RODEL: what changed
Two fiscal 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.
RODEL
Largest movements
- Receivables within one year +€886,351
up €886,351 (+1859.0%), from €47,680 to €934,031
of which Trade receivables: +€611,828
- Receivables after one year -€200,000
no longer reported in 2025 (was €200,000)
- Cash -€29,218
down €29,218 (-43.2%), from €67,665 to €38,446
mainly Receivables within one year (-€886,351) and Investment in fixed assets (net) (-€152,274)
- Deferred charges and accrued income +€18,233
new in 2025: €18,233
- Intangible fixed assets -€18,000
down €18,000 (-30.5%), from €58,975 to €40,975
- Debts after one year +€442,732
up €442,732 (+182.3%), from €242,859 to €685,591
- Other debts +€102,966
up €102,966 (+2353.9%), from €4,374 to €107,340
- Current portion of long-term debt +€73,660
up €73,660 (+43.3%), from €170,124 to €243,784
- Reserves +€64,838
up €64,838 (+29.3%), from €221,414 to €286,252
- Trade debts -€36,078
down €36,078 (-13.4%), from €268,892 to €232,814
- Gross operating margin +€83,611
up €83,611 (+12.2%), from €685,215 to €768,826
- Depreciation +€48,854
up €48,854 (+35.3%), from €138,561 to €187,414
- Staff costs +€45,529
up €45,529 (+11.3%), from €401,518 to €447,047
- Financial income -€8,243
down €8,243 (-70.2%), from €11,747 to €3,504
- Other operating charges +€7,785
up €7,785 (+37.7%), from €20,629 to €28,414
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 | €1,093,675 | €1,738,448 | +€644,772 | +59.0% |
| Fixed assets | 21/28 | €637,877 | €602,736 | -€35,140 | -5.5% |
| Intangible fixed assets | 21 | €58,975 | €40,975 | -€18,000 | -30.5% |
| Tangible fixed assets | 22/27 | €578,595 | €560,805 | -€17,790 | -3.1% |
| Land and buildings | 22 | €45,314 | €46,562 | +€1,248 | +2.8% |
| Plant, machinery and equipment | 23 | €229,684 | €298,189 | +€68,505 | +29.8% |
| Furniture and vehicles | 24 | €303,598 | €216,055 | -€87,543 | -28.8% |
| Financial fixed assets | 28 | €306 | €956 | +€650 | +212.5% |
| Current assets | 29/58 | €455,799 | €1,135,711 | +€679,913 | +149.2% |
| Amounts receivable after more than one year | 29 | €200,000 | - | -€200,000 | |
| Other amounts receivable | 291 | €200,000 | - | -€200,000 | |
| Stocks and contracts in progress | 3 | €140,454 | €145,000 | +€4,546 | +3.2% |
| Stocks | 30/36 | €140,454 | €145,000 | +€4,546 | +3.2% |
| Amounts receivable within one year | 40/41 | €47,680 | €934,031 | +€886,351 | +1859.0% |
| Trade receivables | 40 | €8,872 | €620,699 | +€611,828 | +6896.5% |
| Other amounts receivable | 41 | €38,809 | €313,332 | +€274,524 | +707.4% |
| Cash at bank and in hand | 54/58 | €67,665 | €38,446 | -€29,218 | -43.2% |
| Deferred charges and accrued income | 490/1 | - | €18,233 | +€18,233 | |
| Total equity and liabilities | 10/49 | €1,093,675 | €1,738,448 | +€644,772 | +59.0% |
| Equity | 10/15 | €227,614 | €292,452 | +€64,838 | +28.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €221,414 | €286,252 | +€64,838 | +29.3% |
| Distributable reserves | 133 | €221,414 | €286,252 | +€64,838 | +29.3% |
| Amounts payable | 17/49 | €866,061 | €1,445,995 | +€579,934 | +67.0% |
| Amounts payable after more than one year | 17 | €242,859 | €685,591 | +€442,732 | +182.3% |
| Financial debts | 170/4 | €242,859 | €685,591 | +€442,732 | +182.3% |
| Amounts payable within one year | 42/48 | €623,202 | €760,404 | +€137,202 | +22.0% |
| Current portion of amounts payable after more than one year | 42 | €170,124 | €243,784 | +€73,660 | +43.3% |
| Financial debts | 43 | €100,000 | €100,000 | = | 0.0% |
| Credit institutions | 430/8 | €100,000 | €100,000 | = | 0.0% |
| Trade debts | 44 | €268,892 | €232,814 | -€36,078 | -13.4% |
| Suppliers | 440/4 | €268,892 | €232,814 | -€36,078 | -13.4% |
| Taxes, remuneration and social security | 45 | €79,812 | €76,466 | -€3,346 | -4.2% |
| Taxes | 450/3 | €23,546 | €38,344 | +€14,798 | +62.8% |
| Remuneration and social security | 454/9 | €56,266 | €38,122 | -€18,144 | -32.2% |
| Other amounts payable | 47/48 | €4,374 | €107,340 | +€102,966 | +2353.9% |
| Remuneration, social security and pensions | 62 | €401,518 | €447,047 | +€45,529 | +11.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €138,561 | €187,414 | +€48,854 | +35.3% |
| Other operating charges | 640/8 | €20,629 | €28,414 | +€7,785 | +37.7% |
| Gross operating margin | 9900 | €685,215 | €768,826 | +€83,611 | +12.2% |
| Operating profit (loss) | 9901 | €124,507 | €105,950 | -€18,557 | -14.9% |
| Financial income | 75/76B | €11,747 | €3,504 | -€8,243 | -70.2% |
| Recurring financial income | 75 | €11,747 | €3,504 | -€8,243 | -70.2% |
| Financial charges | 65/66B | €26,498 | €27,661 | +€1,163 | +4.4% |
| Recurring financial charges | 65 | €26,498 | €27,661 | +€1,163 | +4.4% |
| Profit (loss) for the period before taxes | 9903 | €109,756 | €81,793 | -€27,963 | -25.5% |
| Income taxes | 67/77 | €20,126 | €16,955 | -€3,172 | -15.8% |
| Profit (loss) for the period | 9904 | €89,630 | €64,838 | -€24,791 | -27.7% |
| Profit (loss) for the period to be appropriated | 9905 | €89,630 | €64,838 | -€24,791 | -27.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.