ROGER: 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.
ROGER
Largest movements
- Intangible fixed assets +€48,904
up €48,904 (+137.4%), from €35,580 to €84,484
- Cash +€17,245
up €17,245 (+64.7%), from €26,655 to €43,901
mainly Debts after one year (+€58,000) and Other debts (+€16,598)
- Tangible fixed assets +€15,600
new in 2025: €15,600
- Receivables within one year +€7,024
up €7,024 (+2809.5%), from €250 to €7,274
- Debts after one year +€58,000
up €58,000 (+966.7%), from €6,000 to €64,000
- Other debts +€16,598
up €16,598 (+91.8%), from €18,082 to €34,679
- Investment grants +€11,668
up €11,668 (+67.3%), from €17,326 to €28,994
- Trade debts +€7,811
new in 2025: €7,811
- Profit (loss) carried forward -€6,895
down €6,895 (-17.0%), from -€40,489 to -€47,384
- Financial income +€11,157
up €11,157 (+325.7%), from €3,425 to €14,582
- Depreciation +€7,664
up €7,664 (+90.4%), from €8,475 to €16,139
- Purchases and services +€3,328
new in 2025: €3,328
- Gross operating margin +€1,577
up €1,577 (+32.5%), from -€4,858 to -€3,281
- Financial charges +€1,219
up €1,219 (+541.7%), from €225 to €1,444
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 | €63,037 | €151,258 | +€88,222 | +140.0% |
| Formation expenses | 20 | €551 | - | -€551 | |
| Fixed assets | 21/28 | €35,580 | €100,084 | +€64,504 | +181.3% |
| Intangible fixed assets | 21 | €35,580 | €84,484 | +€48,904 | +137.4% |
| Tangible fixed assets | 22/27 | - | €15,600 | +€15,600 | |
| Assets under construction and advance payments | 27 | - | €15,600 | +€15,600 | |
| Current assets | 29/58 | €26,905 | €51,174 | +€24,269 | +90.2% |
| Amounts receivable within one year | 40/41 | €250 | €7,274 | +€7,024 | +2809.5% |
| Other amounts receivable | 41 | €250 | €7,274 | +€7,024 | +2809.5% |
| Cash at bank and in hand | 54/58 | €26,655 | €43,901 | +€17,245 | +64.7% |
| Total equity and liabilities | 10/49 | €63,037 | €151,258 | +€88,222 | +140.0% |
| Equity | 10/15 | €38,837 | €43,610 | +€4,774 | +12.3% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€40,489 | -€47,384 | -€6,895 | -17.0% |
| Investment grants | 15 | €17,326 | €28,994 | +€11,668 | +67.3% |
| Amounts payable | 17/49 | €24,200 | €107,648 | +€83,448 | +344.8% |
| Amounts payable after more than one year | 17 | €6,000 | €64,000 | +€58,000 | +966.7% |
| Financial debts | 170/4 | €6,000 | €64,000 | +€58,000 | +966.7% |
| Amounts payable within one year | 42/48 | €18,082 | €42,491 | +€24,409 | +135.0% |
| Trade debts | 44 | - | €7,811 | +€7,811 | |
| Suppliers | 440/4 | - | €7,811 | +€7,811 | |
| Other amounts payable | 47/48 | €18,082 | €34,679 | +€16,598 | +91.8% |
| Accrued charges and deferred income | 492/3 | €118 | €1,157 | +€1,039 | +879.5% |
| Non-recurring operating income | 76A | - | €47 | +€47 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €3,328 | +€3,328 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,475 | €16,139 | +€7,664 | +90.4% |
| Other operating charges | 640/8 | €737 | €612 | -€125 | -17.0% |
| Non-recurring operating charges | 66A | €0 | - | -€0 | |
| Gross operating margin | 9900 | -€4,858 | -€3,281 | +€1,577 | +32.5% |
| Operating profit (loss) | 9901 | -€14,071 | -€20,032 | -€5,961 | -42.4% |
| Financial income | 75/76B | €3,425 | €14,582 | +€11,157 | +325.7% |
| Recurring financial income | 75 | €3,425 | €14,582 | +€11,157 | +325.7% |
| Financial charges | 65/66B | €225 | €1,444 | +€1,219 | +541.7% |
| Recurring financial charges | 65 | €225 | €1,444 | +€1,219 | +541.7% |
| Profit (loss) for the period before taxes | 9903 | -€10,871 | -€6,895 | +€3,976 | +36.6% |
| Profit (loss) for the period | 9904 | -€10,871 | -€6,895 | +€3,976 | +36.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,871 | -€6,895 | +€3,976 | +36.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.