ROJAN: 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.
What changed
ROJAN
NACE 55.100, Hotels and similar accommodation
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€246,781
2024 · €149,393+€97,389
Equity
€4.6m
2024 · €4.4m+€246,781
Cash
€49,107
2024 · €27,722+€21,384
Balance sheet total
€9.5m
2024 · €10.0m-€426,953
Largest movements
Assets
- Tangible fixed assets -€465,876
down €465,876 (-5.5%), from €8.5m to €8.1m
of which Land and buildings: -€443,498
Equity and liabilities
- Debts after one year -€553,004
down €553,004 (-17.3%), from €3.2m to €2.7m
- Reserves +€246,781
up €246,781 (+5.8%), from €4.3m to €4.5m
of which Distributable reserves: +€346,287
- Other debts -€103,924
down €103,924 (-19.2%), from €541,066 to €437,142
Income statement
- Depreciation -€59,655
down €59,655 (-10.4%), from €575,420 to €515,764
- Gross operating margin +€48,713
up €48,713 (+4.3%), from €1.1m to €1.2m
- Taxes +€39,907
up €39,907 (+30.9%), from €129,315 to €169,222
- Financial charges -€25,001
down €25,001 (-12.7%), from €197,500 to €172,499
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.
Result 2024
€149,393
Gross operating margin
+€48,713
Staff costs
+€1,857
Depreciation
+€59,655
Other operating charges
+€1,274
Other operating items
+€580
Financial income
+€192
Financial charges
+€25,001
Taxes
-€39,907
Deferred taxes and other
+€23
Result 2025
€246,781
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€629,641
Investment
-€49,888
Financing
-€558,369
Cash 2024
€27,722
From operations (derived)
+€629,641
Net result for the year
+€246,781
Depreciation
+€515,764
Receivables after one year
+€50,000
Receivables within one year
-€81,114
Deferred charges and accrued income
+€13,575
Provisions
-€50,221
Trade debts
+€2,379
Tax, wage and social debts
+€47,096
Other debts
-€103,924
Accrued charges and deferred income
-€10,695
Investment (derived)
-€49,888
Investment in fixed assets (net)
-€49,888
Financing
-€558,369
Debts after one year
-€553,004
Current portion of long-term debt
+€4,940
Short-term financial debts
-€10,306
Cash 2025
€49,107
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,958,046 | €9,531,094 | -€426,953 | -4.3% |
| Fixed assets | 21/28 | €8,533,126 | €8,067,250 | -€465,876 | -5.5% |
| Tangible fixed assets | 22/27 | €8,533,126 | €8,067,250 | -€465,876 | -5.5% |
| Land and buildings | 22 | €8,481,243 | €8,037,745 | -€443,498 | -5.2% |
| Plant, machinery and equipment | 23 | €14,640 | €10,424 | -€4,216 | -28.8% |
| Furniture and vehicles | 24 | €37,243 | €19,081 | -€18,162 | -48.8% |
| Current assets | 29/58 | €1,424,920 | €1,463,844 | +€38,923 | +2.7% |
| Amounts receivable after more than one year | 29 | €200,000 | €150,000 | -€50,000 | -25.0% |
| Other amounts receivable | 291 | €200,000 | €150,000 | -€50,000 | -25.0% |
| Amounts receivable within one year | 40/41 | €1,131,612 | €1,212,725 | +€81,114 | +7.2% |
| Trade receivables | 40 | €19,162 | €16,218 | -€2,945 | -15.4% |
| Other amounts receivable | 41 | €1,112,449 | €1,196,508 | +€84,058 | +7.6% |
| Cash at bank and in hand | 54/58 | €27,722 | €49,107 | +€21,384 | +77.1% |
| Deferred charges and accrued income | 490/1 | €65,587 | €52,012 | -€13,575 | -20.7% |
| Total equity and liabilities | 10/49 | €9,958,046 | €9,531,094 | -€426,953 | -4.3% |
| Equity | 10/15 | €4,364,438 | €4,611,220 | +€246,781 | +5.7% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €4,264,438 | €4,511,220 | +€246,781 | +5.8% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €10,000 | €10,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,474,673 | €1,375,167 | -€99,506 | -6.7% |
| Distributable reserves | 133 | €2,779,765 | €3,126,052 | +€346,287 | +12.5% |
| Provisions and deferred taxes | 16 | €724,324 | €674,103 | -€50,221 | -6.9% |
| Deferred taxes | 168 | €724,324 | €674,103 | -€50,221 | -6.9% |
| Amounts payable | 17/49 | €4,869,284 | €4,245,771 | -€623,513 | -12.8% |
| Amounts payable after more than one year | 17 | €3,203,698 | €2,650,694 | -€553,004 | -17.3% |
| Financial debts | 170/4 | €3,203,698 | €2,650,694 | -€553,004 | -17.3% |
| Amounts payable within one year | 42/48 | €1,647,432 | €1,587,617 | -€59,814 | -3.6% |
| Current portion of amounts payable after more than one year | 42 | €548,029 | €552,969 | +€4,940 | +0.9% |
| Financial debts | 43 | €540,585 | €530,279 | -€10,306 | -1.9% |
| Credit institutions | 430/8 | €540,585 | €530,279 | -€10,306 | -1.9% |
| Trade debts | 44 | €6,807 | €9,187 | +€2,379 | +35.0% |
| Suppliers | 440/4 | €6,807 | €9,187 | +€2,379 | +35.0% |
| Taxes, remuneration and social security | 45 | €10,944 | €58,040 | +€47,096 | +430% |
| Taxes | 450/3 | €7,432 | €54,410 | +€46,977 | +632% |
| Remuneration and social security | 454/9 | €3,512 | €3,630 | +€118 | +3.4% |
| Other amounts payable | 47/48 | €541,066 | €437,142 | -€103,924 | -19.2% |
| Accrued charges and deferred income | 492/3 | €18,155 | €7,460 | -€10,695 | -58.9% |
| Remuneration, social security and pensions | 62 | €22,617 | €20,760 | -€1,857 | -8.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €575,420 | €515,764 | -€59,655 | -10.4% |
| Other operating charges | 640/8 | €129,681 | €128,407 | -€1,274 | -1.0% |
| Non-recurring operating charges | 66A | €580 | €0 | -€580 | -100% |
| Gross operating margin | 9900 | €1,127,626 | €1,176,339 | +€48,713 | +4.3% |
| Operating profit (loss) | 9901 | €399,328 | €511,407 | +€112,079 | +28.1% |
| Financial income | 75/76B | €26,681 | €26,874 | +€192 | +0.7% |
| Recurring financial income | 75 | €26,681 | €26,874 | +€192 | +0.7% |
| Financial charges | 65/66B | €197,500 | €172,499 | -€25,001 | -12.7% |
| Recurring financial charges | 65 | €197,500 | €172,499 | -€25,001 | -12.7% |
| Profit (loss) for the period before taxes | 9903 | €228,510 | €365,782 | +€137,273 | +60.1% |
| Transfer from deferred taxes | 780 | €50,198 | €50,221 | +€23 | 0.0% |
| Income taxes | 67/77 | €129,315 | €169,222 | +€39,907 | +30.9% |
| Profit (loss) for the period | 9904 | €149,393 | €246,781 | +€97,389 | +65.2% |
| Transfer from tax-exempt reserves | 789 | €99,436 | €99,506 | +€70 | +0.1% |
| Profit (loss) for the period to be appropriated | 9905 | €248,829 | €346,287 | +€97,458 | +39.2% |
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 14 October 2026 via checked.be.