ROYEN BRUNO: 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.
ROYEN BRUNO
Largest movements
- Receivables within one year +€429,251
up €429,251 (+85.2%), from €503,926 to €933,177
of which Trade receivables: +€385,267
- Tangible fixed assets -€132,353
down €132,353 (-9.3%), from €1.4m to €1.3m
of which Land and buildings: -€86,425
- Stocks and contracts -€121,077
down €121,077 (-46.5%), from €260,557 to €139,480
- Reserves +€203,483
up €203,483 (+12.2%), from €1.7m to €1.9m
- Tax, wage and social debts +€108,761
up €108,761 (+102%), from €107,050 to €215,811
of which Taxes: +€113,279
- Debts after one year -€100,416
down €100,416 (-12.0%), from €837,062 to €736,646
of which Financial debts: -€100,416
- Other debts -€74,958
down €74,958 (-41.9%), from €178,927 to €103,969
- Trade debts +€44,882
up €44,882 (+20.0%), from €224,278 to €269,160
- Gross operating margin +€241,886
up €241,886 (+38.6%), from €626,772 to €868,658
- Taxes +€89,962
up €89,962 (+150%), from €59,917 to €149,879
- Other operating charges +€11,980
new in 2025: €11,980
- Financial charges -€10,748
down €10,748 (-9.4%), from €114,528 to €103,780
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 | €3,276,521 | €3,420,088 | +€143,567 | +4.4% |
| Fixed assets | 21/28 | €1,464,618 | €1,330,109 | -€134,509 | -9.2% |
| Intangible fixed assets | 21 | €8,788 | €6,632 | -€2,156 | -24.5% |
| Tangible fixed assets | 22/27 | €1,415,798 | €1,283,445 | -€132,353 | -9.3% |
| Land and buildings | 22 | €1,326,369 | €1,239,945 | -€86,425 | -6.5% |
| Plant, machinery and equipment | 23 | €21,299 | €5,855 | -€15,444 | -72.5% |
| Furniture and vehicles | 24 | €68,130 | €37,645 | -€30,485 | -44.7% |
| Financial fixed assets | 28 | €40,032 | €40,032 | = | 0.0% |
| Current assets | 29/58 | €1,811,903 | €2,089,979 | +€278,076 | +15.3% |
| Amounts receivable after more than one year | 29 | €52,255 | €47,888 | -€4,367 | -8.4% |
| Other amounts receivable | 291 | €52,255 | €47,888 | -€4,367 | -8.4% |
| Stocks and contracts in progress | 3 | €260,557 | €139,480 | -€121,077 | -46.5% |
| Stocks | 30/36 | €260,557 | €139,480 | -€121,077 | -46.5% |
| Amounts receivable within one year | 40/41 | €503,926 | €933,177 | +€429,251 | +85.2% |
| Trade receivables | 40 | €496,129 | €881,396 | +€385,267 | +77.7% |
| Other amounts receivable | 41 | €7,797 | €51,780 | +€43,984 | +564% |
| Cash at bank and in hand | 54/58 | €964,513 | €969,269 | +€4,756 | +0.5% |
| Deferred charges and accrued income | 490/1 | €30,651 | €166 | -€30,485 | -99.5% |
| Total equity and liabilities | 10/49 | €3,276,521 | €3,420,088 | +€143,567 | +4.4% |
| Equity | 10/15 | €1,791,109 | €1,989,351 | +€198,242 | +11.1% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €1,672,906 | €1,876,389 | +€203,483 | +12.2% |
| Distributable reserves | 133 | €1,672,906 | €1,876,389 | +€203,483 | +12.2% |
| Profit (loss) carried forward | 14 | €25,179 | €25,906 | +€727 | +2.9% |
| Investment grants | 15 | €84,964 | €78,996 | -€5,968 | -7.0% |
| Amounts payable | 17/49 | €1,485,412 | €1,430,737 | -€54,675 | -3.7% |
| Amounts payable after more than one year | 17 | €837,062 | €736,646 | -€100,416 | -12.0% |
| Financial debts | 170/4 | €815,212 | €714,796 | -€100,416 | -12.3% |
| Other amounts payable | 178/9 | €21,850 | €21,850 | = | 0.0% |
| Amounts payable within one year | 42/48 | €643,690 | €689,356 | +€45,666 | +7.1% |
| Current portion of amounts payable after more than one year | 42 | €133,436 | €100,416 | -€33,019 | -24.7% |
| Trade debts | 44 | €224,278 | €269,160 | +€44,882 | +20.0% |
| Suppliers | 440/4 | €224,278 | €269,160 | +€44,882 | +20.0% |
| Taxes, remuneration and social security | 45 | €107,050 | €215,811 | +€108,761 | +102% |
| Taxes | 450/3 | €79,989 | €193,268 | +€113,279 | +142% |
| Remuneration and social security | 454/9 | €27,061 | €22,543 | -€4,518 | -16.7% |
| Other amounts payable | 47/48 | €178,927 | €103,969 | -€74,958 | -41.9% |
| Accrued charges and deferred income | 492/3 | €4,660 | €4,735 | +€75 | +1.6% |
| Non-recurring operating income | 76A | €13,354 | €10,732 | -€2,622 | -19.6% |
| Remuneration, social security and pensions | 62 | €174,828 | €175,059 | +€231 | +0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €143,174 | €138,999 | -€4,175 | -2.9% |
| Other operating charges | 640/8 | - | €11,980 | +€11,980 | |
| Gross operating margin | 9900 | €626,772 | €868,658 | +€241,886 | +38.6% |
| Operating profit (loss) | 9901 | €308,770 | €542,620 | +€233,850 | +75.7% |
| Financial income | 75/76B | €7,998 | €15,766 | +€7,768 | +97.1% |
| Recurring financial income | 75 | €7,998 | €15,766 | +€7,768 | +97.1% |
| Financial charges | 65/66B | €114,528 | €103,780 | -€10,748 | -9.4% |
| Recurring financial charges | 65 | €114,528 | €103,780 | -€10,748 | -9.4% |
| Profit (loss) for the period before taxes | 9903 | €202,240 | €454,606 | +€252,366 | +125% |
| Income taxes | 67/77 | €59,917 | €149,879 | +€89,962 | +150% |
| Profit (loss) for the period | 9904 | €142,323 | €304,727 | +€162,403 | +114% |
| Profit (loss) for the period to be appropriated | 9905 | €142,323 | €304,727 | +€162,403 | +114% |
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 16 October 2026 via checked.be.