Rocinante: 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.
Rocinante
Largest movements
- Cash -€8,633
down €8,633 (-12.6%), from €68,381 to €59,748
mainly Contributions, distributions and other (-€82,816) and Tax, wage and social debts (-€12,026)
- Receivables within one year -€4,122
down €4,122 (-13.2%), from €31,108 to €26,986
of which Other amounts receivable: -€22,010
- Other debts +€51,866
new in 2025: €51,866
- Reserves -€46,189
down €46,189 (-76.7%), from €60,235 to €14,046
- Tax, wage and social debts -€12,026
down €12,026 (-62.4%), from €19,287 to €7,261
- Trade debts -€6,895
down €6,895 (-45.0%), from €15,315 to €8,421
- Gross operating margin +€5,163
up €5,163 (+12.0%), from €43,036 to €48,200
- Financial income -€1,030
no longer reported in 2025 (was €1,030)
- Taxes +€773
up €773 (+8.2%), from €9,460 to €10,233
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 | €101,087 | €87,844 | -€13,243 | -13.1% |
| Fixed assets | 21/28 | €1,599 | €1,110 | -€489 | -30.6% |
| Tangible fixed assets | 22/27 | €1,599 | €1,110 | -€489 | -30.6% |
| Furniture and vehicles | 24 | €1,599 | €1,110 | -€489 | -30.6% |
| Current assets | 29/58 | €99,488 | €86,734 | -€12,754 | -12.8% |
| Amounts receivable within one year | 40/41 | €31,108 | €26,986 | -€4,122 | -13.2% |
| Trade receivables | 40 | €9,098 | €26,986 | +€17,888 | +197% |
| Other amounts receivable | 41 | €22,010 | - | -€22,010 | |
| Cash at bank and in hand | 54/58 | €68,381 | €59,748 | -€8,633 | -12.6% |
| Total equity and liabilities | 10/49 | €101,087 | €87,844 | -€13,243 | -13.1% |
| Equity | 10/15 | €65,235 | €19,046 | -€46,189 | -70.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €60,235 | €14,046 | -€46,189 | -76.7% |
| Distributable reserves | 133 | €60,235 | €14,046 | -€46,189 | -76.7% |
| Amounts payable | 17/49 | €35,852 | €68,798 | +€32,946 | +91.9% |
| Amounts payable within one year | 42/48 | €34,602 | €67,548 | +€32,946 | +95.2% |
| Trade debts | 44 | €15,315 | €8,421 | -€6,895 | -45.0% |
| Suppliers | 440/4 | €15,315 | €8,421 | -€6,895 | -45.0% |
| Taxes, remuneration and social security | 45 | €19,287 | €7,261 | -€12,026 | -62.4% |
| Taxes | 450/3 | €19,287 | €7,261 | -€12,026 | -62.4% |
| Other amounts payable | 47/48 | - | €51,866 | +€51,866 | |
| Accrued charges and deferred income | 492/3 | €1,250 | €1,250 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €489 | €489 | = | 0.0% |
| Other operating charges | 640/8 | €807 | €805 | -€2 | -0.2% |
| Gross operating margin | 9900 | €43,036 | €48,200 | +€5,163 | +12.0% |
| Operating profit (loss) | 9901 | €41,741 | €46,906 | +€5,165 | +12.4% |
| Financial income | 75/76B | €1,030 | - | -€1,030 | |
| Recurring financial income | 75 | €1,030 | - | -€1,030 | |
| Financial charges | 65/66B | €46 | €46 | = | 0.0% |
| Recurring financial charges | 65 | €46 | €46 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €42,725 | €46,860 | +€4,135 | +9.7% |
| Income taxes | 67/77 | €9,460 | €10,233 | +€773 | +8.2% |
| Profit (loss) for the period | 9904 | €33,264 | €36,627 | +€3,362 | +10.1% |
| Profit (loss) for the period to be appropriated | 9905 | €33,264 | €36,627 | +€3,362 | +10.1% |
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 24 October 2026 via checked.be.