Dr. Ruben Bruynseraede: 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. Ruben Bruynseraede
Largest movements
- Current investments -€127,600
no longer reported in 2025 (was €127,600)
- Cash +€56,407
up €56,407 (+77.5%), from €72,791 to €129,198
mainly Current investments (+€127,600) and Other debts (+€121,422)
- Receivables after one year -€20,000
no longer reported in 2025 (was €20,000)
- Reserves -€212,822
no longer reported in 2025 (was €212,822)
- Other debts +€121,422
up €121,422 (+18,941%), from €641 to €122,063
- Gross operating margin -€31,051
down €31,051 (-21.6%), from €143,492 to €112,441
- Taxes -€7,355
down €7,355 (-23.1%), from €31,906 to €24,552
- Financial income +€1,616
up €1,616 (+404%), from €400 to €2,016
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 | €245,469 | €154,070 | -€91,399 | -37.2% |
| Fixed assets | 21/28 | €2,113 | €900 | -€1,213 | -57.4% |
| Tangible fixed assets | 22/27 | €2,113 | €900 | -€1,213 | -57.4% |
| Furniture and vehicles | 24 | €2,113 | €900 | -€1,213 | -57.4% |
| Current assets | 29/58 | €243,356 | €153,170 | -€90,186 | -37.1% |
| Amounts receivable after more than one year | 29 | €20,000 | - | -€20,000 | |
| Other amounts receivable | 291 | €20,000 | - | -€20,000 | |
| Amounts receivable within one year | 40/41 | - | €948 | +€948 | |
| Other amounts receivable | 41 | - | €948 | +€948 | |
| Current investments | 50/53 | €127,600 | - | -€127,600 | |
| Cash at bank and in hand | 54/58 | €72,791 | €129,198 | +€56,407 | +77.5% |
| Deferred charges and accrued income | 490/1 | €22,965 | €23,024 | +€59 | +0.3% |
| Total equity and liabilities | 10/49 | €245,469 | €154,070 | -€91,399 | -37.2% |
| Equity | 10/15 | €212,922 | €100 | -€212,822 | -100.0% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €212,822 | - | -€212,822 | |
| Distributable reserves | 133 | €212,822 | - | -€212,822 | |
| Amounts payable | 17/49 | €32,548 | €153,970 | +€121,422 | +373% |
| Amounts payable within one year | 42/48 | €32,548 | €153,970 | +€121,422 | +373% |
| Taxes, remuneration and social security | 45 | €31,906 | €31,906 | = | 0.0% |
| Taxes | 450/3 | €31,906 | €31,906 | = | 0.0% |
| Other amounts payable | 47/48 | €641 | €122,063 | +€121,422 | +18,941% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,309 | €1,213 | -€95 | -7.3% |
| Other operating charges | 640/8 | €575 | €994 | +€419 | +72.8% |
| Gross operating margin | 9900 | €143,492 | €112,441 | -€31,051 | -21.6% |
| Operating profit (loss) | 9901 | €141,608 | €110,234 | -€31,374 | -22.2% |
| Financial income | 75/76B | €400 | €2,016 | +€1,616 | +404% |
| Recurring financial income | 75 | €400 | €2,016 | +€1,616 | +404% |
| Financial charges | 65/66B | €44 | €496 | +€453 | +1,041% |
| Recurring financial charges | 65 | €44 | €496 | +€453 | +1,041% |
| Profit (loss) for the period before taxes | 9903 | €141,965 | €111,753 | -€30,211 | -21.3% |
| Income taxes | 67/77 | €31,906 | €24,552 | -€7,355 | -23.1% |
| Profit (loss) for the period | 9904 | €110,058 | €87,202 | -€22,857 | -20.8% |
| Profit (loss) for the period to be appropriated | 9905 | €110,058 | €87,202 | -€22,857 | -20.8% |
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 31 October 2026 via checked.be.