Rosée: 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
Rosée
NACE 02.100, Forestry and logging
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€182,497
2024 · -€135,121-€47,376
Equity
€1.6m
2024 · €1.8m-€182,497
Cash
€826
2024 · €8,644-€7,818
Balance sheet total
€4.5m
2024 · €4.8m-€306,906
Largest movements
Assets
- Tangible fixed assets -€194,612
down €194,612 (-4.5%), from €4.3m to €4.1m
of which Other tangible fixed assets: -€378,883
- Receivables within one year -€109,961
down €109,961 (-85.4%), from €128,740 to €18,778
of which Trade receivables: -€118,801
Equity and liabilities
- Debts after one year +€1.9m
up €1.9m (+573%), from €337,219 to €2.3m
- Other debts -€1.1m
down €1.1m (-99.8%), from €1.1m to €2,450
- Short-term financial debts -€480,000
no longer reported in 2025 (was €480,000)
- Trade debts -€428,781
down €428,781 (-96.1%), from €446,339 to €17,558
- Reserves -€125,569
down €125,569 (-7.6%), from €1.6m to €1.5m
of which Tax-exempt reserves: -€125,569
Income statement
- Gross operating margin +€86,511
up €86,511 (+102%), from €84,795 to €171,306
- Financial charges +€32,451
up €32,451 (+278%), from €11,673 to €44,124
- Depreciation +€21,703
up €21,703 (+10.6%), from €204,173 to €225,877
- Other operating charges +€9,014
up €9,014 (+56.4%), from €15,969 to €24,983
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
-€135,121
Gross operating margin
+€86,511
Staff costs
-€1,577
Depreciation
-€21,703
Other operating charges
-€9,014
Other operating items
-€58,244
Financial income
+€27
Financial charges
-€32,451
Taxes
+€69
Deferred taxes and other
-€10,993
Result 2025
-€182,497
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
-€1.4m
Investment
-€31,264
Financing
+€1.5m
Cash 2024
€8,644
From operations (derived)
-€1.4m
Net result for the year
-€182,497
Depreciation
+€225,877
Receivables within one year
+€109,961
Deferred charges and accrued income
-€5,485
Provisions
-€41,856
Trade debts
-€428,781
Tax, wage and social debts
-€9,776
Other debts
-€1.1m
Accrued charges and deferred income
+€4,032
Investment (derived)
-€31,264
Investment in fixed assets (net)
-€31,264
Financing
+€1.5m
Debts after one year
+€1.9m
Current portion of long-term debt
+€17,540
Short-term financial debts
-€480,000
Cash 2025
€826
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,795,829 | €4,488,922 | -€306,906 | -6.4% |
| Fixed assets | 21/28 | €4,304,500 | €4,109,887 | -€194,612 | -4.5% |
| Tangible fixed assets | 22/27 | €4,304,450 | €4,109,837 | -€194,612 | -4.5% |
| Land and buildings | 22 | €39,663 | €39,663 | = | 0.0% |
| Plant, machinery and equipment | 23 | €14,518 | €37,853 | +€23,335 | +161% |
| Furniture and vehicles | 24 | €24,353 | €15,456 | -€8,896 | -36.5% |
| Other tangible fixed assets | 26 | €3,633,035 | €3,254,153 | -€378,883 | -10.4% |
| Assets under construction and advance payments | 27 | €592,881 | €762,712 | +€169,832 | +28.6% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €491,329 | €379,035 | -€112,294 | -22.9% |
| Stocks and contracts in progress | 3 | €350,000 | €350,000 | = | 0.0% |
| Stocks | 30/36 | €350,000 | €350,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €128,740 | €18,778 | -€109,961 | -85.4% |
| Trade receivables | 40 | €123,442 | €4,641 | -€118,801 | -96.2% |
| Other amounts receivable | 41 | €5,297 | €14,137 | +€8,840 | +167% |
| Current investments | 50/53 | €1,069 | €1,069 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €8,644 | €826 | -€7,818 | -90.4% |
