ROET: what changed
Two fiscal 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.
ROET
Largest movements
- Tangible fixed assets -€221,959
down €221,959 (-63.9%), from €347,125 to €125,166
of which Land and buildings: -€218,288
- Receivables within one year -€34,594
down €34,594 (-59.4%), from €58,219 to €23,624
of which Other amounts receivable: -€28,323
- Cash +€30,516
up €30,516 (+130.1%), from €23,456 to €53,973
mainly Investment in fixed assets (net) (+€209,709) and Net result for the year (+€43,089)
- Stocks and contracts +€5,708
up €5,708 (+14.6%), from €38,984 to €44,692
- Debts after one year -€226,129
no longer reported in 2026 (was €226,129)
- Other debts +€38,667
new in 2026: €38,667
- Current portion of long-term debt -€31,242
no longer reported in 2026 (was €31,242)
- Trade debts -€14,824
down €14,824 (-33.7%), from €43,960 to €29,136
- Tax, wage and social debts +€8,304
up €8,304 (+2163.4%), from €384 to €8,688
of which Taxes: +€7,981
- Gross operating margin +€59,759
up €59,759 (+410.8%), from €14,546 to €74,304
- Other operating charges -€11,442
down €11,442 (-72.2%), from €15,847 to €4,405
- Depreciation -€8,680
down €8,680 (-41.5%), from €20,930 to €12,250
- Financial income -€4,353
down €4,353 (-82.5%), from €5,280 to €926
- Taxes +€4,202
up €4,202 (+2448.9%), from €172 to €4,373
From the 2025 result to the 2026 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.
Cash bridge derived
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €471,915 | €248,403 | -€223,513 | -47.4% |
| Fixed assets | 21/28 | €347,125 | €125,166 | -€221,959 | -63.9% |
| Tangible fixed assets | 22/27 | €347,125 | €125,166 | -€221,959 | -63.9% |
| Land and buildings | 22 | €323,053 | €104,765 | -€218,288 | -67.6% |
| Plant, machinery and equipment | 23 | €19,580 | €16,650 | -€2,930 | -15.0% |
| Furniture and vehicles | 24 | €4,492 | €3,751 | -€741 | -16.5% |
| Current assets | 29/58 | €124,790 | €123,237 | -€1,553 | -1.2% |
| Stocks and contracts in progress | 3 | €38,984 | €44,692 | +€5,708 | +14.6% |
| Stocks | 30/36 | €38,984 | €44,692 | +€5,708 | +14.6% |
| Amounts receivable within one year | 40/41 | €58,219 | €23,624 | -€34,594 | -59.4% |
| Trade receivables | 40 | €29,060 | €22,789 | -€6,272 | -21.6% |
| Other amounts receivable | 41 | €29,158 | €836 | -€28,323 | -97.1% |
| Cash at bank and in hand | 54/58 | €23,456 | €53,973 | +€30,516 | +130.1% |
| Deferred charges and accrued income | 490/1 | €4,131 | €948 | -€3,183 | -77.1% |
| Total equity and liabilities | 10/49 | €471,915 | €248,403 | -€223,513 | -47.4% |
| Equity | 10/15 | €170,201 | €171,913 | +€1,712 | +1.0% |
| Reserves | 13 | €170,201 | €171,913 | +€1,712 | +1.0% |
| Distributable reserves | 133 | €170,201 | €171,913 | +€1,712 | +1.0% |
| Amounts payable | 17/49 | €301,714 | €76,490 | -€225,224 | -74.6% |
| Amounts payable after more than one year | 17 | €226,129 | - | -€226,129 | |
| Financial debts | 170/4 | €226,129 | - | -€226,129 | |
| Amounts payable within one year | 42/48 | €75,585 | €76,490 | +€904 | +1.2% |
| Current portion of amounts payable after more than one year | 42 | €31,242 | - | -€31,242 | |
| Trade debts | 44 | €43,960 | €29,136 | -€14,824 | -33.7% |
| Suppliers | 440/4 | €43,960 | €29,136 | -€14,824 | -33.7% |
| Taxes, remuneration and social security | 45 | €384 | €8,688 | +€8,304 | +2163.4% |
| Taxes | 450/3 | €384 | €8,365 | +€7,981 | +2079.3% |
| Remuneration and social security | 454/9 | - | €323 | +€323 | |
| Other amounts payable | 47/48 | - | €38,667 | +€38,667 | |
| Non-recurring operating income | 76A | €4,545 | €50,013 | +€45,468 | +1000.3% |
| Remuneration, social security and pensions | 62 | - | €385 | +€385 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,930 | €12,250 | -€8,680 | -41.5% |
| Other operating charges | 640/8 | €15,847 | €4,405 | -€11,442 | -72.2% |
| Non-recurring operating charges | 66A | €1,739 | - | -€1,739 | |
| Gross operating margin | 9900 | €14,546 | €74,304 | +€59,759 | +410.8% |
| Operating profit (loss) | 9901 | -€23,970 | €57,265 | +€81,235 | |
| Financial income | 75/76B | €5,280 | €926 | -€4,353 | -82.5% |
| Recurring financial income | 75 | €5,280 | €926 | -€4,353 | -82.5% |
| Financial charges | 65/66B | €8,415 | €10,729 | +€2,314 | +27.5% |
| Recurring financial charges | 65 | €8,415 | €10,729 | +€2,314 | +27.5% |
| Profit (loss) for the period before taxes | 9903 | -€27,106 | €47,462 | +€74,568 | |
| Income taxes | 67/77 | €172 | €4,373 | +€4,202 | +2448.9% |
| Profit (loss) for the period | 9904 | -€27,277 | €43,089 | +€70,366 | |
| Profit (loss) for the period to be appropriated | 9905 | -€27,277 | €43,089 | +€70,366 |
Source: filed annual accounts (NBB), fiscal years ended 31 January 2025 and 31 January 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.