Laurent Ruidant: what changed
Two fiscal 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 Ruidant
Largest movements
- Cash -€159,219
down €159,219 (-88.8%), from €179,257 to €20,038
mainly Investment in fixed assets (net) (-€81,297) and Other debts (-€55,622)
- Financial fixed assets +€79,794
new in 2025: €79,794
- Tangible fixed assets -€8,396
down €8,396 (-5.6%), from €151,037 to €142,642
of which Leasing and similar rights: -€4,607
- Receivables within one year -€8,024
down €8,024 (-45.4%), from €17,679 to €9,655
of which Trade receivables: -€8,044
- Other debts -€55,622
down €55,622 (-69.0%), from €80,669 to €25,047
- Trade debts -€18,935
down €18,935 (-65.6%), from €28,881 to €9,946
- Debts after one year -€13,697
down €13,697 (-17.3%), from €79,225 to €65,527
of which Financial debts: -€13,697
- Tax, wage and social debts -€8,368
down €8,368 (-21.7%), from €38,527 to €30,159
of which Taxes: -€6,868
- Gross operating margin -€111,746
down €111,746 (-85.0%), from €131,539 to €19,793
- Taxes -€21,347
down €21,347 (-92.8%), from €23,004 to €1,657
- Other operating charges -€3,866
down €3,866 (-50.0%), from €7,734 to €3,868
- Financial charges -€3,211
down €3,211 (-36.6%), from €8,772 to €5,560
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.
Cash bridge derived
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 | €351,847 | €255,230 | -€96,617 | -27.5% |
| Fixed assets | 21/28 | €151,037 | €222,435 | +€71,398 | +47.3% |
| Tangible fixed assets | 22/27 | €151,037 | €142,642 | -€8,396 | -5.6% |
| Land and buildings | 22 | €130,584 | €126,656 | -€3,927 | -3.0% |
| Plant, machinery and equipment | 23 | €170 | €127 | -€43 | -25.4% |
| Furniture and vehicles | 24 | €2,112 | €2,294 | +€182 | +8.6% |
| Leasing and similar rights | 25 | €18,172 | €13,564 | -€4,607 | -25.4% |
| Financial fixed assets | 28 | - | €79,794 | +€79,794 | |
| Current assets | 29/58 | €200,810 | €32,795 | -€168,015 | -83.7% |
| Amounts receivable within one year | 40/41 | €17,679 | €9,655 | -€8,024 | -45.4% |
| Trade receivables | 40 | €17,679 | €9,634 | -€8,044 | -45.5% |
| Other amounts receivable | 41 | - | €21 | +€21 | |
| Cash at bank and in hand | 54/58 | €179,257 | €20,038 | -€159,219 | -88.8% |
| Deferred charges and accrued income | 490/1 | €3,874 | €3,101 | -€773 | -19.9% |
| Total equity and liabilities | 10/49 | €351,847 | €255,230 | -€96,617 | -27.5% |
| Equity | 10/15 | €111,276 | €110,464 | -€812 | -0.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €33,723 | €33,723 | = | 0.0% |
| Distributable reserves | 133 | €33,723 | €33,723 | = | 0.0% |
| Profit (loss) carried forward | 14 | €58,953 | €58,141 | -€812 | -1.4% |
| Amounts payable | 17/49 | €240,571 | €144,766 | -€95,805 | -39.8% |
| Amounts payable after more than one year | 17 | €79,225 | €65,527 | -€13,697 | -17.3% |
| Financial debts | 170/4 | €79,225 | €65,527 | -€13,697 | -17.3% |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €161,346 | €78,849 | -€82,497 | -51.1% |
| Current portion of amounts payable after more than one year | 42 | €13,270 | €13,697 | +€428 | +3.2% |
| Trade debts | 44 | €28,881 | €9,946 | -€18,935 | -65.6% |
| Suppliers | 440/4 | €28,881 | €9,946 | -€18,935 | -65.6% |
| Taxes, remuneration and social security | 45 | €38,527 | €30,159 | -€8,368 | -21.7% |
| Taxes | 450/3 | €37,027 | €30,159 | -€6,868 | -18.5% |
| Remuneration and social security | 454/9 | €1,500 | €0 | -€1,500 | -100.0% |
| Other amounts payable | 47/48 | €80,669 | €25,047 | -€55,622 | -69.0% |
| Accrued charges and deferred income | 492/3 | - | €390 | +€390 | |
| Non-recurring operating income | 76A | €88,732 | - | -€88,732 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,854 | €9,899 | +€45 | +0.5% |
| Other operating charges | 640/8 | €7,734 | €3,868 | -€3,866 | -50.0% |
| Gross operating margin | 9900 | €131,539 | €19,793 | -€111,746 | -85.0% |
| Operating profit (loss) | 9901 | €113,951 | €6,026 | -€107,925 | -94.7% |
| Financial income | 75/76B | €22 | €378 | +€356 | +1601.7% |
| Recurring financial income | 75 | €22 | €378 | +€356 | +1601.7% |
| Non-recurring financial income | 76B | - | €0 | = | |
| Financial charges | 65/66B | €8,772 | €5,560 | -€3,211 | -36.6% |
| Recurring financial charges | 65 | €8,772 | €5,560 | -€3,211 | -36.6% |
| Profit (loss) for the period before taxes | 9903 | €105,202 | €845 | -€104,357 | -99.2% |
| Income taxes | 67/77 | €23,004 | €1,657 | -€21,347 | -92.8% |
| Profit (loss) for the period | 9904 | €82,198 | -€812 | -€83,010 | |
| Profit (loss) for the period to be appropriated | 9905 | €82,198 | -€812 | -€83,010 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.