ROJA: 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.
ROJA
Largest movements
- Cash -€276,760
down €276,760 (-96.8%), from €285,816 to €9,056
mainly Receivables within one year (-€176,530) and Investment in fixed assets (net) (-€161,953)
- Receivables within one year +€176,530
up €176,530 (+1,597%), from €11,052 to €187,582
of which Other amounts receivable: +€153,542
- Financial fixed assets +€161,953
new in 2025: €161,953
- Tangible fixed assets -€21,858
down €21,858 (-3.8%), from €573,474 to €551,616
- Current portion of long-term debt +€76,706
up €76,706 (+626%), from €12,263 to €88,969
- Reserves +€67,018
up €67,018 (+23.4%), from €286,710 to €353,728
of which Distributable reserves: +€67,018
- Short-term financial debts -€41,647
no longer reported in 2025 (was €41,647)
- Tax, wage and social debts -€40,161
no longer reported in 2025 (was €40,161)
- Accrued charges and deferred income -€13,990
down €13,990 (-59.7%), from €23,430 to €9,440
- Gross operating margin -€60,041
down €60,041 (-30.0%), from €200,445 to €140,404
- Taxes -€15,884
down €15,884 (-41.6%), from €38,223 to €22,339
- Financial charges +€5,145
up €5,145 (+130%), from €3,968 to €9,112
- Other operating charges -€3,712
down €3,712 (-15.6%), from €23,789 to €20,077
- Depreciation +€2,063
up €2,063 (+10.4%), from €19,795 to €21,858
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 | €870,342 | €913,124 | +€42,782 | +4.9% |
| Fixed assets | 21/28 | €573,474 | €713,568 | +€140,094 | +24.4% |
| Tangible fixed assets | 22/27 | €573,474 | €551,616 | -€21,858 | -3.8% |
| Land and buildings | 22 | €573,474 | €551,616 | -€21,858 | -3.8% |
| Financial fixed assets | 28 | - | €161,953 | +€161,953 | |
| Current assets | 29/58 | €296,868 | €199,556 | -€97,312 | -32.8% |
| Amounts receivable within one year | 40/41 | €11,052 | €187,582 | +€176,530 | +1,597% |
| Trade receivables | 40 | €2,118 | €25,105 | +€22,988 | +1,086% |
| Other amounts receivable | 41 | €8,935 | €162,477 | +€153,542 | +1,719% |
| Cash at bank and in hand | 54/58 | €285,816 | €9,056 | -€276,760 | -96.8% |
| Deferred charges and accrued income | 490/1 | - | €2,918 | +€2,918 | |
| Total equity and liabilities | 10/49 | €870,342 | €913,124 | +€42,782 | +4.9% |
| Equity | 10/15 | €305,302 | €372,320 | +€67,018 | +22.0% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €286,710 | €353,728 | +€67,018 | +23.4% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €284,851 | €351,869 | +€67,018 | +23.5% |
| Amounts payable | 17/49 | €565,040 | €540,804 | -€24,236 | -4.3% |
| Amounts payable after more than one year | 17 | €428,764 | €424,024 | -€4,740 | -1.1% |
| Financial debts | 170/4 | €281,027 | €309,042 | +€28,016 | +10.0% |
| Other amounts payable | 178/9 | €147,737 | €114,982 | -€32,756 | -22.2% |
| Amounts payable within one year | 42/48 | €112,846 | €107,340 | -€5,506 | -4.9% |
| Current portion of amounts payable after more than one year | 42 | €12,263 | €88,969 | +€76,706 | +626% |
| Financial debts | 43 | €41,647 | - | -€41,647 | |
| Credit institutions | 430/8 | €41,647 | - | -€41,647 | |
| Trade debts | 44 | €18,775 | €18,372 | -€403 | -2.1% |
| Suppliers | 440/4 | €18,775 | €18,372 | -€403 | -2.1% |
| Taxes, remuneration and social security | 45 | €40,161 | - | -€40,161 | |
| Taxes | 450/3 | €40,161 | - | -€40,161 | |
| Accrued charges and deferred income | 492/3 | €23,430 | €9,440 | -€13,990 | -59.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,795 | €21,858 | +€2,063 | +10.4% |
| Other operating charges | 640/8 | €23,789 | €20,077 | -€3,712 | -15.6% |
| Gross operating margin | 9900 | €200,445 | €140,404 | -€60,041 | -30.0% |
| Operating profit (loss) | 9901 | €156,861 | €98,469 | -€58,392 | -37.2% |
| Financial charges | 65/66B | €3,968 | €9,112 | +€5,145 | +130% |
| Recurring financial charges | 65 | €3,968 | €9,112 | +€5,145 | +130% |
| Profit (loss) for the period before taxes | 9903 | €152,893 | €89,357 | -€63,536 | -41.6% |
| Income taxes | 67/77 | €38,223 | €22,339 | -€15,884 | -41.6% |
| Profit (loss) for the period | 9904 | €114,670 | €67,018 | -€47,652 | -41.6% |
| Profit (loss) for the period to be appropriated | 9905 | €114,670 | €67,018 | -€47,652 | -41.6% |
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.