RODEX: 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.
RODEX
Largest movements
- Receivables after one year -€42,665
down €42,665 (-30.5%), from €140,000 to €97,335
- Tangible fixed assets +€28,940
up €28,940 (+165.0%), from €17,540 to €46,481
of which Plant, machinery and equipment: +€19,294
- Receivables within one year +€16,127
up €16,127 (+52.0%), from €30,994 to €47,121
of which Other amounts receivable: +€25,291
- Cash -€6,773
down €6,773 (-5.5%), from €122,248 to €115,475
mainly Investment in fixed assets (net) (-€41,145) and Debts after one year (-€26,895)
- Deferred charges and accrued income +€4,898
up €4,898 (+46.3%), from €10,569 to €15,467
- Reserves +€28,000
up €28,000 (+59.8%), from €46,860 to €74,860
- Debts after one year -€26,895
down €26,895 (-16.8%), from €160,455 to €133,559
- Other debts -€12,495
no longer reported in 2025 (was €12,495)
- Current portion of long-term debt +€6,331
up €6,331 (+20.2%), from €31,361 to €37,692
- Staff costs -€3,504
down €3,504 (-35.4%), from €9,909 to €6,406
- Gross operating margin -€1,955
down €1,955 (-2.2%), from €89,774 to €87,819
- Depreciation +€1,321
up €1,321 (+12.1%), from €10,883 to €12,204
- Financial charges -€1,168
down €1,168 (-9.0%), from €13,045 to €11,877
- Taxes -€913
down €913 (-3.8%), from €23,732 to €22,819
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 | €321,350 | €321,878 | +€527 | +0.2% |
| Fixed assets | 21/28 | €17,540 | €46,481 | +€28,940 | +165.0% |
| Tangible fixed assets | 22/27 | €17,540 | €46,481 | +€28,940 | +165.0% |
| Plant, machinery and equipment | 23 | €12,453 | €31,747 | +€19,294 | +154.9% |
| Furniture and vehicles | 24 | €5,088 | €14,734 | +€9,646 | +189.6% |
| Current assets | 29/58 | €303,810 | €275,397 | -€28,413 | -9.4% |
| Amounts receivable after more than one year | 29 | €140,000 | €97,335 | -€42,665 | -30.5% |
| Other amounts receivable | 291 | €140,000 | €97,335 | -€42,665 | -30.5% |
| Amounts receivable within one year | 40/41 | €30,994 | €47,121 | +€16,127 | +52.0% |
| Trade receivables | 40 | €26,483 | €17,319 | -€9,164 | -34.6% |
| Other amounts receivable | 41 | €4,511 | €29,802 | +€25,291 | +560.7% |
| Cash at bank and in hand | 54/58 | €122,248 | €115,475 | -€6,773 | -5.5% |
| Deferred charges and accrued income | 490/1 | €10,569 | €15,467 | +€4,898 | +46.3% |
| Total equity and liabilities | 10/49 | €321,350 | €321,878 | +€527 | +0.2% |
| Equity | 10/15 | €88,825 | €117,210 | +€28,385 | +32.0% |
| Contributions | 10/11 | €6,205 | €6,205 | = | 0.0% |
| Reserves | 13 | €46,860 | €74,860 | +€28,000 | +59.8% |
| Distributable reserves | 133 | €46,860 | €74,860 | +€28,000 | +59.8% |
| Profit (loss) carried forward | 14 | €35,760 | €36,144 | +€385 | +1.1% |
| Amounts payable | 17/49 | €232,526 | €204,668 | -€27,857 | -12.0% |
| Amounts payable after more than one year | 17 | €160,455 | €133,559 | -€26,895 | -16.8% |
| Financial debts | 170/4 | €160,455 | €133,559 | -€26,895 | -16.8% |
| Amounts payable within one year | 42/48 | €68,549 | €67,587 | -€962 | -1.4% |
| Current portion of amounts payable after more than one year | 42 | €31,361 | €37,692 | +€6,331 | +20.2% |
| Trade debts | 44 | €9,508 | €12,425 | +€2,917 | +30.7% |
| Suppliers | 440/4 | €9,508 | €12,425 | +€2,917 | +30.7% |
| Taxes, remuneration and social security | 45 | €15,185 | €17,470 | +€2,285 | +15.1% |
| Taxes | 450/3 | €15,032 | €17,038 | +€2,006 | +13.3% |
| Remuneration and social security | 454/9 | €152 | €432 | +€280 | +183.7% |
| Other amounts payable | 47/48 | €12,495 | - | -€12,495 | |
| Accrued charges and deferred income | 492/3 | €3,522 | €3,522 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €9,909 | €6,406 | -€3,504 | -35.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,883 | €12,204 | +€1,321 | +12.1% |
| Other operating charges | 640/8 | €2,212 | €2,772 | +€560 | +25.3% |
| Gross operating margin | 9900 | €89,774 | €87,819 | -€1,955 | -2.2% |
| Operating profit (loss) | 9901 | €66,769 | €66,437 | -€332 | -0.5% |
| Financial income | 75/76B | €6,201 | €5,644 | -€556 | -9.0% |
| Recurring financial income | 75 | €6,201 | €5,644 | -€556 | -9.0% |
| Financial charges | 65/66B | €13,045 | €11,877 | -€1,168 | -9.0% |
| Recurring financial charges | 65 | €13,045 | €11,877 | -€1,168 | -9.0% |
| Profit (loss) for the period before taxes | 9903 | €59,924 | €60,204 | +€280 | +0.5% |
| Income taxes | 67/77 | €23,732 | €22,819 | -€913 | -3.8% |
| Profit (loss) for the period | 9904 | €36,192 | €37,385 | +€1,193 | +3.3% |
| Profit (loss) for the period to be appropriated | 9905 | €36,192 | €37,385 | +€1,193 | +3.3% |
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.