ROBERT-DELMOTTE: 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.
ROBERT-DELMOTTE
Largest movements
- Receivables within one year -€54,724
down €54,724 (-61.7%), from €88,765 to €34,041
of which Trade receivables: -€53,553
- Tangible fixed assets -€21,309
down €21,309 (-4.0%), from €527,603 to €506,294
of which Furniture and vehicles: -€11,387
- Intangible fixed assets -€7,134
down €7,134 (-11.9%), from €60,044 to €52,910
- Advances received -€46,299
no longer reported in 2025 (was €46,299)
- Trade debts -€44,272
down €44,272 (-78.1%), from €56,717 to €12,444
- Profit (loss) carried forward +€22,824
up €22,824, from -€17,605 to €5,219
- Debts after one year -€19,506
down €19,506 (-4.2%), from €466,294 to €446,789
- Gross operating margin +€83,840
up €83,840, from -€9,420 to €74,420
- Depreciation -€4,633
down €4,633 (-14.0%), from €33,076 to €28,443
- Financial charges -€2,123
down €2,123 (-8.6%), from €24,716 to €22,593
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 | €702,199 | €623,928 | -€78,271 | -11.1% |
| Fixed assets | 21/28 | €587,647 | €559,204 | -€28,443 | -4.8% |
| Intangible fixed assets | 21 | €60,044 | €52,910 | -€7,134 | -11.9% |
| Tangible fixed assets | 22/27 | €527,603 | €506,294 | -€21,309 | -4.0% |
| Land and buildings | 22 | €464,384 | €464,384 | = | 0.0% |
| Plant, machinery and equipment | 23 | €46,540 | €36,617 | -€9,922 | -21.3% |
| Furniture and vehicles | 24 | €16,679 | €5,293 | -€11,387 | -68.3% |
| Current assets | 29/58 | €114,552 | €64,724 | -€49,828 | -43.5% |
| Stocks and contracts in progress | 3 | €18,387 | €23,990 | +€5,602 | +30.5% |
| Stocks | 30/36 | €18,387 | €23,990 | +€5,602 | +30.5% |
| Amounts receivable within one year | 40/41 | €88,765 | €34,041 | -€54,724 | -61.7% |
| Trade receivables | 40 | €87,384 | €33,831 | -€53,553 | -61.3% |
| Other amounts receivable | 41 | €1,381 | €210 | -€1,171 | -84.8% |
| Cash at bank and in hand | 54/58 | €5,870 | €6,693 | +€823 | +14.0% |
| Deferred charges and accrued income | 490/1 | €1,529 | - | -€1,529 | |
| Total equity and liabilities | 10/49 | €702,199 | €623,928 | -€78,271 | -11.1% |
| Equity | 10/15 | -€11,605 | €11,219 | +€22,824 | |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€17,605 | €5,219 | +€22,824 | |
| Amounts payable | 17/49 | €713,803 | €612,709 | -€101,094 | -14.2% |
| Amounts payable after more than one year | 17 | €466,294 | €446,789 | -€19,506 | -4.2% |
| Financial debts | 170/4 | €466,294 | €446,789 | -€19,506 | -4.2% |
| Amounts payable within one year | 42/48 | €238,584 | €154,839 | -€83,745 | -35.1% |
| Current portion of amounts payable after more than one year | 42 | €18,736 | €19,506 | +€769 | +4.1% |
| Trade debts | 44 | €56,717 | €12,444 | -€44,272 | -78.1% |
| Suppliers | 440/4 | €56,717 | €12,444 | -€44,272 | -78.1% |
| Advances received on contracts in progress | 46 | €46,299 | - | -€46,299 | |
| Taxes, remuneration and social security | 45 | - | €2,543 | +€2,543 | |
| Taxes | 450/3 | - | €2,543 | +€2,543 | |
| Other amounts payable | 47/48 | €116,832 | €120,346 | +€3,514 | +3.0% |
| Accrued charges and deferred income | 492/3 | €8,925 | €11,082 | +€2,157 | +24.2% |
| Remuneration, social security and pensions | 62 | €265 | - | -€265 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,076 | €28,443 | -€4,633 | -14.0% |
| Other operating charges | 640/8 | €739 | €611 | -€128 | -17.3% |
| Gross operating margin | 9900 | -€9,420 | €74,420 | +€83,840 | |
| Operating profit (loss) | 9901 | -€43,501 | €45,366 | +€88,867 | |
| Financial income | 75/76B | €123 | €51 | -€72 | -58.8% |
| Recurring financial income | 75 | €123 | €51 | -€72 | -58.8% |
| Financial charges | 65/66B | €24,716 | €22,593 | -€2,123 | -8.6% |
| Recurring financial charges | 65 | €24,716 | €22,593 | -€2,123 | -8.6% |
| Profit (loss) for the period before taxes | 9903 | -€68,094 | €22,824 | +€90,917 | |
| Profit (loss) for the period | 9904 | -€68,094 | €22,824 | +€90,917 | |
| Profit (loss) for the period to be appropriated | 9905 | -€68,094 | €22,824 | +€90,917 |
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 5 October 2026 via checked.be.