ROELS LAW: 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.
ROELS LAW
Largest movements
- Cash +€54,026
up €54,026 (+67.6%), from €79,876 to €133,902
mainly Deferred charges and accrued income (+€33,589) and Net result for the year (+€14,688)
- Deferred charges and accrued income -€33,589
down €33,589 (-20.0%), from €167,832 to €134,242
- Receivables within one year +€9,044
up €9,044 (+32.3%), from €27,992 to €37,036
of which Other amounts receivable: +€4,818
- Tangible fixed assets -€6,712
down €6,712 (-3.4%), from €195,516 to €188,805
of which Land and buildings: -€6,247
- Reserves +€19,688
up €19,688 (+13.1%), from €150,657 to €170,345
- Other debts +€13,094
up €13,094 (+116%), from €11,330 to €24,425
- Debts after one year -€10,372
down €10,372 (-3.9%), from €267,426 to €257,054
- Taxes +€18,937
up €18,937 (+307%), from €6,170 to €25,107
- Gross operating margin +€14,014
up €14,014 (+14.2%), from €98,571 to €112,585
- Depreciation -€4,135
down €4,135 (-38.1%), from €10,847 to €6,712
- Staff costs +€3,098
up €3,098 (+5.7%), from €54,829 to €57,927
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 | €471,716 | €494,910 | +€23,194 | +4.9% |
| Fixed assets | 21/28 | €196,016 | €189,730 | -€6,287 | -3.2% |
| Tangible fixed assets | 22/27 | €195,516 | €188,805 | -€6,712 | -3.4% |
| Land and buildings | 22 | €195,051 | €188,805 | -€6,247 | -3.2% |
| Furniture and vehicles | 24 | €465 | €0 | -€465 | -100% |
| Financial fixed assets | 28 | €500 | €925 | +€425 | +85.0% |
| Current assets | 29/58 | €275,700 | €305,181 | +€29,481 | +10.7% |
| Amounts receivable within one year | 40/41 | €27,992 | €37,036 | +€9,044 | +32.3% |
| Trade receivables | 40 | €26,667 | €30,894 | +€4,226 | +15.8% |
| Other amounts receivable | 41 | €1,325 | €6,143 | +€4,818 | +364% |
| Cash at bank and in hand | 54/58 | €79,876 | €133,902 | +€54,026 | +67.6% |
| Deferred charges and accrued income | 490/1 | €167,832 | €134,242 | -€33,589 | -20.0% |
| Total equity and liabilities | 10/49 | €471,716 | €494,910 | +€23,194 | +4.9% |
| Equity | 10/15 | €169,257 | €188,945 | +€19,688 | +11.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €150,657 | €170,345 | +€19,688 | +13.1% |
| Distributable reserves | 133 | €150,657 | €170,345 | +€19,688 | +13.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €302,460 | €305,965 | +€3,506 | +1.2% |
| Amounts payable after more than one year | 17 | €267,426 | €257,054 | -€10,372 | -3.9% |
| Financial debts | 170/4 | €267,426 | €257,054 | -€10,372 | -3.9% |
| Amounts payable within one year | 42/48 | €35,033 | €48,911 | +€13,878 | +39.6% |
| Current portion of amounts payable after more than one year | 42 | €10,296 | €10,372 | +€76 | +0.7% |
| Trade debts | 44 | €413 | €5,159 | +€4,745 | +1,148% |
| Suppliers | 440/4 | €413 | €5,159 | +€4,745 | +1,148% |
| Taxes, remuneration and social security | 45 | €12,993 | €8,956 | -€4,038 | -31.1% |
| Taxes | 450/3 | €4,539 | €613 | -€3,926 | -86.5% |
| Remuneration and social security | 454/9 | €8,454 | €8,342 | -€112 | -1.3% |
| Other amounts payable | 47/48 | €11,330 | €24,425 | +€13,094 | +116% |
| Remuneration, social security and pensions | 62 | €54,829 | €57,927 | +€3,098 | +5.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,847 | €6,712 | -€4,135 | -38.1% |
| Other operating charges | 640/8 | €2,453 | €1,421 | -€1,032 | -42.1% |
| Gross operating margin | 9900 | €98,571 | €112,585 | +€14,014 | +14.2% |
| Operating profit (loss) | 9901 | €30,442 | €46,526 | +€16,083 | +52.8% |
| Financial income | 75/76B | €183 | €6 | -€177 | -96.9% |
| Recurring financial income | 75 | €183 | €6 | -€177 | -96.9% |
| Financial charges | 65/66B | €7,098 | €6,737 | -€361 | -5.1% |
| Recurring financial charges | 65 | €7,098 | €6,737 | -€361 | -5.1% |
| Profit (loss) for the period before taxes | 9903 | €23,527 | €39,795 | +€16,268 | +69.1% |
| Income taxes | 67/77 | €6,170 | €25,107 | +€18,937 | +307% |
| Profit (loss) for the period | 9904 | €17,357 | €14,688 | -€2,669 | -15.4% |
| Profit (loss) for the period to be appropriated | 9905 | €17,357 | €14,688 | -€2,669 | -15.4% |
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 27 October 2026 via checked.be.