Royal - Rubens: 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.
Royal - Rubens
Largest movements
- Tangible fixed assets +€240,179
up €240,179 (+1.3%), from €18.1m to €18.3m
of which Land and buildings: +€257,655
- Reserves +€5.9m
up €5.9m (+55.9%), from €10.6m to €16.5m
of which Distributable reserves: +€5.9m
- Debts after one year -€5.3m
down €5.3m (-69.5%), from €7.6m to €2.3m
- Other debts -€233,629
down €233,629 (-42.3%), from €552,394 to €318,765
- Current portion of long-term debt -€222,128
down €222,128 (-44.5%), from €499,628 to €277,500
- Financial income +€4.5m
up €4.5m (+299%), from €1.5m to €6.0m
- Depreciation +€87,288
up €87,288 (+18.3%), from €475,824 to €563,111
- Gross operating margin -€40,700
down €40,700 (-4.9%), from €827,540 to €786,840
- Other operating charges -€15,992
down €15,992 (-16.7%), from €95,994 to €80,002
- Financial charges -€13,454
down €13,454 (-6.0%), from €224,838 to €211,385
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 | €19,620,865 | €19,766,486 | +€145,621 | +0.7% |
| Fixed assets | 21/28 | €19,334,529 | €19,574,708 | +€240,179 | +1.2% |
| Tangible fixed assets | 22/27 | €18,077,592 | €18,317,770 | +€240,179 | +1.3% |
| Land and buildings | 22 | €17,033,789 | €17,291,444 | +€257,655 | +1.5% |
| Plant, machinery and equipment | 23 | €475,238 | €465,988 | -€9,250 | -1.9% |
| Furniture and vehicles | 24 | €361,862 | €358,417 | -€3,445 | -1.0% |
| Other tangible fixed assets | 26 | €206,702 | €201,920 | -€4,782 | -2.3% |
| Financial fixed assets | 28 | €1,256,938 | €1,256,938 | = | 0.0% |
| Current assets | 29/58 | €286,336 | €191,778 | -€94,557 | -33.0% |
| Amounts receivable within one year | 40/41 | €54,522 | €180 | -€54,342 | -99.7% |
| Trade receivables | 40 | €19,147 | €0 | -€19,147 | -100% |
| Other amounts receivable | 41 | €35,375 | €180 | -€35,195 | -99.5% |
| Cash at bank and in hand | 54/58 | €160,010 | €125,279 | -€34,732 | -21.7% |
| Deferred charges and accrued income | 490/1 | €71,804 | €66,320 | -€5,484 | -7.6% |
| Total equity and liabilities | 10/49 | €19,620,865 | €19,766,486 | +€145,621 | +0.7% |
| Equity | 10/15 | €10,788,317 | €16,721,268 | +€5.9m | +55.0% |
| Contributions | 10/11 | €162,000 | €162,000 | = | 0.0% |
| Capital | 10 | €162,000 | €162,000 | = | 0.0% |
| Issued capital | 100 | €162,000 | €162,000 | = | 0.0% |
| Reserves | 13 | €10,614,628 | €16,548,284 | +€5.9m | +55.9% |
| Non-distributable reserves | 130/1 | €16,200 | €16,200 | = | 0.0% |
| Legal reserve | 130 | €16,200 | €16,200 | = | 0.0% |
| Distributable reserves | 133 | €10,598,428 | €16,532,084 | +€5.9m | +56.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Investment grants | 15 | €11,689 | €10,984 | -€705 | -6.0% |
| Amounts payable | 17/49 | €8,832,547 | €3,045,218 | -€5.8m | -65.5% |
| Amounts payable after more than one year | 17 | €7,607,606 | €2,318,249 | -€5.3m | -69.5% |
| Financial debts | 170/4 | €7,607,606 | €2,318,249 | -€5.3m | -69.5% |
| Amounts payable within one year | 42/48 | €1,157,484 | €707,147 | -€450,337 | -38.9% |
| Current portion of amounts payable after more than one year | 42 | €499,628 | €277,500 | -€222,128 | -44.5% |
| Trade debts | 44 | €105,462 | €110,882 | +€5,420 | +5.1% |
| Suppliers | 440/4 | €105,462 | €110,882 | +€5,420 | +5.1% |
| Other amounts payable | 47/48 | €552,394 | €318,765 | -€233,629 | -42.3% |
| Accrued charges and deferred income | 492/3 | €67,457 | €19,822 | -€47,635 | -70.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €475,824 | €563,111 | +€87,288 | +18.3% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €95,994 | €80,002 | -€15,992 | -16.7% |
| Non-recurring operating charges | 66A | €30,557 | €0 | -€30,557 | -100% |
| Gross operating margin | 9900 | €827,540 | €786,840 | -€40,700 | -4.9% |
| Operating profit (loss) | 9901 | €225,165 | €143,727 | -€81,438 | -36.2% |
| Financial income | 75/76B | €1,503,346 | €6,001,317 | +€4.5m | +299% |
| Recurring financial income | 75 | €1,503,346 | €6,001,317 | +€4.5m | +299% |
| Financial charges | 65/66B | €224,838 | €211,385 | -€13,454 | -6.0% |
| Recurring financial charges | 65 | €224,838 | €211,385 | -€13,454 | -6.0% |
| Profit (loss) for the period before taxes | 9903 | €1,503,672 | €5,933,659 | +€4.4m | +295% |
| Income taxes | 67/77 | €0 | €4 | +€4 | |
| Profit (loss) for the period | 9904 | €1,503,672 | €5,933,656 | +€4.4m | +295% |
| Profit (loss) for the period to be appropriated | 9905 | €1,503,672 | €5,933,656 | +€4.4m | +295% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.