RODAX: 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.
RODAX
Largest movements
- Receivables within one year +€983,234
up €983,234 (+120%), from €817,806 to €1.8m
of which Trade receivables: +€983,234
- Stocks and contracts -€91,925
down €91,925 (-11.2%), from €819,536 to €727,612
- Other debts +€1.1m
new in 2025: €1.1m
- Current portion of long-term debt -€631,947
down €631,947 (-96.1%), from €657,733 to €25,786
- Trade debts +€348,900
up €348,900 (+77.1%), from €452,252 to €801,152
- Accrued charges and deferred income +€126,539
up €126,539 (+623%), from €20,296 to €146,835
- Tax, wage and social debts +€48,413
up €48,413 (+35.8%), from €135,419 to €183,832
of which Taxes: +€33,703
- Financial income +€645,971
up €645,971 (+16,428%), from €3,932 to €649,903
of which Non-recurring financial income: +€644,879
- Gross operating margin -€437,165
down €437,165 (-25.0%), from €1.8m to €1.3m
- Write-downs +€117,752
new in 2025: €117,752
- Staff costs -€32,861
down €32,861 (-1.9%), from €1.7m to €1.7m
From the 2024 result to the 2025 result
The net result is not in both sets of accounts; without it the difference cannot be explained line by line.
Derived cash bridge
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,953,116 | €2,835,702 | +€882,586 | +45.2% |
| Fixed assets | 21/28 | €313,696 | €304,738 | -€8,957 | -2.9% |
| Intangible fixed assets | 21 | €1,698 | €423 | -€1,275 | -75.1% |
| Tangible fixed assets | 22/27 | €311,998 | €304,316 | -€7,682 | -2.5% |
| Plant, machinery and equipment | 23 | - | €251,242 | +€251,242 | |
| Furniture and vehicles | 24 | €227,097 | €53,073 | -€174,024 | -76.6% |
| Leasing and similar rights | 25 | €84,901 | - | -€84,901 | |
| Current assets | 29/58 | €1,639,421 | €2,530,964 | +€891,543 | +54.4% |
| Stocks and contracts in progress | 3 | €819,536 | €727,612 | -€91,925 | -11.2% |
| Stocks | 30/36 | €819,536 | €727,612 | -€91,925 | -11.2% |
| Amounts receivable within one year | 40/41 | €817,806 | €1,801,041 | +€983,234 | +120% |
| Trade receivables | 40 | €817,672 | €1,800,906 | +€983,234 | +120% |
| Other amounts receivable | 41 | €135 | €135 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €1,412 | €2,312 | +€900 | +63.7% |
| Deferred charges and accrued income | 490/1 | €666 | - | -€666 | |
| Total equity and liabilities | 10/49 | €1,953,116 | €2,835,702 | +€882,586 | +45.2% |
| Equity | 10/15 | €104,001 | €104,001 | = | 0.0% |
| Contributions | 10/11 | €208,000 | €208,000 | = | 0.0% |
| Capital | 10 | €208,000 | €208,000 | = | 0.0% |
| Issued capital | 100 | €208,000 | €208,000 | = | 0.0% |
| Reserves | 13 | €22,369 | €22,369 | = | 0.0% |
| Non-distributable reserves | 130/1 | €20,800 | €20,800 | = | 0.0% |
| Legal reserve | 130 | €20,800 | €20,800 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,569 | €1,569 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€126,368 | -€126,368 | = | 0.0% |
| Amounts payable | 17/49 | €1,849,115 | €2,731,701 | +€882,586 | +47.7% |
| Amounts payable after more than one year | 17 | €507,466 | €469,635 | -€37,831 | -7.5% |
| Financial debts | 170/4 | €507,466 | €469,635 | -€37,831 | -7.5% |
| Amounts payable within one year | 42/48 | €1,321,353 | €2,115,231 | +€793,878 | +60.1% |
| Current portion of amounts payable after more than one year | 42 | €657,733 | €25,786 | -€631,947 | -96.1% |
| Financial debts | 43 | €42,700 | - | -€42,700 | |
| Credit institutions | 430/8 | €42,700 | - | -€42,700 | |
| Trade debts | 44 | €452,252 | €801,152 | +€348,900 | +77.1% |
| Suppliers | 440/4 | €452,252 | €801,152 | +€348,900 | +77.1% |
| Advances received on contracts in progress | 46 | €33,250 | €18,487 | -€14,763 | -44.4% |
| Taxes, remuneration and social security | 45 | €135,419 | €183,832 | +€48,413 | +35.8% |
| Taxes | 450/3 | €15,082 | €48,785 | +€33,703 | +223% |
| Remuneration and social security | 454/9 | €120,337 | €135,047 | +€14,710 | +12.2% |
| Other amounts payable | 47/48 | - | €1,085,974 | +€1.1m | |
| Accrued charges and deferred income | 492/3 | €20,296 | €146,835 | +€126,539 | +623% |
| Non-recurring operating income | 76A | €76,216 | - | -€76,216 | |
| Remuneration, social security and pensions | 62 | €1,726,962 | €1,694,102 | -€32,861 | -1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €81,053 | €70,630 | -€10,423 | -12.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €117,752 | +€117,752 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €16,211 | +€16,211 | |
| Other operating charges | 640/8 | €21,119 | €15,192 | -€5,928 | -28.1% |
| Gross operating margin | 9900 | €1,752,156 | €1,314,991 | -€437,165 | -25.0% |
| Operating profit (loss) | 9901 | -€76,978 | -€598,895 | -€521,917 | -678% |
| Financial income | 75/76B | €3,932 | €649,903 | +€645,971 | +16,428% |
| Recurring financial income | 75 | €3,932 | €5,024 | +€1,092 | +27.8% |
| Non-recurring financial income | 76B | - | €644,879 | +€644,879 | |
| Financial charges | 65/66B | €35,922 | €50,301 | +€14,379 | +40.0% |
| Recurring financial charges | 65 | €35,922 | €50,301 | +€14,379 | +40.0% |
| Profit (loss) for the period before taxes | 9903 | -€108,968 | €706 | +€109,674 | |
| Income taxes | 67/77 | €3,365 | €706 | -€2,658 | -79.0% |
| Profit (loss) for the period | 9904 | -€112,333 | - | +€112,333 | |
| Profit (loss) for the period to be appropriated | 9905 | -€112,333 | - | +€112,333 |
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 14 October 2026 via checked.be.