ROBENCO: 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.
ROBENCO
Largest movements
- Cash +€105,783
up €105,783 (+67.4%), from €157,059 to €262,841
mainly Current investments (+€80,000) and Net result for the year (+€17,773)
- Current investments -€80,000
down €80,000 (-27.6%), from €290,000 to €210,000
- Receivables within one year -€11,249
down €11,249 (-35.8%), from €31,431 to €20,182
of which Trade receivables: -€11,386
- Reserves +€17,773
up €17,773 (+4.3%), from €415,776 to €433,549
of which Distributable reserves: +€17,773
- Other debts +€8,463
up €8,463 (+22.5%), from €37,641 to €46,104
- Gross operating margin -€22,023
down €22,023 (-48.9%), from €45,043 to €23,020
- Taxes -€5,017
down €5,017 (-39.8%), from €12,604 to €7,587
- Depreciation -€2,754
down €2,754 (-35.4%), from €7,788 to €5,034
- Financial income +€1,200
up €1,200 (+12.3%), from €9,757 to €10,957
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 | €497,958 | €514,045 | +€16,088 | +3.2% |
| Fixed assets | 21/28 | €14,233 | €12,769 | -€1,463 | -10.3% |
| Tangible fixed assets | 22/27 | €14,233 | €12,769 | -€1,463 | -10.3% |
| Plant, machinery and equipment | 23 | €9,285 | €8,719 | -€566 | -6.1% |
| Furniture and vehicles | 24 | €4,948 | €4,050 | -€898 | -18.1% |
| Current assets | 29/58 | €483,725 | €501,276 | +€17,551 | +3.6% |
| Stocks and contracts in progress | 3 | €3,692 | €6,724 | +€3,032 | +82.1% |
| Stocks | 30/36 | €3,692 | €6,724 | +€3,032 | +82.1% |
| Amounts receivable within one year | 40/41 | €31,431 | €20,182 | -€11,249 | -35.8% |
| Trade receivables | 40 | €29,913 | €18,527 | -€11,386 | -38.1% |
| Other amounts receivable | 41 | €1,518 | €1,655 | +€137 | +9.0% |
| Current investments | 50/53 | €290,000 | €210,000 | -€80,000 | -27.6% |
| Cash at bank and in hand | 54/58 | €157,059 | €262,841 | +€105,783 | +67.4% |
| Deferred charges and accrued income | 490/1 | €1,543 | €1,529 | -€14 | -0.9% |
| Total equity and liabilities | 10/49 | €497,958 | €514,045 | +€16,088 | +3.2% |
| Equity | 10/15 | €428,179 | €445,952 | +€17,773 | +4.2% |
| Contributions | 10/11 | €12,403 | €12,403 | = | 0.0% |
| Reserves | 13 | €415,776 | €433,549 | +€17,773 | +4.3% |
| Tax-exempt reserves | 132 | €3,726 | €3,726 | = | 0.0% |
| Distributable reserves | 133 | €412,051 | €429,823 | +€17,773 | +4.3% |
| Amounts payable | 17/49 | €69,779 | €68,094 | -€1,685 | -2.4% |
| Amounts payable within one year | 42/48 | €62,674 | €62,725 | +€51 | +0.1% |
| Trade debts | 44 | €7,825 | €3,122 | -€4,703 | -60.1% |
| Suppliers | 440/4 | €7,825 | €3,122 | -€4,703 | -60.1% |
| Taxes, remuneration and social security | 45 | €17,208 | €13,500 | -€3,708 | -21.5% |
| Taxes | 450/3 | €5,658 | €300 | -€5,358 | -94.7% |
| Remuneration and social security | 454/9 | €11,550 | €13,200 | +€1,650 | +14.3% |
| Other amounts payable | 47/48 | €37,641 | €46,104 | +€8,463 | +22.5% |
| Accrued charges and deferred income | 492/3 | €7,105 | €5,368 | -€1,736 | -24.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,788 | €5,034 | -€2,754 | -35.4% |
| Other operating charges | 640/8 | €514 | €463 | -€50 | -9.8% |
| Gross operating margin | 9900 | €45,043 | €23,020 | -€22,023 | -48.9% |
| Operating profit (loss) | 9901 | €36,741 | €17,523 | -€19,218 | -52.3% |
| Financial income | 75/76B | €9,757 | €10,957 | +€1,200 | +12.3% |
| Recurring financial income | 75 | €9,757 | €10,957 | +€1,200 | +12.3% |
| Financial charges | 65/66B | €2,988 | €3,121 | +€133 | +4.5% |
| Recurring financial charges | 65 | €2,988 | €3,121 | +€133 | +4.5% |
| Profit (loss) for the period before taxes | 9903 | €43,510 | €25,359 | -€18,151 | -41.7% |
| Income taxes | 67/77 | €12,604 | €7,587 | -€5,017 | -39.8% |
| Profit (loss) for the period | 9904 | €30,906 | €17,773 | -€13,134 | -42.5% |
| Profit (loss) for the period to be appropriated | 9905 | €30,906 | €17,773 | -€13,134 | -42.5% |
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 11 October 2026 via checked.be.