ROYALE: what changed
Two fiscal 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.
ROYALE
Largest movements
- Tangible fixed assets +€747,035
up €747,035 (+183.3%), from €407,571 to €1.2m
of which Land and buildings: +€747,836
- Cash -€561,376
down €561,376 (-94.4%), from €594,775 to €33,399
mainly Investment in fixed assets (net) (-€845,966) and Tax, wage and social debts (-€109,165)
- Debts after one year +€322,621
new in 2025: €322,621
- Tax, wage and social debts -€109,165
down €109,165 (-95.7%), from €114,028 to €4,863
- Reserves -€54,355
down €54,355 (-9.4%), from €576,952 to €522,597
of which Distributable reserves: -€49,498
- Current portion of long-term debt +€18,411
up €18,411, from €0 to €18,411
- Other debts +€12,587
up €12,587 (+5.6%), from €223,258 to €235,845
- Taxes -€114,207
down €114,207, from €114,052 to -€155
- Depreciation +€77,374
up €77,374 (+358.9%), from €21,557 to €98,930
- Gross operating margin +€44,473
up €44,473 (+110.4%), from €40,271 to €84,744
- Financial charges +€9,459
up €9,459 (+51.9%), from €18,221 to €27,679
- Other operating charges -€1,202
down €1,202 (-7.5%), from €15,995 to €14,792
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 | €1,005,346 | €1,191,478 | +€186,132 | +18.5% |
| Fixed assets | 21/28 | €407,571 | €1,154,606 | +€747,035 | +183.3% |
| Tangible fixed assets | 22/27 | €407,571 | €1,154,606 | +€747,035 | +183.3% |
| Land and buildings | 22 | €404,889 | €1,152,725 | +€747,836 | +184.7% |
| Plant, machinery and equipment | 23 | €2,387 | €1,881 | -€506 | -21.2% |
| Furniture and vehicles | 24 | €295 | €0 | -€295 | -100.0% |
| Current assets | 29/58 | €597,775 | €36,872 | -€560,903 | -93.8% |
| Current investments | 50/53 | €3,000 | €3,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €594,775 | €33,399 | -€561,376 | -94.4% |
| Deferred charges and accrued income | 490/1 | - | €473 | +€473 | |
| Total equity and liabilities | 10/49 | €1,005,346 | €1,191,478 | +€186,132 | +18.5% |
| Equity | 10/15 | €638,452 | €584,097 | -€54,355 | -8.5% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €576,952 | €522,597 | -€54,355 | -9.4% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Tax-exempt reserves | 132 | €53,439 | €48,582 | -€4,857 | -9.1% |
| Distributable reserves | 133 | €517,362 | €467,865 | -€49,498 | -9.6% |
| Provisions and deferred taxes | 16 | €18,342 | €16,194 | -€2,148 | -11.7% |
| Deferred taxes | 168 | €18,342 | €16,194 | -€2,148 | -11.7% |
| Amounts payable | 17/49 | €348,552 | €591,188 | +€242,636 | +69.6% |
| Amounts payable after more than one year | 17 | - | €322,621 | +€322,621 | |
| Financial debts | 170/4 | - | €322,621 | +€322,621 | |
| Amounts payable within one year | 42/48 | €340,473 | €259,118 | -€81,355 | -23.9% |
| Current portion of amounts payable after more than one year | 42 | €0 | €18,411 | +€18,411 | |
| Trade debts | 44 | €3,187 | €0 | -€3,187 | -100.0% |
| Suppliers | 440/4 | €3,187 | €0 | -€3,187 | -100.0% |
| Taxes, remuneration and social security | 45 | €114,028 | €4,863 | -€109,165 | -95.7% |
| Taxes | 450/3 | €114,028 | €4,863 | -€109,165 | -95.7% |
| Other amounts payable | 47/48 | €223,258 | €235,845 | +€12,587 | +5.6% |
| Accrued charges and deferred income | 492/3 | €8,079 | €9,449 | +€1,370 | +17.0% |
| Non-recurring operating income | 76A | €3,865 | €0 | -€3,865 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,557 | €98,930 | +€77,374 | +358.9% |
| Other operating charges | 640/8 | €15,995 | €14,792 | -€1,202 | -7.5% |
| Gross operating margin | 9900 | €40,271 | €84,744 | +€44,473 | +110.4% |
| Operating profit (loss) | 9901 | €2,720 | -€28,979 | -€31,699 | |
| Financial income | 75/76B | €0 | €0 | -€0 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €18,221 | €27,679 | +€9,459 | +51.9% |
| Recurring financial charges | 65 | €18,221 | €27,679 | +€9,459 | +51.9% |
| Profit (loss) for the period before taxes | 9903 | -€15,501 | -€56,658 | -€41,157 | -265.5% |
| Transfer from deferred taxes | 780 | €2,148 | €2,148 | +€0 | 0.0% |
| Income taxes | 67/77 | €114,052 | -€155 | -€114,207 | |
| Profit (loss) for the period | 9904 | -€127,405 | -€54,355 | +€73,050 | +57.3% |
| Transfer from tax-exempt reserves | 789 | €351,732 | €4,857 | -€346,875 | -98.6% |
| Profit (loss) for the period to be appropriated | 9905 | €224,327 | -€49,498 | -€273,825 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.