ROMAIN SEFFER: 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.
ROMAIN SEFFER
Largest movements
- Tangible fixed assets +€728,210
up €728,210 (+70.1%), from €1.0m to €1.8m
of which Land and buildings: +€783,181
- Receivables within one year +€109,975
up €109,975 (+53.8%), from €204,332 to €314,307
of which Trade receivables: +€97,113
- Cash -€76,074
down €76,074 (-14.8%), from €514,399 to €438,325
mainly Investment in fixed assets (net) (-€881,800) and Contributions, distributions and other (-€571,716)
- Debts after one year +€600,411
up €600,411 (+205%), from €293,432 to €893,844
- Other debts +€378,410
new in 2025: €378,410
- Reserves -€255,021
down €255,021 (-18.5%), from €1.4m to €1.1m
- Tax, wage and social debts +€48,978
up €48,978 (+32.6%), from €150,442 to €199,420
- Gross operating margin +€97,214
up €97,214 (+18.0%), from €541,345 to €638,558
- Depreciation +€54,868
up €54,868 (+55.6%), from €98,722 to €153,590
- Taxes +€12,934
up €12,934 (+9.5%), from €136,824 to €149,758
- Financial charges +€8,178
up €8,178 (+63.1%), from €12,956 to €21,134
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 | €1,957,746 | €2,718,426 | +€760,680 | +38.9% |
| Fixed assets | 21/28 | €1,039,045 | €1,767,255 | +€728,210 | +70.1% |
| Tangible fixed assets | 22/27 | €1,039,045 | €1,767,255 | +€728,210 | +70.1% |
| Land and buildings | 22 | €734,248 | €1,517,429 | +€783,181 | +107% |
| Plant, machinery and equipment | 23 | €269,067 | €231,711 | -€37,356 | -13.9% |
| Furniture and vehicles | 24 | €31,813 | €14,198 | -€17,615 | -55.4% |
| Other tangible fixed assets | 26 | €3,917 | €3,917 | = | 0.0% |
| Current assets | 29/58 | €918,701 | €951,171 | +€32,470 | +3.5% |
| Amounts receivable after more than one year | 29 | €190,000 | €190,000 | = | 0.0% |
| Other amounts receivable | 291 | €190,000 | €190,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €204,332 | €314,307 | +€109,975 | +53.8% |
| Trade receivables | 40 | €201,840 | €298,954 | +€97,113 | +48.1% |
| Other amounts receivable | 41 | €2,491 | €15,353 | +€12,862 | +516% |
| Cash at bank and in hand | 54/58 | €514,399 | €438,325 | -€76,074 | -14.8% |
| Deferred charges and accrued income | 490/1 | €9,970 | €8,539 | -€1,431 | -14.4% |
| Total equity and liabilities | 10/49 | €1,957,746 | €2,718,426 | +€760,680 | +38.9% |
| Equity | 10/15 | €1,395,689 | €1,140,668 | -€255,021 | -18.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,376,117 | €1,121,096 | -€255,021 | -18.5% |
| Distributable reserves | 133 | €1,376,117 | €1,121,096 | -€255,021 | -18.5% |
| Profit (loss) carried forward | 14 | €7,172 | €7,172 | = | 0.0% |
| Amounts payable | 17/49 | €562,057 | €1,577,758 | +€1.0m | +181% |
| Amounts payable after more than one year | 17 | €293,432 | €893,844 | +€600,411 | +205% |
| Financial debts | 170/4 | €293,432 | €893,844 | +€600,411 | +205% |
| Amounts payable within one year | 42/48 | €267,417 | €682,683 | +€415,266 | +155% |
| Current portion of amounts payable after more than one year | 42 | €110,010 | €98,921 | -€11,090 | -10.1% |
| Trade debts | 44 | €6,964 | €5,932 | -€1,032 | -14.8% |
| Suppliers | 440/4 | €6,964 | €5,932 | -€1,032 | -14.8% |
| Taxes, remuneration and social security | 45 | €150,442 | €199,420 | +€48,978 | +32.6% |
| Taxes | 450/3 | €150,442 | €199,420 | +€48,978 | +32.6% |
| Other amounts payable | 47/48 | - | €378,410 | +€378,410 | |
| Accrued charges and deferred income | 492/3 | €1,208 | €1,232 | +€24 | +2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €98,722 | €153,590 | +€54,868 | +55.6% |
| Other operating charges | 640/8 | €4,647 | €6,385 | +€1,737 | +37.4% |
| Gross operating margin | 9900 | €541,345 | €638,558 | +€97,214 | +18.0% |
| Operating profit (loss) | 9901 | €437,975 | €478,583 | +€40,608 | +9.3% |
| Financial income | 75/76B | €9,142 | €9,003 | -€139 | -1.5% |
| Recurring financial income | 75 | €9,142 | €9,003 | -€139 | -1.5% |
| Financial charges | 65/66B | €12,956 | €21,134 | +€8,178 | +63.1% |
| Recurring financial charges | 65 | €12,956 | €21,134 | +€8,178 | +63.1% |
| Profit (loss) for the period before taxes | 9903 | €434,161 | €466,452 | +€32,291 | +7.4% |
| Income taxes | 67/77 | €136,824 | €149,758 | +€12,934 | +9.5% |
| Profit (loss) for the period | 9904 | €297,337 | €316,694 | +€19,358 | +6.5% |
| Profit (loss) for the period to be appropriated | 9905 | €297,337 | €316,694 | +€19,358 | +6.5% |
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 24 October 2026 via checked.be.