ROEL & PARTNERS: 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 & PARTNERS
Largest movements
- Intangible fixed assets -€69,850
down €69,850 (-10.1%), from €692,965 to €623,115
- Cash -€27,918
down €27,918 (-23.2%), from €120,320 to €92,403
mainly Contributions, distributions and other (-€90,000) and Debts after one year (-€74,931)
- Tangible fixed assets -€22,660
down €22,660 (-42.2%), from €53,661 to €31,001
of which Furniture and vehicles: -€22,923
- Debts after one year -€74,931
down €74,931 (-11.7%), from €639,304 to €564,373
- Other debts -€49,573
down €49,573 (-97.3%), from €50,955 to €1,382
- Short-term financial debts -€47,500
no longer reported in 2025 (was €47,500)
- Reserves +€43,245
up €43,245 (+67.3%), from €64,259 to €107,503
- Depreciation +€66,784
up €66,784 (+246%), from €27,145 to €93,930
- Gross operating margin +€66,236
up €66,236 (+18.7%), from €355,065 to €421,301
- Staff costs +€21,749
up €21,749 (+23.2%), from €93,703 to €115,452
- Taxes -€4,796
down €4,796 (-8.7%), from €55,090 to €50,293
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 | €930,794 | €811,464 | -€119,331 | -12.8% |
| Fixed assets | 21/28 | €746,626 | €654,116 | -€92,510 | -12.4% |
| Intangible fixed assets | 21 | €692,965 | €623,115 | -€69,850 | -10.1% |
| Tangible fixed assets | 22/27 | €53,661 | €31,001 | -€22,660 | -42.2% |
| Plant, machinery and equipment | 23 | €1,313 | €1,666 | +€354 | +26.9% |
| Furniture and vehicles | 24 | €52,257 | €29,334 | -€22,923 | -43.9% |
| Other tangible fixed assets | 26 | €91 | - | -€91 | |
| Current assets | 29/58 | €184,168 | €157,348 | -€26,821 | -14.6% |
| Amounts receivable within one year | 40/41 | €61,496 | €62,384 | +€888 | +1.4% |
| Trade receivables | 40 | €30,041 | €23,201 | -€6,840 | -22.8% |
| Other amounts receivable | 41 | €31,455 | €39,182 | +€7,727 | +24.6% |
| Cash at bank and in hand | 54/58 | €120,320 | €92,403 | -€27,918 | -23.2% |
| Deferred charges and accrued income | 490/1 | €2,352 | €2,561 | +€209 | +8.9% |
| Total equity and liabilities | 10/49 | €930,794 | €811,464 | -€119,331 | -12.8% |
| Equity | 10/15 | €84,259 | €127,503 | +€43,245 | +51.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €64,259 | €107,503 | +€43,245 | +67.3% |
| Distributable reserves | 133 | €64,259 | €107,503 | +€43,245 | +67.3% |
| Amounts payable | 17/49 | €846,536 | €683,960 | -€162,575 | -19.2% |
| Amounts payable after more than one year | 17 | €639,304 | €564,373 | -€74,931 | -11.7% |
| Financial debts | 170/4 | €639,304 | €564,373 | -€74,931 | -11.7% |
| Amounts payable within one year | 42/48 | €205,731 | €118,087 | -€87,644 | -42.6% |
| Current portion of amounts payable after more than one year | 42 | €72,167 | €74,929 | +€2,762 | +3.8% |
| Financial debts | 43 | €47,500 | - | -€47,500 | |
| Credit institutions | 430/8 | €47,500 | - | -€47,500 | |
| Trade debts | 44 | €15,203 | €14,890 | -€312 | -2.1% |
| Suppliers | 440/4 | €15,203 | €14,890 | -€312 | -2.1% |
| Taxes, remuneration and social security | 45 | €19,906 | €26,886 | +€6,980 | +35.1% |
| Taxes | 450/3 | €7,590 | €10,293 | +€2,704 | +35.6% |
| Remuneration and social security | 454/9 | €12,317 | €16,593 | +€4,276 | +34.7% |
| Other amounts payable | 47/48 | €50,955 | €1,382 | -€49,573 | -97.3% |
| Accrued charges and deferred income | 492/3 | €1,500 | €1,500 | = | 0.0% |
| Non-recurring operating income | 76A | €7,017 | - | -€7,017 | |
| Remuneration, social security and pensions | 62 | €93,703 | €115,452 | +€21,749 | +23.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,145 | €93,930 | +€66,784 | +246% |
| Other operating charges | 640/8 | €225 | €116 | -€109 | -48.3% |
| Gross operating margin | 9900 | €355,065 | €421,301 | +€66,236 | +18.7% |
| Operating profit (loss) | 9901 | €233,991 | €211,803 | -€22,188 | -9.5% |
| Financial income | 75/76B | - | €48 | +€48 | |
| Recurring financial income | 75 | - | €48 | +€48 | |
| Financial charges | 65/66B | €27,815 | €28,313 | +€498 | +1.8% |
| Recurring financial charges | 65 | €27,815 | €28,313 | +€498 | +1.8% |
| Profit (loss) for the period before taxes | 9903 | €206,176 | €183,538 | -€22,638 | -11.0% |
| Income taxes | 67/77 | €55,090 | €50,293 | -€4,796 | -8.7% |
| Profit (loss) for the period | 9904 | €151,086 | €133,245 | -€17,841 | -11.8% |
| Profit (loss) for the period to be appropriated | 9905 | €151,086 | €133,245 | -€17,841 | -11.8% |
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 1 November 2026 via checked.be.