MAEGH RUDI: 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.
MAEGH RUDI
Largest movements
- Tangible fixed assets +€73,997
new in 2025: €73,997
of which Furniture and vehicles: +€71,703
- Receivables within one year +€25,711
up €25,711 (+23.1%), from €111,161 to €136,872
of which Other amounts receivable: +€20,274
- Cash -€21,105
down €21,105 (-30.2%), from €69,860 to €48,755
mainly Investment in fixed assets (net) (-€83,215) and Contributions, distributions and other (-€54,750)
- Debts after one year +€38,275
new in 2025: €38,275
- Reserves +€34,398
up €34,398 (+13.3%), from €259,316 to €293,714
of which Distributable reserves: +€36,398
- Profit (loss) carried forward -€14,529
no longer reported in 2025 (was €14,529)
- Other debts +€13,063
up €13,063 (+52.9%), from €24,700 to €37,763
- Current portion of long-term debt +€9,794
new in 2025: €9,794
- Gross operating margin +€24,266
up €24,266 (+28.4%), from €85,522 to €109,788
- Depreciation +€9,218
new in 2025: €9,218
- Taxes +€3,717
up €3,717 (+14.6%), from €25,546 to €29,263
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 | €339,996 | €418,599 | +€78,603 | +23.1% |
| Fixed assets | 21/28 | €2,975 | €76,972 | +€73,997 | +2,487% |
| Tangible fixed assets | 22/27 | - | €73,997 | +€73,997 | |
| Furniture and vehicles | 24 | - | €71,703 | +€71,703 | |
| Other tangible fixed assets | 26 | - | €2,294 | +€2,294 | |
| Financial fixed assets | 28 | €2,975 | €2,975 | = | 0.0% |
| Current assets | 29/58 | €337,021 | €341,627 | +€4,606 | +1.4% |
| Amounts receivable after more than one year | 29 | €156,000 | €156,000 | = | 0.0% |
| Other amounts receivable | 291 | €156,000 | €156,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €111,161 | €136,872 | +€25,711 | +23.1% |
| Trade receivables | 40 | €5,700 | €11,137 | +€5,437 | +95.4% |
| Other amounts receivable | 41 | €105,461 | €125,735 | +€20,274 | +19.2% |
| Cash at bank and in hand | 54/58 | €69,860 | €48,755 | -€21,105 | -30.2% |
| Total equity and liabilities | 10/49 | €339,996 | €418,599 | +€78,603 | +23.1% |
| Equity | 10/15 | €293,845 | €313,714 | +€19,869 | +6.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €259,316 | €293,714 | +€34,398 | +13.3% |
| Non-distributable reserves | 130/1 | €2,000 | - | -€2,000 | |
| Reserves not available under the articles | 1311 | €2,000 | - | -€2,000 | |
| Tax-exempt reserves | 132 | €8,055 | €8,055 | = | 0.0% |
| Distributable reserves | 133 | €249,261 | €285,659 | +€36,398 | +14.6% |
| Profit (loss) carried forward | 14 | €14,529 | - | -€14,529 | |
| Amounts payable | 17/49 | €46,151 | €104,885 | +€58,734 | +127% |
| Amounts payable after more than one year | 17 | - | €38,275 | +€38,275 | |
| Financial debts | 170/4 | - | €38,275 | +€38,275 | |
| Amounts payable within one year | 42/48 | €46,151 | €66,610 | +€20,459 | +44.3% |
| Current portion of amounts payable after more than one year | 42 | - | €9,794 | +€9,794 | |
| Trade debts | 44 | €545 | €1,986 | +€1,441 | +264% |
| Suppliers | 440/4 | €545 | €1,986 | +€1,441 | +264% |
| Taxes, remuneration and social security | 45 | €20,906 | €17,067 | -€3,839 | -18.4% |
| Taxes | 450/3 | €20,906 | €17,067 | -€3,839 | -18.4% |
| Other amounts payable | 47/48 | €24,700 | €37,763 | +€13,063 | +52.9% |
| Non-recurring operating income | 76A | - | €10,678 | +€10,678 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €9,218 | +€9,218 | |
| Other operating charges | 640/8 | €1,211 | €1,216 | +€5 | +0.4% |
| Gross operating margin | 9900 | €85,522 | €109,788 | +€24,266 | +28.4% |
| Operating profit (loss) | 9901 | €84,311 | €99,354 | +€15,043 | +17.8% |
| Financial income | 75/76B | €6,240 | €6,240 | = | 0.0% |
| Recurring financial income | 75 | €6,240 | €6,240 | = | 0.0% |
| Financial charges | 65/66B | €852 | €1,712 | +€860 | +101% |
| Recurring financial charges | 65 | €852 | €1,712 | +€860 | +101% |
| Profit (loss) for the period before taxes | 9903 | €89,699 | €103,882 | +€14,183 | +15.8% |
| Income taxes | 67/77 | €25,546 | €29,263 | +€3,717 | +14.6% |
| Profit (loss) for the period | 9904 | €64,153 | €74,619 | +€10,466 | +16.3% |
| Profit (loss) for the period to be appropriated | 9905 | €64,153 | €74,619 | +€10,466 | +16.3% |
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 29 October 2026 via checked.be.