ROBERTSON ASSOCIATES: 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.
ROBERTSON ASSOCIATES
Largest movements
- Receivables within one year +€258,672
up €258,672 (+93.7%), from €276,049 to €534,721
of which Trade receivables: +€215,292
- Cash -€108,278
down €108,278 (-69.0%), from €156,968 to €48,690
mainly Receivables within one year (-€258,672) and Other debts (-€73,069)
- Tangible fixed assets +€9,046
up €9,046 (+57.6%), from €15,708 to €24,754
- Reserves +€88,495
up €88,495 (+21.4%), from €413,846 to €502,341
of which Distributable reserves: +€88,495
- Other debts -€73,069
no longer reported in 2025 (was €73,069)
- Tax, wage and social debts +€64,687
up €64,687 (+795%), from €8,141 to €72,828
of which Taxes: +€67,236
- Trade debts +€51,769
up €51,769 (+67.8%), from €76,301 to €128,070
- Accrued charges and deferred income +€20,880
new in 2025: €20,880
- Gross operating margin +€178,199
up €178,199 (+114%), from €155,742 to €333,941
- Taxes +€153,145
up €153,145 (+307%), from €49,855 to €203,000
- Other operating charges +€38,254
up €38,254 (+1,961%), from €1,951 to €40,205
- Depreciation -€12,340
down €12,340 (-70.3%), from €17,543 to €5,203
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 | €697,464 | €856,171 | +€158,707 | +22.8% |
| Fixed assets | 21/28 | €259,306 | €268,353 | +€9,047 | +3.5% |
| Tangible fixed assets | 22/27 | €15,708 | €24,754 | +€9,046 | +57.6% |
| Furniture and vehicles | 24 | €15,708 | €24,754 | +€9,046 | +57.6% |
| Financial fixed assets | 28 | €243,598 | €243,598 | +€0 | 0.0% |
| Current assets | 29/58 | €438,158 | €587,818 | +€149,660 | +34.2% |
| Amounts receivable within one year | 40/41 | €276,049 | €534,721 | +€258,672 | +93.7% |
| Trade receivables | 40 | €271,465 | €486,757 | +€215,292 | +79.3% |
| Other amounts receivable | 41 | €4,584 | €47,964 | +€43,380 | +946% |
| Cash at bank and in hand | 54/58 | €156,968 | €48,690 | -€108,278 | -69.0% |
| Deferred charges and accrued income | 490/1 | €5,141 | €4,407 | -€734 | -14.3% |
| Total equity and liabilities | 10/49 | €697,464 | €856,171 | +€158,707 | +22.8% |
| Equity | 10/15 | €539,261 | €627,756 | +€88,495 | +16.4% |
| Contributions | 10/11 | €12,000 | €12,000 | = | 0.0% |
| Reserves | 13 | €413,846 | €502,341 | +€88,495 | +21.4% |
| Non-distributable reserves | 130/1 | €2,013 | €2,013 | -€0 | 0.0% |
| Reserves not available under the articles | 1311 | €1,263 | €1,263 | -€0 | 0.0% |
| Other | 1319 | €750 | €750 | = | 0.0% |
| Distributable reserves | 133 | €411,833 | €500,328 | +€88,495 | +21.5% |
| Profit (loss) carried forward | 14 | €113,415 | €113,415 | +€0 | 0.0% |
| Amounts payable | 17/49 | €158,203 | €228,414 | +€70,211 | +44.4% |
| Amounts payable within one year | 42/48 | €158,203 | €207,534 | +€49,331 | +31.2% |
| Financial debts | 43 | €692 | €6,635 | +€5,943 | +859% |
| Credit institutions | 430/8 | - | €6,635 | +€6,635 | |
| Other loans | 439 | €692 | - | -€692 | |
| Trade debts | 44 | €76,301 | €128,070 | +€51,769 | +67.8% |
| Suppliers | 440/4 | €76,301 | €128,070 | +€51,769 | +67.8% |
| Taxes, remuneration and social security | 45 | €8,141 | €72,828 | +€64,687 | +795% |
| Taxes | 450/3 | €5,592 | €72,828 | +€67,236 | +1,202% |
| Remuneration and social security | 454/9 | €2,549 | - | -€2,549 | |
| Other amounts payable | 47/48 | €73,069 | - | -€73,069 | |
| Accrued charges and deferred income | 492/3 | - | €20,880 | +€20,880 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,543 | €5,203 | -€12,340 | -70.3% |
| Other operating charges | 640/8 | €1,951 | €40,205 | +€38,254 | +1,961% |
| Gross operating margin | 9900 | €155,742 | €333,941 | +€178,199 | +114% |
| Operating profit (loss) | 9901 | €136,248 | €288,533 | +€152,285 | +112% |
| Financial income | 75/76B | €194 | €3,264 | +€3,070 | +1,582% |
| Recurring financial income | 75 | €194 | €1,035 | +€841 | +434% |
| Non-recurring financial income | 76B | - | €2,229 | +€2,229 | |
| Financial charges | 65/66B | €562 | €351 | -€211 | -37.5% |
| Recurring financial charges | 65 | €562 | €351 | -€211 | -37.5% |
| Profit (loss) for the period before taxes | 9903 | €135,880 | €291,445 | +€155,565 | +114% |
| Income taxes | 67/77 | €49,855 | €203,000 | +€153,145 | +307% |
| Profit (loss) for the period | 9904 | €86,025 | €88,445 | +€2,420 | +2.8% |
| Profit (loss) for the period to be appropriated | 9905 | €86,025 | €88,445 | +€2,420 | +2.8% |
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 1 November 2026 via checked.be.