ROEI: 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.
ROEI
Largest movements
- Stocks and contracts +€150,762
up €150,762 (+28.1%), from €537,238 to €688,000
- Tangible fixed assets -€23,008
down €23,008 (-25.6%), from €89,807 to €66,799
of which Furniture and vehicles: -€21,440
- Cash -€11,300
down €11,300 (-15.4%), from €73,568 to €62,268
mainly Stocks and contracts (-€150,762) and Debts after one year (-€18,195)
- Reserves +€59,500
up €59,500 (+21.2%), from €280,400 to €339,900
- Trade debts +€26,908
up €26,908 (+9.3%), from €288,922 to €315,830
- Tax, wage and social debts +€20,358
up €20,358 (+85.5%), from €23,813 to €44,171
of which Taxes: +€11,758
- Other debts +€20,000
up €20,000 (+32.3%), from €62,000 to €82,000
- Debts after one year -€18,195
down €18,195 (-40.3%), from €45,188 to €26,994
- Gross operating margin +€46,061
up €46,061 (+73.5%), from €62,680 to €108,741
- Taxes +€9,796
up €9,796 (+161.1%), from €6,080 to €15,876
- Financial charges -€6,550
down €6,550 (-53.1%), from €12,331 to €5,780
- Other operating charges +€5,725
up €5,725 (+283.6%), from €2,018 to €7,744
- Financial income +€3,578
up €3,578 (+552.9%), from €647 to €4,225
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 | €722,895 | €832,132 | +€109,236 | +15.1% |
| Fixed assets | 21/28 | €90,407 | €67,399 | -€23,008 | -25.4% |
| Tangible fixed assets | 22/27 | €89,807 | €66,799 | -€23,008 | -25.6% |
| Plant, machinery and equipment | 23 | €337 | - | -€337 | |
| Furniture and vehicles | 24 | €82,426 | €60,987 | -€21,440 | -26.0% |
| Other tangible fixed assets | 26 | €7,043 | €5,812 | -€1,231 | -17.5% |
| Financial fixed assets | 28 | €600 | €600 | = | 0.0% |
| Current assets | 29/58 | €632,488 | €764,733 | +€132,245 | +20.9% |
| Stocks and contracts in progress | 3 | €537,238 | €688,000 | +€150,762 | +28.1% |
| Stocks | 30/36 | €537,238 | €688,000 | +€150,762 | +28.1% |
| Amounts receivable within one year | 40/41 | €15,890 | €12,221 | -€3,670 | -23.1% |
| Trade receivables | 40 | €321 | €10,001 | +€9,680 | +3018.5% |
| Other amounts receivable | 41 | €15,570 | €2,220 | -€13,350 | -85.7% |
| Cash at bank and in hand | 54/58 | €73,568 | €62,268 | -€11,300 | -15.4% |
| Deferred charges and accrued income | 490/1 | €5,792 | €2,245 | -€3,548 | -61.2% |
| Total equity and liabilities | 10/49 | €722,895 | €832,132 | +€109,236 | +15.1% |
| Equity | 10/15 | €285,459 | €344,942 | +€59,483 | +20.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €280,400 | €339,900 | +€59,500 | +21.2% |
| Distributable reserves | 133 | €280,400 | €339,900 | +€59,500 | +21.2% |
| Profit (loss) carried forward | 14 | €59 | €42 | -€17 | -28.6% |
| Amounts payable | 17/49 | €437,437 | €487,190 | +€49,753 | +11.4% |
| Amounts payable after more than one year | 17 | €45,188 | €26,994 | -€18,195 | -40.3% |
| Financial debts | 170/4 | €45,188 | €26,994 | -€18,195 | -40.3% |
| Amounts payable within one year | 42/48 | €392,248 | €460,196 | +€67,948 | +17.3% |
| Current portion of amounts payable after more than one year | 42 | €17,513 | €18,195 | +€681 | +3.9% |
| Trade debts | 44 | €288,922 | €315,830 | +€26,908 | +9.3% |
| Suppliers | 440/4 | €288,922 | €315,830 | +€26,908 | +9.3% |
| Taxes, remuneration and social security | 45 | €23,813 | €44,171 | +€20,358 | +85.5% |
| Taxes | 450/3 | €19,513 | €31,271 | +€11,758 | +60.3% |
| Remuneration and social security | 454/9 | €4,300 | €12,900 | +€8,600 | +200.0% |
| Other amounts payable | 47/48 | €62,000 | €82,000 | +€20,000 | +32.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,367 | €24,082 | +€715 | +3.1% |
| Other operating charges | 640/8 | €2,018 | €7,744 | +€5,725 | +283.6% |
| Gross operating margin | 9900 | €62,680 | €108,741 | +€46,061 | +73.5% |
| Operating profit (loss) | 9901 | €37,294 | €76,915 | +€39,621 | +106.2% |
| Financial income | 75/76B | €647 | €4,225 | +€3,578 | +552.9% |
| Recurring financial income | 75 | €647 | €4,225 | +€3,578 | +552.9% |
| Financial charges | 65/66B | €12,331 | €5,780 | -€6,550 | -53.1% |
| Recurring financial charges | 65 | €12,331 | €5,780 | -€6,550 | -53.1% |
| Profit (loss) for the period before taxes | 9903 | €25,611 | €75,359 | +€49,749 | +194.3% |
| Income taxes | 67/77 | €6,080 | €15,876 | +€9,796 | +161.1% |
| Profit (loss) for the period | 9904 | €19,530 | €59,483 | +€39,953 | +204.6% |
| Profit (loss) for the period to be appropriated | 9905 | €19,530 | €59,483 | +€39,953 | +204.6% |
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.