DR. VAN GEMERT RUBEN: 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. VAN GEMERT RUBEN
Largest movements
- Current investments +€227,749
up €227,749 (+262%), from €87,000 to €314,749
- Cash -€185,524
down €185,524 (-87.2%), from €212,774 to €27,250
mainly Current investments (-€227,749) and Accrued charges and deferred income (-€56,659)
- Receivables within one year -€62,262
down €62,262 (-75.9%), from €82,069 to €19,807
of which Trade receivables: -€81,359
- Tangible fixed assets +€6,717
new in 2025: €6,717
- Deferred charges and accrued income +€6,538
up €6,538 (+42.3%), from €15,458 to €21,997
- Reserves +€63,389
up €63,389 (+20.5%), from €309,006 to €372,395
- Accrued charges and deferred income -€56,659
down €56,659 (-99.1%), from €57,164 to €505
- Current portion of long-term debt -€16,805
no longer reported in 2025 (was €16,805)
- Depreciation -€16,654
down €16,654 (-93.6%), from €17,786 to €1,132
- Gross operating margin -€4,126
down €4,126 (-3.5%), from €117,481 to €113,356
- Taxes +€2,936
up €2,936 (+13.3%), from €22,059 to €24,995
- Financial charges +€1,215
up €1,215 (+170%), from €714 to €1,929
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 | €421,301 | €414,521 | -€6,780 | -1.6% |
| Fixed assets | 21/28 | - | €6,717 | +€6,717 | |
| Tangible fixed assets | 22/27 | - | €6,717 | +€6,717 | |
| Furniture and vehicles | 24 | - | €6,717 | +€6,717 | |
| Current assets | 29/58 | €421,301 | €407,803 | -€13,498 | -3.2% |
| Amounts receivable after more than one year | 29 | €24,000 | €24,000 | = | 0.0% |
| Other amounts receivable | 291 | €24,000 | €24,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €82,069 | €19,807 | -€62,262 | -75.9% |
| Trade receivables | 40 | €81,359 | - | -€81,359 | |
| Other amounts receivable | 41 | €710 | €19,807 | +€19,097 | +2,691% |
| Current investments | 50/53 | €87,000 | €314,749 | +€227,749 | +262% |
| Cash at bank and in hand | 54/58 | €212,774 | €27,250 | -€185,524 | -87.2% |
| Deferred charges and accrued income | 490/1 | €15,458 | €21,997 | +€6,538 | +42.3% |
| Total equity and liabilities | 10/49 | €421,301 | €414,521 | -€6,780 | -1.6% |
| Equity | 10/15 | €327,606 | €390,995 | +€63,389 | +19.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €309,006 | €372,395 | +€63,389 | +20.5% |
| Distributable reserves | 133 | €309,006 | €372,395 | +€63,389 | +20.5% |
| Amounts payable | 17/49 | €93,695 | €23,526 | -€70,170 | -74.9% |
| Amounts payable within one year | 42/48 | €36,531 | €23,021 | -€13,510 | -37.0% |
| Current portion of amounts payable after more than one year | 42 | €16,805 | - | -€16,805 | |
| Financial debts | 43 | €16,093 | €16,712 | +€619 | +3.8% |
| Credit institutions | 430/8 | €16,093 | €16,712 | +€619 | +3.8% |
| Trade debts | 44 | €48 | €794 | +€746 | +1,544% |
| Suppliers | 440/4 | €48 | €794 | +€746 | +1,544% |
| Taxes, remuneration and social security | 45 | €1,598 | €3,955 | +€2,358 | +148% |
| Taxes | 450/3 | €1,598 | €3,955 | +€2,358 | +148% |
| Other amounts payable | 47/48 | €1,987 | €1,559 | -€428 | -21.5% |
| Accrued charges and deferred income | 492/3 | €57,164 | €505 | -€56,659 | -99.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,786 | €1,132 | -€16,654 | -93.6% |
| Other operating charges | 640/8 | €797 | €1,096 | +€299 | +37.5% |
| Gross operating margin | 9900 | €117,481 | €113,356 | -€4,126 | -3.5% |
| Operating profit (loss) | 9901 | €98,898 | €111,128 | +€12,229 | +12.4% |
| Financial income | 75/76B | €3,411 | €4,185 | +€775 | +22.7% |
| Recurring financial income | 75 | €3,411 | €4,185 | +€775 | +22.7% |
| Financial charges | 65/66B | €714 | €1,929 | +€1,215 | +170% |
| Recurring financial charges | 65 | €714 | €1,929 | +€1,215 | +170% |
| Profit (loss) for the period before taxes | 9903 | €101,595 | €113,384 | +€11,789 | +11.6% |
| Income taxes | 67/77 | €22,059 | €24,995 | +€2,936 | +13.3% |
| Profit (loss) for the period | 9904 | €79,536 | €88,389 | +€8,854 | +11.1% |
| Profit (loss) for the period to be appropriated | 9905 | €79,536 | €88,389 | +€8,854 | +11.1% |
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 19 October 2026 via checked.be.