ROYAL LOUISE: what changed
ROYAL LOUISE
Largest movements
- Tangible fixed assets -€110,365
down €110,365 (-2.0%), from €5.5m to €5.4m
of which Land and buildings: -€108,234
- Cash -€72,070
down €72,070 (-24.2%), from €297,728 to €225,658
mainly Net result for the year (-€221,748) and Investment in fixed assets (net) (-€69,539)
- Deferred charges and accrued income -€63,721
down €63,721 (-100.0%), from €63,750 to €29
- Profit (loss) carried forward -€221,748
down €221,748 (-9.8%), from -€2.3m to -€2.5m
- Financial charges +€77,203
up €77,203 (+476%), from €16,205 to €93,408
of which Non-recurring financial charges: +€77,117
- Gross operating margin +€28,856
up €28,856 (+34.2%), from €84,313 to €113,169
- Other operating charges +€10,744
up €10,744 (+16.7%), from €64,450 to €75,195
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,938,672 | €5,712,051 | -€226,620 | -3.8% |
| Fixed assets | 21/28 | €5,484,281 | €5,387,475 | -€96,806 | -1.8% |
| Tangible fixed assets | 22/27 | €5,484,281 | €5,373,916 | -€110,365 | -2.0% |
| Land and buildings | 22 | €5,482,150 | €5,373,916 | -€108,234 | -2.0% |
| Furniture and vehicles | 24 | €2,131 | - | -€2,131 | |
| Financial fixed assets | 28 | - | €13,559 | +€13,559 | |
| Current assets | 29/58 | €454,391 | €324,576 | -€129,815 | -28.6% |
| Amounts receivable after more than one year | 29 | €35,383 | - | -€35,383 | |
| Trade receivables | 290 | €35,383 | - | -€35,383 | |
| Amounts receivable within one year | 40/41 | €57,531 | €98,889 | +€41,358 | +71.9% |
| Trade receivables | 40 | €57,531 | €80,154 | +€22,623 | +39.3% |
| Other amounts receivable | 41 | - | €18,735 | +€18,735 | |
| Cash at bank and in hand | 54/58 | €297,728 | €225,658 | -€72,070 | -24.2% |
| Deferred charges and accrued income | 490/1 | €63,750 | €29 | -€63,721 | -100.0% |
| Total equity and liabilities | 10/49 | €5,938,672 | €5,712,051 | -€226,620 | -3.8% |
| Equity | 10/15 | €5,835,347 | €5,613,599 | -€221,748 | -3.8% |
| Contributions | 10/11 | €3,500,000 | €3,500,000 | = | 0.0% |
| Capital | 10 | €3,500,000 | €3,500,000 | = | 0.0% |
| Issued capital | 100 | €3,500,000 | €3,500,000 | = | 0.0% |
| Revaluation surpluses | 12 | €4,600,000 | €4,600,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,264,653 | -€2,486,401 | -€221,748 | -9.8% |
| Amounts payable | 17/49 | €103,324 | €98,452 | -€4,872 | -4.7% |
| Amounts payable within one year | 42/48 | €103,324 | €98,452 | -€4,872 | -4.7% |
| Trade debts | 44 | €102,858 | €97,987 | -€4,872 | -4.7% |
| Suppliers | 440/4 | €102,858 | €97,987 | -€4,872 | -4.7% |
| Other amounts payable | 47/48 | €466 | €466 | = | 0.0% |
| Non-recurring operating income | 76A | €824 | €33,673 | +€32,849 | +3,989% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €166,156 | €166,345 | +€189 | +0.1% |
| Other operating charges | 640/8 | €64,450 | €75,195 | +€10,744 | +16.7% |
| Gross operating margin | 9900 | €84,313 | €113,169 | +€28,856 | +34.2% |
| Operating profit (loss) | 9901 | -€146,293 | -€128,370 | +€17,923 | +12.3% |
| Financial income | 75/76B | €99 | €42 | -€57 | -57.8% |
| Recurring financial income | 75 | €99 | €42 | -€57 | -57.8% |
| Financial charges | 65/66B | €16,205 | €93,408 | +€77,203 | +476% |
| Recurring financial charges | 65 | €185 | €271 | +€85 | +46.1% |
| Non-recurring financial charges | 66B | €16,020 | €93,137 | +€77,117 | +481% |
| Profit (loss) for the period before taxes | 9903 | -€162,399 | -€221,736 | -€59,337 | -36.5% |
| Income taxes | 67/77 | - | €13 | +€13 | |
| Profit (loss) for the period | 9904 | -€162,399 | -€221,748 | -€59,350 | -36.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€162,399 | -€221,748 | -€59,350 | -36.5% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.