4 REBUS: 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.
4 REBUS
Largest movements
- Stocks and contracts -€598,897
down €598,897 (-75.4%), from €794,134 to €195,237
- Cash +€188,544
up €188,544 (+657%), from €28,713 to €217,257
mainly Stocks and contracts (+€598,897) and Net result for the year (+€64,503)
- Short-term financial debts -€442,511
down €442,511 (-74.9%), from €590,911 to €148,400
- Profit (loss) carried forward +€37,067
no longer reported in 2025 (was -€37,067)
- Tax, wage and social debts -€31,925
down €31,925 (-97.8%), from €32,632 to €706
- Reserves +€27,435
up €27,435 (+27.6%), from €99,323 to €126,758
- Debts after one year +€15,000
up €15,000 (+15.3%), from €98,240 to €113,240
of which Financial debts: +€15,000
- Gross operating margin +€101,069
up €101,069, from -€3,454 to €97,615
- Financial charges -€13,514
down €13,514 (-42.1%), from €32,088 to €18,573
- Taxes +€12,812
new in 2025: €12,812
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 | €827,169 | €419,141 | -€408,027 | -49.3% |
| Current assets | 29/58 | €827,169 | €419,141 | -€408,027 | -49.3% |
| Stocks and contracts in progress | 3 | €794,134 | €195,237 | -€598,897 | -75.4% |
| Stocks | 30/36 | €794,134 | €195,237 | -€598,897 | -75.4% |
| Amounts receivable within one year | 40/41 | €2,686 | €6,144 | +€3,458 | +129% |
| Other amounts receivable | 41 | €2,686 | €6,144 | +€3,458 | +129% |
| Cash at bank and in hand | 54/58 | €28,713 | €217,257 | +€188,544 | +657% |
| Deferred charges and accrued income | 490/1 | €1,635 | €503 | -€1,132 | -69.2% |
| Total equity and liabilities | 10/49 | €827,169 | €419,141 | -€408,027 | -49.3% |
| Equity | 10/15 | €80,806 | €145,308 | +€64,503 | +79.8% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €99,323 | €126,758 | +€27,435 | +27.6% |
| Distributable reserves | 133 | €99,323 | €126,758 | +€27,435 | +27.6% |
| Profit (loss) carried forward | 14 | -€37,067 | - | +€37,067 | |
| Amounts payable | 17/49 | €746,363 | €273,833 | -€472,530 | -63.3% |
| Amounts payable after more than one year | 17 | €98,240 | €113,240 | +€15,000 | +15.3% |
| Financial debts | 170/4 | €65,000 | €80,000 | +€15,000 | +23.1% |
| Other amounts payable | 178/9 | €33,240 | €33,240 | = | 0.0% |
| Amounts payable within one year | 42/48 | €641,044 | €153,813 | -€487,231 | -76.0% |
| Financial debts | 43 | €590,911 | €148,400 | -€442,511 | -74.9% |
| Credit institutions | 430/8 | €590,911 | €148,400 | -€442,511 | -74.9% |
| Trade debts | 44 | €17,501 | €4,707 | -€12,795 | -73.1% |
| Suppliers | 440/4 | €17,501 | €4,707 | -€12,795 | -73.1% |
| Taxes, remuneration and social security | 45 | €32,632 | €706 | -€31,925 | -97.8% |
| Taxes | 450/3 | €32,632 | €706 | -€31,925 | -97.8% |
| Accrued charges and deferred income | 492/3 | €7,079 | €6,780 | -€299 | -4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €196 | - | -€196 | |
| Other operating charges | 640/8 | €2,076 | €1,728 | -€349 | -16.8% |
| Gross operating margin | 9900 | -€3,454 | €97,615 | +€101,069 | |
| Operating profit (loss) | 9901 | -€5,726 | €95,887 | +€101,614 | |
| Financial income | 75/76B | €747 | €1 | -€746 | -99.9% |
| Recurring financial income | 75 | €747 | €1 | -€746 | -99.9% |
| Financial charges | 65/66B | €32,088 | €18,573 | -€13,514 | -42.1% |
| Recurring financial charges | 65 | €32,088 | €18,573 | -€13,514 | -42.1% |
| Profit (loss) for the period before taxes | 9903 | -€37,067 | €77,315 | +€114,382 | |
| Income taxes | 67/77 | - | €12,812 | +€12,812 | |
| Profit (loss) for the period | 9904 | -€37,067 | €64,503 | +€101,570 | |
| Profit (loss) for the period to be appropriated | 9905 | -€37,067 | €64,503 | +€101,570 |
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 20 October 2026 via checked.be.