Royalty Or: 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.
Royalty Or
Largest movements
- Stocks and contracts +€151,420
up €151,420 (+173.0%), from €87,520 to €238,941
- Receivables within one year +€116,716
up €116,716 (+503.4%), from €23,185 to €139,901
of which Other amounts receivable: +€120,253
- Financial fixed assets +€36,750
up €36,750 (+2930.2%), from €1,254 to €38,004
- Tangible fixed assets -€5,488
down €5,488 (-19.4%), from €28,278 to €22,790
of which Plant, machinery and equipment: -€3,938
- Reserves +€164,348
new in 2025: €164,348
- Trade debts +€83,080
up €83,080 (+94.1%), from €88,310 to €171,390
- Other debts +€78,716
up €78,716 (+93.1%), from €84,549 to €163,265
- Profit (loss) carried forward -€31,073
no longer reported in 2025 (was €31,073)
- Tax, wage and social debts +€6,621
up €6,621 (+74.0%), from €8,943 to €15,565
- Gross operating margin +€52,783
up €52,783 (+386.3%), from €13,662 to €66,446
- Taxes +€9,328
up €9,328 (+392.9%), from €2,374 to €11,702
- Depreciation +€2,876
up €2,876 (+51.8%), from €5,550 to €8,427
- Other operating charges +€724
new in 2025: €724
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €237,876 | €539,568 | +€301,693 | +126.8% |
| Fixed assets | 21/28 | €29,532 | €60,794 | +€31,262 | +105.9% |
| Tangible fixed assets | 22/27 | €28,278 | €22,790 | -€5,488 | -19.4% |
| Plant, machinery and equipment | 23 | €26,111 | €22,173 | -€3,938 | -15.1% |
| Furniture and vehicles | 24 | €434 | - | -€434 | |
| Other tangible fixed assets | 26 | €1,733 | €617 | -€1,116 | -64.4% |
| Financial fixed assets | 28 | €1,254 | €38,004 | +€36,750 | +2930.2% |
| Current assets | 29/58 | €208,343 | €478,774 | +€270,431 | +129.8% |
| Stocks and contracts in progress | 3 | €87,520 | €238,941 | +€151,420 | +173.0% |
| Stocks | 30/36 | €87,520 | €238,941 | +€151,420 | +173.0% |
| Amounts receivable within one year | 40/41 | €23,185 | €139,901 | +€116,716 | +503.4% |
| Trade receivables | 40 | €3,537 | - | -€3,537 | |
| Other amounts receivable | 41 | €19,648 | €139,901 | +€120,253 | +612.0% |
| Cash at bank and in hand | 54/58 | €97,638 | €99,932 | +€2,295 | +2.4% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €237,876 | €539,568 | +€301,693 | +126.8% |
| Equity | 10/15 | €56,073 | €189,348 | +€133,275 | +237.7% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | - | €164,348 | +€164,348 | |
| Distributable reserves | 133 | - | €164,348 | +€164,348 | |
| Profit (loss) carried forward | 14 | €31,073 | - | -€31,073 | |
| Amounts payable | 17/49 | €181,803 | €350,220 | +€168,417 | +92.6% |
| Amounts payable within one year | 42/48 | €181,803 | €350,220 | +€168,417 | +92.6% |
| Trade debts | 44 | €88,310 | €171,390 | +€83,080 | +94.1% |
| Suppliers | 440/4 | €88,310 | €171,390 | +€83,080 | +94.1% |
| Taxes, remuneration and social security | 45 | €8,943 | €15,565 | +€6,621 | +74.0% |
| Taxes | 450/3 | €8,943 | €15,565 | +€6,621 | +74.0% |
| Other amounts payable | 47/48 | €84,549 | €163,265 | +€78,716 | +93.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,550 | €8,427 | +€2,876 | +51.8% |
| Other operating charges | 640/8 | - | €724 | +€724 | |
| Non-recurring operating charges | 66A | €4,500 | €6,178 | +€1,678 | +37.3% |
| Gross operating margin | 9900 | €13,662 | €66,446 | +€52,783 | +386.3% |
| Operating profit (loss) | 9901 | €3,612 | €51,117 | +€47,506 | +1315.3% |
| Financial income | 75/76B | €1 | €1 | -€0 | -37.3% |
| Recurring financial income | 75 | €1 | €1 | -€0 | -37.3% |
| Financial charges | 65/66B | -€40 | €362 | +€402 | |
| Recurring financial charges | 65 | -€40 | €362 | +€402 | |
| Profit (loss) for the period before taxes | 9903 | €3,653 | €50,756 | +€47,104 | +1289.6% |
| Income taxes | 67/77 | €2,374 | €11,702 | +€9,328 | +392.9% |
| Profit (loss) for the period | 9904 | €1,279 | €39,055 | +€37,776 | +2954.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,279 | €39,055 | +€37,776 | +2954.0% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.