 | -53.6% |
| Other tangible fixed assets | 26 | €2,984 | €876 | -€2,108 | -70.6% |
| Current assets | 29/58 | €111,254 | €50,453 | -€60,801 | -54.7% |
| Stocks and contracts in progress | 3 | €72,290 | €40,054 | -€32,236 | -44.6% |
| Stocks | 30/36 | €72,290 | €40,054 | -€32,236 | -44.6% |
| Amounts receivable within one year | 40/41 | €32,943 | - | -€32,943 | |
| Trade receivables | 40 | €32,943 | - | -€32,943 | |
| Cash at bank and in hand | 54/58 | €5,610 | €9,307 | +€3,696 | +65.9% |
| Deferred charges and accrued income | 490/1 | €410 | €1,093 | +€682 | +166% |
| Total equity and liabilities | 10/49 | €118,039 | €53,317 | -€64,722 | -54.8% |
| Equity | 10/15 | €16,861 | -€19,022 | -€35,883 | |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €10,660 | - | -€10,660 | |
| Distributable reserves | 133 | €10,660 | - | -€10,660 | |
| Profit (loss) carried forward | 14 | €1 | -€25,222 | -€25,223 | |
| Amounts payable | 17/49 | €101,178 | €72,339 | -€28,840 | -28.5% |
| Amounts payable within one year | 42/48 | €101,178 | €72,339 | -€28,840 | -28.5% |
| Trade debts | 44 | €36,694 | €41,405 | +€4,712 | +12.8% |
| Suppliers | 440/4 | €36,694 | €41,405 | +€4,712 | +12.8% |
| Taxes, remuneration and social security | 45 | €20,288 | €21,617 | +€1,329 | +6.5% |
| Taxes | 450/3 | €19,288 | €17,117 | -€2,171 | -11.3% |
| Remuneration and social security | 454/9 | €1,000 | €4,500 | +€3,500 | +350% |
| Other amounts payable | 47/48 | €44,196 | €9,316 | -€34,880 | -78.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,339 | €3,921 | -€418 | -9.6% |
| Other operating charges | 640/8 | €2,280 | €2,280 | +€1 | 0.0% |
| Gross operating margin | 9900 | €24,421 | -€23,556 | -€47,977 | |
| Operating profit (loss) | 9901 | €17,802 | -€29,757 | -€47,559 | |
| Financial income | 75/76B | €5 | €34 | +€29 | +583% |
| Recurring financial income | 75 | €5 | €34 | +€29 | +583% |
| Financial charges | 65/66B | €255 | €5,951 | +€5,696 | +2,231% |
| Recurring financial charges | 65 | €255 | €5,951 | +€5,696 | +2,231% |
| Profit (loss) for the period before taxes | 9903 | €17,552 | -€35,674 | -€53,226 | |
| Income taxes | 67/77 | €6,186 | €208 | -€5,978 | -96.6% |
| Profit (loss) for the period | 9904 | €11,366 | -€35,883 | -€47,249 | |
| Profit (loss) for the period to be appropriated | 9905 | €11,366 | -€35,883 | -€47,249 |
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 27 October 2026 via checked.be.