RETROWORKS: what changed
Two fiscal 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.
RETROWORKS
Largest movements
- Receivables within one year -€65,869
down €65,869 (-67.0%), from €98,383 to €32,514
of which Trade receivables: -€69,564
- Tangible fixed assets +€59,650
up €59,650 (+22.3%), from €267,942 to €327,591
of which Furniture and vehicles: +€30,743
- Cash +€23,857
up €23,857 (+64.1%), from €37,227 to €61,084
mainly Receivables within one year (+€65,869) and Net result for the year (+€58,387)
- Stocks and contracts +€19,965
up €19,965 (+1001.2%), from €1,994 to €21,959
- Trade debts +€45,079
up €45,079 (+256.3%), from €17,591 to €62,670
- Accrued charges and deferred income -€40,500
no longer reported in 2025 (was €40,500)
- Reserves +€24,210
up €24,210 (+14.4%), from €168,065 to €192,275
of which Distributable reserves: +€24,210
- Debts after one year +€10,775
up €10,775 (+9.8%), from €109,974 to €120,749
- Tax, wage and social debts -€6,782
down €6,782 (-22.1%), from €30,621 to €23,839
of which Taxes: -€15,585
- Gross operating margin +€98,468
up €98,468 (+103.4%), from €95,262 to €193,731
- Staff costs +€26,915
up €26,915 (+56.2%), from €47,930 to €74,846
- Taxes +€12,090
up €12,090 (+550.7%), from €2,195 to €14,285
- Depreciation +€7,511
up €7,511 (+23.0%), from €32,704 to €40,215
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.
Cash bridge derived
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 | €407,883 | €445,684 | +€37,801 | +9.3% |
| Fixed assets | 21/28 | €267,942 | €327,591 | +€59,650 | +22.3% |
| Tangible fixed assets | 22/27 | €267,942 | €327,591 | +€59,650 | +22.3% |
| Land and buildings | 22 | €202,954 | €226,841 | +€23,887 | +11.8% |
| Plant, machinery and equipment | 23 | €18,821 | €23,841 | +€5,020 | +26.7% |
| Furniture and vehicles | 24 | €46,166 | €76,909 | +€30,743 | +66.6% |
| Current assets | 29/58 | €139,942 | €118,093 | -€21,849 | -15.6% |
| Stocks and contracts in progress | 3 | €1,994 | €21,959 | +€19,965 | +1001.2% |
| Stocks | 30/36 | €1,994 | €21,959 | +€19,965 | +1001.2% |
| Amounts receivable within one year | 40/41 | €98,383 | €32,514 | -€65,869 | -67.0% |
| Trade receivables | 40 | €94,578 | €25,014 | -€69,564 | -73.6% |
| Other amounts receivable | 41 | €3,805 | €7,500 | +€3,695 | +97.1% |
| Cash at bank and in hand | 54/58 | €37,227 | €61,084 | +€23,857 | +64.1% |
| Deferred charges and accrued income | 490/1 | €2,338 | €2,536 | +€199 | +8.5% |
| Total equity and liabilities | 10/49 | €407,883 | €445,684 | +€37,801 | +9.3% |
| Equity | 10/15 | €186,665 | €210,875 | +€24,210 | +13.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €168,065 | €192,275 | +€24,210 | +14.4% |
| 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 | €166,205 | €190,415 | +€24,210 | +14.6% |
| Amounts payable | 17/49 | €221,218 | €234,810 | +€13,591 | +6.1% |
| Amounts payable after more than one year | 17 | €109,974 | €120,749 | +€10,775 | +9.8% |
| Financial debts | 170/4 | €109,974 | €120,749 | +€10,775 | +9.8% |
| Amounts payable within one year | 42/48 | €70,744 | €114,061 | +€43,317 | +61.2% |
| Current portion of amounts payable after more than one year | 42 | €21,707 | €25,296 | +€3,589 | +16.5% |
| Trade debts | 44 | €17,591 | €62,670 | +€45,079 | +256.3% |
| Suppliers | 440/4 | €17,591 | €62,670 | +€45,079 | +256.3% |
| Taxes, remuneration and social security | 45 | €30,621 | €23,839 | -€6,782 | -22.1% |
| Taxes | 450/3 | €20,150 | €4,565 | -€15,585 | -77.3% |
| Remuneration and social security | 454/9 | €10,471 | €19,274 | +€8,803 | +84.1% |
| Other amounts payable | 47/48 | €826 | €2,256 | +€1,430 | +173.2% |
| Accrued charges and deferred income | 492/3 | €40,500 | - | -€40,500 | |
| Remuneration, social security and pensions | 62 | €47,930 | €74,846 | +€26,915 | +56.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,704 | €40,215 | +€7,511 | +23.0% |
| Other operating charges | 640/8 | €997 | €1,127 | +€130 | +13.0% |
| Gross operating margin | 9900 | €95,262 | €193,731 | +€98,468 | +103.4% |
| Operating profit (loss) | 9901 | €13,631 | €77,543 | +€63,912 | +468.9% |
| Financial charges | 65/66B | €4,357 | €4,870 | +€513 | +11.8% |
| Recurring financial charges | 65 | €4,357 | €4,870 | +€513 | +11.8% |
| Profit (loss) for the period before taxes | 9903 | €9,274 | €72,673 | +€63,398 | +683.6% |
| Income taxes | 67/77 | €2,195 | €14,285 | +€12,090 | +550.7% |
| Profit (loss) for the period | 9904 | €7,079 | €58,387 | +€51,308 | +724.8% |
| Profit (loss) for the period to be appropriated | 9905 | €7,079 | €58,387 | +€51,308 | +724.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.