ROEL: 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.
ROEL
Largest movements
- Receivables within one year +€156,135
new in 2025: €156,135
of which Other amounts receivable: +€146,235
- Tangible fixed assets +€27,443
up €27,443 (+2,427%), from €1,131 to €28,574
of which Furniture and vehicles: +€24,360
- Stocks and contracts -€4,000
down €4,000 (-37.3%), from €10,730 to €6,730
- Other debts +€210,451
up €210,451 (+319%), from €66,062 to €276,513
- Profit (loss) carried forward -€28,181
down €28,181 (-38.2%), from -€73,696 to -€101,877
- Trade debts -€4,645
down €4,645 (-36.6%), from €12,684 to €8,039
- Gross operating margin -€18,200
down €18,200 (-630%), from -€2,889 to -€21,089
- Depreciation +€5,977
up €5,977 (+786%), from €760 to €6,737
- Other operating charges -€771
down €771 (-72.4%), from €1,065 to €294
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 | €17,562 | €197,085 | +€179,522 | +1,022% |
| Fixed assets | 21/28 | €6,131 | €33,574 | +€27,443 | +448% |
| Tangible fixed assets | 22/27 | €1,131 | €28,574 | +€27,443 | +2,427% |
| Plant, machinery and equipment | 23 | - | €985 | +€985 | |
| Furniture and vehicles | 24 | €1,131 | €25,490 | +€24,360 | +2,155% |
| Other tangible fixed assets | 26 | - | €2,099 | +€2,099 | |
| Financial fixed assets | 28 | €5,000 | €5,000 | = | 0.0% |
| Current assets | 29/58 | €11,432 | €163,511 | +€152,079 | +1,330% |
| Stocks and contracts in progress | 3 | €10,730 | €6,730 | -€4,000 | -37.3% |
| Stocks | 30/36 | €10,730 | €6,730 | -€4,000 | -37.3% |
| Amounts receivable within one year | 40/41 | - | €156,135 | +€156,135 | |
| Trade receivables | 40 | - | €9,900 | +€9,900 | |
| Other amounts receivable | 41 | - | €146,235 | +€146,235 | |
| Cash at bank and in hand | 54/58 | €702 | €646 | -€56 | -7.9% |
| Total equity and liabilities | 10/49 | €17,562 | €197,085 | +€179,522 | +1,022% |
| Equity | 10/15 | -€61,296 | -€89,477 | -€28,181 | -46.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€73,696 | -€101,877 | -€28,181 | -38.2% |
| Amounts payable | 17/49 | €78,859 | €286,561 | +€207,703 | +263% |
| Amounts payable within one year | 42/48 | €78,859 | €286,561 | +€207,703 | +263% |
| Trade debts | 44 | €12,684 | €8,039 | -€4,645 | -36.6% |
| Suppliers | 440/4 | €12,684 | €8,039 | -€4,645 | -36.6% |
| Taxes, remuneration and social security | 45 | €113 | €2,009 | +€1,897 | +1,684% |
| Taxes | 450/3 | €113 | €2,009 | +€1,897 | +1,684% |
| Other amounts payable | 47/48 | €66,062 | €276,513 | +€210,451 | +319% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €760 | €6,737 | +€5,977 | +786% |
| Other operating charges | 640/8 | €1,065 | €294 | -€771 | -72.4% |
| Gross operating margin | 9900 | -€2,889 | -€21,089 | -€18,200 | -630% |
| Operating profit (loss) | 9901 | -€4,714 | -€28,121 | -€23,407 | -497% |
| Financial charges | 65/66B | €85 | €60 | -€25 | -29.8% |
| Recurring financial charges | 65 | €85 | €60 | -€25 | -29.8% |
| Profit (loss) for the period before taxes | 9903 | -€4,799 | -€28,181 | -€23,381 | -487% |
| Profit (loss) for the period | 9904 | -€4,799 | -€28,181 | -€23,381 | -487% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,799 | -€28,181 | -€23,381 | -487% |
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 14 October 2026 via checked.be.