ROBBERECHT MICHEL: 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.
ROBBERECHT MICHEL
Largest movements
- Cash +€133,936
up €133,936 (+304%), from €44,013 to €177,949
mainly Net result for the year (+€107,757) and Other debts (+€19,895)
- Receivables within one year -€19,564
down €19,564 (-6.9%), from €283,948 to €264,384
of which Trade receivables: -€11,840
- Tangible fixed assets -€17,228
down €17,228 (-31.1%), from €55,473 to €38,245
of which Furniture and vehicles: -€13,842
- Reserves +€107,757
up €107,757 (+15.4%), from €699,862 to €807,619
of which Distributable reserves: +€109,617
- Tax, wage and social debts -€24,466
down €24,466 (-76.3%), from €32,074 to €7,608
of which Taxes: -€24,466
- Other debts +€19,895
up €19,895 (+47.5%), from €41,917 to €61,813
- Debts after one year -€10,676
down €10,676 (-39.6%), from €26,937 to €16,260
- Financial income +€19,199
up €19,199 (+23.7%), from €80,975 to €100,174
- Taxes -€12,443
down €12,443 (-40.9%), from €30,449 to €18,006
- Gross operating margin -€6,091
down €6,091 (-10.6%), from €57,605 to €51,514
- Depreciation +€4,838
up €4,838 (+38.4%), from €12,593 to €17,431
- Financial charges +€4,519
up €4,519 (+252%), from €1,793 to €6,312
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 | €835,878 | €932,443 | +€96,565 | +11.6% |
| Fixed assets | 21/28 | €488,079 | €470,649 | -€17,431 | -3.6% |
| Intangible fixed assets | 21 | €608 | €405 | -€203 | -33.3% |
| Tangible fixed assets | 22/27 | €55,473 | €38,245 | -€17,228 | -31.1% |
| Land and buildings | 22 | €10,770 | €7,384 | -€3,386 | -31.4% |
| Furniture and vehicles | 24 | €44,703 | €30,861 | -€13,842 | -31.0% |
| Financial fixed assets | 28 | €431,998 | €431,998 | = | 0.0% |
| Current assets | 29/58 | €347,799 | €461,795 | +€113,996 | +32.8% |
| Stocks and contracts in progress | 3 | €19,795 | €19,462 | -€334 | -1.7% |
| Stocks | 30/36 | €19,795 | €19,462 | -€334 | -1.7% |
| Amounts receivable within one year | 40/41 | €283,948 | €264,384 | -€19,564 | -6.9% |
| Trade receivables | 40 | €24,078 | €12,238 | -€11,840 | -49.2% |
| Other amounts receivable | 41 | €259,870 | €252,146 | -€7,724 | -3.0% |
| Cash at bank and in hand | 54/58 | €44,013 | €177,949 | +€133,936 | +304% |
| Deferred charges and accrued income | 490/1 | €44 | €0 | -€44 | -100% |
| Total equity and liabilities | 10/49 | €835,878 | €932,443 | +€96,565 | +11.6% |
| Equity | 10/15 | €718,462 | €826,219 | +€107,757 | +15.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €699,862 | €807,619 | +€107,757 | +15.4% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100% |
| Tax-exempt reserves | 132 | €37,500 | €37,500 | = | 0.0% |
| Distributable reserves | 133 | €660,502 | €770,119 | +€109,617 | +16.6% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €117,417 | €106,225 | -€11,192 | -9.5% |
| Amounts payable after more than one year | 17 | €26,937 | €16,260 | -€10,676 | -39.6% |
| Financial debts | 170/4 | €26,937 | €16,260 | -€10,676 | -39.6% |
| Amounts payable within one year | 42/48 | €90,480 | €89,964 | -€516 | -0.6% |
| Current portion of amounts payable after more than one year | 42 | €15,926 | €16,024 | +€97 | +0.6% |
| Trade debts | 44 | €562 | €4,520 | +€3,958 | +704% |
| Suppliers | 440/4 | €562 | €4,520 | +€3,958 | +704% |
| Taxes, remuneration and social security | 45 | €32,074 | €7,608 | -€24,466 | -76.3% |
| Taxes | 450/3 | €29,849 | €5,383 | -€24,466 | -82.0% |
| Remuneration and social security | 454/9 | €2,225 | €2,225 | = | 0.0% |
| Other amounts payable | 47/48 | €41,917 | €61,813 | +€19,895 | +47.5% |
| Non-recurring operating income | 76A | €700 | €0 | -€700 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,593 | €17,431 | +€4,838 | +38.4% |
| Other operating charges | 640/8 | €433 | €2,182 | +€1,749 | +404% |
| Gross operating margin | 9900 | €57,605 | €51,514 | -€6,091 | -10.6% |
| Operating profit (loss) | 9901 | €44,579 | €31,901 | -€12,677 | -28.4% |
| Financial income | 75/76B | €80,975 | €100,174 | +€19,199 | +23.7% |
| Recurring financial income | 75 | €80,975 | €100,174 | +€19,199 | +23.7% |
| Financial charges | 65/66B | €1,793 | €6,312 | +€4,519 | +252% |
| Recurring financial charges | 65 | €1,793 | €6,312 | +€4,519 | +252% |
| Profit (loss) for the period before taxes | 9903 | €123,761 | €125,763 | +€2,002 | +1.6% |
| Income taxes | 67/77 | €30,449 | €18,006 | -€12,443 | -40.9% |
| Profit (loss) for the period | 9904 | €93,312 | €107,757 | +€14,445 | +15.5% |
| Profit (loss) for the period to be appropriated | 9905 | €93,312 | €107,757 | +€14,445 | +15.5% |
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 24 October 2026 via checked.be.