ROFRA: 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.
ROFRA
Largest movements
- Cash -€3,642
down €3,642 (-86.4%), from €4,214 to €572
mainly Investment in fixed assets (net) (-€22,688) and Contributions, distributions and other (-€18,000)
- Reserves +€10,300
up €10,300 (+20.4%), from €50,560 to €60,860
- Debts after one year -€7,027
down €7,027 (-12.6%), from €55,966 to €48,940
- Trade debts -€5,434
down €5,434 (-69.2%), from €7,853 to €2,419
- Short-term financial debts -€3,008
down €3,008 (-28.1%), from €10,717 to €7,709
- Gross operating margin -€10,223
down €10,223 (-13.7%), from €74,833 to €64,610
- Depreciation -€8,657
down €8,657 (-27.7%), from €31,270 to €22,613
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 | €247,448 | €242,002 | -€5,446 | -2.2% |
| Fixed assets | 21/28 | €226,964 | €227,039 | +€75 | 0.0% |
| Tangible fixed assets | 22/27 | €226,964 | €227,039 | +€75 | 0.0% |
| Land and buildings | 22 | €197,670 | €209,055 | +€11,384 | +5.8% |
| Plant, machinery and equipment | 23 | €4,559 | €692 | -€3,868 | -84.8% |
| Furniture and vehicles | 24 | €21,817 | €15,126 | -€6,692 | -30.7% |
| Assets under construction and advance payments | 27 | €2,917 | €2,167 | -€750 | -25.7% |
| Current assets | 29/58 | €20,483 | €14,963 | -€5,521 | -27.0% |
| Amounts receivable within one year | 40/41 | €11,403 | €9,240 | -€2,163 | -19.0% |
| Trade receivables | 40 | €10,626 | €9,178 | -€1,448 | -13.6% |
| Other amounts receivable | 41 | €777 | €62 | -€716 | -92.1% |
| Cash at bank and in hand | 54/58 | €4,214 | €572 | -€3,642 | -86.4% |
| Deferred charges and accrued income | 490/1 | €4,867 | €5,151 | +€284 | +5.8% |
| Total equity and liabilities | 10/49 | €247,448 | €242,002 | -€5,446 | -2.2% |
| Equity | 10/15 | €99,161 | €109,461 | +€10,301 | +10.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €50,560 | €60,860 | +€10,300 | +20.4% |
| Distributable reserves | 133 | €50,560 | €60,860 | +€10,300 | +20.4% |
| Profit (loss) carried forward | 14 | €30,001 | €30,001 | +€1 | 0.0% |
| Amounts payable | 17/49 | €148,287 | €132,541 | -€15,746 | -10.6% |
| Amounts payable after more than one year | 17 | €55,966 | €48,940 | -€7,027 | -12.6% |
| Financial debts | 170/4 | €55,966 | €48,940 | -€7,027 | -12.6% |
| Amounts payable within one year | 42/48 | €87,507 | €78,730 | -€8,776 | -10.0% |
| Current portion of amounts payable after more than one year | 42 | €30,081 | €30,619 | +€538 | +1.8% |
| Financial debts | 43 | €10,717 | €7,709 | -€3,008 | -28.1% |
| Credit institutions | 430/8 | €10,717 | €7,709 | -€3,008 | -28.1% |
| Trade debts | 44 | €7,853 | €2,419 | -€5,434 | -69.2% |
| Suppliers | 440/4 | €7,853 | €2,419 | -€5,434 | -69.2% |
| Taxes, remuneration and social security | 45 | €17,681 | €18,129 | +€448 | +2.5% |
| Taxes | 450/3 | €17,681 | €18,129 | +€448 | +2.5% |
| Other amounts payable | 47/48 | €21,174 | €19,854 | -€1,320 | -6.2% |
| Accrued charges and deferred income | 492/3 | €4,814 | €4,871 | +€57 | +1.2% |
| Non-recurring operating income | 76A | €5,000 | - | -€5,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,270 | €22,613 | -€8,657 | -27.7% |
| Other operating charges | 640/8 | €3,012 | €3,203 | +€191 | +6.3% |
| Gross operating margin | 9900 | €74,833 | €64,610 | -€10,223 | -13.7% |
| Operating profit (loss) | 9901 | €40,552 | €38,795 | -€1,757 | -4.3% |
| Financial income | 75/76B | €72 | €15 | -€57 | -79.1% |
| Recurring financial income | 75 | €72 | €15 | -€57 | -79.1% |
| Financial charges | 65/66B | €5,678 | €5,265 | -€413 | -7.3% |
| Recurring financial charges | 65 | €5,678 | €5,265 | -€413 | -7.3% |
| Profit (loss) for the period before taxes | 9903 | €34,946 | €33,544 | -€1,402 | -4.0% |
| Income taxes | 67/77 | €5,741 | €5,244 | -€498 | -8.7% |
| Profit (loss) for the period | 9904 | €29,205 | €28,301 | -€904 | -3.1% |
| Profit (loss) for the period to be appropriated | 9905 | €29,205 | €28,301 | -€904 | -3.1% |
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 26 October 2026 via checked.be.