| Deferred charges and accrued income | 490/1 | €2,877 | €8,362 | +€5,485 | +191% |
| Total equity and liabilities | 10/49 | €4,795,829 | €4,488,922 | -€306,906 | -6.4% |
| Equity | 10/15 | €1,822,749 | €1,640,252 | -€182,497 | -10.0% |
| Contributions | 10/11 | €172,520 | €172,520 | = | 0.0% |
| Reserves | 13 | €1,649,675 | €1,524,105 | -€125,569 | -7.6% |
| Non-distributable reserves | 130/1 | €13,507 | - | -€13,507 | |
| Reserves not available under the articles | 1311 | €13,507 | - | -€13,507 | |
| Tax-exempt reserves | 132 | €1,486,218 | €1,360,649 | -€125,569 | -8.4% |
| Distributable reserves | 133 | €149,950 | €163,457 | +€13,507 | +9.0% |
| Profit (loss) carried forward | 14 | €554 | -€56,374 | -€56,928 | |
| Provisions and deferred taxes | 16 | €488,343 | €446,486 | -€41,856 | -8.6% |
| Deferred taxes | 168 | €488,343 | €446,486 | -€41,856 | -8.6% |
| Amounts payable | 17/49 | €2,484,737 | €2,402,184 | -€82,553 | -3.3% |
| Amounts payable after more than one year | 17 | €337,219 | €2,269,419 | +€1.9m | +573% |
| Financial debts | 170/4 | €337,219 | €2,269,419 | +€1.9m | +573% |
| Amounts payable within one year | 42/48 | €2,137,056 | €118,270 | -€2.0m | -94.5% |
| Current portion of amounts payable after more than one year | 42 | €72,943 | €90,482 | +€17,540 | +24.0% |
| Financial debts | 43 | €480,000 | - | -€480,000 | |
| Credit institutions | 430/8 | €480,000 | - | -€480,000 | |
| Trade debts | 44 | €446,339 | €17,558 | -€428,781 | -96.1% |
| Suppliers | 440/4 | €446,339 | €17,558 | -€428,781 | -96.1% |
| Taxes, remuneration and social security | 45 | €17,556 | €7,780 | -€9,776 | -55.7% |
| Taxes | 450/3 | €14,607 | €2,543 | -€12,064 | -82.6% |
| Remuneration and social security | 454/9 | €2,949 | €5,237 | +€2,288 | +77.6% |
| Other amounts payable | 47/48 | €1,120,219 | €2,450 | -€1.1m | -99.8% |
| Accrued charges and deferred income | 492/3 | €10,463 | €14,495 | +€4,032 | +38.5% |
| Non-recurring operating income | 76A | €8,358 | €28,813 | +€20,455 | +245% |
| Remuneration, social security and pensions | 62 | €40,767 | €42,344 | +€1,577 | +3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €204,173 | €225,877 | +€21,703 | +10.6% |
| Other operating charges | 640/8 | €15,969 | €24,983 | +€9,014 | +56.4% |
| Non-recurring operating charges | 66A | €50 | €58,294 | +€58,244 | +116,488% |
| Gross operating margin | 9900 | €84,795 | €171,306 | +€86,511 | +102% |
| Operating profit (loss) | 9901 | -€176,165 | -€180,192 | -€4,027 | -2.3% |
| Financial income | 75/76B | €6 | €33 | +€27 | +438% |
| Recurring financial income | 75 | €6 | €33 | +€27 | +438% |
| Financial charges | 65/66B | €11,673 | €44,124 | +€32,451 | +278% |
| Recurring financial charges | 65 | €11,673 | €44,124 | +€32,451 | +278% |
| Profit (loss) for the period before taxes | 9903 | -€187,832 | -€224,283 | -€36,451 | -19.4% |
| Transfer from deferred taxes | 780 | €64,445 | €41,856 | -€22,588 | -35.1% |
| Transfer to deferred taxes | 680 | €11,595 | - | -€11,595 | |
| Income taxes | 67/77 | €140 | €71 | -€69 | -49.4% |
| Profit (loss) for the period | 9904 | -€135,121 | -€182,497 | -€47,376 | -35.1% |
| Transfer from tax-exempt reserves | 789 | €94,522 | €125,569 | +€31,047 | +32.8% |
| Transfer to tax-exempt reserves | 689 | €149,075 | - | -€149,075 | |
| Profit (loss) for the period to be appropriated | 9905 | -€189,674 | -€56,928 | +€132,747 | +70.0% |
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 15 October 2026 via checked.be.