ROPA: what changed
Two fiscal 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.
ROPA
Largest movements
- Tangible fixed assets -€342,367
down €342,367 (-22.7%), from €1.5m to €1.2m
of which Plant, machinery and equipment: -€332,286
- Stocks and contracts -€298,273
down €298,273 (-18.6%), from €1.6m to €1.3m
of which Contracts in progress: -€215,444
- Receivables within one year +€157,218
up €157,218 (+20.6%), from €764,268 to €921,486
of which Trade receivables: +€247,698
- Cash +€110,423
up €110,423 (+48.7%), from €226,568 to €336,991
mainly Depreciation (+€342,367) and Stocks and contracts (+€298,273)
- Reserves -€276,003
down €276,003 (-12.2%), from €2.3m to €2.0m
of which Tax-exempt reserves: -€250,000
- Debts after one year -€144,539
down €144,539 (-12.2%), from €1.2m to €1.0m
- Gross operating margin -€351,912
down €351,912 (-16.4%), from €2.2m to €1.8m
- Depreciation +€27,843
up €27,843 (+8.9%), from €314,524 to €342,367
- Taxes -€21,834
down €21,834 (-99.8%), from €21,882 to €48
From the 31-12-2024 result to the 31-12-2025 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.
Cash bridge derived
Derived from the 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,180,465 | €3,807,071 | -€373,394 | -8.9% |
| Fixed assets | 21/28 | €1,580,923 | €1,238,556 | -€342,367 | -21.7% |
| Tangible fixed assets | 22/27 | €1,509,648 | €1,167,281 | -€342,367 | -22.7% |
| Land and buildings | 22 | €8,129 | €7,085 | -€1,044 | -12.8% |
| Plant, machinery and equipment | 23 | €1,490,026 | €1,157,740 | -€332,286 | -22.3% |
| Furniture and vehicles | 24 | €5,946 | €1,060 | -€4,886 | -82.2% |
| Other tangible fixed assets | 26 | €5,547 | €1,396 | -€4,151 | -74.8% |
| Financial fixed assets | 28 | €71,275 | €71,275 | = | 0.0% |
| Current assets | 29/58 | €2,599,542 | €2,568,515 | -€31,028 | -1.2% |
| Stocks and contracts in progress | 3 | €1,605,373 | €1,307,100 | -€298,273 | -18.6% |
| Stocks | 30/36 | €488,146 | €405,318 | -€82,828 | -17.0% |
| Contracts in progress | 37 | €1,117,227 | €901,783 | -€215,444 | -19.3% |
| Amounts receivable within one year | 40/41 | €764,268 | €921,486 | +€157,218 | +20.6% |
| Trade receivables | 40 | €618,929 | €866,627 | +€247,698 | +40.0% |
| Other amounts receivable | 41 | €145,339 | €54,860 | -€90,480 | -62.3% |
| Cash at bank and in hand | 54/58 | €226,568 | €336,991 | +€110,423 | +48.7% |
| Deferred charges and accrued income | 490/1 | €3,333 | €2,937 | -€396 | -11.9% |
| Total equity and liabilities | 10/49 | €4,180,465 | €3,807,071 | -€373,394 | -8.9% |
| Equity | 10/15 | €2,317,083 | €2,041,081 | -€276,003 | -11.9% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €2,255,083 | €1,979,081 | -€276,003 | -12.2% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,171,761 | €1,921,761 | -€250,000 | -11.5% |
| Distributable reserves | 133 | €77,123 | €51,120 | -€26,003 | -33.7% |
| Amounts payable | 17/49 | €1,863,381 | €1,765,990 | -€97,392 | -5.2% |
| Amounts payable after more than one year | 17 | €1,181,910 | €1,037,371 | -€144,539 | -12.2% |
| Other amounts payable | 178/9 | €1,181,910 | €1,037,371 | -€144,539 | -12.2% |
| Amounts payable within one year | 42/48 | €626,010 | €641,072 | +€15,062 | +2.4% |
| Trade debts | 44 | €455,995 | €490,805 | +€34,810 | +7.6% |
| Suppliers | 440/4 | €455,995 | €490,805 | +€34,810 | +7.6% |
| Taxes, remuneration and social security | 45 | €170,015 | €150,268 | -€19,748 | -11.6% |
| Taxes | 450/3 | €14,272 | €8,098 | -€6,174 | -43.3% |
| Remuneration and social security | 454/9 | €155,743 | €142,169 | -€13,574 | -8.7% |
| Accrued charges and deferred income | 492/3 | €55,461 | €87,546 | +€32,085 | +57.9% |
| Non-recurring operating income | 76A | €132,090 | - | -€132,090 | |
| Remuneration, social security and pensions | 62 | €1,689,272 | €1,684,241 | -€5,031 | -0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €314,524 | €342,367 | +€27,843 | +8.9% |
| Other operating charges | 640/8 | €836 | €945 | +€109 | +13.1% |
| Gross operating margin | 9900 | €2,151,952 | €1,800,040 | -€351,912 | -16.4% |
| Operating profit (loss) | 9901 | €147,321 | -€227,512 | -€374,833 | |
| Financial income | 75/76B | €8,625 | €5,251 | -€3,374 | -39.1% |
| Recurring financial income | 75 | €8,625 | €5,251 | -€3,374 | -39.1% |
| Financial charges | 65/66B | €56,941 | €53,693 | -€3,247 | -5.7% |
| Recurring financial charges | 65 | €56,941 | €53,693 | -€3,247 | -5.7% |
| Profit (loss) for the period before taxes | 9903 | €99,005 | -€275,954 | -€374,959 | |
| Income taxes | 67/77 | €21,882 | €48 | -€21,834 | -99.8% |
| Profit (loss) for the period | 9904 | €77,123 | -€276,003 | -€353,125 | |
| Transfer from tax-exempt reserves | 789 | - | €250,000 | +€250,000 | |
| Profit (loss) for the period to be appropriated | 9905 | €77,123 | -€26,003 | -€103,125 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.