DR. RAF DE BRUYN: 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. RAF DE BRUYN
Largest movements
- Receivables within one year -€86,512
down €86,512 (-51.8%), from €167,116 to €80,604
- Current investments +€48,569
up €48,569 (+19.4%), from €250,688 to €299,257
- Cash -€45,571
down €45,571 (-33.1%), from €137,761 to €92,190
mainly Contributions, distributions and other (-€167,258) and Current investments (-€48,569)
- Tangible fixed assets -€13,320
down €13,320 (-18.2%), from €73,235 to €59,915
of which Land and buildings: -€8,854
- Reserves -€98,492
down €98,492 (-15.2%), from €645,906 to €547,414
of which Distributable reserves: -€98,492
- Gross operating margin -€28,945
down €28,945 (-20.8%), from €138,892 to €109,948
- Taxes -€9,201
down €9,201 (-22.7%), from €40,611 to €31,410
- Financial income -€5,569
down €5,569 (-44.2%), from €12,595 to €7,026
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 | €683,252 | €584,243 | -€99,009 | -14.5% |
| Fixed assets | 21/28 | €73,235 | €59,915 | -€13,320 | -18.2% |
| Tangible fixed assets | 22/27 | €73,235 | €59,915 | -€13,320 | -18.2% |
| Land and buildings | 22 | €49,073 | €40,219 | -€8,854 | -18.0% |
| Plant, machinery and equipment | 23 | €21,307 | €18,223 | -€3,084 | -14.5% |
| Furniture and vehicles | 24 | €2,854 | €1,473 | -€1,381 | -48.4% |
| Current assets | 29/58 | €610,017 | €524,328 | -€85,690 | -14.0% |
| Amounts receivable after more than one year | 29 | €50,000 | €50,000 | = | 0.0% |
| Trade receivables | 290 | €50,000 | €50,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €167,116 | €80,604 | -€86,512 | -51.8% |
| Other amounts receivable | 41 | €167,116 | €80,604 | -€86,512 | -51.8% |
| Current investments | 50/53 | €250,688 | €299,257 | +€48,569 | +19.4% |
| Cash at bank and in hand | 54/58 | €137,761 | €92,190 | -€45,571 | -33.1% |
| Deferred charges and accrued income | 490/1 | €4,453 | €2,277 | -€2,176 | -48.9% |
| Total equity and liabilities | 10/49 | €683,252 | €584,243 | -€99,009 | -14.5% |
| Equity | 10/15 | €664,506 | €566,014 | -€98,492 | -14.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €645,906 | €547,414 | -€98,492 | -15.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €644,046 | €545,554 | -€98,492 | -15.3% |
| Amounts payable | 17/49 | €18,746 | €18,229 | -€517 | -2.8% |
| Amounts payable within one year | 42/48 | €18,746 | €18,229 | -€517 | -2.8% |
| Current portion of amounts payable after more than one year | 42 | €15,903 | €16,176 | +€273 | +1.7% |
| Trade debts | 44 | €2,642 | €1,852 | -€790 | -29.9% |
| Suppliers | 440/4 | €2,642 | €1,852 | -€790 | -29.9% |
| Other amounts payable | 47/48 | €200 | €200 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,010 | €13,320 | +€310 | +2.4% |
| Other operating charges | 640/8 | €1,641 | €1,943 | +€302 | +18.4% |
| Gross operating margin | 9900 | €138,892 | €109,948 | -€28,945 | -20.8% |
| Operating profit (loss) | 9901 | €124,242 | €94,685 | -€29,557 | -23.8% |
| Financial income | 75/76B | €12,595 | €7,026 | -€5,569 | -44.2% |
| Recurring financial income | 75 | €12,595 | €7,026 | -€5,569 | -44.2% |
| Financial charges | 65/66B | €464 | €1,535 | +€1,071 | +231% |
| Recurring financial charges | 65 | €464 | €1,535 | +€1,071 | +231% |
| Profit (loss) for the period before taxes | 9903 | €136,373 | €100,176 | -€36,197 | -26.5% |
| Income taxes | 67/77 | €40,611 | €31,410 | -€9,201 | -22.7% |
| Profit (loss) for the period | 9904 | €95,762 | €68,766 | -€26,996 | -28.2% |
| Profit (loss) for the period to be appropriated | 9905 | €95,762 | €68,766 | -€26,996 | -28.2% |
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 21 October 2026 via checked.be.