ROGER COLSON: 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.
ROGER COLSON
Largest movements
- Current investments +€555,256
up €555,256 (+240%), from €231,802 to €787,058
- Receivables within one year -€183,267
down €183,267 (-64.9%), from €282,401 to €99,134
of which Trade receivables: -€165,220
- Cash -€54,753
down €54,753 (-14.2%), from €384,624 to €329,870
mainly Current investments (-€555,256) and Trade debts (-€268,455)
- Stocks and contracts -€53,603
no longer reported in 2025 (was €53,603)
- Tangible fixed assets -€50,045
down €50,045 (-19.1%), from €262,147 to €212,102
of which Furniture and vehicles: -€58,502
- Reserves +€468,097
up €468,097 (+64.7%), from €723,180 to €1.2m
of which Distributable reserves: +€468,097
- Trade debts -€268,455
down €268,455 (-78.3%), from €343,016 to €74,562
- Gross operating margin +€459,309
up €459,309 (+97.6%), from €470,449 to €929,758
- Taxes +€136,447
up €136,447 (+140%), from €97,230 to €233,677
- Depreciation +€25,726
up €25,726 (+59.9%), from €42,977 to €68,704
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 | €1,229,975 | €1,441,375 | +€211,400 | +17.2% |
| Fixed assets | 21/28 | €262,147 | €212,102 | -€50,045 | -19.1% |
| Tangible fixed assets | 22/27 | €262,147 | €212,102 | -€50,045 | -19.1% |
| Land and buildings | 22 | €138,669 | €133,505 | -€5,164 | -3.7% |
| Plant, machinery and equipment | 23 | €6,068 | €19,689 | +€13,621 | +224% |
| Furniture and vehicles | 24 | €117,410 | €58,908 | -€58,502 | -49.8% |
| Current assets | 29/58 | €967,828 | €1,229,272 | +€261,445 | +27.0% |
| Stocks and contracts in progress | 3 | €53,603 | - | -€53,603 | |
| Stocks | 30/36 | €53,603 | - | -€53,603 | |
| Amounts receivable within one year | 40/41 | €282,401 | €99,134 | -€183,267 | -64.9% |
| Trade receivables | 40 | €260,987 | €95,767 | -€165,220 | -63.3% |
| Other amounts receivable | 41 | €21,415 | €3,367 | -€18,048 | -84.3% |
| Current investments | 50/53 | €231,802 | €787,058 | +€555,256 | +240% |
| Cash at bank and in hand | 54/58 | €384,624 | €329,870 | -€54,753 | -14.2% |
| Deferred charges and accrued income | 490/1 | €15,397 | €13,210 | -€2,187 | -14.2% |
| Total equity and liabilities | 10/49 | €1,229,975 | €1,441,375 | +€211,400 | +17.2% |
| Equity | 10/15 | €785,180 | €1,253,277 | +€468,097 | +59.6% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €723,180 | €1,191,277 | +€468,097 | +64.7% |
| Non-distributable reserves | 130/1 | €11,775 | €11,775 | = | 0.0% |
| Legal reserve | 130 | €11,775 | €11,775 | = | 0.0% |
| Distributable reserves | 133 | €711,405 | €1,179,502 | +€468,097 | +65.8% |
| Amounts payable | 17/49 | €444,795 | €188,098 | -€256,697 | -57.7% |
| Amounts payable within one year | 42/48 | €441,742 | €184,740 | -€257,003 | -58.2% |
| Current portion of amounts payable after more than one year | 42 | €1,023 | - | -€1,023 | |
| Trade debts | 44 | €343,016 | €74,562 | -€268,455 | -78.3% |
| Suppliers | 440/4 | €343,016 | €74,562 | -€268,455 | -78.3% |
| Taxes, remuneration and social security | 45 | €95,205 | €98,920 | +€3,715 | +3.9% |
| Taxes | 450/3 | €71,759 | €91,294 | +€19,535 | +27.2% |
| Remuneration and social security | 454/9 | €23,446 | €7,626 | -€15,820 | -67.5% |
| Other amounts payable | 47/48 | €2,498 | €11,258 | +€8,760 | +351% |
| Accrued charges and deferred income | 492/3 | €3,053 | €3,359 | +€306 | +10.0% |
| Remuneration, social security and pensions | 62 | €129,664 | €127,511 | -€2,153 | -1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,977 | €68,704 | +€25,726 | +59.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €8,738 | +€8,738 | |
| Other operating charges | 640/8 | €5,797 | €6,247 | +€450 | +7.8% |
| Gross operating margin | 9900 | €470,449 | €929,758 | +€459,309 | +97.6% |
| Operating profit (loss) | 9901 | €292,011 | €718,558 | +€426,547 | +146% |
| Financial income | 75/76B | €5,064 | €9,683 | +€4,619 | +91.2% |
| Recurring financial income | 75 | €5,064 | €9,683 | +€4,619 | +91.2% |
| Financial charges | 65/66B | €897 | €1,466 | +€569 | +63.5% |
| Recurring financial charges | 65 | €897 | €1,466 | +€569 | +63.5% |
| Profit (loss) for the period before taxes | 9903 | €296,178 | €726,774 | +€430,596 | +145% |
| Income taxes | 67/77 | €97,230 | €233,677 | +€136,447 | +140% |
| Profit (loss) for the period | 9904 | €198,947 | €493,097 | +€294,149 | +148% |
| Profit (loss) for the period to be appropriated | 9905 | €198,947 | €493,097 | +€294,149 | +148% |
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 15 October 2026 via checked.be.