The Roses: 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.
The Roses
Largest movements
- Receivables within one year -€21,369
down €21,369 (-88.0%), from €24,282 to €2,913
of which Other amounts receivable: -€21,849
- Cash -€8,659
down €8,659 (-78.1%), from €11,094 to €2,435
mainly Trade debts (-€48,535) and Investment in fixed assets (net) (-€6,978)
- Tangible fixed assets +€5,278
up €5,278 (+56.9%), from €9,272 to €14,551
of which Furniture and vehicles: +€3,625
- Formation expenses -€2,911
down €2,911 (-37.3%), from €7,802 to €4,891
- Deferred charges and accrued income -€1,127
down €1,127 (-4.8%), from €23,241 to €22,115
- Trade debts -€48,535
down €48,535 (-91.2%), from €53,224 to €4,690
- Other debts +€16,442
up €16,442 (+359%), from €4,580 to €21,023
- Short-term financial debts +€2,968
new in 2025: €2,968
- Tax, wage and social debts +€1,578
up €1,578 (+12.4%), from €12,743 to €14,321
- Reserves -€1,242
down €1,242 (-39.5%), from €3,145 to €1,903
- Depreciation -€20,176
down €20,176 (-81.4%), from €24,787 to €4,610
- Gross operating margin -€17,638
down €17,638 (-60.0%), from €29,399 to €11,761
- Other operating charges -€2,718
down €2,718 (-54.7%), from €4,972 to €2,255
- Financial income -€970
down €970 (-93.8%), from €1,035 to €65
- Taxes +€659
up €659 (+13.4%), from €4,909 to €5,567
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 | €75,692 | €46,904 | -€28,788 | -38.0% |
| Formation expenses | 20 | €7,802 | €4,891 | -€2,911 | -37.3% |
| Fixed assets | 21/28 | €9,272 | €14,551 | +€5,278 | +56.9% |
| Tangible fixed assets | 22/27 | €9,272 | €14,551 | +€5,278 | +56.9% |
| Plant, machinery and equipment | 23 | - | €1,653 | +€1,653 | |
| Furniture and vehicles | 24 | €9,272 | €12,898 | +€3,625 | +39.1% |
| Current assets | 29/58 | €58,617 | €27,462 | -€31,155 | -53.1% |
| Amounts receivable within one year | 40/41 | €24,282 | €2,913 | -€21,369 | -88.0% |
| Trade receivables | 40 | - | €480 | +€480 | |
| Other amounts receivable | 41 | €24,282 | €2,433 | -€21,849 | -90.0% |
| Cash at bank and in hand | 54/58 | €11,094 | €2,435 | -€8,659 | -78.1% |
| Deferred charges and accrued income | 490/1 | €23,241 | €22,115 | -€1,127 | -4.8% |
| Total equity and liabilities | 10/49 | €75,692 | €46,904 | -€28,788 | -38.0% |
| Equity | 10/15 | €5,145 | €3,903 | -€1,242 | -24.1% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €3,145 | €1,903 | -€1,242 | -39.5% |
| Distributable reserves | 133 | €3,145 | €1,903 | -€1,242 | -39.5% |
| Amounts payable | 17/49 | €70,547 | €43,001 | -€27,546 | -39.0% |
| Amounts payable within one year | 42/48 | €70,547 | €43,001 | -€27,546 | -39.0% |
| Financial debts | 43 | - | €2,968 | +€2,968 | |
| Credit institutions | 430/8 | - | €2,968 | +€2,968 | |
| Trade debts | 44 | €53,224 | €4,690 | -€48,535 | -91.2% |
| Suppliers | 440/4 | €53,224 | €4,690 | -€48,535 | -91.2% |
| Taxes, remuneration and social security | 45 | €12,743 | €14,321 | +€1,578 | +12.4% |
| Taxes | 450/3 | €12,743 | €14,321 | +€1,578 | +12.4% |
| Other amounts payable | 47/48 | €4,580 | €21,023 | +€16,442 | +359% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,787 | €4,610 | -€20,176 | -81.4% |
| Other operating charges | 640/8 | €4,972 | €2,255 | -€2,718 | -54.7% |
| Gross operating margin | 9900 | €29,399 | €11,761 | -€17,638 | -60.0% |
| Operating profit (loss) | 9901 | -€360 | €4,896 | +€5,256 | |
| Financial income | 75/76B | €1,035 | €65 | -€970 | -93.8% |
| Recurring financial income | 75 | €1,035 | €65 | -€970 | -93.8% |
| Financial charges | 65/66B | €186 | €635 | +€449 | +241% |
| Recurring financial charges | 65 | €186 | €635 | +€449 | +241% |
| Profit (loss) for the period before taxes | 9903 | €489 | €4,326 | +€3,837 | +785% |
| Income taxes | 67/77 | €4,909 | €5,567 | +€659 | +13.4% |
| Profit (loss) for the period | 9904 | -€4,420 | -€1,242 | +€3,178 | +71.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,420 | -€1,242 | +€3,178 | +71.9% |
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.