ROWENS: 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.
ROWENS
Largest movements
- Current investments +€175,000
up €175,000 (+117%), from €150,000 to €325,000
- Receivables within one year +€82,735
up €82,735 (+987%), from €8,384 to €91,119
of which Other amounts receivable: +€86,116
- Tangible fixed assets -€70,851
down €70,851 (-13.9%), from €509,278 to €438,427
- Cash +€11,089
up €11,089 (+8.9%), from €124,431 to €135,520
mainly Net result for the year (+€214,330) and Depreciation (+€59,388)
- Reserves +€214,330
up €214,330 (+59.6%), from €359,871 to €574,201
of which Tax-exempt reserves: +€145,690
- Debts after one year -€37,017
down €37,017 (-17.6%), from €210,645 to €173,628
- Provisions +€36,423
new in 2025: €36,423
- Trade debts -€16,709
down €16,709 (-49.4%), from €33,806 to €17,097
- Other debts +€15,313
up €15,313 (+82.1%), from €18,641 to €33,953
- Gross operating margin +€86,012
up €86,012 (+21.6%), from €398,314 to €484,326
- Staff costs -€45,904
down €45,904 (-26.4%), from €173,887 to €127,983
- Taxes -€12,903
down €12,903 (-32.4%), from €39,841 to €26,938
- Depreciation -€11,573
down €11,573 (-16.3%), from €70,962 to €59,388
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.
Derived cash bridge
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 | €833,259 | €1,032,743 | +€199,484 | +23.9% |
| Fixed assets | 21/28 | €518,618 | €452,777 | -€65,841 | -12.7% |
| Tangible fixed assets | 22/27 | €509,278 | €438,427 | -€70,851 | -13.9% |
| Land and buildings | 22 | €355,915 | €328,980 | -€26,935 | -7.6% |
| Plant, machinery and equipment | 23 | €72,339 | €46,537 | -€25,803 | -35.7% |
| Furniture and vehicles | 24 | €81,025 | €62,911 | -€18,114 | -22.4% |
| Financial fixed assets | 28 | €9,340 | €14,350 | +€5,010 | +53.6% |
| Current assets | 29/58 | €314,641 | €579,966 | +€265,325 | +84.3% |
| Stocks and contracts in progress | 3 | €13,342 | €13,024 | -€318 | -2.4% |
| Stocks | 30/36 | €13,342 | €13,024 | -€318 | -2.4% |
| Amounts receivable within one year | 40/41 | €8,384 | €91,119 | +€82,735 | +987% |
| Trade receivables | 40 | €7,186 | €3,805 | -€3,381 | -47.1% |
| Other amounts receivable | 41 | €1,197 | €87,314 | +€86,116 | +7,193% |
| Current investments | 50/53 | €150,000 | €325,000 | +€175,000 | +117% |
| Cash at bank and in hand | 54/58 | €124,431 | €135,520 | +€11,089 | +8.9% |
| Deferred charges and accrued income | 490/1 | €18,484 | €15,303 | -€3,181 | -17.2% |
| Total equity and liabilities | 10/49 | €833,259 | €1,032,743 | +€199,484 | +23.9% |
| Equity | 10/15 | €472,439 | €686,769 | +€214,330 | +45.4% |
| Contributions | 10/11 | €112,568 | €112,568 | = | 0.0% |
| Reserves | 13 | €359,871 | €574,201 | +€214,330 | +59.6% |
| Tax-exempt reserves | 132 | - | €145,690 | +€145,690 | |
| Distributable reserves | 133 | €359,871 | €428,511 | +€68,640 | +19.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | - | €36,423 | +€36,423 | |
| Deferred taxes | 168 | - | €36,423 | +€36,423 | |
| Amounts payable | 17/49 | €360,820 | €309,551 | -€51,269 | -14.2% |
| Amounts payable after more than one year | 17 | €210,645 | €173,628 | -€37,017 | -17.6% |
| Financial debts | 170/4 | €210,645 | €173,628 | -€37,017 | -17.6% |
| Amounts payable within one year | 42/48 | €144,622 | €130,095 | -€14,527 | -10.0% |
| Current portion of amounts payable after more than one year | 42 | €37,588 | €37,017 | -€570 | -1.5% |
| Trade debts | 44 | €33,806 | €17,097 | -€16,709 | -49.4% |
| Suppliers | 440/4 | €33,806 | €17,097 | -€16,709 | -49.4% |
| Advances received on contracts in progress | 46 | €1,420 | €445 | -€975 | -68.7% |
| Taxes, remuneration and social security | 45 | €53,168 | €41,582 | -€11,586 | -21.8% |
| Taxes | 450/3 | €33,288 | €28,546 | -€4,743 | -14.2% |
| Remuneration and social security | 454/9 | €19,879 | €13,036 | -€6,843 | -34.4% |
| Other amounts payable | 47/48 | €18,641 | €33,953 | +€15,313 | +82.1% |
| Accrued charges and deferred income | 492/3 | €5,553 | €5,828 | +€275 | +5.0% |
| Non-recurring operating income | 76A | - | €182,682 | +€182,682 | |
| Remuneration, social security and pensions | 62 | €173,887 | €127,983 | -€45,904 | -26.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,962 | €59,388 | -€11,573 | -16.3% |
| Other operating charges | 640/8 | €13,755 | €14,831 | +€1,075 | +7.8% |
| Non-recurring operating charges | 66A | - | €1,759 | +€1,759 | |
| Gross operating margin | 9900 | €398,314 | €484,326 | +€86,012 | +21.6% |
| Operating profit (loss) | 9901 | €139,710 | €280,365 | +€140,655 | +101% |
| Financial income | 75/76B | €5,219 | €5,051 | -€168 | -3.2% |
| Recurring financial income | 75 | €5,219 | €5,051 | -€168 | -3.2% |
| Financial charges | 65/66B | €6,232 | €7,726 | +€1,494 | +24.0% |
| Recurring financial charges | 65 | €6,232 | €7,726 | +€1,494 | +24.0% |
| Profit (loss) for the period before taxes | 9903 | €138,698 | €277,691 | +€138,993 | +100% |
| Transfer from deferred taxes | 780 | - | €114 | +€114 | |
| Transfer to deferred taxes | 680 | - | €36,536 | +€36,536 | |
| Income taxes | 67/77 | €39,841 | €26,938 | -€12,903 | -32.4% |
| Profit (loss) for the period | 9904 | €98,857 | €214,330 | +€115,473 | +117% |
| Transfer from tax-exempt reserves | 789 | - | €455 | +€455 | |
| Transfer to tax-exempt reserves | 689 | - | €146,145 | +€146,145 | |
| Profit (loss) for the period to be appropriated | 9905 | €98,857 | €68,640 | -€30,217 | -30.6% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.