Rhubikon: 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.
Rhubikon
Largest movements
- Receivables after one year -€314,955
down €314,955 (-100.0%), from €314,955 to €0
- Current investments +€200,000
up €200,000, from €0 to €200,000
- Cash +€170,196
up €170,196 (+48.1%), from €354,093 to €524,288
mainly Receivables after one year (+€314,955) and Other debts (+€290,770)
- Tangible fixed assets +€23,058
up €23,058 (+10.1%), from €227,673 to €250,731
of which Furniture and vehicles: +€40,777
- Other debts +€290,770
up €290,770 (+3137.0%), from €9,269 to €300,039
- Reserves -€227,014
down €227,014 (-39.6%), from €573,035 to €346,021
of which Distributable reserves: -€227,014
- Debts after one year -€37,221
down €37,221 (-20.1%), from €184,955 to €147,735
- Tax, wage and social debts +€27,795
up €27,795 (+126.0%), from €22,066 to €49,861
- Accrued charges and deferred income +€19,486
up €19,486 (+3367.8%), from €579 to €20,064
- Gross operating margin +€20,360
up €20,360 (+11.0%), from €185,007 to €205,367
- Financial charges +€18,470
up €18,470 (+188.9%), from €9,776 to €28,246
- Depreciation -€12,982
down €12,982 (-29.2%), from €44,400 to €31,418
- Taxes -€2,116
down €2,116 (-5.5%), from €38,172 to €36,056
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 | €933,459 | €1,003,202 | +€69,743 | +7.5% |
| Fixed assets | 21/28 | €227,673 | €250,731 | +€23,058 | +10.1% |
| Tangible fixed assets | 22/27 | €227,673 | €250,731 | +€23,058 | +10.1% |
| Land and buildings | 22 | €125,096 | €109,047 | -€16,048 | -12.8% |
| Plant, machinery and equipment | 23 | €3,342 | €1,671 | -€1,671 | -50.0% |
| Furniture and vehicles | 24 | €96,886 | €137,662 | +€40,777 | +42.1% |
| Other tangible fixed assets | 26 | €2,350 | €2,350 | = | 0.0% |
| Current assets | 29/58 | €705,786 | €752,472 | +€46,685 | +6.6% |
| Amounts receivable after more than one year | 29 | €314,955 | €0 | -€314,955 | -100.0% |
| Other amounts receivable | 291 | €314,955 | €0 | -€314,955 | -100.0% |
| Amounts receivable within one year | 40/41 | €26,219 | €26,526 | +€307 | +1.2% |
| Trade receivables | 40 | €23,595 | €23,595 | = | 0.0% |
| Other amounts receivable | 41 | €2,624 | €2,931 | +€307 | +11.7% |
| Current investments | 50/53 | €0 | €200,000 | +€200,000 | |
| Cash at bank and in hand | 54/58 | €354,093 | €524,288 | +€170,196 | +48.1% |
| Deferred charges and accrued income | 490/1 | €10,519 | €1,657 | -€8,862 | -84.2% |
| Total equity and liabilities | 10/49 | €933,459 | €1,003,202 | +€69,743 | +7.5% |
| Equity | 10/15 | €666,135 | €439,121 | -€227,014 | -34.1% |
| Contributions | 10/11 | €93,100 | €93,100 | = | 0.0% |
| Reserves | 13 | €573,035 | €346,021 | -€227,014 | -39.6% |
| Non-distributable reserves | 130/1 | €9,310 | €9,310 | = | 0.0% |
| Reserves not available under the articles | 1311 | €9,310 | €9,310 | = | 0.0% |
| Distributable reserves | 133 | €563,725 | €336,711 | -€227,014 | -40.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €267,324 | €564,081 | +€296,757 | +111.0% |
| Amounts payable after more than one year | 17 | €184,955 | €147,735 | -€37,221 | -20.1% |
| Financial debts | 170/4 | €184,955 | €147,735 | -€37,221 | -20.1% |
| Amounts payable within one year | 42/48 | €81,790 | €396,282 | +€314,492 | +384.5% |
| Current portion of amounts payable after more than one year | 42 | €43,397 | €37,221 | -€6,176 | -14.2% |
| Financial debts | 43 | €1,185 | €1,992 | +€807 | +68.0% |
| Credit institutions | 430/8 | €1,185 | €1,992 | +€807 | +68.0% |
| Trade debts | 44 | €5,873 | €7,169 | +€1,296 | +22.1% |
| Suppliers | 440/4 | €5,873 | €7,169 | +€1,296 | +22.1% |
| Taxes, remuneration and social security | 45 | €22,066 | €49,861 | +€27,795 | +126.0% |
| Taxes | 450/3 | €22,066 | €49,861 | +€27,795 | +126.0% |
| Other amounts payable | 47/48 | €9,269 | €300,039 | +€290,770 | +3137.0% |
| Accrued charges and deferred income | 492/3 | €579 | €20,064 | +€19,486 | +3367.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,400 | €31,418 | -€12,982 | -29.2% |
| Other operating charges | 640/8 | €4,243 | €4,689 | +€446 | +10.5% |
| Non-recurring operating charges | 66A | €9,930 | €29,147 | +€19,217 | +193.5% |
| Gross operating margin | 9900 | €185,007 | €205,367 | +€20,360 | +11.0% |
| Operating profit (loss) | 9901 | €126,434 | €140,113 | +€13,679 | +10.8% |
| Financial income | 75/76B | €10,496 | €8,618 | -€1,879 | -17.9% |
| Recurring financial income | 75 | €10,496 | €8,618 | -€1,879 | -17.9% |
| Financial charges | 65/66B | €9,776 | €28,246 | +€18,470 | +188.9% |
| Recurring financial charges | 65 | €9,776 | €28,246 | +€18,470 | +188.9% |
| Profit (loss) for the period before taxes | 9903 | €127,154 | €120,484 | -€6,669 | -5.2% |
| Income taxes | 67/77 | €38,172 | €36,056 | -€2,116 | -5.5% |
| Profit (loss) for the period | 9904 | €88,982 | €84,428 | -€4,553 | -5.1% |
| Profit (loss) for the period to be appropriated | 9905 | €88,982 | €84,428 | -€4,553 | -5.1% |
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 6 October 2026 via checked.be.