GUY RULKIN: 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.
GUY RULKIN
Largest movements
- Receivables within one year +€16,629
up €16,629 (+8.2%), from €203,076 to €219,704
of which Other amounts receivable: +€67,519
- Tangible fixed assets -€12,695
down €12,695 (-2.7%), from €467,677 to €454,982
of which Land and buildings: -€10,861
- Cash -€9,233
down €9,233 (-5.1%), from €181,284 to €172,051
mainly Contributions, distributions and other (-€125,337) and Trade debts (-€30,137)
- Other debts +€125,337
new in 2025: €125,337
- Reserves -€94,534
down €94,534 (-26.8%), from €352,480 to €257,946
of which Distributable reserves: -€94,534
- Trade debts -€30,137
down €30,137 (-44.9%), from €67,059 to €36,922
- Debts after one year -€14,566
down €14,566 (-8.1%), from €179,404 to €164,838
- Tax, wage and social debts +€10,702
up €10,702 (+176%), from €6,094 to €16,796
- Depreciation +€13,059
up €13,059 (+63.7%), from €20,509 to €33,568
- Financial income +€4,097
up €4,097 (+331%), from €1,239 to €5,336
- Taxes -€3,347
down €3,347 (-20.6%), from €16,237 to €12,891
- Other operating charges +€2,002
up €2,002 (+312%), from €641 to €2,643
- Financial charges +€1,620
up €1,620 (+29.9%), from €5,414 to €7,034
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 | €852,730 | €847,312 | -€5,418 | -0.6% |
| Fixed assets | 21/28 | €467,677 | €454,982 | -€12,695 | -2.7% |
| Tangible fixed assets | 22/27 | €467,677 | €454,982 | -€12,695 | -2.7% |
| Land and buildings | 22 | €460,843 | €449,982 | -€10,861 | -2.4% |
| Furniture and vehicles | 24 | €3,842 | €5,000 | +€1,158 | +30.1% |
| Other tangible fixed assets | 26 | €2,992 | €0 | -€2,992 | -100% |
| Current assets | 29/58 | €385,053 | €392,330 | +€7,277 | +1.9% |
| Amounts receivable within one year | 40/41 | €203,076 | €219,704 | +€16,629 | +8.2% |
| Trade receivables | 40 | €148,058 | €97,167 | -€50,891 | -34.4% |
| Other amounts receivable | 41 | €55,018 | €122,537 | +€67,519 | +123% |
| Cash at bank and in hand | 54/58 | €181,284 | €172,051 | -€9,233 | -5.1% |
| Deferred charges and accrued income | 490/1 | €693 | €574 | -€119 | -17.2% |
| Total equity and liabilities | 10/49 | €852,730 | €847,312 | -€5,418 | -0.6% |
| Equity | 10/15 | €583,226 | €488,692 | -€94,534 | -16.2% |
| Contributions | 10/11 | €230,000 | €230,000 | = | 0.0% |
| Reserves | 13 | €352,480 | €257,946 | -€94,534 | -26.8% |
| Non-distributable reserves | 130/1 | €4,778 | €4,778 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,778 | €4,778 | = | 0.0% |
| Distributable reserves | 133 | €347,702 | €253,168 | -€94,534 | -27.2% |
| Profit (loss) carried forward | 14 | €746 | €746 | = | 0.0% |
| Amounts payable | 17/49 | €269,504 | €358,620 | +€89,115 | +33.1% |
| Amounts payable after more than one year | 17 | €179,404 | €164,838 | -€14,566 | -8.1% |
| Financial debts | 170/4 | €179,404 | €164,838 | -€14,566 | -8.1% |
| Amounts payable within one year | 42/48 | €87,426 | €193,782 | +€106,356 | +122% |
| Current portion of amounts payable after more than one year | 42 | €14,087 | €14,566 | +€479 | +3.4% |
| Financial debts | 43 | €185 | €161 | -€24 | -13.0% |
| Credit institutions | 430/8 | €185 | €161 | -€24 | -13.0% |
| Trade debts | 44 | €67,059 | €36,922 | -€30,137 | -44.9% |
| Suppliers | 440/4 | €67,059 | €36,922 | -€30,137 | -44.9% |
| Taxes, remuneration and social security | 45 | €6,094 | €16,796 | +€10,702 | +176% |
| Taxes | 450/3 | €6,094 | €16,796 | +€10,702 | +176% |
| Other amounts payable | 47/48 | - | €125,337 | +€125,337 | |
| Accrued charges and deferred income | 492/3 | €2,674 | €0 | -€2,674 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,509 | €33,568 | +€13,059 | +63.7% |
| Other operating charges | 640/8 | €641 | €2,643 | +€2,002 | +312% |
| Non-recurring operating charges | 66A | - | €2,660 | +€2,660 | |
| Gross operating margin | 9900 | €83,609 | €84,263 | +€653 | +0.8% |
| Operating profit (loss) | 9901 | €62,459 | €45,391 | -€17,067 | -27.3% |
| Financial income | 75/76B | €1,239 | €5,336 | +€4,097 | +331% |
| Recurring financial income | 75 | €1,239 | €5,336 | +€4,097 | +331% |
| Financial charges | 65/66B | €5,414 | €7,034 | +€1,620 | +29.9% |
| Recurring financial charges | 65 | €5,414 | €7,034 | +€1,620 | +29.9% |
| Profit (loss) for the period before taxes | 9903 | €58,284 | €43,693 | -€14,590 | -25.0% |
| Income taxes | 67/77 | €16,237 | €12,891 | -€3,347 | -20.6% |
| Profit (loss) for the period | 9904 | €42,046 | €30,803 | -€11,243 | -26.7% |
| Profit (loss) for the period to be appropriated | 9905 | €42,046 | €30,803 | -€11,243 | -26.7% |
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 22 October 2026 via checked.be.