Sandra Romagnolo: 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.
Sandra Romagnolo
Largest movements
- Cash +€81,853
up €81,853 (+42.9%), from €190,892 to €272,745
mainly Net result for the year (+€76,257) and Tax, wage and social debts (+€18,528)
- Receivables within one year +€14,332
up €14,332 (+312%), from €4,600 to €18,932
of which Other amounts receivable: +€9,494
- Tangible fixed assets -€7,985
down €7,985 (-3.1%), from €256,472 to €248,487
of which Land and buildings: -€7,367
- Profit (loss) carried forward +€76,257
up €76,257 (+57.8%), from €131,921 to €208,178
- Tax, wage and social debts +€18,528
up €18,528 (+101%), from €18,356 to €36,884
of which Remuneration and social security: +€15,328
- Debts after one year -€8,883
down €8,883 (-7.2%), from €123,503 to €114,620
- Gross operating margin +€38,282
up €38,282 (+45.1%), from €84,804 to €123,086
- Taxes +€7,179
up €7,179 (+53.9%), from €13,327 to €20,506
- Depreciation +€1,962
up €1,962 (+23.9%), from €8,204 to €10,166
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 | €453,252 | €544,739 | +€91,487 | +20.2% |
| Fixed assets | 21/28 | €256,472 | €248,487 | -€7,985 | -3.1% |
| Tangible fixed assets | 22/27 | €256,472 | €248,487 | -€7,985 | -3.1% |
| Land and buildings | 22 | €243,874 | €236,507 | -€7,367 | -3.0% |
| Plant, machinery and equipment | 23 | €700 | €600 | -€100 | -14.3% |
| Furniture and vehicles | 24 | €11,898 | €11,380 | -€518 | -4.4% |
| Current assets | 29/58 | €196,780 | €296,252 | +€99,471 | +50.5% |
| Amounts receivable within one year | 40/41 | €4,600 | €18,932 | +€14,332 | +312% |
| Trade receivables | 40 | €2,927 | €7,765 | +€4,838 | +165% |
| Other amounts receivable | 41 | €1,673 | €11,167 | +€9,494 | +567% |
| Cash at bank and in hand | 54/58 | €190,892 | €272,745 | +€81,853 | +42.9% |
| Deferred charges and accrued income | 490/1 | €1,288 | €4,575 | +€3,287 | +255% |
| Total equity and liabilities | 10/49 | €453,252 | €544,739 | +€91,487 | +20.2% |
| Equity | 10/15 | €146,921 | €223,178 | +€76,257 | +51.9% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €131,921 | €208,178 | +€76,257 | +57.8% |
| Amounts payable | 17/49 | €306,331 | €321,561 | +€15,230 | +5.0% |
| Amounts payable after more than one year | 17 | €123,503 | €114,620 | -€8,883 | -7.2% |
| Financial debts | 170/4 | €123,503 | €114,620 | -€8,883 | -7.2% |
| Amounts payable within one year | 42/48 | €182,828 | €206,942 | +€24,113 | +13.2% |
| Current portion of amounts payable after more than one year | 42 | €8,631 | €8,883 | +€253 | +2.9% |
| Trade debts | 44 | €3,351 | €3,299 | -€51 | -1.5% |
| Suppliers | 440/4 | €3,351 | €3,299 | -€51 | -1.5% |
| Taxes, remuneration and social security | 45 | €18,356 | €36,884 | +€18,528 | +101% |
| Taxes | 450/3 | €18,356 | €21,556 | +€3,200 | +17.4% |
| Remuneration and social security | 454/9 | - | €15,328 | +€15,328 | |
| Other amounts payable | 47/48 | €152,491 | €157,875 | +€5,384 | +3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,204 | €10,166 | +€1,962 | +23.9% |
| Other operating charges | 640/8 | €650 | €1,401 | +€751 | +116% |
| Gross operating margin | 9900 | €84,804 | €123,086 | +€38,282 | +45.1% |
| Operating profit (loss) | 9901 | €75,950 | €111,520 | +€35,569 | +46.8% |
| Financial charges | 65/66B | €15,978 | €14,757 | -€1,221 | -7.6% |
| Recurring financial charges | 65 | €15,978 | €14,757 | -€1,221 | -7.6% |
| Profit (loss) for the period before taxes | 9903 | €59,973 | €96,763 | +€36,790 | +61.3% |
| Income taxes | 67/77 | €13,327 | €20,506 | +€7,179 | +53.9% |
| Profit (loss) for the period | 9904 | €46,646 | €76,257 | +€29,611 | +63.5% |
| Profit (loss) for the period to be appropriated | 9905 | €46,646 | €76,257 | +€29,611 | +63.5% |
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 28 October 2026 via checked.be.