ROWAH: 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.
What changed
ROWAH
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€53,190
2024 · €67,233-€14,043
Equity
€1.7m
2024 · €1.7m-€21,810
Cash
€990,817
2024 · €990,684+€133
Balance sheet total
€1.7m
2024 · €1.7m-€42,340
Largest movements
Assets
- Tangible fixed assets -€53,991
down €53,991 (-7.3%), from €744,550 to €690,559
of which Land and buildings: -€51,111
Equity and liabilities
- Tax, wage and social debts -€32,000
down €32,000 (-100.0%), from €32,000 to €0
- Reserves -€21,810
down €21,810 (-4.1%), from €535,439 to €513,629
of which Distributable reserves: -€24,469
Income statement
- Gross operating margin -€23,275
down €23,275 (-11.5%), from €201,608 to €178,333
- Taxes -€10,888
down €10,888 (-31.1%), from €35,046 to €24,158
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
€67,233
Gross operating margin
-€23,275
Depreciation
-€1,181
Other operating charges
-€1,728
Other operating items
+€30
Financial income
+€1,339
Financial charges
-€116
Taxes
+€10,888
Result 2025
€53,190
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.
From operations
+€76,664
Investment
-€1,531
Financing
-€75,000
Cash 2024
€990,684
From operations (derived)
+€76,664
Net result for the year
+€53,190
Depreciation
+€55,523
Receivables within one year
-€4,211
Deferred charges and accrued income
-€7,308
Trade debts
+€11,921
Tax, wage and social debts
-€32,000
Other debts
+€1,096
Accrued charges and deferred income
-€1,547
Investment (derived)
-€1,531
Investment in fixed assets (net)
-€1,531
Financing
-€75,000
Contributions, distributions and other
-€75,000
Cash 2025
€990,817
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,742,332 | €1,699,992 | -€42,340 | -2.4% |
| Fixed assets | 21/28 | €744,550 | €690,559 | -€53,991 | -7.3% |
| Tangible fixed assets | 22/27 | €744,550 | €690,559 | -€53,991 | -7.3% |
| Land and buildings | 22 | €730,275 | €679,164 | -€51,111 | -7.0% |
| Plant, machinery and equipment | 23 | €3,580 | €3,399 | -€181 | -5.0% |
| Furniture and vehicles | 24 | €10,695 | €7,995 | -€2,700 | -25.2% |
| Current assets | 29/58 | €997,782 | €1,009,433 | +€11,651 | +1.2% |
| Amounts receivable within one year | 40/41 | €2,453 | €6,664 | +€4,211 | +171.6% |
| Other amounts receivable | 41 | €2,453 | €6,664 | +€4,211 | +171.6% |
| Cash at bank and in hand | 54/58 | €990,684 | €990,817 | +€133 | 0.0% |
| Deferred charges and accrued income | 490/1 | €4,645 | €11,953 | +€7,308 | +157.3% |
| Total equity and liabilities | 10/49 | €1,742,332 | €1,699,992 | -€42,340 | -2.4% |
| Equity | 10/15 | €1,690,821 | €1,669,011 | -€21,810 | -1.3% |
| Contributions | 10/11 | €1,155,382 | €1,155,382 | = | 0.0% |
| Capital | 10 | €1,155,382 | €1,155,382 | = | 0.0% |
| Issued capital | 100 | €1,155,382 | €1,155,382 | = | 0.0% |
| Reserves | 13 | €535,439 | €513,629 | -€21,810 | -4.1% |
| Non-distributable reserves | 130/1 | €99,423 | €102,083 | +€2,660 | +2.7% |
| Legal reserve | 130 | €99,423 | €102,083 | +€2,660 | +2.7% |
| Distributable reserves | 133 | €436,015 | €411,546 | -€24,469 | -5.6% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €51,511 | €30,981 | -€20,531 | -39.9% |
| Amounts payable within one year | 42/48 | €47,259 | €28,275 | -€18,983 | -40.2% |
| Trade debts | 44 | - | €11,921 | +€11,921 | |
| Suppliers | 440/4 | - | €11,921 | +€11,921 | |
| Taxes, remuneration and social security | 45 | €32,000 | €0 | -€32,000 | -100.0% |
| Taxes | 450/3 | €32,000 | €0 | -€32,000 | -100.0% |
| Other amounts payable | 47/48 | €15,259 | €16,354 | +€1,096 | +7.2% |
| Accrued charges and deferred income | 492/3 | €4,253 | €2,705 | -€1,547 | -36.4% |
| Non-recurring operating income | 76A | €9,109 | €0 | -€9,109 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,341 | €55,523 | +€1,181 | +2.2% |
| Other operating charges | 640/8 | €46,575 | €48,303 | +€1,728 | +3.7% |
| Non-recurring operating charges | 66A | €30 | €0 | -€30 | -100.0% |
| Gross operating margin | 9900 | €201,608 | €178,333 | -€23,275 | -11.5% |
| Operating profit (loss) | 9901 | €100,662 | €74,508 | -€26,154 | -26.0% |
| Financial income | 75/76B | €1,890 | €3,229 | +€1,339 | +70.9% |
| Recurring financial income | 75 | €1,890 | €3,229 | +€1,339 | +70.9% |
| Financial charges | 65/66B | €273 | €388 | +€116 | +42.5% |
| Recurring financial charges | 65 | €273 | €388 | +€116 | +42.5% |
| Profit (loss) for the period before taxes | 9903 | €102,279 | €77,348 | -€24,931 | -24.4% |
| Income taxes | 67/77 | €35,046 | €24,158 | -€10,888 | -31.1% |
| Profit (loss) for the period | 9904 | €67,233 | €53,190 | -€14,043 | -20.9% |
| Profit (loss) for the period to be appropriated | 9905 | €67,233 | €53,190 | -€14,043 | -20.9% |
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 1 October 2026 via checked.be.