ROVAK: 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.
ROVAK
Largest movements
- Tangible fixed assets +€1.6m
up €1.6m (+53.6%), from €3.1m to €4.7m
of which Land and buildings: +€2.1m
- Receivables within one year +€1.5m
up €1.5m (+194.4%), from €772,400 to €2.3m
of which Other amounts receivable: +€1.7m
- Cash -€1.2m
down €1.2m (-55.7%), from €2.2m to €990,819
mainly Investment in fixed assets (net) (-€2.4m) and Receivables within one year (-€1.5m)
- Stocks and contracts -€310,547
down €310,547 (-100.0%), from €310,547 to €0
- Deferred charges and accrued income +€85,026
up €85,026 (+261.3%), from €32,540 to €117,566
- Debts after one year +€1.3m
up €1.3m (+171.9%), from €778,429 to €2.1m
- Other debts +€761,167
up €761,167 (+17082.5%), from €4,456 to €765,623
- Current portion of long-term debt -€335,714
down €335,714 (-58.0%), from €578,714 to €243,000
- Reserves +€176,944
up €176,944 (+4.5%), from €3.9m to €4.1m
of which Non-distributable reserves: +€1.1m
- Trade debts -€164,800
down €164,800 (-21.9%), from €753,540 to €588,741
- Gross operating margin -€107,253
down €107,253 (-4.3%), from €2.5m to €2.4m
- Taxes -€100,133
down €100,133 (-44.8%), from €223,507 to €123,374
- Depreciation -€97,728
down €97,728 (-11.3%), from €863,824 to €766,096
- Staff costs -€41,192
down €41,192 (-6.1%), from €670,768 to €629,575
- Financial charges +€25,524
up €25,524 (+45.3%), from €56,334 to €81,857
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 | €6,429,713 | €8,138,125 | +€1.7m | +26.6% |
| Fixed assets | 21/28 | €3,079,925 | €4,755,766 | +€1.7m | +54.4% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €3,063,090 | €4,705,261 | +€1.6m | +53.6% |
| Land and buildings | 22 | €1,173,224 | €3,266,242 | +€2.1m | +178.4% |
| Plant, machinery and equipment | 23 | €1,808,912 | €1,295,478 | -€513,434 | -28.4% |
| Furniture and vehicles | 24 | €80,954 | €65,691 | -€15,263 | -18.9% |
| Assets under construction and advance payments | 27 | - | €77,850 | +€77,850 | |
| Financial fixed assets | 28 | €16,835 | €50,505 | +€33,670 | +200.0% |
| Current assets | 29/58 | €3,349,788 | €3,382,358 | +€32,570 | +1.0% |
| Stocks and contracts in progress | 3 | €310,547 | €0 | -€310,547 | -100.0% |
| Stocks | 30/36 | €310,547 | €0 | -€310,547 | -100.0% |
| Amounts receivable within one year | 40/41 | €772,400 | €2,273,973 | +€1.5m | +194.4% |
| Trade receivables | 40 | €706,000 | €469,438 | -€236,562 | -33.5% |
| Other amounts receivable | 41 | €66,400 | €1,804,535 | +€1.7m | +2617.7% |
| Cash at bank and in hand | 54/58 | €2,234,301 | €990,819 | -€1.2m | -55.7% |
| Deferred charges and accrued income | 490/1 | €32,540 | €117,566 | +€85,026 | +261.3% |
| Total equity and liabilities | 10/49 | €6,429,713 | €8,138,125 | +€1.7m | +26.6% |
| Equity | 10/15 | €4,238,614 | €4,379,344 | +€140,730 | +3.3% |
| Contributions | 10/11 | €99,157 | €99,157 | = | 0.0% |
| Reserves | 13 | €3,926,542 | €4,103,486 | +€176,944 | +4.5% |
| Non-distributable reserves | 130/1 | - | €1,135,000 | +€1.1m | |
| Reserves not available under the articles | 1311 | - | €1,135,000 | +€1.1m | |
| Distributable reserves | 133 | €3,926,542 | €2,968,486 | -€958,056 | -24.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Investment grants | 15 | €212,915 | €176,700 | -€36,215 | -17.0% |
| Provisions and deferred taxes | 16 | €11,206 | €9,300 | -€1,906 | -17.0% |
| Deferred taxes | 168 | €11,206 | €9,300 | -€1,906 | -17.0% |
| Amounts payable | 17/49 | €2,179,893 | €3,749,481 | +€1.6m | +72.0% |
| Amounts payable after more than one year | 17 | €778,429 | €2,116,500 | +€1.3m | +171.9% |
| Financial debts | 170/4 | €778,429 | €2,116,500 | +€1.3m | +171.9% |
| Amounts payable within one year | 42/48 | €1,401,464 | €1,632,981 | +€231,517 | +16.5% |
| Current portion of amounts payable after more than one year | 42 | €578,714 | €243,000 | -€335,714 | -58.0% |
| Trade debts | 44 | €753,540 | €588,741 | -€164,800 | -21.9% |
| Suppliers | 440/4 | €753,540 | €588,741 | -€164,800 | -21.9% |
| Taxes, remuneration and social security | 45 | €64,754 | €35,617 | -€29,136 | -45.0% |
| Taxes | 450/3 | €3,707 | €0 | -€3,707 | -100.0% |
| Remuneration and social security | 454/9 | €61,046 | €35,617 | -€25,429 | -41.7% |
| Other amounts payable | 47/48 | €4,456 | €765,623 | +€761,167 | +17082.5% |
| Non-recurring operating income | 76A | - | €56,834 | +€56,834 | |
| Remuneration, social security and pensions | 62 | €670,768 | €629,575 | -€41,192 | -6.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €863,824 | €766,096 | -€97,728 | -11.3% |
| Other operating charges | 640/8 | €29,785 | €30,986 | +€1,201 | +4.0% |
| Non-recurring operating charges | 66A | - | €279,487 | +€279,487 | |
| Gross operating margin | 9900 | €2,507,448 | €2,400,195 | -€107,253 | -4.3% |
| Operating profit (loss) | 9901 | €943,071 | €694,051 | -€249,020 | -26.4% |
| Financial income | 75/76B | €46,991 | €36,219 | -€10,772 | -22.9% |
| Recurring financial income | 75 | €46,991 | €36,219 | -€10,772 | -22.9% |
| Financial charges | 65/66B | €56,334 | €81,857 | +€25,524 | +45.3% |
| Recurring financial charges | 65 | €56,334 | €81,857 | +€25,524 | +45.3% |
| Profit (loss) for the period before taxes | 9903 | €933,729 | €648,412 | -€285,316 | -30.6% |
| Income taxes | 67/77 | €223,507 | €123,374 | -€100,133 | -44.8% |
| Profit (loss) for the period | 9904 | €710,222 | €525,038 | -€185,183 | -26.1% |
| Transfer from tax-exempt reserves | 789 | €1,906 | €1,906 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €712,128 | €526,944 | -€185,183 | -26.0% |
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 6 October 2026 via checked.be.