ROEDS: 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.
ROEDS
Largest movements
- Current investments +€1.5m
up €1.5m, from €0 to €1.5m
- Cash -€1.4m
down €1.4m (-82.8%), from €1.7m to €299,111
mainly Current investments (-€1.5m) and Other debts (-€871,619)
- Tangible fixed assets -€112,665
down €112,665 (-13.9%), from €809,884 to €697,219
- Reserves +€877,485
up €877,485 (+35.3%), from €2.5m to €3.4m
- Other debts -€871,619
down €871,619 (-54.8%), from €1.6m to €720,269
- Debts after one year -€143,365
down €143,365 (-46.9%), from €305,589 to €162,224
of which Financial debts: -€143,365
- Tax, wage and social debts +€53,948
up €53,948 (+118.8%), from €45,406 to €99,354
of which Taxes: +€53,340
- Financial income +€566,760
up €566,760 (+54.8%), from €1.0m to €1.6m
- Taxes +€43,419
up €43,419 (+34.9%), from €124,286 to €167,705
- Staff costs +€3,490
up €3,490 (+4.7%), from €74,119 to €77,609
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,592,349 | €4,508,687 | -€83,662 | -1.8% |
| Fixed assets | 21/28 | €2,689,851 | €2,577,186 | -€112,665 | -4.2% |
| Tangible fixed assets | 22/27 | €809,884 | €697,219 | -€112,665 | -13.9% |
| Land and buildings | 22 | €809,884 | €697,219 | -€112,665 | -13.9% |
| Financial fixed assets | 28 | €1,879,967 | €1,879,967 | = | 0.0% |
| Current assets | 29/58 | €1,902,498 | €1,931,501 | +€29,003 | +1.5% |
| Amounts receivable within one year | 40/41 | €151,001 | €127,811 | -€23,190 | -15.4% |
| Trade receivables | 40 | €29,019 | €23,367 | -€5,651 | -19.5% |
| Other amounts receivable | 41 | €121,982 | €104,444 | -€17,538 | -14.4% |
| Current investments | 50/53 | €0 | €1,500,000 | +€1.5m | |
| Cash at bank and in hand | 54/58 | €1,741,320 | €299,111 | -€1.4m | -82.8% |
| Deferred charges and accrued income | 490/1 | €10,177 | €4,579 | -€5,598 | -55.0% |
| Total equity and liabilities | 10/49 | €4,592,349 | €4,508,687 | -€83,662 | -1.8% |
| Equity | 10/15 | €2,489,573 | €3,367,057 | +€877,485 | +35.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €2,483,373 | €3,360,857 | +€877,485 | +35.3% |
| Distributable reserves | 133 | €2,483,373 | €3,360,857 | +€877,485 | +35.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €2,102,776 | €1,141,629 | -€961,146 | -45.7% |
| Amounts payable after more than one year | 17 | €305,589 | €162,224 | -€143,365 | -46.9% |
| Financial debts | 170/4 | €302,979 | €159,614 | -€143,365 | -47.3% |
| Other amounts payable | 178/9 | €2,610 | €2,610 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,781,128 | €963,601 | -€817,527 | -45.9% |
| Current portion of amounts payable after more than one year | 42 | €143,115 | €143,365 | +€251 | +0.2% |
| Trade debts | 44 | €719 | €613 | -€106 | -14.7% |
| Suppliers | 440/4 | €719 | €613 | -€106 | -14.7% |
| Taxes, remuneration and social security | 45 | €45,406 | €99,354 | +€53,948 | +118.8% |
| Taxes | 450/3 | €32,472 | €85,812 | +€53,340 | +164.3% |
| Remuneration and social security | 454/9 | €12,935 | €13,542 | +€608 | +4.7% |
| Other amounts payable | 47/48 | €1,591,888 | €720,269 | -€871,619 | -54.8% |
| Accrued charges and deferred income | 492/3 | €16,059 | €15,804 | -€254 | -1.6% |
| Remuneration, social security and pensions | 62 | €74,119 | €77,609 | +€3,490 | +4.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €112,665 | €112,665 | = | 0.0% |
| Other operating charges | 640/8 | €20,425 | €21,238 | +€814 | +4.0% |
| Gross operating margin | 9900 | €285,372 | €284,716 | -€656 | -0.2% |
| Operating profit (loss) | 9901 | €78,163 | €73,204 | -€4,959 | -6.3% |
| Financial income | 75/76B | €1,034,317 | €1,601,076 | +€566,760 | +54.8% |
| Recurring financial income | 75 | €1,034,317 | €1,601,076 | +€566,760 | +54.8% |
| Financial charges | 65/66B | €9,663 | €7,755 | -€1,908 | -19.7% |
| Recurring financial charges | 65 | €9,663 | €7,755 | -€1,908 | -19.7% |
| Profit (loss) for the period before taxes | 9903 | €1,102,817 | €1,666,525 | +€563,709 | +51.1% |
| Income taxes | 67/77 | €124,286 | €167,705 | +€43,419 | +34.9% |
| Profit (loss) for the period | 9904 | €978,530 | €1,498,820 | +€520,290 | +53.2% |
| Profit (loss) for the period to be appropriated | 9905 | €978,530 | €1,498,820 | +€520,290 | +53.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.