ROYAL: 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.
ROYAL
Largest movements
- Stocks and contracts +€453,727
up €453,727 (+87.5%), from €518,655 to €972,383
- Tangible fixed assets -€26,741
down €26,741 (-12.1%), from €221,685 to €194,945
of which Furniture and vehicles: -€16,575
- Other debts +€433,985
up €433,985 (+63.2%), from €686,204 to €1.1m
- Trade debts -€19,827
down €19,827 (-19.6%), from €101,202 to €81,375
- Reserves +€14,801
up €14,801 (+14.7%), from €100,638 to €115,439
of which Distributable reserves: +€14,801
- Gross operating margin +€111,444
up €111,444, from -€64,817 to €46,627
- Taxes -€8,277
down €8,277 (-100.0%), from €8,277 to €0
- Other operating charges +€1,297
up €1,297 (+42.4%), from €3,062 to €4,359
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 | €960,044 | €1,389,003 | +€428,959 | +44.7% |
| Fixed assets | 21/28 | €227,685 | €200,945 | -€26,741 | -11.7% |
| Tangible fixed assets | 22/27 | €221,685 | €194,945 | -€26,741 | -12.1% |
| Land and buildings | 22 | €177,137 | €166,972 | -€10,166 | -5.7% |
| Furniture and vehicles | 24 | €44,548 | €27,973 | -€16,575 | -37.2% |
| Financial fixed assets | 28 | €6,000 | €6,000 | = | 0.0% |
| Current assets | 29/58 | €732,359 | €1,188,058 | +€455,700 | +62.2% |
| Stocks and contracts in progress | 3 | €518,655 | €972,383 | +€453,727 | +87.5% |
| Stocks | 30/36 | €518,655 | €972,383 | +€453,727 | +87.5% |
| Amounts receivable within one year | 40/41 | €197,093 | €195,865 | -€1,229 | -0.6% |
| Trade receivables | 40 | €172,060 | €172,060 | = | 0.0% |
| Other amounts receivable | 41 | €25,033 | €23,805 | -€1,229 | -4.9% |
| Cash at bank and in hand | 54/58 | €16,610 | €19,811 | +€3,201 | +19.3% |
| Total equity and liabilities | 10/49 | €960,044 | €1,389,003 | +€428,959 | +44.7% |
| Equity | 10/15 | €162,638 | €177,439 | +€14,801 | +9.1% |
| 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 | €100,638 | €115,439 | +€14,801 | +14.7% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €94,438 | €109,239 | +€14,801 | +15.7% |
| Amounts payable | 17/49 | €797,406 | €1,211,564 | +€414,158 | +51.9% |
| Amounts payable after more than one year | 17 | €10,000 | €10,000 | = | 0.0% |
| Other amounts payable | 178/9 | €10,000 | €10,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €787,406 | €1,201,564 | +€414,158 | +52.6% |
| Trade debts | 44 | €101,202 | €81,375 | -€19,827 | -19.6% |
| Suppliers | 440/4 | €101,202 | €81,375 | -€19,827 | -19.6% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €686,204 | €1,120,190 | +€433,985 | +63.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,314 | €26,741 | -€573 | -2.1% |
| Other operating charges | 640/8 | €3,062 | €4,359 | +€1,297 | +42.4% |
| Gross operating margin | 9900 | -€64,817 | €46,627 | +€111,444 | |
| Operating profit (loss) | 9901 | -€95,192 | €15,528 | +€110,720 | |
| Financial charges | 65/66B | €408 | €726 | +€318 | +78.1% |
| Recurring financial charges | 65 | €408 | €726 | +€318 | +78.1% |
| Profit (loss) for the period before taxes | 9903 | -€95,600 | €14,801 | +€110,401 | |
| Income taxes | 67/77 | €8,277 | €0 | -€8,277 | -100.0% |
| Profit (loss) for the period | 9904 | -€103,877 | €14,801 | +€118,678 | |
| Profit (loss) for the period to be appropriated | 9905 | -€103,877 | €14,801 | +€118,678 |
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 4 October 2026 via checked.be.