REBELS & RUSTLERS: 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.
REBELS & RUSTLERS
Largest movements
- Receivables within one year +€65,884
up €65,884 (+278%), from €23,695 to €89,579
of which Trade receivables: +€44,963
- Cash +€50,168
up €50,168 (+404%), from €12,405 to €62,573
mainly Other debts (+€73,578) and Net result for the year (+€58,922)
- Tangible fixed assets -€13,953
down €13,953 (-3.2%), from €434,187 to €420,233
of which Land and buildings: -€12,186
- Other debts +€73,578
up €73,578 (+2,070%), from €3,554 to €77,133
- Trade debts +€52,395
up €52,395 (+135%), from €38,918 to €91,313
- Debts after one year -€23,733
down €23,733 (-7.1%), from €336,222 to €312,489
- Reserves -€23,477
down €23,477 (-49.4%), from €47,477 to €24,000
- Tax, wage and social debts +€16,130
up €16,130 (+71.6%), from €22,533 to €38,663
- Gross operating margin +€75,903
up €75,903 (+158%), from €48,126 to €124,029
- Taxes +€20,589
up €20,589 (+668%), from €3,083 to €23,672
- Financial charges +€9,060
up €9,060 (+99.5%), from €9,109 to €18,169
of which Financial charges: +€7,279
- Other operating charges +€1,691
up €1,691 (+21.5%), from €7,845 to €9,536
- Depreciation -€1,413
down €1,413 (-9.2%), from €15,366 to €13,953
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 | €470,536 | €575,553 | +€105,016 | +22.3% |
| Fixed assets | 21/28 | €434,437 | €420,483 | -€13,953 | -3.2% |
| Tangible fixed assets | 22/27 | €434,187 | €420,233 | -€13,953 | -3.2% |
| Land and buildings | 22 | €428,640 | €416,454 | -€12,186 | -2.8% |
| Plant, machinery and equipment | 23 | €1,718 | €1,353 | -€365 | -21.2% |
| Furniture and vehicles | 24 | €3,828 | €2,426 | -€1,403 | -36.6% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €36,100 | €155,069 | +€118,969 | +330% |
| Amounts receivable within one year | 40/41 | €23,695 | €89,579 | +€65,884 | +278% |
| Trade receivables | 40 | €3,150 | €48,113 | +€44,963 | +1,427% |
| Other amounts receivable | 41 | €20,545 | €41,466 | +€20,921 | +102% |
| Cash at bank and in hand | 54/58 | €12,405 | €62,573 | +€50,168 | +404% |
| Deferred charges and accrued income | 490/1 | - | €2,918 | +€2,918 | |
| Total equity and liabilities | 10/49 | €470,536 | €575,553 | +€105,016 | +22.3% |
| Equity | 10/15 | €49,531 | €26,975 | -€22,556 | -45.5% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €47,477 | €24,000 | -€23,477 | -49.4% |
| Distributable reserves | 133 | €47,477 | €24,000 | -€23,477 | -49.4% |
| Profit (loss) carried forward | 14 | €1,054 | €1,975 | +€922 | +87.5% |
| Amounts payable | 17/49 | €421,005 | €548,577 | +€127,572 | +30.3% |
| Amounts payable after more than one year | 17 | €336,222 | €312,489 | -€23,733 | -7.1% |
| Financial debts | 170/4 | €336,222 | €312,489 | -€23,733 | -7.1% |
| Amounts payable within one year | 42/48 | €84,783 | €230,842 | +€146,059 | +172% |
| Current portion of amounts payable after more than one year | 42 | €19,778 | €23,733 | +€3,956 | +20.0% |
| Trade debts | 44 | €38,918 | €91,313 | +€52,395 | +135% |
| Suppliers | 440/4 | €38,918 | €91,313 | +€52,395 | +135% |
| Taxes, remuneration and social security | 45 | €22,533 | €38,663 | +€16,130 | +71.6% |
| Taxes | 450/3 | €22,533 | €38,663 | +€16,130 | +71.6% |
| Other amounts payable | 47/48 | €3,554 | €77,133 | +€73,578 | +2,070% |
| Accrued charges and deferred income | 492/3 | - | €5,246 | +€5,246 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,366 | €13,953 | -€1,413 | -9.2% |
| Other operating charges | 640/8 | €7,845 | €9,536 | +€1,691 | +21.5% |
| Gross operating margin | 9900 | €48,126 | €124,029 | +€75,903 | +158% |
| Operating profit (loss) | 9901 | €24,914 | €100,540 | +€75,625 | +304% |
| Financial income | 75/76B | €382 | €223 | -€159 | -41.7% |
| Recurring financial income | 75 | €4 | €0 | -€4 | -90.1% |
| Non-recurring financial income | 76B | €378 | €222 | -€155 | -41.2% |
| Financial charges | 65/66B | €9,109 | €18,169 | +€9,060 | +99.5% |
| Recurring financial charges | 65 | €9,109 | €16,388 | +€7,279 | +79.9% |
| Non-recurring financial charges | 66B | - | €1,781 | +€1,781 | |
| Profit (loss) for the period before taxes | 9903 | €16,188 | €82,593 | +€66,405 | +410% |
| Income taxes | 67/77 | €3,083 | €23,672 | +€20,589 | +668% |
| Profit (loss) for the period | 9904 | €13,105 | €58,922 | +€45,816 | +350% |
| Profit (loss) for the period to be appropriated | 9905 | €13,105 | €58,922 | +€45,816 | +350% |
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 16 October 2026 via checked.be.