FERNAND 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.
FERNAND RUTTEN
Largest movements
- Tangible fixed assets -€334,441
down €334,441 (-19.4%), from €1.7m to €1.4m
of which Land and buildings: -€284,306
- Cash +€241,984
up €241,984 (+331%), from €73,161 to €315,145
mainly Investment in fixed assets (net) (+€263,748) and Depreciation (+€70,693)
No liability line moved by more than 1% of the balance sheet total.
- Financial charges -€206,342
down €206,342 (-99.5%), from €207,318 to €976
- Gross operating margin +€83,371
up €83,371, from -€74,283 to €9,088
- Depreciation -€59,550
down €59,550 (-45.7%), from €130,242 to €70,693
- Taxes -€6,923
down €6,923 (-90.4%), from €7,657 to €733
- Other operating charges -€2,783
down €2,783 (-22.7%), from €12,246 to €9,462
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 | €5,705,689 | €5,667,355 | -€38,335 | -0.7% |
| Fixed assets | 21/28 | €1,726,927 | €1,392,487 | -€334,441 | -19.4% |
| Tangible fixed assets | 22/27 | €1,725,927 | €1,391,487 | -€334,441 | -19.4% |
| Land and buildings | 22 | €1,338,195 | €1,053,889 | -€284,306 | -21.2% |
| Plant, machinery and equipment | 23 | €11,470 | €4,170 | -€7,300 | -63.6% |
| Furniture and vehicles | 24 | €156,784 | €113,950 | -€42,834 | -27.3% |
| Other tangible fixed assets | 26 | €219,478 | €219,478 | = | 0.0% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €3,978,762 | €4,274,868 | +€296,106 | +7.4% |
| Amounts receivable after more than one year | 29 | €3,822,894 | €3,822,894 | = | 0.0% |
| Other amounts receivable | 291 | €3,822,894 | €3,822,894 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €79,107 | €132,910 | +€53,803 | +68.0% |
| Trade receivables | 40 | €17,433 | €0 | -€17,433 | -100% |
| Other amounts receivable | 41 | €61,674 | €132,910 | +€71,236 | +116% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €73,161 | €315,145 | +€241,984 | +331% |
| Deferred charges and accrued income | 490/1 | €3,600 | €3,919 | +€318 | +8.8% |
| Total equity and liabilities | 10/49 | €5,705,689 | €5,667,355 | -€38,335 | -0.7% |
| Equity | 10/15 | €5,699,742 | €5,656,429 | -€43,312 | -0.8% |
| Contributions | 10/11 | €30,990 | €30,990 | = | 0.0% |
| Reserves | 13 | €5,668,752 | €5,625,439 | -€43,312 | -0.8% |
| Distributable reserves | 133 | €5,668,752 | €5,625,439 | -€43,312 | -0.8% |
| Amounts payable | 17/49 | €5,948 | €10,925 | +€4,978 | +83.7% |
| Amounts payable within one year | 42/48 | €5,948 | €10,925 | +€4,978 | +83.7% |
| Trade debts | 44 | €2,307 | €4,048 | +€1,742 | +75.5% |
| Suppliers | 440/4 | €2,307 | €4,048 | +€1,742 | +75.5% |
| Taxes, remuneration and social security | 45 | €3,641 | €6,877 | +€3,236 | +88.9% |
| Taxes | 450/3 | €736 | €1,441 | +€705 | +95.8% |
| Remuneration and social security | 454/9 | €2,905 | €5,435 | +€2,531 | +87.1% |
| Non-recurring operating income | 76A | €12,583 | €55,252 | +€42,669 | +339% |
| Remuneration, social security and pensions | 62 | €11,184 | €12,851 | +€1,666 | +14.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €130,242 | €70,693 | -€59,550 | -45.7% |
| Other operating charges | 640/8 | €12,246 | €9,462 | -€2,783 | -22.7% |
| Non-recurring operating charges | 66A | €3,154 | €0 | -€3,154 | -100% |
| Gross operating margin | 9900 | -€74,283 | €9,088 | +€83,371 | |
| Operating profit (loss) | 9901 | -€231,109 | -€83,918 | +€147,191 | +63.7% |
| Financial income | 75/76B | €43,786 | €42,314 | -€1,472 | -3.4% |
| Recurring financial income | 75 | €43,786 | €42,314 | -€1,472 | -3.4% |
| Financial charges | 65/66B | €207,318 | €976 | -€206,342 | -99.5% |
| Recurring financial charges | 65 | €207,318 | €976 | -€206,342 | -99.5% |
| Profit (loss) for the period before taxes | 9903 | -€394,640 | -€42,579 | +€352,061 | +89.2% |
| Income taxes | 67/77 | €7,657 | €733 | -€6,923 | -90.4% |
| Profit (loss) for the period | 9904 | -€402,297 | -€43,312 | +€358,985 | +89.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€402,297 | -€43,312 | +€358,985 | +89.2% |
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 19 October 2026 via checked.be.