Stefanie Rogge: 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.
Stefanie Rogge
Largest movements
No asset line moved by more than 1% of the balance sheet total.
- Debts after one year -€196,706
down €196,706 (-12.7%), from €1.5m to €1.3m
- Other debts +€188,954
up €188,954 (+13.9%), from €1.4m to €1.5m
- Tax, wage and social debts +€33,370
up €33,370 (+266%), from €12,526 to €45,895
- Financial income +€149,178
up €149,178 (+17,844%), from €836 to €150,014
- Gross operating margin +€58,614
up €58,614 (+25.9%), from €226,043 to €284,656
- Taxes +€15,544
up €15,544 (+43.2%), from €35,955 to €51,499
- Financial charges -€4,053
down €4,053 (-6.1%), from €66,443 to €62,390
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,260,178 | €3,257,876 | -€2,302 | -0.1% |
| Fixed assets | 21/28 | €3,144,728 | €3,145,483 | +€755 | 0.0% |
| Tangible fixed assets | 22/27 | €6,807 | €7,562 | +€755 | +11.1% |
| Plant, machinery and equipment | 23 | €3,878 | €3,731 | -€148 | -3.8% |
| Furniture and vehicles | 24 | €2,929 | €2,538 | -€391 | -13.3% |
| Other tangible fixed assets | 26 | - | €1,293 | +€1,293 | |
| Financial fixed assets | 28 | €3,137,921 | €3,137,921 | = | 0.0% |
| Current assets | 29/58 | €115,450 | €112,393 | -€3,057 | -2.6% |
| Amounts receivable within one year | 40/41 | €109,041 | €88,504 | -€20,537 | -18.8% |
| Trade receivables | 40 | €82,741 | €75,000 | -€7,741 | -9.4% |
| Other amounts receivable | 41 | €26,300 | €13,504 | -€12,795 | -48.7% |
| Cash at bank and in hand | 54/58 | €5,857 | €23,889 | +€18,032 | +308% |
| Deferred charges and accrued income | 490/1 | €552 | - | -€552 | |
| Total equity and liabilities | 10/49 | €3,260,178 | €3,257,876 | -€2,302 | -0.1% |
| Equity | 10/15 | €152,186 | €120,783 | -€31,404 | -20.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €139,786 | €108,383 | -€31,404 | -22.5% |
| Distributable reserves | 133 | €139,786 | €108,383 | -€31,404 | -22.5% |
| Amounts payable | 17/49 | €3,107,992 | €3,137,094 | +€29,102 | +0.9% |
| Amounts payable after more than one year | 17 | €1,544,419 | €1,347,712 | -€196,706 | -12.7% |
| Financial debts | 170/4 | €1,544,419 | €1,347,712 | -€196,706 | -12.7% |
| Amounts payable within one year | 42/48 | €1,561,770 | €1,787,121 | +€225,352 | +14.4% |
| Current portion of amounts payable after more than one year | 42 | €191,776 | €196,706 | +€4,930 | +2.6% |
| Trade debts | 44 | €2,309 | €407 | -€1,902 | -82.4% |
| Suppliers | 440/4 | €2,309 | €407 | -€1,902 | -82.4% |
| Taxes, remuneration and social security | 45 | €12,526 | €45,895 | +€33,370 | +266% |
| Taxes | 450/3 | €12,526 | €45,895 | +€33,370 | +266% |
| Other amounts payable | 47/48 | €1,355,158 | €1,544,112 | +€188,954 | +13.9% |
| Accrued charges and deferred income | 492/3 | €1,803 | €2,260 | +€457 | +25.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,559 | €1,827 | +€268 | +17.2% |
| Other operating charges | 640/8 | €280 | €358 | +€78 | +27.9% |
| Gross operating margin | 9900 | €226,043 | €284,656 | +€58,614 | +25.9% |
| Operating profit (loss) | 9901 | €224,204 | €282,471 | +€58,267 | +26.0% |
| Financial income | 75/76B | €836 | €150,014 | +€149,178 | +17,844% |
| Recurring financial income | 75 | €836 | €150,014 | +€149,178 | +17,844% |
| Financial charges | 65/66B | €66,443 | €62,390 | -€4,053 | -6.1% |
| Recurring financial charges | 65 | €66,443 | €62,390 | -€4,053 | -6.1% |
| Profit (loss) for the period before taxes | 9903 | €158,596 | €370,095 | +€211,499 | +133% |
| Income taxes | 67/77 | €35,955 | €51,499 | +€15,544 | +43.2% |
| Profit (loss) for the period | 9904 | €122,642 | €318,596 | +€195,955 | +160% |
| Profit (loss) for the period to be appropriated | 9905 | €122,642 | €318,596 | +€195,955 | +160% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.