ROGER MAES: 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 MAES
Largest movements
- Stocks and contracts -€49,887
down €49,887 (-5.2%), from €964,215 to €914,328
- Receivables within one year +€46,102
up €46,102 (+30.3%), from €152,155 to €198,257
of which Trade receivables: +€43,913
- Short-term financial debts +€66,570
new in 2025: €66,570
- Other debts -€62,399
down €62,399 (-6.7%), from €929,393 to €866,993
- Trade debts -€34,460
down €34,460 (-25.2%), from €136,683 to €102,222
- Financial charges +€4,508
up €4,508 (+125%), from €3,610 to €8,118
- Other operating charges -€3,772
down €3,772 (-67.7%), from €5,568 to €1,796
- Depreciation -€2,462
down €2,462 (-14.7%), from €16,742 to €14,280
- Gross operating margin -€380
down €380 (-1.3%), from €29,207 to €28,828
- Taxes +€354
up €354 (+24.3%), from €1,456 to €1,810
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 | €1,152,505 | €1,128,239 | -€24,266 | -2.1% |
| Fixed assets | 21/28 | €27,933 | €13,653 | -€14,280 | -51.1% |
| Intangible fixed assets | 21 | €18,732 | €10,439 | -€8,293 | -44.3% |
| Tangible fixed assets | 22/27 | €9,201 | €3,215 | -€5,986 | -65.1% |
| Land and buildings | 22 | €2,283 | - | -€2,283 | |
| Plant, machinery and equipment | 23 | €5,966 | €2,738 | -€3,228 | -54.1% |
| Furniture and vehicles | 24 | €953 | €477 | -€476 | -50.0% |
| Current assets | 29/58 | €1,124,572 | €1,114,585 | -€9,987 | -0.9% |
| Stocks and contracts in progress | 3 | €964,215 | €914,328 | -€49,887 | -5.2% |
| Stocks | 30/36 | €964,215 | €914,328 | -€49,887 | -5.2% |
| Amounts receivable within one year | 40/41 | €152,155 | €198,257 | +€46,102 | +30.3% |
| Trade receivables | 40 | €150,879 | €194,792 | +€43,913 | +29.1% |
| Other amounts receivable | 41 | €1,276 | €3,465 | +€2,189 | +172% |
| Cash at bank and in hand | 54/58 | €8,202 | €1,000 | -€7,202 | -87.8% |
| Deferred charges and accrued income | 490/1 | - | €1,000 | +€1,000 | |
| Total equity and liabilities | 10/49 | €1,152,505 | €1,128,239 | -€24,266 | -2.1% |
| Equity | 10/15 | €47,789 | €50,831 | +€3,042 | +6.4% |
| Contributions | 10/11 | €173,447 | €173,447 | = | 0.0% |
| Capital | 10 | €173,447 | €173,447 | = | 0.0% |
| Issued capital | 100 | €173,447 | €173,447 | = | 0.0% |
| Reserves | 13 | €103,959 | €103,959 | = | 0.0% |
| Non-distributable reserves | 130/1 | €17,353 | €17,353 | = | 0.0% |
| Legal reserve | 130 | €17,353 | €17,353 | = | 0.0% |
| Tax-exempt reserves | 132 | €37,500 | €37,500 | = | 0.0% |
| Distributable reserves | 133 | €49,107 | €49,107 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€229,617 | -€226,574 | +€3,042 | +1.3% |
| Amounts payable | 17/49 | €1,104,716 | €1,077,407 | -€27,309 | -2.5% |
| Amounts payable after more than one year | 17 | €37,184 | €37,184 | = | 0.0% |
| Financial debts | 170/4 | €37,184 | €37,184 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,067,532 | €1,040,223 | -€27,309 | -2.6% |
| Financial debts | 43 | - | €66,570 | +€66,570 | |
| Credit institutions | 430/8 | - | €66,570 | +€66,570 | |
| Trade debts | 44 | €136,683 | €102,222 | -€34,460 | -25.2% |
| Suppliers | 440/4 | €136,683 | €102,222 | -€34,460 | -25.2% |
| Taxes, remuneration and social security | 45 | €1,456 | €4,437 | +€2,981 | +205% |
| Taxes | 450/3 | €1,456 | €4,437 | +€2,981 | +205% |
| Other amounts payable | 47/48 | €929,393 | €866,993 | -€62,399 | -6.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,742 | €14,280 | -€2,462 | -14.7% |
| Other operating charges | 640/8 | €5,568 | €1,796 | -€3,772 | -67.7% |
| Gross operating margin | 9900 | €29,207 | €28,828 | -€380 | -1.3% |
| Operating profit (loss) | 9901 | €6,897 | €12,752 | +€5,855 | +84.9% |
| Financial income | 75/76B | €6 | €219 | +€212 | +3,358% |
| Recurring financial income | 75 | €6 | €219 | +€212 | +3,358% |
| Financial charges | 65/66B | €3,610 | €8,118 | +€4,508 | +125% |
| Recurring financial charges | 65 | €3,610 | €8,118 | +€4,508 | +125% |
| Profit (loss) for the period before taxes | 9903 | €3,293 | €4,853 | +€1,559 | +47.4% |
| Income taxes | 67/77 | €1,456 | €1,810 | +€354 | +24.3% |
| Profit (loss) for the period | 9904 | €1,837 | €3,042 | +€1,205 | +65.6% |
| Profit (loss) for the period to be appropriated | 9905 | €1,837 | €3,042 | +€1,205 | +65.6% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.