ROEL L.S.: 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 L.S.
Largest movements
- Cash +€319,722
up €319,722 (+766%), from €41,736 to €361,458
mainly Net result for the year (+€785,872) and Provisions (+€236,408)
- Tangible fixed assets -€170,706
down €170,706 (-14.5%), from €1.2m to €1.0m
- Receivables within one year +€22,693
new in 2025: €22,693
of which Trade receivables: +€22,153
- Reserves +€915,973
up €915,973 (+616%), from €148,697 to €1.1m
of which Tax-exempt reserves: +€715,973
- Debts after one year -€787,971
down €787,971 (-72.5%), from €1.1m to €298,710
of which Other amounts payable: -€506,632
- Provisions +€236,408
up €236,408 (+127%), from €185,671 to €422,079
of which Deferred taxes: +€238,658
- Profit (loss) carried forward -€130,101
down €130,101 (-96.9%), from €134,263 to €4,162
- Trade debts -€39,862
down €39,862 (-93.1%), from €42,826 to €2,965
- Financial income +€971,585
up €971,585 (+55,519,157%), from €2 to €971,587
of which Non-recurring financial income: +€971,587
- Depreciation -€44,006
down €44,006 (-45.2%), from €97,299 to €53,293
- Gross operating margin +€39,531
up €39,531 (+26.4%), from €149,744 to €189,275
- Other operating charges -€21,153
down €21,153 (-35.4%), from €59,749 to €38,595
- Taxes +€18,724
up €18,724, from -€45 to €18,679
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 | €1,724,659 | €1,909,368 | +€184,709 | +10.7% |
| Fixed assets | 21/28 | €1,225,235 | €1,054,530 | -€170,706 | -13.9% |
| Tangible fixed assets | 22/27 | €1,177,094 | €1,006,389 | -€170,706 | -14.5% |
| Land and buildings | 22 | €1,177,094 | €1,006,389 | -€170,706 | -14.5% |
| Financial fixed assets | 28 | €48,141 | €48,141 | = | 0.0% |
| Current assets | 29/58 | €499,424 | €854,839 | +€355,415 | +71.2% |
| Stocks and contracts in progress | 3 | €457,688 | €457,688 | = | 0.0% |
| Stocks | 30/36 | €457,688 | €457,688 | = | 0.0% |
| Amounts receivable within one year | 40/41 | - | €22,693 | +€22,693 | |
| Trade receivables | 40 | - | €22,153 | +€22,153 | |
| Other amounts receivable | 41 | - | €540 | +€540 | |
| Cash at bank and in hand | 54/58 | €41,736 | €361,458 | +€319,722 | +766% |
| Deferred charges and accrued income | 490/1 | - | €13,000 | +€13,000 | |
| Total equity and liabilities | 10/49 | €1,724,659 | €1,909,368 | +€184,709 | +10.7% |
| Equity | 10/15 | €344,934 | €1,130,806 | +€785,872 | +228% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €148,697 | €1,064,670 | +€915,973 | +616% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Tax-exempt reserves | 132 | €37,500 | €753,473 | +€715,973 | +1,909% |
| Distributable reserves | 133 | €105,000 | €305,000 | +€200,000 | +190% |
| Profit (loss) carried forward | 14 | €134,263 | €4,162 | -€130,101 | -96.9% |
| Provisions and deferred taxes | 16 | €185,671 | €422,079 | +€236,408 | +127% |
| Provisions for liabilities and charges | 160/5 | €185,671 | €183,421 | -€2,250 | -1.2% |
| Other liabilities and charges | 164/5 | €185,671 | €183,421 | -€2,250 | -1.2% |
| Deferred taxes | 168 | - | €238,658 | +€238,658 | |
| Amounts payable | 17/49 | €1,194,054 | €356,484 | -€837,570 | -70.1% |
| Amounts payable after more than one year | 17 | €1,086,681 | €298,710 | -€787,971 | -72.5% |
| Financial debts | 170/4 | €525,817 | €244,479 | -€281,338 | -53.5% |
| Other amounts payable | 178/9 | €560,863 | €54,231 | -€506,632 | -90.3% |
| Amounts payable within one year | 42/48 | €103,282 | €53,683 | -€49,599 | -48.0% |
| Current portion of amounts payable after more than one year | 42 | €48,000 | €33,218 | -€14,782 | -30.8% |
| Trade debts | 44 | €42,826 | €2,965 | -€39,862 | -93.1% |
| Suppliers | 440/4 | €42,826 | €2,965 | -€39,862 | -93.1% |
| Taxes, remuneration and social security | 45 | €12,455 | €17,500 | +€5,045 | +40.5% |
| Taxes | 450/3 | €12,455 | €17,500 | +€5,045 | +40.5% |
| Other amounts payable | 47/48 | - | €1 | +€1 | |
| Accrued charges and deferred income | 492/3 | €4,092 | €4,092 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €97,299 | €53,293 | -€44,006 | -45.2% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€2,183 | -€2,250 | -€67 | -3.1% |
| Other operating charges | 640/8 | €59,749 | €38,595 | -€21,153 | -35.4% |
| Gross operating margin | 9900 | €149,744 | €189,275 | +€39,531 | +26.4% |
| Operating profit (loss) | 9901 | -€5,120 | €99,637 | +€104,758 | |
| Financial income | 75/76B | €2 | €971,587 | +€971,585 | +55,519,157% |
| Recurring financial income | 75 | €2 | €971,587 | +€971,585 | +55,519,157% |
| Non-recurring financial income | 76B | - | €971,587 | +€971,587 | |
| Financial charges | 65/66B | €29,277 | €28,016 | -€1,262 | -4.3% |
| Recurring financial charges | 65 | €29,277 | €28,016 | -€1,262 | -4.3% |
| Profit (loss) for the period before taxes | 9903 | -€34,396 | €1,043,209 | +€1.1m | |
| Transfer from deferred taxes | 780 | - | €4,239 | +€4,239 | |
| Transfer to deferred taxes | 680 | - | €242,897 | +€242,897 | |
| Income taxes | 67/77 | -€45 | €18,679 | +€18,724 | |
| Profit (loss) for the period | 9904 | -€34,351 | €785,872 | +€820,223 | |
| Transfer from tax-exempt reserves | 789 | - | €12,718 | +€12,718 | |
| Transfer to tax-exempt reserves | 689 | - | €728,690 | +€728,690 | |
| Profit (loss) for the period to be appropriated | 9905 | -€34,351 | €69,899 | +€104,250 |
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.