RoVA: 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.
RoVA
Largest movements
- Tangible fixed assets +€121,750
up €121,750 (+1693.3%), from €7,190 to €128,940
of which Land and buildings: +€107,703
- Cash +€59,763
up €59,763 (+32.4%), from €184,597 to €244,360
mainly Net result for the year (+€131,586) and Debts after one year (+€43,849)
- Deferred charges and accrued income -€6,646
down €6,646 (-100.0%), from €6,646 to €0
- Reserves +€131,586
up €131,586 (+85.0%), from €154,721 to €286,307
- Debts after one year +€43,849
new in 2025: €43,849
- Tax, wage and social debts -€8,777
down €8,777 (-15.3%), from €57,542 to €48,765
- Current portion of long-term debt +€7,698
new in 2025: €7,698
- Other debts +€5,269
new in 2025: €5,269
- Gross operating margin -€28,534
down €28,534 (-14.0%), from €203,468 to €174,934
- Taxes -€9,935
down €9,935 (-21.2%), from €46,929 to €36,993
- Depreciation +€4,510
up €4,510 (+1395.4%), from €323 to €4,833
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €221,355 | €400,279 | +€178,924 | +80.8% |
| Fixed assets | 21/28 | €7,190 | €128,940 | +€121,750 | +1693.3% |
| Tangible fixed assets | 22/27 | €7,190 | €128,940 | +€121,750 | +1693.3% |
| Land and buildings | 22 | €6,353 | €114,056 | +€107,703 | +1695.3% |
| Furniture and vehicles | 24 | €837 | €14,884 | +€14,047 | +1678.1% |
| Current assets | 29/58 | €214,165 | €271,339 | +€57,174 | +26.7% |
| Amounts receivable within one year | 40/41 | €22,922 | €26,478 | +€3,557 | +15.5% |
| Trade receivables | 40 | €21,545 | €26,327 | +€4,782 | +22.2% |
| Other amounts receivable | 41 | €1,376 | €151 | -€1,225 | -89.0% |
| Current investments | 50/53 | - | €500 | +€500 | |
| Cash at bank and in hand | 54/58 | €184,597 | €244,360 | +€59,763 | +32.4% |
| Deferred charges and accrued income | 490/1 | €6,646 | €0 | -€6,646 | -100.0% |
| Total equity and liabilities | 10/49 | €221,355 | €400,279 | +€178,924 | +80.8% |
| Equity | 10/15 | €155,721 | €287,307 | +€131,586 | +84.5% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €154,721 | €286,307 | +€131,586 | +85.0% |
| Distributable reserves | 133 | €154,721 | €286,307 | +€131,586 | +85.0% |
| Amounts payable | 17/49 | €65,634 | €112,971 | +€47,338 | +72.1% |
| Amounts payable after more than one year | 17 | - | €43,849 | +€43,849 | |
| Financial debts | 170/4 | - | €43,849 | +€43,849 | |
| Amounts payable within one year | 42/48 | €65,634 | €69,123 | +€3,489 | +5.3% |
| Current portion of amounts payable after more than one year | 42 | - | €7,698 | +€7,698 | |
| Trade debts | 44 | €8,092 | €7,390 | -€701 | -8.7% |
| Suppliers | 440/4 | €8,092 | €7,390 | -€701 | -8.7% |
| Taxes, remuneration and social security | 45 | €57,542 | €48,765 | -€8,777 | -15.3% |
| Taxes | 450/3 | €57,542 | €48,765 | -€8,777 | -15.3% |
| Other amounts payable | 47/48 | - | €5,269 | +€5,269 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €323 | €4,833 | +€4,510 | +1395.4% |
| Other operating charges | 640/8 | €62 | €125 | +€63 | +102.3% |
| Gross operating margin | 9900 | €203,468 | €174,934 | -€28,534 | -14.0% |
| Operating profit (loss) | 9901 | €203,082 | €169,976 | -€33,107 | -16.3% |
| Financial income | 75/76B | €1,517 | €2,499 | +€983 | +64.8% |
| Recurring financial income | 75 | €1,517 | €2,499 | +€983 | +64.8% |
| Financial charges | 65/66B | €2,950 | €3,896 | +€946 | +32.1% |
| Recurring financial charges | 65 | €2,950 | €3,896 | +€946 | +32.1% |
| Profit (loss) for the period before taxes | 9903 | €201,650 | €168,579 | -€33,070 | -16.4% |
| Income taxes | 67/77 | €46,929 | €36,993 | -€9,935 | -21.2% |
| Profit (loss) for the period | 9904 | €154,721 | €131,586 | -€23,135 | -15.0% |
| Profit (loss) for the period to be appropriated | 9905 | €154,721 | €131,586 | -€23,135 | -15.0% |
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 5 October 2026 via checked.be.