Rose or Bee: 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.
What changed
Rose or Bee
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€5,587
2024 · -€37,101+€42,688
Equity
€1.9m
2024 · €1.9m+€5,587
Cash
€2,680
2024 · -+€2,680
Balance sheet total
€9.8m
2024 · €9.8m+€59,485
Largest movements
Assets
- Receivables after one year +€375,506
new in 2025: €375,506
- Receivables within one year -€249,776
down €249,776 (-74.3%), from €336,298 to €86,522
of which Other amounts receivable: -€192,271
Equity and liabilities
- Trade debts -€597,165
down €597,165 (-79.9%), from €747,739 to €150,574
- Debts after one year +€589,387
up €589,387 (+8.6%), from €6.8m to €7.4m
Income statement
- Gross operating margin +€108,814
up €108,814 (+99.7%), from €109,148 to €217,962
- Depreciation +€44,503
up €44,503 (+53.1%), from €83,884 to €128,387
- Financial charges +€19,829
up €19,829 (+31.8%), from €62,288 to €82,117
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
-€37,101
Gross operating margin
+€108,814
Depreciation
-€44,503
Other operating charges
-€60
Other operating items
-€1,730
Financial income
-€3
Financial charges
-€19,829
Result 2025
€5,587
Cash bridge derived
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
-€552,275
Investment
-€59,800
Financing
+€614,755
Cash 2024
€0
From operations (derived)
-€552,275
Net result for the year
+€5,587
Depreciation
+€128,387
Receivables after one year
-€375,506
Receivables within one year
+€249,776
Deferred charges and accrued income
+€338
Trade debts
-€597,165
Tax, wage and social debts
+€42,808
Other debts
-€6,500
Investment (derived)
-€59,800
Investment in fixed assets (net)
-€59,800
Financing
+€614,755
Debts after one year
+€589,387
Current portion of long-term debt
+€36,722
Short-term financial debts
-€11,355
Cash 2025
€2,680
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,764,646 | €9,824,130 | +€59,485 | +0.6% |
| Fixed assets | 21/28 | €9,428,010 | €9,359,422 | -€68,587 | -0.7% |
| Tangible fixed assets | 22/27 | €3,270,118 | €3,201,530 | -€68,587 | -2.1% |
| Land and buildings | 22 | €3,270,118 | €3,201,530 | -€68,587 | -2.1% |
| Financial fixed assets | 28 | €6,157,892 | €6,157,892 | = | 0.0% |
| Current assets | 29/58 | €336,636 | €464,708 | +€128,072 | +38.0% |
| Amounts receivable after more than one year | 29 | - | €375,506 | +€375,506 | |
| Trade receivables | 290 | - | €375,506 | +€375,506 | |
| Amounts receivable within one year | 40/41 | €336,298 | €86,522 | -€249,776 | -74.3% |
| Trade receivables | 40 | €137,200 | €79,694 | -€57,506 | -41.9% |
| Other amounts receivable | 41 | €199,098 | €6,828 | -€192,271 | -96.6% |
| Cash at bank and in hand | 54/58 | - | €2,680 | +€2,680 | |
| Deferred charges and accrued income | 490/1 | €338 | - | -€338 | |
| Total equity and liabilities | 10/49 | €9,764,646 | €9,824,130 | +€59,485 | +0.6% |
| Equity | 10/15 | €1,882,647 | €1,888,235 | +€5,587 | +0.3% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €1,782,647 | €1,788,235 | +€5,587 | +0.3% |
| Distributable reserves | 133 | €1,782,647 | €1,788,235 | +€5,587 | +0.3% |
| Amounts payable | 17/49 | €7,881,998 | €7,935,896 | +€53,898 | +0.7% |
| Amounts payable after more than one year | 17 | €6,831,239 | €7,420,626 | +€589,387 | +8.6% |
| Financial debts | 170/4 | €6,831,239 | €7,420,626 | +€589,387 | +8.6% |
| Amounts payable within one year | 42/48 | €1,050,760 | €515,270 | -€535,490 | -51.0% |
| Current portion of amounts payable after more than one year | 42 | €272,519 | €309,241 | +€36,722 | +13.5% |
| Financial debts | 43 | €11,355 | - | -€11,355 | |
| Credit institutions | 430/8 | €11,355 | - | -€11,355 | |
| Trade debts | 44 | €747,739 | €150,574 | -€597,165 | -79.9% |
| Suppliers | 440/4 | €747,739 | €150,574 | -€597,165 | -79.9% |
| Taxes, remuneration and social security | 45 | €7,651 | €50,459 | +€42,808 | +559.5% |
| Taxes | 450/3 | €7,651 | €50,459 | +€42,808 | +559.5% |
| Other amounts payable | 47/48 | €11,497 | €4,997 | -€6,500 | -56.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €83,884 | €128,387 | +€44,503 | +53.1% |
| Other operating charges | 640/8 | €80 | €141 | +€60 | +75.6% |
| Non-recurring operating charges | 66A | - | €1,730 | +€1,730 | |
| Gross operating margin | 9900 | €109,148 | €217,962 | +€108,814 | +99.7% |
| Operating profit (loss) | 9901 | €25,184 | €87,704 | +€62,520 | +248.2% |
| Financial income | 75/76B | €3 | - | -€3 | |
| Recurring financial income | 75 | €3 | - | -€3 | |
| Financial charges | 65/66B | €62,288 | €82,117 | +€19,829 | +31.8% |
| Recurring financial charges | 65 | €62,288 | €82,117 | +€19,829 | +31.8% |
| Profit (loss) for the period before taxes | 9903 | -€37,101 | €5,587 | +€42,688 | |
| Profit (loss) for the period | 9904 | -€37,101 | €5,587 | +€42,688 | |
| Profit (loss) for the period to be appropriated | 9905 | -€37,101 | €5,587 | +€42,688 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.