ROWAERT: 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.
ROWAERT
Largest movements
- Cash -€17,658
down €17,658 (-93.9%), from €18,811 to €1,154
mainly Debts after one year (-€32,702) and Receivables within one year (-€14,867)
- Receivables within one year +€14,867
up €14,867 (+78.4%), from €18,972 to €33,839
of which Trade receivables: +€17,308
- Tangible fixed assets -€7,431
down €7,431 (-1.8%), from €420,097 to €412,666
of which Land and buildings: -€4,767
- Debts after one year -€32,702
down €32,702 (-15.4%), from €211,948 to €179,247
- Other debts +€32,126
up €32,126 (+29.2%), from €109,977 to €142,103
- Trade debts -€9,969
down €9,969 (-40.3%), from €24,735 to €14,766
- Gross operating margin -€5,950
down €5,950 (-9.0%), from €66,405 to €60,455
- Financial charges -€2,152
down €2,152 (-16.8%), from €12,780 to €10,628
- Other operating charges -€1,844
down €1,844 (-15.4%), from €11,960 to €10,117
- Depreciation -€1,063
down €1,063 (-4.6%), from €22,909 to €21,846
- Taxes -€818
down €818 (-5.1%), from €15,967 to €15,149
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 | €459,927 | €450,941 | -€8,986 | -2.0% |
| Fixed assets | 21/28 | €420,097 | €412,666 | -€7,431 | -1.8% |
| Tangible fixed assets | 22/27 | €420,097 | €412,666 | -€7,431 | -1.8% |
| Land and buildings | 22 | €402,538 | €397,771 | -€4,767 | -1.2% |
| Plant, machinery and equipment | 23 | €16,865 | €14,586 | -€2,279 | -13.5% |
| Furniture and vehicles | 24 | €694 | €309 | -€385 | -55.5% |
| Current assets | 29/58 | €39,830 | €38,275 | -€1,554 | -3.9% |
| Amounts receivable within one year | 40/41 | €18,972 | €33,839 | +€14,867 | +78.4% |
| Trade receivables | 40 | €16,342 | €33,650 | +€17,308 | +105.9% |
| Other amounts receivable | 41 | €2,631 | €190 | -€2,441 | -92.8% |
| Cash at bank and in hand | 54/58 | €18,811 | €1,154 | -€17,658 | -93.9% |
| Deferred charges and accrued income | 490/1 | €2,046 | €3,282 | +€1,236 | +60.4% |
| Total equity and liabilities | 10/49 | €459,927 | €450,941 | -€8,986 | -2.0% |
| Equity | 10/15 | €60,752 | €63,467 | +€2,716 | +4.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €54,552 | €57,267 | +€2,716 | +5.0% |
| Distributable reserves | 133 | €54,552 | €57,267 | +€2,716 | +5.0% |
| Amounts payable | 17/49 | €399,175 | €387,474 | -€11,701 | -2.9% |
| Amounts payable after more than one year | 17 | €211,948 | €179,247 | -€32,702 | -15.4% |
| Financial debts | 170/4 | €211,948 | €179,247 | -€32,702 | -15.4% |
| Amounts payable within one year | 42/48 | €181,155 | €205,793 | +€24,638 | +13.6% |
| Current portion of amounts payable after more than one year | 42 | €31,250 | €32,702 | +€1,452 | +4.6% |
| Financial debts | 43 | €4,741 | €7,277 | +€2,536 | +53.5% |
| Credit institutions | 430/8 | €4,741 | €7,277 | +€2,536 | +53.5% |
| Trade debts | 44 | €24,735 | €14,766 | -€9,969 | -40.3% |
| Suppliers | 440/4 | €24,735 | €14,766 | -€9,969 | -40.3% |
| Taxes, remuneration and social security | 45 | €10,451 | €8,945 | -€1,506 | -14.4% |
| Taxes | 450/3 | €9,451 | €8,945 | -€506 | -5.4% |
| Remuneration and social security | 454/9 | €1,000 | €0 | -€1,000 | -100.0% |
| Other amounts payable | 47/48 | €109,977 | €142,103 | +€32,126 | +29.2% |
| Accrued charges and deferred income | 492/3 | €6,072 | €2,434 | -€3,638 | -59.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,909 | €21,846 | -€1,063 | -4.6% |
| Other operating charges | 640/8 | €11,960 | €10,117 | -€1,844 | -15.4% |
| Gross operating margin | 9900 | €66,405 | €60,455 | -€5,950 | -9.0% |
| Operating profit (loss) | 9901 | €31,535 | €28,492 | -€3,043 | -9.7% |
| Financial income | 75/76B | €6 | €0 | -€5 | -93.2% |
| Recurring financial income | 75 | €6 | €0 | -€5 | -93.2% |
| Financial charges | 65/66B | €12,780 | €10,628 | -€2,152 | -16.8% |
| Recurring financial charges | 65 | €12,780 | €10,628 | -€2,152 | -16.8% |
| Profit (loss) for the period before taxes | 9903 | €18,762 | €17,865 | -€897 | -4.8% |
| Income taxes | 67/77 | €15,967 | €15,149 | -€818 | -5.1% |
| Profit (loss) for the period | 9904 | €2,795 | €2,716 | -€79 | -2.8% |
| Profit (loss) for the period to be appropriated | 9905 | €2,795 | €2,716 | -€79 | -2.8% |
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 7 October 2026 via checked.be.