ROEAL: 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.
ROEAL
Largest movements
- Receivables after one year +€72,500
new in 2025: €72,500
- Tangible fixed assets +€38,709
up €38,709 (+25.3%), from €153,081 to €191,791
of which Furniture and vehicles: +€35,617
- Receivables within one year +€36,410
up €36,410 (+204.9%), from €17,767 to €54,177
of which Other amounts receivable: +€36,633
- Cash -€30,267
down €30,267 (-16.1%), from €187,534 to €157,268
mainly Investment in fixed assets (net) (-€95,484) and Receivables after one year (-€72,500)
- Stocks and contracts -€26,473
down €26,473 (-18.2%), from €145,163 to €118,690
- Reserves +€41,000
up €41,000 (+25.8%), from €158,866 to €199,866
of which Distributable reserves: +€41,000
- Trade debts +€27,829
up €27,829 (+36.5%), from €76,255 to €104,083
- Current portion of long-term debt +€15,152
up €15,152 (+51.2%), from €29,602 to €44,753
- Accrued charges and deferred income -€13,801
down €13,801 (-60.4%), from €22,846 to €9,045
- Tax, wage and social debts +€13,240
up €13,240 (+40.3%), from €32,845 to €46,085
of which Taxes: +€13,060
- Depreciation +€29,464
up €29,464 (+99.5%), from €29,610 to €59,074
- Gross operating margin +€25,243
up €25,243 (+6.8%), from €369,110 to €394,352
- Staff costs -€18,070
down €18,070 (-6.4%), from €283,068 to €264,998
- Taxes +€7,477
up €7,477 (+255.2%), from €2,929 to €10,406
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 | €535,489 | €627,106 | +€91,616 | +17.1% |
| Formation expenses | 20 | €3,453 | €1,447 | -€2,006 | -58.1% |
| Fixed assets | 21/28 | €156,457 | €194,872 | +€38,415 | +24.6% |
| Intangible fixed assets | 21 | €509 | €215 | -€294 | -57.7% |
| Tangible fixed assets | 22/27 | €153,081 | €191,791 | +€38,709 | +25.3% |
| Plant, machinery and equipment | 23 | €27,662 | €43,969 | +€16,307 | +59.0% |
| Furniture and vehicles | 24 | €21,320 | €56,937 | +€35,617 | +167.1% |
| Other tangible fixed assets | 26 | €104,099 | €90,884 | -€13,215 | -12.7% |
| Financial fixed assets | 28 | €2,867 | €2,867 | = | 0.0% |
| Current assets | 29/58 | €375,580 | €430,787 | +€55,207 | +14.7% |
| Amounts receivable after more than one year | 29 | - | €72,500 | +€72,500 | |
| Trade receivables | 290 | - | €72,500 | +€72,500 | |
| Stocks and contracts in progress | 3 | €145,163 | €118,690 | -€26,473 | -18.2% |
| Stocks | 30/36 | €145,163 | €118,690 | -€26,473 | -18.2% |
| Amounts receivable within one year | 40/41 | €17,767 | €54,177 | +€36,410 | +204.9% |
| Trade receivables | 40 | €9,597 | €9,374 | -€223 | -2.3% |
| Other amounts receivable | 41 | €8,170 | €44,803 | +€36,633 | +448.4% |
| Cash at bank and in hand | 54/58 | €187,534 | €157,268 | -€30,267 | -16.1% |
| Deferred charges and accrued income | 490/1 | €25,115 | €28,152 | +€3,037 | +12.1% |
| Total equity and liabilities | 10/49 | €535,489 | €627,106 | +€91,616 | +17.1% |
| Equity | 10/15 | €224,896 | €265,775 | +€40,879 | +18.2% |
| Contributions | 10/11 | €65,000 | €65,000 | = | 0.0% |
| Capital | 10 | €65,000 | €65,000 | = | 0.0% |
| Issued capital | 100 | €65,000 | €65,000 | = | 0.0% |
| Reserves | 13 | €158,866 | €199,866 | +€41,000 | +25.8% |
| Non-distributable reserves | 130/1 | €6,500 | €6,500 | = | 0.0% |
| Legal reserve | 130 | €6,500 | €6,500 | = | 0.0% |
| Distributable reserves | 133 | €152,366 | €193,366 | +€41,000 | +26.9% |
| Profit (loss) carried forward | 14 | €1,030 | €909 | -€121 | -11.8% |
| Amounts payable | 17/49 | €310,593 | €361,331 | +€50,738 | +16.3% |
| Amounts payable after more than one year | 17 | €148,729 | €157,364 | +€8,635 | +5.8% |
| Financial debts | 170/4 | €148,729 | €157,364 | +€8,635 | +5.8% |
| Amounts payable within one year | 42/48 | €139,018 | €194,921 | +€55,903 | +40.2% |
| Current portion of amounts payable after more than one year | 42 | €29,602 | €44,753 | +€15,152 | +51.2% |
| Trade debts | 44 | €76,255 | €104,083 | +€27,829 | +36.5% |
| Suppliers | 440/4 | €76,255 | €104,083 | +€27,829 | +36.5% |
| Taxes, remuneration and social security | 45 | €32,845 | €46,085 | +€13,240 | +40.3% |
| Taxes | 450/3 | €4,667 | €17,727 | +€13,060 | +279.8% |
| Remuneration and social security | 454/9 | €28,178 | €28,358 | +€180 | +0.6% |
| Other amounts payable | 47/48 | €317 | €0 | -€317 | -100.0% |
| Accrued charges and deferred income | 492/3 | €22,846 | €9,045 | -€13,801 | -60.4% |
| Remuneration, social security and pensions | 62 | €283,068 | €264,998 | -€18,070 | -6.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,610 | €59,074 | +€29,464 | +99.5% |
| Other operating charges | 640/8 | €4,925 | €6,247 | +€1,323 | +26.9% |
| Non-recurring operating charges | 66A | €1,979 | €472 | -€1,507 | -76.2% |
| Gross operating margin | 9900 | €369,110 | €394,352 | +€25,243 | +6.8% |
| Operating profit (loss) | 9901 | €49,528 | €63,561 | +€14,033 | +28.3% |
| Financial income | 75/76B | €1,429 | €781 | -€648 | -45.3% |
| Recurring financial income | 75 | €1,429 | €781 | -€648 | -45.3% |
| Financial charges | 65/66B | €10,997 | €13,057 | +€2,060 | +18.7% |
| Recurring financial charges | 65 | €10,997 | €13,057 | +€2,060 | +18.7% |
| Profit (loss) for the period before taxes | 9903 | €39,959 | €51,284 | +€11,325 | +28.3% |
| Income taxes | 67/77 | €2,929 | €10,406 | +€7,477 | +255.2% |
| Profit (loss) for the period | 9904 | €37,030 | €40,879 | +€3,848 | +10.4% |
| Profit (loss) for the period to be appropriated | 9905 | €37,030 | €40,879 | +€3,848 | +10.4% |
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 3 October 2026 via checked.be.