ROMAIN WITVROUW: 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 WITVROUW
Largest movements
- Receivables after one year +€61,597
new in 2025: €61,597
of which Other amounts receivable: +€51,917
- Receivables within one year -€33,607
no longer reported in 2025 (was €33,607)
of which Other amounts receivable: -€23,443
- Tangible fixed assets +€7,229
up €7,229 (+48.3%), from €14,978 to €22,207
of which Plant, machinery and equipment: +€10,746
- Cash -€2,503
down €2,503 (-50.3%), from €4,978 to €2,475
mainly Receivables after one year (-€61,597) and Investment in fixed assets (net) (-€15,679)
- Profit (loss) carried forward +€29,009
up €29,009 (+94.9%), from €30,552 to €59,561
- Tax, wage and social debts +€10,190
up €10,190 (+90.5%), from €11,258 to €21,448
- Debts after one year -€5,796
no longer reported in 2025 (was €5,796)
- Gross operating margin +€4,697
up €4,697 (+10.7%), from €43,985 to €48,681
- Depreciation +€1,056
up €1,056 (+14.3%), from €7,393 to €8,449
- Taxes +€916
up €916 (+10.1%), from €9,107 to €10,024
- Other operating charges -€516
down €516 (-51.4%), from €1,002 to €487
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 | €55,452 | €88,332 | +€32,880 | +59.3% |
| Fixed assets | 21/28 | €14,978 | €22,207 | +€7,229 | +48.3% |
| Tangible fixed assets | 22/27 | €14,978 | €22,207 | +€7,229 | +48.3% |
| Plant, machinery and equipment | 23 | - | €10,746 | +€10,746 | |
| Furniture and vehicles | 24 | €14,978 | €11,461 | -€3,517 | -23.5% |
| Current assets | 29/58 | €40,474 | €66,125 | +€25,651 | +63.4% |
| Amounts receivable after more than one year | 29 | - | €61,597 | +€61,597 | |
| Trade receivables | 290 | - | €9,680 | +€9,680 | |
| Other amounts receivable | 291 | - | €51,917 | +€51,917 | |
| Amounts receivable within one year | 40/41 | €33,607 | - | -€33,607 | |
| Trade receivables | 40 | €10,164 | - | -€10,164 | |
| Other amounts receivable | 41 | €23,443 | - | -€23,443 | |
| Cash at bank and in hand | 54/58 | €4,978 | €2,475 | -€2,503 | -50.3% |
| Deferred charges and accrued income | 490/1 | €1,889 | €2,053 | +€164 | +8.7% |
| Total equity and liabilities | 10/49 | €55,452 | €88,332 | +€32,880 | +59.3% |
| Equity | 10/15 | €31,552 | €60,561 | +€29,009 | +91.9% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €30,552 | €59,561 | +€29,009 | +94.9% |
| Amounts payable | 17/49 | €23,900 | €27,771 | +€3,871 | +16.2% |
| Amounts payable after more than one year | 17 | €5,796 | - | -€5,796 | |
| Financial debts | 170/4 | €5,796 | - | -€5,796 | |
| Amounts payable within one year | 42/48 | €18,104 | €27,411 | +€9,308 | +51.4% |
| Current portion of amounts payable after more than one year | 42 | €6,659 | €5,796 | -€863 | -13.0% |
| Trade debts | 44 | €187 | €167 | -€19 | -10.4% |
| Suppliers | 440/4 | €187 | €167 | -€19 | -10.4% |
| Taxes, remuneration and social security | 45 | €11,258 | €21,448 | +€10,190 | +90.5% |
| Taxes | 450/3 | €11,258 | €21,448 | +€10,190 | +90.5% |
| Accrued charges and deferred income | 492/3 | - | €360 | +€360 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,393 | €8,449 | +€1,056 | +14.3% |
| Other operating charges | 640/8 | €1,002 | €487 | -€516 | -51.4% |
| Gross operating margin | 9900 | €43,985 | €48,681 | +€4,697 | +10.7% |
| Operating profit (loss) | 9901 | €35,589 | €39,745 | +€4,156 | +11.7% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €1,051 | €713 | -€338 | -32.2% |
| Recurring financial charges | 65 | €1,051 | €713 | -€338 | -32.2% |
| Profit (loss) for the period before taxes | 9903 | €34,538 | €39,032 | +€4,494 | +13.0% |
| Income taxes | 67/77 | €9,107 | €10,024 | +€916 | +10.1% |
| Profit (loss) for the period | 9904 | €25,431 | €29,009 | +€3,578 | +14.1% |
| Profit (loss) for the period to be appropriated | 9905 | €25,431 | €29,009 | +€3,578 | +14.1% |
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 13 October 2026 via checked.be.