DR. BAENS RUTH: what changed
DR. BAENS RUTH
Largest movements
- Cash -€83,450
down €83,450 (-57.2%), from €145,984 to €62,534
mainly Contributions, distributions and other (-€199,000) and Deferred charges and accrued income (-€15,332)
- Deferred charges and accrued income +€15,332
up €15,332 (+904%), from €1,696 to €17,028
- Receivables within one year -€11,928
down €11,928 (-55.3%), from €21,562 to €9,634
of which Other amounts receivable: -€7,841
- Tangible fixed assets -€8,380
down €8,380 (-26.3%), from €31,822 to €23,442
- Reserves -€109,000
down €109,000 (-100%), from €109,000 to €0
- Other debts +€15,885
up €15,885 (+18.4%), from €86,316 to €102,202
- Tax, wage and social debts +€10,750
up €10,750 (+58.1%), from €18,487 to €29,237
- Debts after one year -€8,424
down €8,424 (-34.0%), from €24,796 to €16,372
- Gross operating margin +€24,708
up €24,708 (+24.4%), from €101,390 to €126,098
- Taxes +€7,308
up €7,308 (+40.3%), from €18,134 to €25,441
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €252,314 | €163,888 | -€88,427 | -35.0% |
| Fixed assets | 21/28 | €32,072 | €23,692 | -€8,380 | -26.1% |
| Tangible fixed assets | 22/27 | €31,822 | €23,442 | -€8,380 | -26.3% |
| Furniture and vehicles | 24 | €31,822 | €23,442 | -€8,380 | -26.3% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €220,242 | €140,196 | -€80,046 | -36.3% |
| Amounts receivable within one year | 40/41 | €21,562 | €9,634 | -€11,928 | -55.3% |
| Trade receivables | 40 | €4,202 | €115 | -€4,087 | -97.3% |
| Other amounts receivable | 41 | €17,360 | €9,519 | -€7,841 | -45.2% |
| Current investments | 50/53 | €51,000 | €51,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €145,984 | €62,534 | -€83,450 | -57.2% |
| Deferred charges and accrued income | 490/1 | €1,696 | €17,028 | +€15,332 | +904% |
| Total equity and liabilities | 10/49 | €252,314 | €163,888 | -€88,427 | -35.0% |
| Equity | 10/15 | €114,367 | €7,141 | -€107,227 | -93.8% |
| Contributions | 10/11 | €3,600 | €3,600 | = | 0.0% |
| Reserves | 13 | €109,000 | €0 | -€109,000 | -100% |
| Distributable reserves | 133 | €109,000 | €0 | -€109,000 | -100% |
| Profit (loss) carried forward | 14 | €1,767 | €3,541 | +€1,773 | +100% |
| Amounts payable | 17/49 | €137,947 | €156,747 | +€18,800 | +13.6% |
| Amounts payable after more than one year | 17 | €24,796 | €16,372 | -€8,424 | -34.0% |
| Financial debts | 170/4 | €24,796 | €16,372 | -€8,424 | -34.0% |
| Amounts payable within one year | 42/48 | €113,152 | €140,375 | +€27,224 | +24.1% |
| Current portion of amounts payable after more than one year | 42 | €8,085 | €8,424 | +€339 | +4.2% |
| Trade debts | 44 | €263 | €512 | +€249 | +94.6% |
| Suppliers | 440/4 | €263 | €512 | +€249 | +94.6% |
| Taxes, remuneration and social security | 45 | €18,487 | €29,237 | +€10,750 | +58.1% |
| Taxes | 450/3 | €18,487 | €29,237 | +€10,750 | +58.1% |
| Other amounts payable | 47/48 | €86,316 | €102,202 | +€15,885 | +18.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,069 | €8,380 | -€689 | -7.6% |
| Other operating charges | 640/8 | €449 | €462 | +€12 | +2.8% |
| Gross operating margin | 9900 | €101,390 | €126,098 | +€24,708 | +24.4% |
| Operating profit (loss) | 9901 | €91,872 | €117,256 | +€25,384 | +27.6% |
| Financial income | 75/76B | €1,055 | €1,913 | +€858 | +81.3% |
| Recurring financial income | 75 | €1,055 | €1,913 | +€858 | +81.3% |
| Financial charges | 65/66B | €3,025 | €1,953 | -€1,072 | -35.4% |
| Recurring financial charges | 65 | €3,025 | €1,953 | -€1,072 | -35.4% |
| Profit (loss) for the period before taxes | 9903 | €89,901 | €117,215 | +€27,314 | +30.4% |
| Income taxes | 67/77 | €18,134 | €25,441 | +€7,308 | +40.3% |
| Profit (loss) for the period | 9904 | €71,767 | €91,773 | +€20,006 | +27.9% |
| Profit (loss) for the period to be appropriated | 9905 | €71,767 | €91,773 | +€20,006 | +27.9% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.