ROVECO: 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.
ROVECO
Largest movements
- Receivables within one year +€437,595
up €437,595 (+33.6%), from €1.3m to €1.7m
of which Trade receivables: +€434,323
- Current investments +€214,059
up €214,059 (+11.8%), from €1.8m to €2.0m
- Cash -€189,586
down €189,586 (-18.1%), from €1.0m to €856,883
mainly Receivables within one year (-€437,595) and Current investments (-€214,059)
- Reserves +€413,058
up €413,058 (+34.5%), from €1.2m to €1.6m
of which Distributable reserves: +€413,227
- Tax, wage and social debts +€82,426
up €82,426 (+58.9%), from €139,902 to €222,328
of which Taxes: +€64,299
- Gross operating margin +€233,842
up €233,842 (+19.7%), from €1.2m to €1.4m
- Taxes +€71,957
up €71,957 (+57.9%), from €124,252 to €196,209
- Financial income -€42,888
down €42,888 (-45.1%), from €95,167 to €52,279
- Financial charges -€35,334
down €35,334 (-46.5%), from €75,960 to €40,626
- Staff costs -€21,339
down €21,339 (-2.7%), from €799,388 to €778,049
From the 2025 result to the 2026 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.
Derived cash bridge
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,401,629 | €4,847,375 | +€445,746 | +10.1% |
| Fixed assets | 21/28 | €100,716 | €103,011 | +€2,295 | +2.3% |
| Intangible fixed assets | 21 | €7,025 | €3,008 | -€4,017 | -57.2% |
| Tangible fixed assets | 22/27 | €90,172 | €96,484 | +€6,312 | +7.0% |
| Land and buildings | 22 | €10,589 | €6,183 | -€4,406 | -41.6% |
| Plant, machinery and equipment | 23 | €10,273 | €5,991 | -€4,283 | -41.7% |
| Furniture and vehicles | 24 | €1,005 | €25,942 | +€24,937 | +2,480% |
| Other tangible fixed assets | 26 | €68,305 | €58,368 | -€9,936 | -14.5% |
| Financial fixed assets | 28 | €3,519 | €3,519 | = | 0.0% |
| Current assets | 29/58 | €4,300,913 | €4,744,364 | +€443,451 | +10.3% |
| Stocks and contracts in progress | 3 | €116,600 | €103,176 | -€13,424 | -11.5% |
| Stocks | 30/36 | €116,600 | €103,176 | -€13,424 | -11.5% |
| Amounts receivable within one year | 40/41 | €1,302,720 | €1,740,315 | +€437,595 | +33.6% |
| Trade receivables | 40 | €698,672 | €1,132,996 | +€434,323 | +62.2% |
| Other amounts receivable | 41 | €604,048 | €607,319 | +€3,271 | +0.5% |
| Current investments | 50/53 | €1,806,772 | €2,020,831 | +€214,059 | +11.8% |
| Cash at bank and in hand | 54/58 | €1,046,469 | €856,883 | -€189,586 | -18.1% |
| Deferred charges and accrued income | 490/1 | €28,352 | €23,158 | -€5,194 | -18.3% |
| Total equity and liabilities | 10/49 | €4,401,629 | €4,847,375 | +€445,746 | +10.1% |
| Equity | 10/15 | €3,249,599 | €3,662,657 | +€413,058 | +12.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,196,098 | €1,609,156 | +€413,058 | +34.5% |
| Non-distributable reserves | 130/1 | €51,200 | €51,200 | = | 0.0% |
| Legal reserve | 130 | €51,200 | €51,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €337 | €169 | -€169 | -50.0% |
| Distributable reserves | 133 | €1,144,561 | €1,557,788 | +€413,227 | +36.1% |
| Profit (loss) carried forward | 14 | €1,991,501 | €1,991,501 | = | 0.0% |
| Provisions and deferred taxes | 16 | €112 | €56 | -€56 | -50.0% |
| Deferred taxes | 168 | €112 | €56 | -€56 | -50.0% |
| Amounts payable | 17/49 | €1,151,918 | €1,184,662 | +€32,744 | +2.8% |
| Amounts payable within one year | 42/48 | €1,087,821 | €1,145,033 | +€57,212 | +5.3% |
| Trade debts | 44 | €380,976 | €333,160 | -€47,816 | -12.6% |
| Suppliers | 440/4 | €380,976 | €333,160 | -€47,816 | -12.6% |
| Taxes, remuneration and social security | 45 | €139,902 | €222,328 | +€82,426 | +58.9% |
| Taxes | 450/3 | €85,689 | €149,989 | +€64,299 | +75.0% |
| Remuneration and social security | 454/9 | €54,213 | €72,339 | +€18,126 | +33.4% |
| Other amounts payable | 47/48 | €566,942 | €589,544 | +€22,602 | +4.0% |
| Accrued charges and deferred income | 492/3 | €64,097 | €39,629 | -€24,468 | -38.2% |
| Non-recurring operating income | 76A | - | €6,000 | +€6,000 | |
| Remuneration, social security and pensions | 62 | €799,388 | €778,049 | -€21,339 | -2.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,314 | €41,512 | +€6,198 | +17.6% |
| Other operating charges | 640/8 | €2,700 | €2,739 | +€39 | +1.5% |
| Gross operating margin | 9900 | €1,186,016 | €1,419,858 | +€233,842 | +19.7% |
| Operating profit (loss) | 9901 | €348,614 | €597,558 | +€248,943 | +71.4% |
| Financial income | 75/76B | €95,167 | €52,279 | -€42,888 | -45.1% |
| Recurring financial income | 75 | €95,167 | €52,279 | -€42,888 | -45.1% |
| Financial charges | 65/66B | €75,960 | €40,626 | -€35,334 | -46.5% |
| Recurring financial charges | 65 | €75,960 | €40,626 | -€35,334 | -46.5% |
| Profit (loss) for the period before taxes | 9903 | €367,822 | €609,211 | +€241,389 | +65.6% |
| Transfer from deferred taxes | 780 | €153 | €56 | -€97 | -63.2% |
| Income taxes | 67/77 | €124,252 | €196,209 | +€71,957 | +57.9% |
| Profit (loss) for the period | 9904 | €243,722 | €413,058 | +€169,336 | +69.5% |
| Transfer from tax-exempt reserves | 789 | €297 | €169 | -€128 | -43.2% |
| Profit (loss) for the period to be appropriated | 9905 | €244,019 | €413,227 | +€169,208 | +69.3% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.