ROFE: 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.
ROFE
Largest movements
- Current investments +€120,041
new in 2025: €120,041
- Cash -€86,621
down €86,621 (-83.4%), from €103,909 to €17,288
mainly Current investments (-€120,041) and Investment in fixed assets (net) (-€25,798)
- Tangible fixed assets +€23,060
up €23,060 (+2741.1%), from €841 to €23,901
- Receivables within one year +€9,530
up €9,530 (+6.2%), from €154,364 to €163,894
of which Other amounts receivable: +€70,493
- Reserves +€33,089
up €33,089 (+17.2%), from €192,432 to €225,521
- Debts after one year +€18,528
new in 2025: €18,528
- Tax, wage and social debts -€14,946
down €14,946 (-25.3%), from €59,068 to €44,122
- Other debts +€12,750
new in 2025: €12,750
- Short-term financial debts +€10,031
new in 2025: €10,031
- Gross operating margin +€2,910
up €2,910 (+4.2%), from €68,483 to €71,393
- Taxes -€2,808
down €2,808 (-14.9%), from €18,834 to €16,026
- Other operating charges -€2,024
down €2,024 (-62.7%), from €3,229 to €1,205
- Staff costs +€1,481
up €1,481 (+152.0%), from €974 to €2,455
- Depreciation +€1,171
up €1,171 (+74.8%), from €1,567 to €2,738
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.
Cash bridge derived
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 | €262,992 | €326,998 | +€64,006 | +24.3% |
| Fixed assets | 21/28 | €841 | €23,901 | +€23,060 | +2741.1% |
| Tangible fixed assets | 22/27 | €841 | €23,901 | +€23,060 | +2741.1% |
| Furniture and vehicles | 24 | €841 | €23,901 | +€23,060 | +2741.1% |
| Current assets | 29/58 | €262,151 | €303,097 | +€40,946 | +15.6% |
| Stocks and contracts in progress | 3 | €3,878 | €1,367 | -€2,511 | -64.8% |
| Stocks | 30/36 | €3,878 | €1,367 | -€2,511 | -64.8% |
| Amounts receivable within one year | 40/41 | €154,364 | €163,894 | +€9,530 | +6.2% |
| Trade receivables | 40 | €115,244 | €54,282 | -€60,963 | -52.9% |
| Other amounts receivable | 41 | €39,120 | €109,613 | +€70,493 | +180.2% |
| Current investments | 50/53 | - | €120,041 | +€120,041 | |
| Cash at bank and in hand | 54/58 | €103,909 | €17,288 | -€86,621 | -83.4% |
| Deferred charges and accrued income | 490/1 | - | €507 | +€507 | |
| Total equity and liabilities | 10/49 | €262,992 | €326,998 | +€64,006 | +24.3% |
| Equity | 10/15 | €202,432 | €235,521 | +€33,089 | +16.3% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €192,432 | €225,521 | +€33,089 | +17.2% |
| Distributable reserves | 133 | €192,432 | €225,521 | +€33,089 | +17.2% |
| Amounts payable | 17/49 | €60,560 | €91,478 | +€30,917 | +51.1% |
| Amounts payable after more than one year | 17 | - | €18,528 | +€18,528 | |
| Financial debts | 170/4 | - | €18,528 | +€18,528 | |
| Amounts payable within one year | 42/48 | €60,331 | €72,825 | +€12,494 | +20.7% |
| Current portion of amounts payable after more than one year | 42 | - | €4,578 | +€4,578 | |
| Financial debts | 43 | - | €10,031 | +€10,031 | |
| Credit institutions | 430/8 | - | €10,031 | +€10,031 | |
| Trade debts | 44 | €1,263 | €1,344 | +€81 | +6.4% |
| Suppliers | 440/4 | €1,263 | €1,344 | +€81 | +6.4% |
| Taxes, remuneration and social security | 45 | €59,068 | €44,122 | -€14,946 | -25.3% |
| Taxes | 450/3 | €59,068 | €44,122 | -€14,946 | -25.3% |
| Other amounts payable | 47/48 | - | €12,750 | +€12,750 | |
| Accrued charges and deferred income | 492/3 | €229 | €124 | -€105 | -45.7% |
| Remuneration, social security and pensions | 62 | €974 | €2,455 | +€1,481 | +152.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,567 | €2,738 | +€1,171 | +74.8% |
| Other operating charges | 640/8 | €3,229 | €1,205 | -€2,024 | -62.7% |
| Non-recurring operating charges | 66A | €109 | €221 | +€112 | +102.6% |
| Gross operating margin | 9900 | €68,483 | €71,393 | +€2,910 | +4.2% |
| Operating profit (loss) | 9901 | €62,605 | €64,774 | +€2,169 | +3.5% |
| Financial income | 75/76B | €285 | €274 | -€10 | -3.7% |
| Recurring financial income | 75 | €285 | €274 | -€10 | -3.7% |
| Financial charges | 65/66B | €520 | €933 | +€414 | +79.6% |
| Recurring financial charges | 65 | €520 | €933 | +€414 | +79.6% |
| Profit (loss) for the period before taxes | 9903 | €62,370 | €64,115 | +€1,745 | +2.8% |
| Income taxes | 67/77 | €18,834 | €16,026 | -€2,808 | -14.9% |
| Profit (loss) for the period | 9904 | €43,536 | €48,089 | +€4,553 | +10.5% |
| Profit (loss) for the period to be appropriated | 9905 | €43,536 | €48,089 | +€4,553 | +10.5% |
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 9 October 2026 via checked.be.