SUBROSA: 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.
SUBROSA
Largest movements
- Cash -€176,221
down €176,221 (-76.9%), from €229,196 to €52,975
mainly Contributions, distributions and other (-€183,060) and Receivables within one year (-€67,530)
- Receivables within one year +€67,530
up €67,530 (+36.3%), from €185,853 to €253,383
of which Other amounts receivable: +€67,895
- Tangible fixed assets -€21,233
down €21,233 (-25.0%), from €85,064 to €63,831
of which Furniture and vehicles: -€20,236
- Reserves -€120,942
down €120,942 (-19.0%), from €635,763 to €514,821
- Debts after one year -€8,958
down €8,958 (-31.1%), from €28,772 to €19,814
- Financial income -€154,717
down €154,717 (-92.8%), from €166,676 to €11,959
- Gross operating margin -€51,705
down €51,705 (-34.5%), from €150,002 to €98,298
- Taxes -€28,267
down €28,267 (-53.4%), from €52,918 to €24,651
- Other operating charges -€5,253
down €5,253 (-88.8%), from €5,916 to €663
- Depreciation +€1,926
up €1,926 (+10.0%), from €19,306 to €21,233
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.
Cash bridge derived
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 | €698,569 | €568,461 | -€130,108 | -18.6% |
| Fixed assets | 21/28 | €176,878 | €155,645 | -€21,233 | -12.0% |
| Tangible fixed assets | 22/27 | €85,064 | €63,831 | -€21,233 | -25.0% |
| Plant, machinery and equipment | 23 | €3,460 | €2,463 | -€996 | -28.8% |
| Furniture and vehicles | 24 | €81,604 | €61,367 | -€20,236 | -24.8% |
| Financial fixed assets | 28 | €91,814 | €91,814 | = | 0.0% |
| Current assets | 29/58 | €521,691 | €412,816 | -€108,875 | -20.9% |
| Amounts receivable within one year | 40/41 | €185,853 | €253,383 | +€67,530 | +36.3% |
| Trade receivables | 40 | €1,887 | €1,521 | -€366 | -19.4% |
| Other amounts receivable | 41 | €183,966 | €251,861 | +€67,895 | +36.9% |
| Current investments | 50/53 | €106,108 | €106,108 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €229,196 | €52,975 | -€176,221 | -76.9% |
| Deferred charges and accrued income | 490/1 | €534 | €350 | -€183 | -34.3% |
| Total equity and liabilities | 10/49 | €698,569 | €568,461 | -€130,108 | -18.6% |
| Equity | 10/15 | €641,963 | €521,021 | -€120,942 | -18.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €635,763 | €514,821 | -€120,942 | -19.0% |
| Distributable reserves | 133 | €635,763 | €514,821 | -€120,942 | -19.0% |
| Amounts payable | 17/49 | €56,606 | €47,441 | -€9,166 | -16.2% |
| Amounts payable after more than one year | 17 | €28,772 | €19,814 | -€8,958 | -31.1% |
| Financial debts | 170/4 | €28,772 | €19,814 | -€8,958 | -31.1% |
| Amounts payable within one year | 42/48 | €27,674 | €27,521 | -€153 | -0.6% |
| Current portion of amounts payable after more than one year | 42 | €8,617 | €8,958 | +€340 | +4.0% |
| Financial debts | 43 | €4,223 | €4,212 | -€11 | -0.3% |
| Credit institutions | 430/8 | €4,223 | €4,212 | -€11 | -0.3% |
| Trade debts | 44 | €1,979 | €250 | -€1,730 | -87.4% |
| Suppliers | 440/4 | €1,979 | €250 | -€1,730 | -87.4% |
| Taxes, remuneration and social security | 45 | €12,486 | €11,711 | -€775 | -6.2% |
| Taxes | 450/3 | €12,486 | €11,711 | -€775 | -6.2% |
| Other amounts payable | 47/48 | €369 | €2,392 | +€2,022 | +547.4% |
| Accrued charges and deferred income | 492/3 | €160 | €105 | -€55 | -34.3% |
| Non-recurring operating income | 76A | €3,000 | - | -€3,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,306 | €21,233 | +€1,926 | +10.0% |
| Other operating charges | 640/8 | €5,916 | €663 | -€5,253 | -88.8% |
| Gross operating margin | 9900 | €150,002 | €98,298 | -€51,705 | -34.5% |
| Operating profit (loss) | 9901 | €124,780 | €76,402 | -€48,378 | -38.8% |
| Financial income | 75/76B | €166,676 | €11,959 | -€154,717 | -92.8% |
| Recurring financial income | 75 | €166,676 | €11,959 | -€154,717 | -92.8% |
| Financial charges | 65/66B | €2,031 | €1,592 | -€439 | -21.6% |
| Recurring financial charges | 65 | €2,031 | €1,592 | -€439 | -21.6% |
| Profit (loss) for the period before taxes | 9903 | €289,425 | €86,769 | -€202,655 | -70.0% |
| Income taxes | 67/77 | €52,918 | €24,651 | -€28,267 | -53.4% |
| Profit (loss) for the period | 9904 | €236,507 | €62,118 | -€174,389 | -73.7% |
| Profit (loss) for the period to be appropriated | 9905 | €236,507 | €62,118 | -€174,389 | -73.7% |
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 12 October 2026 via checked.be.