L. Rutsaert: 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.
L. Rutsaert
Largest movements
- Receivables within one year +€282,167
up €282,167 (+387%), from €72,864 to €355,030
of which Other amounts receivable: +€262,404
- Current investments -€150,000
no longer reported in 2025 (was €150,000)
- Tangible fixed assets +€24,071
up €24,071 (+410%), from €5,866 to €29,937
of which Land and buildings: +€20,537
- Cash +€16,076
up €16,076 (+11.4%), from €141,487 to €157,563
mainly Net result for the year (+€166,092) and Current investments (+€150,000)
- Profit (loss) carried forward +€166,092
up €166,092 (+117%), from €141,741 to €307,833
- Trade debts +€14,604
up €14,604 (+168%), from €8,668 to €23,271
- Gross operating margin +€26,150
up €26,150 (+14.2%), from €184,031 to €210,181
- Taxes +€8,784
up €8,784 (+21.3%), from €41,307 to €50,091
- Financial income +€8,021
up €8,021 (+288%), from €2,787 to €10,808
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 | €372,973 | €546,714 | +€173,741 | +46.6% |
| Fixed assets | 21/28 | €5,866 | €29,937 | +€24,071 | +410% |
| Tangible fixed assets | 22/27 | €5,866 | €29,937 | +€24,071 | +410% |
| Land and buildings | 22 | €2,367 | €22,904 | +€20,537 | +868% |
| Furniture and vehicles | 24 | €3,499 | €7,034 | +€3,534 | +101% |
| Current assets | 29/58 | €367,107 | €516,777 | +€149,670 | +40.8% |
| Amounts receivable within one year | 40/41 | €72,864 | €355,030 | +€282,167 | +387% |
| Trade receivables | 40 | €64,489 | €84,251 | +€19,762 | +30.6% |
| Other amounts receivable | 41 | €8,375 | €270,779 | +€262,404 | +3,133% |
| Current investments | 50/53 | €150,000 | - | -€150,000 | |
| Cash at bank and in hand | 54/58 | €141,487 | €157,563 | +€16,076 | +11.4% |
| Deferred charges and accrued income | 490/1 | €2,757 | €4,184 | +€1,427 | +51.8% |
| Total equity and liabilities | 10/49 | €372,973 | €546,714 | +€173,741 | +46.6% |
| Equity | 10/15 | €327,203 | €493,294 | +€166,092 | +50.8% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €182,462 | €182,462 | = | 0.0% |
| Distributable reserves | 133 | €182,462 | €182,462 | = | 0.0% |
| Profit (loss) carried forward | 14 | €141,741 | €307,833 | +€166,092 | +117% |
| Amounts payable | 17/49 | €45,771 | €53,420 | +€7,649 | +16.7% |
| Amounts payable within one year | 42/48 | €45,771 | €53,420 | +€7,649 | +16.7% |
| Financial debts | 43 | €2,625 | - | -€2,625 | |
| Credit institutions | 430/8 | €2,625 | - | -€2,625 | |
| Trade debts | 44 | €8,668 | €23,271 | +€14,604 | +168% |
| Suppliers | 440/4 | €8,668 | €23,271 | +€14,604 | +168% |
| Taxes, remuneration and social security | 45 | €34,478 | €30,149 | -€4,329 | -12.6% |
| Taxes | 450/3 | €34,478 | €30,149 | -€4,329 | -12.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,651 | €4,040 | +€1,389 | +52.4% |
| Other operating charges | 640/8 | €995 | €640 | -€354 | -35.6% |
| Gross operating margin | 9900 | €184,031 | €210,181 | +€26,150 | +14.2% |
| Operating profit (loss) | 9901 | €180,385 | €205,500 | +€25,115 | +13.9% |
| Financial income | 75/76B | €2,787 | €10,808 | +€8,021 | +288% |
| Recurring financial income | 75 | €2,787 | €10,808 | +€8,021 | +288% |
| Financial charges | 65/66B | €123 | €125 | +€2 | +1.6% |
| Recurring financial charges | 65 | €123 | €125 | +€2 | +1.6% |
| Profit (loss) for the period before taxes | 9903 | €183,049 | €216,183 | +€33,134 | +18.1% |
| Income taxes | 67/77 | €41,307 | €50,091 | +€8,784 | +21.3% |
| Profit (loss) for the period | 9904 | €141,741 | €166,092 | +€24,350 | +17.2% |
| Profit (loss) for the period to be appropriated | 9905 | €141,741 | €166,092 | +€24,350 | +17.2% |
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 24 October 2026 via checked.be.