PATRICK RUBENS: 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.
PATRICK RUBENS
Largest movements
- Receivables within one year -€62,627
down €62,627 (-81.5%), from €76,870 to €14,243
of which Trade receivables: -€64,782
- Cash +€51,420
up €51,420 (+244.6%), from €21,019 to €72,439
mainly Receivables within one year (+€62,627) and Deferred charges and accrued income (+€33,436)
- Deferred charges and accrued income -€33,436
down €33,436 (-81.2%), from €41,196 to €7,761
- Current investments +€25,172
up €25,172 (+18.8%), from €133,970 to €159,142
- Receivables after one year +€9,073
up €9,073 (+6.8%), from €132,732 to €141,806
- Other debts -€72,355
down €72,355 (-47.9%), from €151,161 to €78,806
- Reserves +€30,939
up €30,939 (+11.8%), from €261,278 to €292,217
- Trade debts +€15,694
up €15,694 (+403.0%), from €3,894 to €19,588
- Accrued charges and deferred income +€15,488
up €15,488 (+3094.6%), from €500 to €15,988
- Tax, wage and social debts -€8,516
down €8,516 (-18.9%), from €44,972 to €36,456
of which Remuneration and social security: -€9,969
- Gross operating margin +€60,696
up €60,696 (+104.9%), from €57,853 to €118,549
- Financial income -€57,099
down €57,099 (-98.4%), from €58,021 to €921
- Financial charges -€17,383
down €17,383, from €9,783 to -€7,600
- Staff costs +€6,086
up €6,086 (+8.5%), from €71,997 to €78,083
- Taxes +€1,336
up €1,336 (+61.7%), from €2,165 to €3,501
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 | €492,263 | €473,513 | -€18,750 | -3.8% |
| Fixed assets | 21/28 | €86,476 | €78,123 | -€8,353 | -9.7% |
| Tangible fixed assets | 22/27 | €83,234 | €74,881 | -€8,353 | -10.0% |
| Land and buildings | 22 | €45,166 | €43,802 | -€1,364 | -3.0% |
| Plant, machinery and equipment | 23 | €1,762 | €2,326 | +€563 | +32.0% |
| Furniture and vehicles | 24 | €24,819 | €16,114 | -€8,705 | -35.1% |
| Other tangible fixed assets | 26 | €11,487 | €12,640 | +€1,153 | +10.0% |
| Financial fixed assets | 28 | €3,242 | €3,242 | = | 0.0% |
| Current assets | 29/58 | €405,787 | €395,390 | -€10,397 | -2.6% |
| Amounts receivable after more than one year | 29 | €132,732 | €141,806 | +€9,073 | +6.8% |
| Other amounts receivable | 291 | €132,732 | €141,806 | +€9,073 | +6.8% |
| Amounts receivable within one year | 40/41 | €76,870 | €14,243 | -€62,627 | -81.5% |
| Trade receivables | 40 | €69,525 | €4,744 | -€64,782 | -93.2% |
| Other amounts receivable | 41 | €7,345 | €9,499 | +€2,154 | +29.3% |
| Current investments | 50/53 | €133,970 | €159,142 | +€25,172 | +18.8% |
| Cash at bank and in hand | 54/58 | €21,019 | €72,439 | +€51,420 | +244.6% |
| Deferred charges and accrued income | 490/1 | €41,196 | €7,761 | -€33,436 | -81.2% |
| Total equity and liabilities | 10/49 | €492,263 | €473,513 | -€18,750 | -3.8% |
| Equity | 10/15 | €291,735 | €322,675 | +€30,939 | +10.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €261,278 | €292,217 | +€30,939 | +11.8% |
| Distributable reserves | 133 | €261,278 | €292,217 | +€30,939 | +11.8% |
| Profit (loss) carried forward | 14 | €18,057 | €18,057 | = | 0.0% |
| Amounts payable | 17/49 | €200,528 | €150,838 | -€49,690 | -24.8% |
| Amounts payable within one year | 42/48 | €200,027 | €134,850 | -€65,177 | -32.6% |
| Trade debts | 44 | €3,894 | €19,588 | +€15,694 | +403.0% |
| Suppliers | 440/4 | €3,894 | €19,588 | +€15,694 | +403.0% |
| Taxes, remuneration and social security | 45 | €44,972 | €36,456 | -€8,516 | -18.9% |
| Taxes | 450/3 | €25,482 | €26,935 | +€1,453 | +5.7% |
| Remuneration and social security | 454/9 | €19,490 | €9,521 | -€9,969 | -51.2% |
| Other amounts payable | 47/48 | €151,161 | €78,806 | -€72,355 | -47.9% |
| Accrued charges and deferred income | 492/3 | €500 | €15,988 | +€15,488 | +3094.6% |
| Remuneration, social security and pensions | 62 | €71,997 | €78,083 | +€6,086 | +8.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,325 | €12,815 | +€491 | +4.0% |
| Other operating charges | 640/8 | €679 | €1,732 | +€1,052 | +154.9% |
| Non-recurring operating charges | 66A | €1,407 | €0 | -€1,407 | -100.0% |
| Gross operating margin | 9900 | €57,853 | €118,549 | +€60,696 | +104.9% |
| Operating profit (loss) | 9901 | -€28,555 | €25,919 | +€54,474 | |
| Financial income | 75/76B | €58,021 | €921 | -€57,099 | -98.4% |
| Recurring financial income | 75 | €58,021 | €921 | -€57,099 | -98.4% |
| Financial charges | 65/66B | €9,783 | -€7,600 | -€17,383 | |
| Recurring financial charges | 65 | €9,783 | -€7,600 | -€17,383 | |
| Profit (loss) for the period before taxes | 9903 | €19,682 | €34,440 | +€14,758 | +75.0% |
| Income taxes | 67/77 | €2,165 | €3,501 | +€1,336 | +61.7% |
| Profit (loss) for the period | 9904 | €17,517 | €30,939 | +€13,422 | +76.6% |
| Profit (loss) for the period to be appropriated | 9905 | €17,517 | €30,939 | +€13,422 | +76.6% |
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 7 October 2026 via checked.be.