Roger Cools: 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 Cools
Largest movements
- Tangible fixed assets +€616,257
up €616,257 (+43.7%), from €1.4m to €2.0m
of which Land and buildings: +€634,856
- Cash -€510,694
down €510,694 (-43.2%), from €1.2m to €672,206
mainly Investment in fixed assets (net) (-€730,197) and Trade debts (-€84,612)
- Receivables within one year -€191,662
down €191,662 (-52.2%), from €367,379 to €175,717
of which Trade receivables: -€147,145
- Stocks and contracts +€38,779
up €38,779 (+5.8%), from €666,768 to €705,547
- Reserves +€142,385
up €142,385 (+4.8%), from €2.9m to €3.1m
of which Non-distributable reserves: +€142,385
- Trade debts -€84,612
down €84,612 (-94.2%), from €89,869 to €5,257
- Debts after one year -€63,949
no longer reported in 2025 (was €63,949)
- Tax, wage and social debts -€47,277
down €47,277 (-92.4%), from €51,142 to €3,865
- Gross operating margin +€35,738
up €35,738 (+3.5%), from €1.0m to €1.1m
- Staff costs +€33,808
up €33,808 (+5.0%), from €682,487 to €716,295
- Other operating charges -€24,021
down €24,021 (-46.5%), from €51,707 to €27,686
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 | €3,628,194 | €3,580,874 | -€47,320 | -1.3% |
| Fixed assets | 21/28 | €1,411,147 | €2,027,404 | +€616,257 | +43.7% |
| Tangible fixed assets | 22/27 | €1,411,147 | €2,027,404 | +€616,257 | +43.7% |
| Land and buildings | 22 | €1,298,117 | €1,932,973 | +€634,856 | +48.9% |
| Plant, machinery and equipment | 23 | €47,692 | €49,566 | +€1,874 | +3.9% |
| Furniture and vehicles | 24 | €65,338 | €44,865 | -€20,473 | -31.3% |
| Current assets | 29/58 | €2,217,047 | €1,553,470 | -€663,577 | -29.9% |
| Stocks and contracts in progress | 3 | €666,768 | €705,547 | +€38,779 | +5.8% |
| Stocks | 30/36 | €666,768 | €705,547 | +€38,779 | +5.8% |
| Amounts receivable within one year | 40/41 | €367,379 | €175,717 | -€191,662 | -52.2% |
| Trade receivables | 40 | €303,144 | €155,999 | -€147,145 | -48.5% |
| Other amounts receivable | 41 | €64,235 | €19,718 | -€44,517 | -69.3% |
| Cash at bank and in hand | 54/58 | €1,182,900 | €672,206 | -€510,694 | -43.2% |
| Total equity and liabilities | 10/49 | €3,628,194 | €3,580,874 | -€47,320 | -1.3% |
| Equity | 10/15 | €3,242,211 | €3,384,596 | +€142,385 | +4.4% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Capital | 10 | €300,000 | €300,000 | = | 0.0% |
| Issued capital | 100 | €300,000 | €300,000 | = | 0.0% |
| Reserves | 13 | €2,942,211 | €3,084,596 | +€142,385 | +4.8% |
| Non-distributable reserves | 130/1 | €312,357 | €454,742 | +€142,385 | +45.6% |
| Legal reserve | 130 | €50,000 | €50,000 | = | 0.0% |
| Other | 1319 | €262,357 | €404,742 | +€142,385 | +54.3% |
| Tax-exempt reserves | 132 | €69,569 | €69,569 | = | 0.0% |
| Distributable reserves | 133 | €2,560,285 | €2,560,285 | = | 0.0% |
| Provisions and deferred taxes | 16 | €57,709 | €61,666 | +€3,957 | +6.9% |
| Provisions for liabilities and charges | 160/5 | €57,709 | €61,666 | +€3,957 | +6.9% |
| Pensions and similar obligations | 160 | €57,709 | €61,666 | +€3,957 | +6.9% |
| Amounts payable | 17/49 | €328,274 | €134,612 | -€193,662 | -59.0% |
| Amounts payable after more than one year | 17 | €63,949 | - | -€63,949 | |
| Financial debts | 170/4 | €63,949 | - | -€63,949 | |
| Amounts payable within one year | 42/48 | €264,325 | €134,612 | -€129,713 | -49.1% |
| Current portion of amounts payable after more than one year | 42 | €75,201 | €63,599 | -€11,602 | -15.4% |
| Trade debts | 44 | €89,869 | €5,257 | -€84,612 | -94.2% |
| Suppliers | 440/4 | €89,869 | €5,257 | -€84,612 | -94.2% |
| Taxes, remuneration and social security | 45 | €51,142 | €3,865 | -€47,277 | -92.4% |
| Taxes | 450/3 | €51,142 | €3,865 | -€47,277 | -92.4% |
| Other amounts payable | 47/48 | €48,113 | €61,891 | +€13,778 | +28.6% |
| Remuneration, social security and pensions | 62 | €682,487 | €716,295 | +€33,808 | +5.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €111,462 | €113,940 | +€2,478 | +2.2% |
| Other operating charges | 640/8 | €51,707 | €27,686 | -€24,021 | -46.5% |
| Gross operating margin | 9900 | €1,031,911 | €1,067,649 | +€35,738 | +3.5% |
| Operating profit (loss) | 9901 | €186,255 | €209,728 | +€23,473 | +12.6% |
| Financial charges | 65/66B | €4,693 | €3,478 | -€1,215 | -25.9% |
| Recurring financial charges | 65 | €4,693 | €3,478 | -€1,215 | -25.9% |
| Profit (loss) for the period before taxes | 9903 | €181,562 | €206,250 | +€24,688 | +13.6% |
| Income taxes | 67/77 | €55,545 | €63,865 | +€8,320 | +15.0% |
| Profit (loss) for the period | 9904 | €126,017 | €142,385 | +€16,368 | +13.0% |
| Profit (loss) for the period to be appropriated | 9905 | €126,017 | €142,385 | +€16,368 | +13.0% |
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 27 October 2026 via checked.be.