ROWE: 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.
ROWE
Largest movements
- Current investments +€154,838
new in 2025: €154,838
- Cash -€103,745
down €103,745 (-43.1%), from €240,864 to €137,120
mainly Other debts (-€285,090) and Current investments (-€154,838)
- Tangible fixed assets -€15,826
down €15,826 (-3.4%), from €467,400 to €451,574
of which Land and buildings: -€16,845
- Debts after one year +€297,516
up €297,516 (+87.4%), from €340,443 to €637,960
- Other debts -€285,090
down €285,090 (-86.5%), from €329,558 to €44,468
- Reserves +€29,355
up €29,355 (+6.5%), from €451,091 to €480,446
of which Distributable reserves: +€34,218
- Financial income -€23,058
down €23,058 (-30.3%), from €76,077 to €53,020
- Financial charges -€3,225
down €3,225 (-12.0%), from €26,893 to €23,667
- Depreciation -€1,539
down €1,539 (-7.5%), from €20,465 to €18,926
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 | €1,393,759 | €1,435,375 | +€41,616 | +3.0% |
| Fixed assets | 21/28 | €1,148,048 | €1,132,222 | -€15,826 | -1.4% |
| Tangible fixed assets | 22/27 | €467,400 | €451,574 | -€15,826 | -3.4% |
| Land and buildings | 22 | €467,400 | €450,556 | -€16,845 | -3.6% |
| Plant, machinery and equipment | 23 | - | €1,019 | +€1,019 | |
| Financial fixed assets | 28 | €680,648 | €680,648 | = | 0.0% |
| Current assets | 29/58 | €245,711 | €303,153 | +€57,442 | +23.4% |
| Amounts receivable within one year | 40/41 | €4,846 | €11,196 | +€6,349 | +131.0% |
| Trade receivables | 40 | €1,365 | €1,738 | +€373 | +27.4% |
| Other amounts receivable | 41 | €3,482 | €9,458 | +€5,976 | +171.6% |
| Current investments | 50/53 | - | €154,838 | +€154,838 | |
| Cash at bank and in hand | 54/58 | €240,864 | €137,120 | -€103,745 | -43.1% |
| Total equity and liabilities | 10/49 | €1,393,759 | €1,435,375 | +€41,616 | +3.0% |
| Equity | 10/15 | €675,091 | €704,446 | +€29,355 | +4.3% |
| Contributions | 10/11 | €224,000 | €224,000 | = | 0.0% |
| Reserves | 13 | €451,091 | €480,446 | +€29,355 | +6.5% |
| Tax-exempt reserves | 132 | €41,161 | €36,298 | -€4,863 | -11.8% |
| Distributable reserves | 133 | €409,930 | €444,148 | +€34,218 | +8.3% |
| Provisions and deferred taxes | 16 | €21,195 | €18,691 | -€2,504 | -11.8% |
| Deferred taxes | 168 | €21,195 | €18,691 | -€2,504 | -11.8% |
| Amounts payable | 17/49 | €697,473 | €712,238 | +€14,764 | +2.1% |
| Amounts payable after more than one year | 17 | €340,443 | €637,960 | +€297,516 | +87.4% |
| Financial debts | 170/4 | €340,443 | €637,960 | +€297,516 | +87.4% |
| Amounts payable within one year | 42/48 | €357,030 | €69,440 | -€287,589 | -80.6% |
| Current portion of amounts payable after more than one year | 42 | €12,025 | €12,484 | +€459 | +3.8% |
| Trade debts | 44 | €3,810 | €2,084 | -€1,726 | -45.3% |
| Suppliers | 440/4 | €3,810 | €2,084 | -€1,726 | -45.3% |
| Taxes, remuneration and social security | 45 | €11,637 | €10,404 | -€1,232 | -10.6% |
| Taxes | 450/3 | €11,637 | €10,404 | -€1,232 | -10.6% |
| Other amounts payable | 47/48 | €329,558 | €44,468 | -€285,090 | -86.5% |
| Accrued charges and deferred income | 492/3 | - | €4,838 | +€4,838 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,465 | €18,926 | -€1,539 | -7.5% |
| Other operating charges | 640/8 | €4,217 | €4,369 | +€152 | +3.6% |
| Gross operating margin | 9900 | €78,182 | €78,347 | +€164 | +0.2% |
| Operating profit (loss) | 9901 | €53,500 | €55,051 | +€1,552 | +2.9% |
| Financial income | 75/76B | €76,077 | €53,020 | -€23,058 | -30.3% |
| Recurring financial income | 75 | €76,077 | €53,020 | -€23,058 | -30.3% |
| Financial charges | 65/66B | €26,893 | €23,667 | -€3,225 | -12.0% |
| Recurring financial charges | 65 | €26,893 | €23,667 | -€3,225 | -12.0% |
| Profit (loss) for the period before taxes | 9903 | €102,685 | €84,404 | -€18,281 | -17.8% |
| Transfer from deferred taxes | 780 | €2,504 | €2,504 | = | 0.0% |
| Income taxes | 67/77 | €16,841 | €16,448 | -€393 | -2.3% |
| Profit (loss) for the period | 9904 | €88,347 | €70,459 | -€17,888 | -20.2% |
| Transfer from tax-exempt reserves | 789 | €4,863 | €4,863 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €93,210 | €75,322 | -€17,888 | -19.2% |
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 5 October 2026 via checked.be.