Rods&Cones: 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.
Rods&Cones
Largest movements
- Tangible fixed assets -€176,013
down €176,013 (-22.7%), from €774,378 to €598,364
of which Plant, machinery and equipment: -€127,823
- Receivables within one year -€164,334
down €164,334 (-23.6%), from €695,429 to €531,095
of which Other amounts receivable: -€153,858
- Cash -€114,608
down €114,608 (-99.4%), from €115,310 to €701
mainly Trade debts (-€269,273) and Accrued charges and deferred income (-€252,187)
- Deferred charges and accrued income -€20,474
down €20,474 (-30.6%), from €66,828 to €46,353
- Trade debts -€269,273
down €269,273 (-48.0%), from €560,477 to €291,204
- Accrued charges and deferred income -€252,187
down €252,187 (-26.2%), from €962,428 to €710,240
- Profit (loss) carried forward +€72,694
up €72,694 (+17.1%), from -€426,017 to -€353,323
- Debts after one year -€66,008
down €66,008 (-78.5%), from €84,038 to €18,030
- Other debts +€39,100
up €39,100 (+10.3%), from €381,204 to €420,304
- Gross operating margin +€196,788
up €196,788 (+53.8%), from €365,484 to €562,272
- Depreciation -€79,002
down €79,002 (-19.6%), from €402,262 to €323,260
- Financial charges +€26,942
up €26,942 (+99.4%), from €27,098 to €54,040
- Write-downs -€7,363
down €7,363 (-100%), from €7,363 to €0
- Financial income -€6,296
down €6,296 (-49.4%), from €12,747 to €6,451
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 | €1,664,122 | €1,191,795 | -€472,326 | -28.4% |
| Fixed assets | 21/28 | €786,555 | €613,646 | -€172,909 | -22.0% |
| Intangible fixed assets | 21 | €2,177 | €5,281 | +€3,104 | +143% |
| Tangible fixed assets | 22/27 | €774,378 | €598,364 | -€176,013 | -22.7% |
| Plant, machinery and equipment | 23 | €630,244 | €502,421 | -€127,823 | -20.3% |
| Furniture and vehicles | 24 | - | €469 | +€469 | |
| Leasing and similar rights | 25 | €144,134 | €95,475 | -€48,659 | -33.8% |
| Financial fixed assets | 28 | €10,000 | €10,000 | = | 0.0% |
| Current assets | 29/58 | €877,567 | €578,150 | -€299,417 | -34.1% |
| Amounts receivable within one year | 40/41 | €695,429 | €531,095 | -€164,334 | -23.6% |
| Trade receivables | 40 | €509,444 | €498,968 | -€10,476 | -2.1% |
| Other amounts receivable | 41 | €185,985 | €32,127 | -€153,858 | -82.7% |
| Cash at bank and in hand | 54/58 | €115,310 | €701 | -€114,608 | -99.4% |
| Deferred charges and accrued income | 490/1 | €66,828 | €46,353 | -€20,474 | -30.6% |
| Total equity and liabilities | 10/49 | €1,664,122 | €1,191,795 | -€472,326 | -28.4% |
| Equity | 10/15 | -€406,017 | -€333,323 | +€72,694 | +17.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €0 | - | = | |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | -€426,017 | -€353,323 | +€72,694 | +17.1% |
| Amounts payable | 17/49 | €2,070,139 | €1,525,119 | -€545,021 | -26.3% |
| Amounts payable after more than one year | 17 | €84,038 | €18,030 | -€66,008 | -78.5% |
| Financial debts | 170/4 | €84,038 | €18,030 | -€66,008 | -78.5% |
| Amounts payable within one year | 42/48 | €1,023,674 | €796,848 | -€226,825 | -22.2% |
| Current portion of amounts payable after more than one year | 42 | €63,899 | €66,008 | +€2,109 | +3.3% |
| Trade debts | 44 | €560,477 | €291,204 | -€269,273 | -48.0% |
| Suppliers | 440/4 | €560,477 | €291,204 | -€269,273 | -48.0% |
| Taxes, remuneration and social security | 45 | €18,094 | €19,332 | +€1,238 | +6.8% |
| Taxes | 450/3 | €5,517 | €4,345 | -€1,171 | -21.2% |
| Remuneration and social security | 454/9 | €12,577 | €14,987 | +€2,410 | +19.2% |
| Other amounts payable | 47/48 | €381,204 | €420,304 | +€39,100 | +10.3% |
| Accrued charges and deferred income | 492/3 | €962,428 | €710,240 | -€252,187 | -26.2% |
| Remuneration, social security and pensions | 62 | €110,311 | €109,338 | -€973 | -0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €402,262 | €323,260 | -€79,002 | -19.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €7,363 | €0 | -€7,363 | -100% |
| Other operating charges | 640/8 | €15,062 | €9,214 | -€5,848 | -38.8% |
| Non-recurring operating charges | 66A | €145,635 | €0 | -€145,635 | -100% |
| Gross operating margin | 9900 | €365,484 | €562,272 | +€196,788 | +53.8% |
| Operating profit (loss) | 9901 | -€315,149 | €120,460 | +€435,609 | |
| Financial income | 75/76B | €12,747 | €6,451 | -€6,296 | -49.4% |
| Recurring financial income | 75 | €12,747 | €6,451 | -€6,296 | -49.4% |
| Financial charges | 65/66B | €27,098 | €54,040 | +€26,942 | +99.4% |
| Recurring financial charges | 65 | €27,098 | €54,040 | +€26,942 | +99.4% |
| Profit (loss) for the period before taxes | 9903 | -€329,500 | €72,871 | +€402,372 | |
| Income taxes | 67/77 | €2,350 | €177 | -€2,173 | -92.5% |
| Profit (loss) for the period | 9904 | -€331,850 | €72,694 | +€404,544 | |
| Profit (loss) for the period to be appropriated | 9905 | -€331,850 | €72,694 | +€404,544 |
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 16 October 2026 via checked.be.