Dr. Maya Ruymbeke: 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. Maya Ruymbeke
Largest movements
- Tangible fixed assets -€26,210
down €26,210 (-5.6%), from €467,523 to €441,313
of which Land and buildings: -€17,865
- Cash +€16,662
up €16,662 (+32.5%), from €51,237 to €67,899
mainly Net result for the year (+€59,671) and Depreciation (+€34,387)
- Receivables within one year -€13,401
down €13,401 (-10.9%), from €122,412 to €109,011
of which Other amounts receivable: -€9,201
- Debts after one year -€25,795
down €25,795 (-17.3%), from €149,256 to €123,460
- Reserves +€9,671
up €9,671 (+2.2%), from €434,368 to €444,038
of which Distributable reserves: +€9,671
- Gross operating margin +€33,972
up €33,972 (+38.2%), from €88,971 to €122,943
- Taxes +€10,024
up €10,024 (+67.7%), from €14,800 to €24,823
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 | €641,172 | €623,899 | -€17,274 | -2.7% |
| Fixed assets | 21/28 | €467,523 | €441,313 | -€26,210 | -5.6% |
| Tangible fixed assets | 22/27 | €467,523 | €441,313 | -€26,210 | -5.6% |
| Land and buildings | 22 | €411,490 | €393,625 | -€17,865 | -4.3% |
| Plant, machinery and equipment | 23 | €45,857 | €38,743 | -€7,114 | -15.5% |
| Furniture and vehicles | 24 | €10,176 | €8,946 | -€1,231 | -12.1% |
| Current assets | 29/58 | €173,649 | €182,586 | +€8,937 | +5.1% |
| Amounts receivable within one year | 40/41 | €122,412 | €109,011 | -€13,401 | -10.9% |
| Trade receivables | 40 | €47,356 | €43,156 | -€4,200 | -8.9% |
| Other amounts receivable | 41 | €75,056 | €65,855 | -€9,201 | -12.3% |
| Cash at bank and in hand | 54/58 | €51,237 | €67,899 | +€16,662 | +32.5% |
| Deferred charges and accrued income | 490/1 | - | €5,676 | +€5,676 | |
| Total equity and liabilities | 10/49 | €641,172 | €623,899 | -€17,274 | -2.7% |
| Equity | 10/15 | €446,768 | €456,438 | +€9,671 | +2.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €434,368 | €444,038 | +€9,671 | +2.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €432,508 | €442,178 | +€9,671 | +2.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €194,405 | €167,460 | -€26,944 | -13.9% |
| Amounts payable after more than one year | 17 | €149,256 | €123,460 | -€25,795 | -17.3% |
| Financial debts | 170/4 | €149,256 | €123,460 | -€25,795 | -17.3% |
| Amounts payable within one year | 42/48 | €45,149 | €44,000 | -€1,149 | -2.5% |
| Current portion of amounts payable after more than one year | 42 | €29,242 | €25,795 | -€3,447 | -11.8% |
| Trade debts | 44 | €8,160 | €7,396 | -€765 | -9.4% |
| Suppliers | 440/4 | €8,160 | €7,396 | -€765 | -9.4% |
| Taxes, remuneration and social security | 45 | €7,746 | €10,809 | +€3,062 | +39.5% |
| Taxes | 450/3 | €3,800 | €6,817 | +€3,018 | +79.4% |
| Remuneration and social security | 454/9 | €3,947 | €3,992 | +€45 | +1.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,526 | €34,387 | +€861 | +2.6% |
| Other operating charges | 640/8 | €3,580 | €3,356 | -€224 | -6.3% |
| Gross operating margin | 9900 | €88,971 | €122,943 | +€33,972 | +38.2% |
| Operating profit (loss) | 9901 | €51,865 | €85,200 | +€33,335 | +64.3% |
| Financial income | 75/76B | €3,928 | €4,741 | +€813 | +20.7% |
| Recurring financial income | 75 | €3,928 | €4,741 | +€813 | +20.7% |
| Financial charges | 65/66B | €6,251 | €5,447 | -€804 | -12.9% |
| Recurring financial charges | 65 | €6,251 | €5,447 | -€804 | -12.9% |
| Profit (loss) for the period before taxes | 9903 | €49,541 | €84,494 | +€34,953 | +70.6% |
| Income taxes | 67/77 | €14,800 | €24,823 | +€10,024 | +67.7% |
| Profit (loss) for the period | 9904 | €34,742 | €59,671 | +€24,929 | +71.8% |
| Profit (loss) for the period to be appropriated | 9905 | €34,742 | €59,671 | +€24,929 | +71.8% |
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 27 October 2026 via checked.be.