THREE AND A HALF 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.
THREE AND A HALF ROSES
Largest movements
- Current investments +€43,936
up €43,936 (+16.8%), from €262,157 to €306,092
- Cash -€43,081
down €43,081 (-21.1%), from €204,263 to €161,183
mainly Contributions, distributions and other (-€64,821) and Current investments (-€43,936)
- Receivables within one year +€15,934
up €15,934 (+73.3%), from €21,734 to €37,668
- Receivables after one year -€6,000
down €6,000 (-22.6%), from €26,500 to €20,500
- Reserves +€20,693
up €20,693 (+4.4%), from €473,205 to €493,898
- Other debts -€10,740
down €10,740 (-51.2%), from €20,959 to €10,219
- Gross operating margin -€3,818
down €3,818 (-3.1%), from €123,075 to €119,258
- Financial income +€1,549
up €1,549 (+54.7%), from €2,830 to €4,378
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 | €523,152 | €533,764 | +€10,612 | +2.0% |
| Fixed assets | 21/28 | €2,802 | €3,353 | +€551 | +19.7% |
| Tangible fixed assets | 22/27 | €2,802 | €3,353 | +€551 | +19.7% |
| Plant, machinery and equipment | 23 | €715 | €1,743 | +€1,028 | +144% |
| Furniture and vehicles | 24 | €2,087 | €1,610 | -€477 | -22.9% |
| Current assets | 29/58 | €520,350 | €530,411 | +€10,061 | +1.9% |
| Amounts receivable after more than one year | 29 | €26,500 | €20,500 | -€6,000 | -22.6% |
| Other amounts receivable | 291 | €26,500 | €20,500 | -€6,000 | -22.6% |
| Amounts receivable within one year | 40/41 | €21,734 | €37,668 | +€15,934 | +73.3% |
| Trade receivables | 40 | €21,734 | €37,668 | +€15,934 | +73.3% |
| Current investments | 50/53 | €262,157 | €306,092 | +€43,936 | +16.8% |
| Cash at bank and in hand | 54/58 | €204,263 | €161,183 | -€43,081 | -21.1% |
| Deferred charges and accrued income | 490/1 | €5,696 | €4,968 | -€728 | -12.8% |
| Total equity and liabilities | 10/49 | €523,152 | €533,764 | +€10,612 | +2.0% |
| Equity | 10/15 | €485,605 | €506,298 | +€20,693 | +4.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €473,205 | €493,898 | +€20,693 | +4.4% |
| Distributable reserves | 133 | €473,205 | €493,898 | +€20,693 | +4.4% |
| Amounts payable | 17/49 | €37,547 | €27,466 | -€10,081 | -26.8% |
| Amounts payable within one year | 42/48 | €35,411 | €26,305 | -€9,106 | -25.7% |
| Trade debts | 44 | €3,065 | €1,855 | -€1,211 | -39.5% |
| Suppliers | 440/4 | €3,065 | €1,855 | -€1,211 | -39.5% |
| Taxes, remuneration and social security | 45 | €11,387 | €14,231 | +€2,844 | +25.0% |
| Taxes | 450/3 | €11,387 | €14,231 | +€2,844 | +25.0% |
| Other amounts payable | 47/48 | €20,959 | €10,219 | -€10,740 | -51.2% |
| Accrued charges and deferred income | 492/3 | €2,136 | €1,161 | -€975 | -45.6% |
| Remuneration, social security and pensions | 62 | €196 | - | -€196 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,996 | €2,017 | +€21 | +1.1% |
| Other operating charges | 640/8 | €644 | €794 | +€150 | +23.3% |
| Gross operating margin | 9900 | €123,075 | €119,258 | -€3,818 | -3.1% |
| Operating profit (loss) | 9901 | €120,239 | €116,447 | -€3,792 | -3.2% |
| Financial income | 75/76B | €2,830 | €4,378 | +€1,549 | +54.7% |
| Recurring financial income | 75 | €2,830 | €4,378 | +€1,549 | +54.7% |
| Financial charges | 65/66B | €2,245 | €1,216 | -€1,030 | -45.9% |
| Recurring financial charges | 65 | €2,245 | €1,216 | -€1,030 | -45.9% |
| Profit (loss) for the period before taxes | 9903 | €120,824 | €119,610 | -€1,214 | -1.0% |
| Income taxes | 67/77 | €34,455 | €34,096 | -€359 | -1.0% |
| Profit (loss) for the period | 9904 | €86,369 | €85,514 | -€855 | -1.0% |
| Profit (loss) for the period to be appropriated | 9905 | €86,369 | €85,514 | -€855 | -1.0% |
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.