Laurent Ruessmann: 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.
Laurent Ruessmann
Largest movements
- Cash -€334,640
down €334,640 (-79.8%), from €419,593 to €84,953
mainly Contributions, distributions and other (-€780,000) and Other debts (-€335,502)
- Receivables within one year +€7,136
up €7,136 (+7.1%), from €100,389 to €107,525
of which Other amounts receivable: +€6,620
- Other debts -€335,502
down €335,502 (-97.3%), from €344,970 to €9,468
- Profit (loss) carried forward +€45,689
new in 2025: €45,689
- Trade debts -€35,811
down €35,811 (-97.7%), from €36,662 to €851
- Advances received -€20,522
no longer reported in 2025 (was €20,522)
- Tax, wage and social debts +€12,697
up €12,697 (+8.7%), from €146,157 to €158,854
- Financial income +€235,877
up €235,877 (+14,007%), from €1,684 to €237,561
- Gross operating margin -€71,613
down €71,613 (-8.2%), from €868,055 to €796,442
- Taxes -€23,549
down €23,549 (-10.6%), from €222,669 to €199,120
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 | €585,223 | €251,776 | -€333,447 | -57.0% |
| Fixed assets | 21/28 | €19,312 | €12,271 | -€7,041 | -36.5% |
| Intangible fixed assets | 21 | €2,403 | €221 | -€2,182 | -90.8% |
| Tangible fixed assets | 22/27 | €16,659 | €11,800 | -€4,859 | -29.2% |
| Furniture and vehicles | 24 | €16,659 | €11,800 | -€4,859 | -29.2% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €565,911 | €239,505 | -€326,406 | -57.7% |
| Amounts receivable within one year | 40/41 | €100,389 | €107,525 | +€7,136 | +7.1% |
| Trade receivables | 40 | €389 | €905 | +€516 | +133% |
| Other amounts receivable | 41 | €100,000 | €106,620 | +€6,620 | +6.6% |
| Cash at bank and in hand | 54/58 | €419,593 | €84,953 | -€334,640 | -79.8% |
| Deferred charges and accrued income | 490/1 | €45,929 | €47,027 | +€1,098 | +2.4% |
| Total equity and liabilities | 10/49 | €585,223 | €251,776 | -€333,447 | -57.0% |
| Equity | 10/15 | €34,524 | €80,213 | +€45,689 | +132% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €15,924 | €15,924 | = | 0.0% |
| Distributable reserves | 133 | €15,924 | €15,924 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €45,689 | +€45,689 | |
| Amounts payable | 17/49 | €550,699 | €171,563 | -€379,136 | -68.8% |
| Amounts payable within one year | 42/48 | €548,311 | €169,173 | -€379,138 | -69.1% |
| Trade debts | 44 | €36,662 | €851 | -€35,811 | -97.7% |
| Suppliers | 440/4 | €36,662 | €851 | -€35,811 | -97.7% |
| Advances received on contracts in progress | 46 | €20,522 | - | -€20,522 | |
| Taxes, remuneration and social security | 45 | €146,157 | €158,854 | +€12,697 | +8.7% |
| Taxes | 450/3 | €146,157 | €158,854 | +€12,697 | +8.7% |
| Other amounts payable | 47/48 | €344,970 | €9,468 | -€335,502 | -97.3% |
| Accrued charges and deferred income | 492/3 | €2,388 | €2,390 | +€2 | +0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,288 | €7,041 | +€2,753 | +64.2% |
| Other operating charges | 640/8 | €1,398 | €1,445 | +€47 | +3.4% |
| Gross operating margin | 9900 | €868,055 | €796,442 | -€71,613 | -8.2% |
| Operating profit (loss) | 9901 | €862,369 | €787,956 | -€74,413 | -8.6% |
| Financial income | 75/76B | €1,684 | €237,561 | +€235,877 | +14,007% |
| Recurring financial income | 75 | €1,684 | €237,561 | +€235,877 | +14,007% |
| Financial charges | 65/66B | €827 | €708 | -€119 | -14.4% |
| Recurring financial charges | 65 | €827 | €708 | -€119 | -14.4% |
| Profit (loss) for the period before taxes | 9903 | €863,226 | €1,024,809 | +€161,583 | +18.7% |
| Income taxes | 67/77 | €222,669 | €199,120 | -€23,549 | -10.6% |
| Profit (loss) for the period | 9904 | €640,557 | €825,689 | +€185,132 | +28.9% |
| Profit (loss) for the period to be appropriated | 9905 | €640,557 | €825,689 | +€185,132 | +28.9% |
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.