Royal & Loyal: 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.
Royal & Loyal
Largest movements
- Tangible fixed assets +€27,687
up €27,687 (+12.1%), from €229,258 to €256,945
of which Plant, machinery and equipment: +€35,725
- Receivables within one year +€10,124
up €10,124 (+84.7%), from €11,954 to €22,078
of which Trade receivables: +€10,407
- Stocks and contracts +€9,860
new in 2025: €9,860
- Trade debts +€38,269
up €38,269 (+569%), from €6,723 to €44,992
- Debts after one year -€11,522
down €11,522 (-5.6%), from €204,455 to €192,933
- Other debts +€8,794
up €8,794 (+32.0%), from €27,522 to €36,316
- Profit (loss) carried forward +€8,163
up €8,163 (+62.0%), from -€13,161 to -€4,998
- Other operating charges -€27,375
down €27,375 (-92.9%), from €29,468 to €2,093
- Gross operating margin +€8,763
up €8,763 (+33.2%), from €26,357 to €35,120
- Depreciation +€7,319
up €7,319 (+171%), from €4,292 to €11,612
- Financial charges +€4,122
up €4,122 (+73.0%), from €5,649 to €9,771
- Taxes +€3,903
up €3,903 (+3,583%), from €109 to €4,012
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 | €247,386 | €292,249 | +€44,864 | +18.1% |
| Fixed assets | 21/28 | €230,393 | €258,025 | +€27,632 | +12.0% |
| Intangible fixed assets | 21 | €1,135 | €1,015 | -€120 | -10.6% |
| Tangible fixed assets | 22/27 | €229,258 | €256,945 | +€27,687 | +12.1% |
| Land and buildings | 22 | €216,044 | €210,740 | -€5,304 | -2.5% |
| Plant, machinery and equipment | 23 | €6,280 | €42,005 | +€35,725 | +569% |
| Furniture and vehicles | 24 | €6,935 | €4,201 | -€2,734 | -39.4% |
| Financial fixed assets | 28 | - | €65 | +€65 | |
| Current assets | 29/58 | €16,993 | €34,225 | +€17,232 | +101% |
| Stocks and contracts in progress | 3 | - | €9,860 | +€9,860 | |
| Stocks | 30/36 | - | €9,860 | +€9,860 | |
| Amounts receivable within one year | 40/41 | €11,954 | €22,078 | +€10,124 | +84.7% |
| Trade receivables | 40 | €11,349 | €21,757 | +€10,407 | +91.7% |
| Other amounts receivable | 41 | €605 | €321 | -€284 | -46.9% |
| Cash at bank and in hand | 54/58 | €4,122 | €1,483 | -€2,639 | -64.0% |
| Deferred charges and accrued income | 490/1 | €917 | €803 | -€113 | -12.4% |
| Total equity and liabilities | 10/49 | €247,386 | €292,249 | +€44,864 | +18.1% |
| Equity | 10/15 | -€8,161 | €2 | +€8,163 | |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€13,161 | -€4,998 | +€8,163 | +62.0% |
| Amounts payable | 17/49 | €255,547 | €292,247 | +€36,700 | +14.4% |
| Amounts payable after more than one year | 17 | €204,455 | €192,933 | -€11,522 | -5.6% |
| Financial debts | 170/4 | €204,455 | €192,933 | -€11,522 | -5.6% |
| Amounts payable within one year | 42/48 | €51,091 | €99,314 | +€48,222 | +94.4% |
| Current portion of amounts payable after more than one year | 42 | €11,065 | €11,522 | +€457 | +4.1% |
| Trade debts | 44 | €6,723 | €44,992 | +€38,269 | +569% |
| Suppliers | 440/4 | €6,723 | €44,992 | +€38,269 | +569% |
| Advances received on contracts in progress | 46 | €1,208 | - | -€1,208 | |
| Taxes, remuneration and social security | 45 | €4,573 | €6,483 | +€1,910 | +41.8% |
| Taxes | 450/3 | €4,573 | €4,673 | +€100 | +2.2% |
| Remuneration and social security | 454/9 | - | €1,810 | +€1,810 | |
| Other amounts payable | 47/48 | €27,522 | €36,316 | +€8,794 | +32.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,292 | €11,612 | +€7,319 | +171% |
| Other operating charges | 640/8 | €29,468 | €2,093 | -€27,375 | -92.9% |
| Gross operating margin | 9900 | €26,357 | €35,120 | +€8,763 | +33.2% |
| Operating profit (loss) | 9901 | -€7,403 | €21,415 | +€28,818 | |
| Financial income | 75/76B | - | €532 | +€532 | |
| Recurring financial income | 75 | - | €532 | +€532 | |
| Financial charges | 65/66B | €5,649 | €9,771 | +€4,122 | +73.0% |
| Recurring financial charges | 65 | €5,649 | €9,771 | +€4,122 | +73.0% |
| Profit (loss) for the period before taxes | 9903 | -€13,052 | €12,176 | +€25,228 | |
| Income taxes | 67/77 | €109 | €4,012 | +€3,903 | +3,583% |
| Profit (loss) for the period | 9904 | -€13,161 | €8,163 | +€21,324 | |
| Profit (loss) for the period to be appropriated | 9905 | -€13,161 | €8,163 | +€21,324 |
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 13 October 2026 via checked.be.