Dr. Boyd Rutten: 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.
Dr. Boyd Rutten
Largest movements
- Current investments +€101,521
up €101,521 (+66.8%), from €152,000 to €253,521
- Cash +€65,933
up €65,933 (+41.8%), from €157,833 to €223,765
mainly Net result for the year (+€147,195) and Receivables within one year (+€16,495)
- Receivables within one year -€16,495
down €16,495 (-49.4%), from €33,387 to €16,892
of which Trade receivables: -€32,479
- Tangible fixed assets -€5,327
down €5,327 (-45.1%), from €11,810 to €6,483
- Reserves +€147,195
up €147,195 (+41.6%), from €353,896 to €501,091
- Gross operating margin -€89,369
down €89,369 (-31.4%), from €284,824 to €195,455
- Taxes -€22,122
down €22,122 (-33.3%), from €66,340 to €44,219
- Financial income +€3,710
up €3,710 (+665%), from €558 to €4,268
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 | €359,599 | €507,175 | +€147,576 | +41.0% |
| Fixed assets | 21/28 | €11,810 | €6,483 | -€5,327 | -45.1% |
| Tangible fixed assets | 22/27 | €11,810 | €6,483 | -€5,327 | -45.1% |
| Furniture and vehicles | 24 | €11,810 | €6,483 | -€5,327 | -45.1% |
| Current assets | 29/58 | €347,789 | €500,692 | +€152,903 | +44.0% |
| Amounts receivable within one year | 40/41 | €33,387 | €16,892 | -€16,495 | -49.4% |
| Trade receivables | 40 | €33,179 | €700 | -€32,479 | -97.9% |
| Other amounts receivable | 41 | €208 | €16,192 | +€15,984 | +7,674% |
| Current investments | 50/53 | €152,000 | €253,521 | +€101,521 | +66.8% |
| Cash at bank and in hand | 54/58 | €157,833 | €223,765 | +€65,933 | +41.8% |
| Deferred charges and accrued income | 490/1 | €4,569 | €6,514 | +€1,944 | +42.6% |
| Total equity and liabilities | 10/49 | €359,599 | €507,175 | +€147,576 | +41.0% |
| Equity | 10/15 | €355,396 | €502,591 | +€147,195 | +41.4% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €353,896 | €501,091 | +€147,195 | +41.6% |
| Distributable reserves | 133 | €353,896 | €501,091 | +€147,195 | +41.6% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €4,203 | €4,584 | +€381 | +9.1% |
| Amounts payable within one year | 42/48 | €4,203 | €4,584 | +€381 | +9.1% |
| Trade debts | 44 | €1,158 | €1,284 | +€126 | +10.9% |
| Suppliers | 440/4 | €1,158 | €1,284 | +€126 | +10.9% |
| Taxes, remuneration and social security | 45 | €1,190 | €3,300 | +€2,111 | +177% |
| Taxes | 450/3 | €1,190 | €3,300 | +€2,111 | +177% |
| Other amounts payable | 47/48 | €1,855 | €0 | -€1,855 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,859 | €8,005 | +€1,146 | +16.7% |
| Other operating charges | 640/8 | €261 | €268 | +€7 | +2.6% |
| Gross operating margin | 9900 | €284,824 | €195,455 | -€89,369 | -31.4% |
| Operating profit (loss) | 9901 | €277,704 | €187,182 | -€90,522 | -32.6% |
| Financial income | 75/76B | €558 | €4,268 | +€3,710 | +665% |
| Recurring financial income | 75 | €558 | €4,268 | +€3,710 | +665% |
| Financial charges | 65/66B | €32 | €37 | +€4 | +13.7% |
| Recurring financial charges | 65 | €32 | €37 | +€4 | +13.7% |
| Profit (loss) for the period before taxes | 9903 | €278,230 | €191,414 | -€86,817 | -31.2% |
| Income taxes | 67/77 | €66,340 | €44,219 | -€22,122 | -33.3% |
| Profit (loss) for the period | 9904 | €211,890 | €147,195 | -€64,695 | -30.5% |
| Profit (loss) for the period to be appropriated | 9905 | €211,890 | €147,195 | -€64,695 | -30.5% |
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 30 October 2026 via checked.be.