ROBRAS: 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.
ROBRAS
Largest movements
- Cash -€132,655
down €132,655 (-55.7%), from €238,051 to €105,396
mainly Other debts (-€93,250) and Investment in fixed assets (net) (-€68,708)
- Receivables within one year +€29,851
up €29,851 (+671%), from €4,450 to €34,301
of which Other amounts receivable: +€29,835
- Stocks and contracts +€10,525
up €10,525 (+42.6%), from €24,705 to €35,230
- Other debts -€93,250
down €93,250 (-77.4%), from €120,454 to €27,204
- Tax, wage and social debts +€30,003
up €30,003 (+31.9%), from €94,124 to €124,127
of which Remuneration and social security: +€30,155
- Trade debts -€16,553
down €16,553 (-23.3%), from €71,112 to €54,559
- Current portion of long-term debt -€10,627
down €10,627 (-74.7%), from €14,228 to €3,601
- Staff costs +€180,141
up €180,141 (+15.9%), from €1.1m to €1.3m
- Gross operating margin +€28,555
up €28,555 (+2.1%), from €1.4m to €1.4m
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 | €471,101 | €377,289 | -€93,812 | -19.9% |
| Fixed assets | 21/28 | €190,883 | €188,925 | -€1,959 | -1.0% |
| Tangible fixed assets | 22/27 | €190,883 | €188,925 | -€1,959 | -1.0% |
| Plant, machinery and equipment | 23 | €87,330 | €74,368 | -€12,962 | -14.8% |
| Furniture and vehicles | 24 | €31,507 | €53,748 | +€22,241 | +70.6% |
| Other tangible fixed assets | 26 | €72,046 | €60,809 | -€11,238 | -15.6% |
| Current assets | 29/58 | €280,218 | €188,365 | -€91,854 | -32.8% |
| Stocks and contracts in progress | 3 | €24,705 | €35,230 | +€10,525 | +42.6% |
| Stocks | 30/36 | €24,705 | €35,230 | +€10,525 | +42.6% |
| Amounts receivable within one year | 40/41 | €4,450 | €34,301 | +€29,851 | +671% |
| Trade receivables | 40 | - | €16 | +€16 | |
| Other amounts receivable | 41 | €4,450 | €34,285 | +€29,835 | +671% |
| Cash at bank and in hand | 54/58 | €238,051 | €105,396 | -€132,655 | -55.7% |
| Deferred charges and accrued income | 490/1 | €13,012 | €13,437 | +€425 | +3.3% |
| Total equity and liabilities | 10/49 | €471,101 | €377,289 | -€93,812 | -19.9% |
| Equity | 10/15 | €167,581 | €167,797 | +€216 | +0.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €161,381 | €161,597 | +€216 | +0.1% |
| Tax-exempt reserves | 132 | €5,418 | €5,418 | = | 0.0% |
| Distributable reserves | 133 | €155,963 | €156,178 | +€216 | +0.1% |
| Amounts payable | 17/49 | €303,520 | €209,492 | -€94,028 | -31.0% |
| Amounts payable after more than one year | 17 | €3,601 | - | -€3,601 | |
| Financial debts | 170/4 | €3,601 | - | -€3,601 | |
| Amounts payable within one year | 42/48 | €299,919 | €209,492 | -€90,426 | -30.2% |
| Current portion of amounts payable after more than one year | 42 | €14,228 | €3,601 | -€10,627 | -74.7% |
| Trade debts | 44 | €71,112 | €54,559 | -€16,553 | -23.3% |
| Suppliers | 440/4 | €71,112 | €54,559 | -€16,553 | -23.3% |
| Taxes, remuneration and social security | 45 | €94,124 | €124,127 | +€30,003 | +31.9% |
| Taxes | 450/3 | €10,547 | €10,395 | -€152 | -1.4% |
| Remuneration and social security | 454/9 | €83,577 | €113,732 | +€30,155 | +36.1% |
| Other amounts payable | 47/48 | €120,454 | €27,204 | -€93,250 | -77.4% |
| Remuneration, social security and pensions | 62 | €1,131,505 | €1,311,647 | +€180,141 | +15.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,699 | €70,666 | +€4,967 | +7.6% |
| Other operating charges | 640/8 | €12,041 | €11,241 | -€800 | -6.6% |
| Gross operating margin | 9900 | €1,388,588 | €1,417,142 | +€28,555 | +2.1% |
| Operating profit (loss) | 9901 | €179,342 | €23,588 | -€155,754 | -86.8% |
| Financial income | 75/76B | €190 | €1,023 | +€833 | +438% |
| Recurring financial income | 75 | €190 | €1,023 | +€833 | +438% |
| Financial charges | 65/66B | €17,722 | €17,773 | +€52 | +0.3% |
| Recurring financial charges | 65 | €17,722 | €17,773 | +€52 | +0.3% |
| Profit (loss) for the period before taxes | 9903 | €161,810 | €6,838 | -€154,972 | -95.8% |
| Income taxes | 67/77 | €923 | €622 | -€300 | -32.6% |
| Profit (loss) for the period | 9904 | €160,887 | €6,216 | -€154,672 | -96.1% |
| Profit (loss) for the period to be appropriated | 9905 | €160,887 | €6,216 | -€154,672 | -96.1% |
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 15 October 2026 via checked.be.