STIJN ROEFS: 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.
STIJN ROEFS
Largest movements
- Cash -€367,467
down €367,467 (-60.0%), from €612,865 to €245,397
mainly Current investments (-€345,335) and Debts after one year (-€86,622)
- Current investments +€345,335
new in 2025: €345,335
- Stocks and contracts +€7,777
up €7,777 (+18.3%), from €42,437 to €50,215
- Tangible fixed assets -€7,765
down €7,765 (-7.4%), from €104,262 to €96,497
of which Plant, machinery and equipment: -€11,545
- Reserves +€92,699
up €92,699 (+17.6%), from €525,218 to €617,917
- Debts after one year -€86,622
down €86,622 (-100%), from €86,622 to €0
- Tax, wage and social debts -€36,371
down €36,371 (-32.9%), from €110,605 to €74,234
of which Taxes: -€26,647
- Gross operating margin +€17,727
up €17,727 (+4.5%), from €393,976 to €411,703
- Taxes +€13,968
up €13,968 (+28.6%), from €48,881 to €62,848
- Staff costs -€7,837
down €7,837 (-3.8%), from €203,997 to €196,160
- Depreciation -€6,644
down €6,644 (-26.7%), from €24,882 to €18,237
- Financial income +€4,434
up €4,434 (+199%), from €2,231 to €6,665
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 | €775,054 | €741,662 | -€33,392 | -4.3% |
| Fixed assets | 21/28 | €104,262 | €96,497 | -€7,765 | -7.4% |
| Tangible fixed assets | 22/27 | €104,262 | €96,497 | -€7,765 | -7.4% |
| Plant, machinery and equipment | 23 | €85,390 | €73,844 | -€11,545 | -13.5% |
| Furniture and vehicles | 24 | €919 | €714 | -€205 | -22.3% |
| Other tangible fixed assets | 26 | €17,953 | €21,939 | +€3,986 | +22.2% |
| Current assets | 29/58 | €670,792 | €645,165 | -€25,627 | -3.8% |
| Stocks and contracts in progress | 3 | €42,437 | €50,215 | +€7,777 | +18.3% |
| Stocks | 30/36 | €42,437 | €50,215 | +€7,777 | +18.3% |
| Amounts receivable within one year | 40/41 | €11,295 | €4,219 | -€7,076 | -62.6% |
| Trade receivables | 40 | €11,295 | €4,219 | -€7,076 | -62.6% |
| Current investments | 50/53 | - | €345,335 | +€345,335 | |
| Cash at bank and in hand | 54/58 | €612,865 | €245,397 | -€367,467 | -60.0% |
| Deferred charges and accrued income | 490/1 | €4,196 | €0 | -€4,196 | -100% |
| Total equity and liabilities | 10/49 | €775,054 | €741,662 | -€33,392 | -4.3% |
| Equity | 10/15 | €547,218 | €639,917 | +€92,699 | +16.9% |
| Contributions | 10/11 | €22,000 | €22,000 | = | 0.0% |
| Reserves | 13 | €525,218 | €617,917 | +€92,699 | +17.6% |
| Distributable reserves | 133 | €525,218 | €617,917 | +€92,699 | +17.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €227,836 | €101,746 | -€126,090 | -55.3% |
| Amounts payable after more than one year | 17 | €86,622 | €0 | -€86,622 | -100% |
| Financial debts | 170/4 | €86,622 | €0 | -€86,622 | -100% |
| Amounts payable within one year | 42/48 | €141,214 | €101,746 | -€39,469 | -27.9% |
| Current portion of amounts payable after more than one year | 42 | €12,072 | €12,422 | +€350 | +2.9% |
| Trade debts | 44 | €15,015 | €13,839 | -€1,177 | -7.8% |
| Suppliers | 440/4 | €15,015 | €13,839 | -€1,177 | -7.8% |
| Taxes, remuneration and social security | 45 | €110,605 | €74,234 | -€36,371 | -32.9% |
| Taxes | 450/3 | €70,033 | €43,386 | -€26,647 | -38.0% |
| Remuneration and social security | 454/9 | €40,572 | €30,848 | -€9,724 | -24.0% |
| Other amounts payable | 47/48 | €3,522 | €1,251 | -€2,271 | -64.5% |
| Remuneration, social security and pensions | 62 | €203,997 | €196,160 | -€7,837 | -3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,882 | €18,237 | -€6,644 | -26.7% |
| Other operating charges | 640/8 | €660 | €679 | +€19 | +2.9% |
| Gross operating margin | 9900 | €393,976 | €411,703 | +€17,727 | +4.5% |
| Operating profit (loss) | 9901 | €164,438 | €196,626 | +€32,189 | +19.6% |
| Financial income | 75/76B | €2,231 | €6,665 | +€4,434 | +199% |
| Recurring financial income | 75 | €2,231 | €6,665 | +€4,434 | +199% |
| Financial charges | 65/66B | €4,916 | €5,744 | +€827 | +16.8% |
| Recurring financial charges | 65 | €4,916 | €5,744 | +€827 | +16.8% |
| Profit (loss) for the period before taxes | 9903 | €161,752 | €197,547 | +€35,795 | +22.1% |
| Income taxes | 67/77 | €48,881 | €62,848 | +€13,968 | +28.6% |
| Profit (loss) for the period | 9904 | €112,872 | €134,699 | +€21,827 | +19.3% |
| Profit (loss) for the period to be appropriated | 9905 | €112,872 | €134,699 | +€21,827 | +19.3% |
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 27 October 2026 via checked.be.