Royal S: 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.
What changed
Royal S
NACE 68.110, Buying and selling of own real estate
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€571,291
2024 · €471,735+€99,556
Equity
€5.0m
2024 · €4.9m+€98,104
Cash
€67,172
2024 · €36,377+€30,794
Balance sheet total
€5.7m
2024 · €5.3m+€384,976
Largest movements
Assets
- Current investments +€491,226
up €491,226 (+26.1%), from €1.9m to €2.4m
- Tangible fixed assets -€183,662
down €183,662 (-5.9%), from €3.1m to €2.9m
of which Land and buildings: -€200,407
- Deferred charges and accrued income +€95,143
new in 2025: €95,143
Equity and liabilities
- Reserves +€343,661
up €343,661 (+14.2%), from €2.4m to €2.8m
of which Distributable reserves: +€347,885
- Profit (loss) carried forward -€124,486
down €124,486 (-34.1%), from €365,165 to €240,680
- Revaluation surpluses -€121,071
down €121,071 (-18.1%), from €667,316 to €546,245
- Other debts +€113,917
new in 2025: €113,917
- Trade debts +€81,500
up €81,500 (+2,118%), from €3,847 to €85,347
Income statement
- Financial income +€144,651
up €144,651 (+123%), from €117,693 to €262,344
- Gross operating margin -€21,111
down €21,111 (-2.5%), from €842,632 to €821,521
- Taxes +€20,378
up €20,378 (+8.4%), from €243,177 to €263,555
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.
Result 2024
€471,735
Gross operating margin
-€21,111
Depreciation
-€3,828
Other operating charges
-€7
Financial income
+€144,651
Financial charges
+€229
Taxes
-€20,378
Result 2025
€571,291
raises the resultlowers the result
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.
From operations
+€987,996
Investment
-€517,230
Financing
-€439,972
Cash 2024
€36,377
From operations (derived)
+€987,996
Net result for the year
+€571,291
Depreciation
+€209,666
Receivables within one year
+€48,526
Deferred charges and accrued income
-€95,143
Provisions
-€1,712
Trade debts
+€81,500
Tax, wage and social debts
+€58,275
Other debts
+€113,917
Accrued charges and deferred income
+€1,678
Investment (derived)
-€517,230
Investment in fixed assets (net)
-€26,003
Current investments
-€491,226
Financing
-€439,972
Current portion of long-term debt
+€33,214
Contributions, distributions and other
-€473,186
Cash 2025
€67,172
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,303,524 | €5,688,499 | +€384,976 | +7.3% |
| Fixed assets | 21/28 | €3,194,165 | €3,010,503 | -€183,662 | -5.7% |
| Tangible fixed assets | 22/27 | €3,127,209 | €2,943,547 | -€183,662 | -5.9% |
| Land and buildings | 22 | €3,040,124 | €2,839,717 | -€200,407 | -6.6% |
| Plant, machinery and equipment | 23 | €87,085 | €103,829 | +€16,745 | +19.2% |
| Financial fixed assets | 28 | €66,957 | €66,957 | = | 0.0% |
| Current assets | 29/58 | €2,109,358 | €2,677,996 | +€568,638 | +27.0% |
| Amounts receivable within one year | 40/41 | €192,195 | €143,670 | -€48,526 | -25.2% |
| Other amounts receivable | 41 | €192,195 | €143,670 | -€48,526 | -25.2% |
| Current investments | 50/53 | €1,880,786 | €2,372,012 | +€491,226 | +26.1% |
| Cash at bank and in hand | 54/58 | €36,377 | €67,172 | +€30,794 | +84.7% |
| Deferred charges and accrued income | 490/1 | - | €95,143 | +€95,143 | |
| Total equity and liabilities | 10/49 | €5,303,524 | €5,688,499 | +€384,976 | +7.3% |
| Equity | 10/15 | €4,946,481 | €5,044,585 | +€98,104 | +2.0% |
| Contributions | 10/11 | €1,500,000 | €1,500,000 | = | 0.0% |
| Capital | 10 | €1,500,000 | €1,500,000 | = | 0.0% |
| Issued capital | 100 | €1,500,000 | €1,500,000 | = | 0.0% |
| Revaluation surpluses | 12 | €667,316 | €546,245 | -€121,071 | -18.1% |
| Reserves | 13 | €2,414,000 | €2,757,660 | +€343,661 | +14.2% |
| Non-distributable reserves | 130/1 | €155,403 | €155,403 | = | 0.0% |
| Legal reserve | 130 | €155,403 | €155,403 | = | 0.0% |
| Tax-exempt reserves | 132 | €58,734 | €54,510 | -€4,224 | -7.2% |
| Distributable reserves | 133 | €2,199,863 | €2,547,748 | +€347,885 | +15.8% |
| Profit (loss) carried forward | 14 | €365,165 | €240,680 | -€124,486 | -34.1% |
| Provisions and deferred taxes | 16 | €21,087 | €19,375 | -€1,712 | -8.1% |
| Deferred taxes | 168 | €21,087 | €19,375 | -€1,712 | -8.1% |
| Amounts payable | 17/49 | €335,955 | €624,539 | +€288,584 | +85.9% |
| Amounts payable after more than one year | 17 | €24,472 | €24,472 | = | 0.0% |
| Other amounts payable | 178/9 | €24,472 | €24,472 | = | 0.0% |
| Amounts payable within one year | 42/48 | €273,147 | €560,052 | +€286,906 | +105% |
| Current portion of amounts payable after more than one year | 42 | €167,227 | €200,442 | +€33,214 | +19.9% |
| Financial debts | 43 | €65,000 | €65,000 | = | 0.0% |
| Credit institutions | 430/8 | €65,000 | €65,000 | = | 0.0% |
| Trade debts | 44 | €3,847 | €85,347 | +€81,500 | +2,118% |
| Suppliers | 440/4 | €3,847 | €85,347 | +€81,500 | +2,118% |
| Taxes, remuneration and social security | 45 | €37,072 | €95,347 | +€58,275 | +157% |
| Taxes | 450/3 | €37,072 | €95,347 | +€58,275 | +157% |
| Other amounts payable | 47/48 | - | €113,917 | +€113,917 | |
| Accrued charges and deferred income | 492/3 | €38,337 | €40,015 | +€1,678 | +4.4% |
| Non-recurring operating income | 76A | €121,071 | €121,071 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €205,838 | €209,666 | +€3,828 | +1.9% |
| Other operating charges | 640/8 | €960 | €968 | +€7 | +0.8% |
| Gross operating margin | 9900 | €842,632 | €821,521 | -€21,111 | -2.5% |
| Operating profit (loss) | 9901 | €635,834 | €610,888 | -€24,946 | -3.9% |
| Financial income | 75/76B | €117,693 | €262,344 | +€144,651 | +123% |
| Recurring financial income | 75 | €117,693 | €262,344 | +€144,651 | +123% |
| Financial charges | 65/66B | €40,327 | €40,099 | -€229 | -0.6% |
| Recurring financial charges | 65 | €40,327 | €40,099 | -€229 | -0.6% |
| Profit (loss) for the period before taxes | 9903 | €713,199 | €833,134 | +€119,934 | +16.8% |
| Transfer from deferred taxes | 780 | €1,712 | €1,712 | = | 0.0% |
| Income taxes | 67/77 | €243,177 | €263,555 | +€20,378 | +8.4% |
| Profit (loss) for the period | 9904 | €471,735 | €571,291 | +€99,556 | +21.1% |
| Transfer from tax-exempt reserves | 789 | €4,224 | €4,224 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €475,958 | €575,514 | +€99,556 | +20.9% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.