ROVACO II: 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
ROVACO II
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€33,798
2024 · €26,713+€7,086
Equity
€2.1m
2024 · €2.1m-€11,519
Cash
€15,544
2024 · €45,673-€30,128
Balance sheet total
€3.1m
2024 · €3.2m-€48,994
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Debts after one year -€60,143
down €60,143 (-9.8%), from €611,297 to €551,153
Income statement
- Depreciation -€4,960
down €4,960 (-5.7%), from €87,484 to €82,524
- Taxes +€3,306
up €3,306 (+13.2%), from €25,019 to €28,325
- Financial charges -€3,077
down €3,077 (-12.1%), from €25,446 to €22,369
- Gross operating margin +€2,928
up €2,928 (+1.7%), from €172,115 to €175,043
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
€26,713
Gross operating margin
+€2,928
Depreciation
+€4,960
Other operating charges
-€728
Financial income
+€154
Financial charges
+€3,077
Taxes
-€3,306
Result 2025
€33,798
raises the resultlowers the result
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
+€132,325
Investment
-€58,015
Financing
-€104,439
Cash 2024
€45,673
From operations (derived)
+€132,325
Net result for the year
+€33,798
Depreciation
+€82,524
Receivables after one year
-€3,750
Receivables within one year
-€93
Deferred charges and accrued income
-€1,801
Provisions
-€13,847
Trade debts
+€10,422
Tax, wage and social debts
+€2,356
Other debts
+€11,852
Accrued charges and deferred income
+€10,864
Investment (derived)
-€58,015
Investment in fixed assets (net)
-€58,015
Financing
-€104,439
Debts after one year
-€60,143
Current portion of long-term debt
+€1,022
Contributions, distributions and other
-€45,318
Cash 2025
€15,544
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,183,567 | €3,134,573 | -€48,994 | -1.5% |
| Fixed assets | 21/28 | €2,896,914 | €2,872,405 | -€24,510 | -0.8% |
| Tangible fixed assets | 22/27 | €2,874,896 | €2,850,386 | -€24,510 | -0.9% |
| Land and buildings | 22 | €2,873,791 | €2,849,834 | -€23,958 | -0.8% |
| Furniture and vehicles | 24 | €1,104 | €552 | -€552 | -50.0% |
| Financial fixed assets | 28 | €22,019 | €22,019 | = | 0.0% |
| Current assets | 29/58 | €286,653 | €262,169 | -€24,484 | -8.5% |
| Amounts receivable after more than one year | 29 | €137,950 | €141,700 | +€3,750 | +2.7% |
| Other amounts receivable | 291 | €137,950 | €141,700 | +€3,750 | +2.7% |
| Amounts receivable within one year | 40/41 | €23,018 | €23,111 | +€93 | +0.4% |
| Other amounts receivable | 41 | €23,018 | €23,111 | +€93 | +0.4% |
| Cash at bank and in hand | 54/58 | €45,673 | €15,544 | -€30,128 | -66.0% |
| Deferred charges and accrued income | 490/1 | €80,012 | €81,813 | +€1,801 | +2.3% |
| Total equity and liabilities | 10/49 | €3,183,567 | €3,134,573 | -€48,994 | -1.5% |
| Equity | 10/15 | €2,142,507 | €2,130,988 | -€11,519 | -0.5% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Revaluation surpluses | 12 | €995,000 | €995,000 | = | 0.0% |
| Reserves | 13 | €1,047,507 | €1,035,988 | -€11,519 | -1.1% |
| Non-distributable reserves | 130/1 | €41,433 | €41,433 | = | 0.0% |
| Legal reserve | 130 | €41,433 | €41,433 | = | 0.0% |
| Tax-exempt reserves | 132 | €543,249 | €516,365 | -€26,884 | -4.9% |
| Distributable reserves | 133 | €462,825 | €478,190 | +€15,365 | +3.3% |
| Provisions and deferred taxes | 16 | €279,835 | €265,988 | -€13,847 | -4.9% |
| Deferred taxes | 168 | €279,835 | €265,988 | -€13,847 | -4.9% |
| Amounts payable | 17/49 | €761,225 | €737,598 | -€23,627 | -3.1% |
| Amounts payable after more than one year | 17 | €611,297 | €551,153 | -€60,143 | -9.8% |
| Financial debts | 170/4 | €611,297 | €551,153 | -€60,143 | -9.8% |
| Amounts payable within one year | 42/48 | €149,538 | €175,190 | +€25,653 | +17.2% |
| Current portion of amounts payable after more than one year | 42 | €59,121 | €60,143 | +€1,022 | +1.7% |
| Trade debts | 44 | €79,713 | €90,135 | +€10,422 | +13.1% |
| Suppliers | 440/4 | €79,713 | €90,135 | +€10,422 | +13.1% |
| Taxes, remuneration and social security | 45 | €10,634 | €12,990 | +€2,356 | +22.2% |
| Taxes | 450/3 | €10,634 | €12,990 | +€2,356 | +22.2% |
| Other amounts payable | 47/48 | €70 | €11,922 | +€11,852 | +16,931% |
| Accrued charges and deferred income | 492/3 | €391 | €11,254 | +€10,864 | +2,781% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €87,484 | €82,524 | -€4,960 | -5.7% |
| Other operating charges | 640/8 | €23,205 | €23,933 | +€728 | +3.1% |
| Gross operating margin | 9900 | €172,115 | €175,043 | +€2,928 | +1.7% |
| Operating profit (loss) | 9901 | €61,426 | €68,586 | +€7,160 | +11.7% |
| Financial income | 75/76B | €1,904 | €2,059 | +€154 | +8.1% |
| Recurring financial income | 75 | €1,904 | €2,059 | +€154 | +8.1% |
| Financial charges | 65/66B | €25,446 | €22,369 | -€3,077 | -12.1% |
| Recurring financial charges | 65 | €25,446 | €22,369 | -€3,077 | -12.1% |
| Profit (loss) for the period before taxes | 9903 | €37,884 | €48,276 | +€10,392 | +27.4% |
| Transfer from deferred taxes | 780 | €13,847 | €13,847 | = | 0.0% |
| Income taxes | 67/77 | €25,019 | €28,325 | +€3,306 | +13.2% |
| Profit (loss) for the period | 9904 | €26,713 | €33,798 | +€7,086 | +26.5% |
| Transfer from tax-exempt reserves | 789 | €26,884 | €26,884 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €53,597 | €60,683 | +€7,086 | +13.2% |
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 19 October 2026 via checked.be.