ROBERT WALTERS: 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.
ROBERT WALTERS
Largest movements
- Receivables within one year -€2.7m
down €2.7m (-29.5%), from €9.1m to €6.4m
of which Trade receivables: -€2.6m
- Cash -€349,971
down €349,971 (-22.9%), from €1.5m to €1.2m
mainly Contributions, distributions and other (-€3.4m) and Trade debts (-€718,390)
- Profit (loss) carried forward -€2.5m
down €2.5m (-45.1%), from €5.5m to €3.0m
- Trade debts -€718,390
down €718,390 (-36.2%), from €2.0m to €1.3m
- Other debts +€257,114
up €257,114 (+124.4%), from €206,644 to €463,758
- Tax, wage and social debts -€117,517
down €117,517 (-7.3%), from €1.6m to €1.5m
of which Remuneration and social security: -€332,300
- Turnover -€6.1m
down €6.1m (-22.9%), from €26.7m to €20.6m
- Goods and materials -€4.0m
down €4.0m (-22.7%), from €17.7m to €13.7m
- Staff costs -€767,696
down €767,696 (-15.0%), from €5.1m to €4.4m
- Taxes -€433,429
down €433,429 (-54.4%), from €797,320 to €363,891
- Other operating income -€427,289
down €427,289 (-27.5%), from €1.6m to €1.1m
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 | €10,905,565 | €7,833,101 | -€3.1m | -28.2% |
| Fixed assets | 21/28 | €220,668 | €174,508 | -€46,159 | -20.9% |
| Tangible fixed assets | 22/27 | €217,628 | €171,469 | -€46,159 | -21.2% |
| Furniture and vehicles | 24 | €217,628 | €171,469 | -€46,159 | -21.2% |
| Financial fixed assets | 28 | €3,040 | €3,040 | = | 0.0% |
| Other financial fixed assets | 284/8 | €3,040 | €3,040 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €3,040 | €3,040 | = | 0.0% |
| Current assets | 29/58 | €10,684,897 | €7,658,592 | -€3.0m | -28.3% |
| Amounts receivable within one year | 40/41 | €9,116,030 | €6,428,977 | -€2.7m | -29.5% |
| Trade receivables | 40 | €5,406,880 | €2,817,419 | -€2.6m | -47.9% |
| Other amounts receivable | 41 | €3,709,150 | €3,611,558 | -€97,592 | -2.6% |
| Cash at bank and in hand | 54/58 | €1,525,548 | €1,175,577 | -€349,971 | -22.9% |
| Deferred charges and accrued income | 490/1 | €43,319 | €54,038 | +€10,719 | +24.7% |
| Total equity and liabilities | 10/49 | €10,905,565 | €7,833,101 | -€3.1m | -28.2% |
| Equity | 10/15 | €7,110,178 | €4,616,507 | -€2.5m | -35.1% |
| Contributions | 10/11 | €1,438,394 | €1,438,394 | = | 0.0% |
| Capital | 10 | €1,438,394 | €1,438,394 | = | 0.0% |
| Issued capital | 100 | €1,438,394 | €1,438,394 | = | 0.0% |
| Reserves | 13 | €143,839 | €143,839 | = | 0.0% |
| Non-distributable reserves | 130/1 | €143,839 | €143,839 | = | 0.0% |
| Legal reserve | 130 | €143,839 | €143,839 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,527,944 | €3,034,273 | -€2.5m | -45.1% |
| Amounts payable | 17/49 | €3,795,387 | €3,216,594 | -€578,793 | -15.2% |
| Amounts payable within one year | 42/48 | €3,795,387 | €3,216,594 | -€578,793 | -15.2% |
| Trade debts | 44 | €1,983,579 | €1,265,189 | -€718,390 | -36.2% |
| Suppliers | 440/4 | €1,983,579 | €1,265,189 | -€718,390 | -36.2% |
| Taxes, remuneration and social security | 45 | €1,605,163 | €1,487,646 | -€117,517 | -7.3% |
| Taxes | 450/3 | €257,280 | €472,063 | +€214,783 | +83.5% |
| Remuneration and social security | 454/9 | €1,347,883 | €1,015,583 | -€332,300 | -24.7% |
| Other amounts payable | 47/48 | €206,644 | €463,758 | +€257,114 | +124.4% |
| Operating income | 70/76A | €28,254,150 | €21,687,802 | -€6.6m | -23.2% |
| Turnover | 70 | €26,665,680 | €20,556,362 | -€6.1m | -22.9% |
| Other operating income | 74 | €1,554,909 | €1,127,620 | -€427,289 | -27.5% |
| Non-recurring operating income | 76A | €33,562 | €3,820 | -€29,742 | -88.6% |
| Operating charges | 60/66A | €25,166,482 | €20,394,803 | -€4.8m | -19.0% |
| Goods for resale, raw materials and consumables | 60 | €17,662,871 | €13,654,403 | -€4.0m | -22.7% |
| Purchases | 600/8 | €17,662,871 | €13,654,403 | -€4.0m | -22.7% |
| Services and other goods | 61 | €2,268,186 | €2,277,101 | +€8,915 | +0.4% |
| Remuneration, social security and pensions | 62 | €5,130,286 | €4,362,589 | -€767,696 | -15.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,159 | €46,159 | -€0 | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €7,800 | +€7,800 | |
| Other operating charges | 640/8 | €58,980 | €46,751 | -€12,229 | -20.7% |
| Operating profit (loss) | 9901 | €3,087,668 | €1,292,999 | -€1.8m | -58.1% |
| Financial income | 75/76B | €66,876 | €57,239 | -€9,637 | -14.4% |
| Recurring financial income | 75 | €66,876 | €57,239 | -€9,637 | -14.4% |
| Income from current assets | 751 | €66,876 | €57,239 | -€9,637 | -14.4% |
| Financial charges | 65/66B | €73,288 | €80,018 | +€6,730 | +9.2% |
| Recurring financial charges | 65 | €73,288 | €80,018 | +€6,730 | +9.2% |
| Debt charges | 650 | €70,018 | €76,713 | +€6,695 | +9.6% |
| Other financial charges | 652/9 | €3,270 | €3,305 | +€35 | +1.1% |
| Profit (loss) for the period before taxes | 9903 | €3,081,256 | €1,270,220 | -€1.8m | -58.8% |
| Income taxes | 67/77 | €797,320 | €363,891 | -€433,429 | -54.4% |
| Taxes | 670/3 | €797,320 | €363,891 | -€433,429 | -54.4% |
| Profit (loss) for the period | 9904 | €2,283,937 | €906,329 | -€1.4m | -60.3% |
| Profit (loss) for the period to be appropriated | 9905 | €2,283,937 | €906,329 | -€1.4m | -60.3% |
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 10 October 2026 via checked.be.