Roel VANREUSEL: 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 VANREUSEL
Largest movements
- Tangible fixed assets +€62,375
up €62,375 (+160%), from €39,075 to €101,450
of which Furniture and vehicles: +€66,475
- Receivables within one year +€30,307
up €30,307 (+115%), from €26,253 to €56,560
of which Other amounts receivable: +€42,407
- Cash +€13,369
up €13,369 (+1,631%), from €819 to €14,189
mainly Debts after one year (+€73,628) and Net result for the year (+€73,119)
- Receivables after one year -€1,927
down €1,927 (-100%), from €1,927 to €0
- Debts after one year +€73,628
new in 2025: €73,628
- Profit (loss) carried forward +€73,119
up €73,119 (+49.9%), from -€146,475 to -€73,356
- Reserves -€36,421
down €36,421 (-26.7%), from €136,172 to €99,750
- Other debts -€19,813
down €19,813 (-35.2%), from €56,234 to €36,421
- Current portion of long-term debt +€18,277
up €18,277, from €0 to €18,277
- Gross operating margin +€40,340
up €40,340 (+85.5%), from €47,192 to €87,532
- Depreciation -€29,449
down €29,449 (-69.8%), from €42,183 to €12,734
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 | €73,481 | €177,639 | +€104,158 | +142% |
| Fixed assets | 21/28 | €39,075 | €101,450 | +€62,375 | +160% |
| Tangible fixed assets | 22/27 | €39,075 | €101,450 | +€62,375 | +160% |
| Plant, machinery and equipment | 23 | €14,078 | €9,978 | -€4,100 | -29.1% |
| Furniture and vehicles | 24 | €24,997 | €91,472 | +€66,475 | +266% |
| Current assets | 29/58 | €34,405 | €76,189 | +€41,784 | +121% |
| Amounts receivable after more than one year | 29 | €1,927 | €0 | -€1,927 | -100% |
| Other amounts receivable | 291 | €1,927 | €0 | -€1,927 | -100% |
| Amounts receivable within one year | 40/41 | €26,253 | €56,560 | +€30,307 | +115% |
| Trade receivables | 40 | €24,200 | €12,100 | -€12,100 | -50.0% |
| Other amounts receivable | 41 | €2,053 | €44,460 | +€42,407 | +2,066% |
| Current investments | 50/53 | €2,720 | €2,743 | +€23 | +0.8% |
| Cash at bank and in hand | 54/58 | €819 | €14,189 | +€13,369 | +1,631% |
| Deferred charges and accrued income | 490/1 | €2,686 | €2,698 | +€12 | +0.4% |
| Total equity and liabilities | 10/49 | €73,481 | €177,639 | +€104,158 | +142% |
| Equity | 10/15 | €8,297 | €44,995 | +€36,698 | +442% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €136,172 | €99,750 | -€36,421 | -26.7% |
| Distributable reserves | 133 | €136,172 | €99,750 | -€36,421 | -26.7% |
| Profit (loss) carried forward | 14 | -€146,475 | -€73,356 | +€73,119 | +49.9% |
| Amounts payable | 17/49 | €65,184 | €132,644 | +€67,460 | +103% |
| Amounts payable after more than one year | 17 | - | €73,628 | +€73,628 | |
| Financial debts | 170/4 | - | €73,628 | +€73,628 | |
| Amounts payable within one year | 42/48 | €65,184 | €59,017 | -€6,167 | -9.5% |
| Current portion of amounts payable after more than one year | 42 | €0 | €18,277 | +€18,277 | |
| Trade debts | 44 | €6,578 | €4,076 | -€2,502 | -38.0% |
| Suppliers | 440/4 | €6,578 | €4,076 | -€2,502 | -38.0% |
| Taxes, remuneration and social security | 45 | €2,372 | €243 | -€2,129 | -89.7% |
| Taxes | 450/3 | €2,372 | €243 | -€2,129 | -89.7% |
| Other amounts payable | 47/48 | €56,234 | €36,421 | -€19,813 | -35.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,183 | €12,734 | -€29,449 | -69.8% |
| Other operating charges | 640/8 | €501 | €619 | +€118 | +23.5% |
| Gross operating margin | 9900 | €47,192 | €87,532 | +€40,340 | +85.5% |
| Operating profit (loss) | 9901 | €4,507 | €74,178 | +€69,671 | +1,546% |
| Financial income | 75/76B | €132 | €108 | -€24 | -18.2% |
| Recurring financial income | 75 | €132 | €108 | -€24 | -18.2% |
| Financial charges | 65/66B | €203 | €914 | +€711 | +350% |
| Recurring financial charges | 65 | €203 | €914 | +€711 | +350% |
| Profit (loss) for the period before taxes | 9903 | €4,436 | €73,373 | +€68,936 | +1,554% |
| Income taxes | 67/77 | €437 | €253 | -€184 | -42.0% |
| Profit (loss) for the period | 9904 | €4,000 | €73,119 | +€69,120 | +1,728% |
| Profit (loss) for the period to be appropriated | 9905 | €4,000 | €73,119 | +€69,120 | +1,728% |
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 25 October 2026 via checked.be.