Sébastien Roger: 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.
Sébastien Roger
Largest movements
- Cash +€47,742
up €47,742 (+22.8%), from €209,146 to €256,888
mainly Net result for the year (+€137,681) and Depreciation (+€23,747)
- Receivables within one year +€28,606
new in 2025: €28,606
- Tangible fixed assets +€16,327
up €16,327 (+2.3%), from €696,147 to €712,474
of which Plant, machinery and equipment: +€29,080
- Profit (loss) carried forward +€137,681
up €137,681 (+56.9%), from €241,929 to €379,610
- Debts after one year -€58,501
down €58,501 (-16.0%), from €364,882 to €306,381
of which Financial debts: -€58,501
- Taxes +€59,288
new in 2025: €59,288
- Gross operating margin -€9,187
down €9,187 (-3.4%), from €270,525 to €261,338
- Other operating charges -€7,081
down €7,081 (-26.0%), from €27,219 to €20,138
- Depreciation +€6,542
up €6,542 (+38.0%), from €17,206 to €23,747
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 | €1,211,985 | €1,312,023 | +€100,038 | +8.3% |
| Fixed assets | 21/28 | €771,147 | €787,474 | +€16,327 | +2.1% |
| Tangible fixed assets | 22/27 | €696,147 | €712,474 | +€16,327 | +2.3% |
| Land and buildings | 22 | €665,214 | €649,467 | -€15,747 | -2.4% |
| Plant, machinery and equipment | 23 | €9,202 | €38,281 | +€29,080 | +316% |
| Furniture and vehicles | 24 | €21,731 | €24,725 | +€2,995 | +13.8% |
| Financial fixed assets | 28 | €75,000 | €75,000 | = | 0.0% |
| Current assets | 29/58 | €440,838 | €524,549 | +€83,710 | +19.0% |
| Amounts receivable within one year | 40/41 | - | €28,606 | +€28,606 | |
| Other amounts receivable | 41 | - | €28,606 | +€28,606 | |
| Current investments | 50/53 | €231,692 | €231,692 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €209,146 | €256,888 | +€47,742 | +22.8% |
| Deferred charges and accrued income | 490/1 | - | €7,362 | +€7,362 | |
| Total equity and liabilities | 10/49 | €1,211,985 | €1,312,023 | +€100,038 | +8.3% |
| Equity | 10/15 | €718,475 | €856,156 | +€137,681 | +19.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Revaluation surpluses | 12 | €43,210 | €43,210 | = | 0.0% |
| Reserves | 13 | €420,935 | €420,935 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,854 | €1,854 | = | 0.0% |
| Distributable reserves | 133 | €417,221 | €417,221 | = | 0.0% |
| Profit (loss) carried forward | 14 | €241,929 | €379,610 | +€137,681 | +56.9% |
| Amounts payable | 17/49 | €493,511 | €455,867 | -€37,643 | -7.6% |
| Amounts payable after more than one year | 17 | €364,882 | €306,381 | -€58,501 | -16.0% |
| Financial debts | 170/4 | €306,030 | €247,529 | -€58,501 | -19.1% |
| Other amounts payable | 178/9 | €58,851 | €58,851 | = | 0.0% |
| Amounts payable within one year | 42/48 | €105,225 | €121,363 | +€16,138 | +15.3% |
| Current portion of amounts payable after more than one year | 42 | €57,034 | €58,501 | +€1,467 | +2.6% |
| Trade debts | 44 | €2,776 | €9,400 | +€6,625 | +239% |
| Suppliers | 440/4 | €2,776 | €9,400 | +€6,625 | +239% |
| Taxes, remuneration and social security | 45 | €45,415 | €53,461 | +€8,046 | +17.7% |
| Taxes | 450/3 | €45,415 | €53,461 | +€8,046 | +17.7% |
| Accrued charges and deferred income | 492/3 | €23,404 | €28,124 | +€4,720 | +20.2% |
| Non-recurring operating income | 76A | €14,697 | - | -€14,697 | |
| Remuneration, social security and pensions | 62 | €8,368 | €8,368 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,206 | €23,747 | +€6,542 | +38.0% |
| Other operating charges | 640/8 | €27,219 | €20,138 | -€7,081 | -26.0% |
| Gross operating margin | 9900 | €270,525 | €261,338 | -€9,187 | -3.4% |
| Operating profit (loss) | 9901 | €217,733 | €209,085 | -€8,648 | -4.0% |
| Financial income | 75/76B | €3,280 | €4,173 | +€893 | +27.2% |
| Recurring financial income | 75 | €3,280 | €4,173 | +€893 | +27.2% |
| Financial charges | 65/66B | €16,628 | €16,289 | -€339 | -2.0% |
| Recurring financial charges | 65 | €16,628 | €16,289 | -€339 | -2.0% |
| Profit (loss) for the period before taxes | 9903 | €204,384 | €196,969 | -€7,416 | -3.6% |
| Income taxes | 67/77 | - | €59,288 | +€59,288 | |
| Profit (loss) for the period | 9904 | €204,384 | €137,681 | -€66,703 | -32.6% |
| Transfer to tax-exempt reserves | 689 | €61,718 | - | -€61,718 | |
| Profit (loss) for the period to be appropriated | 9905 | €142,666 | €137,681 | -€4,985 | -3.5% |
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 31 October 2026 via checked.be.