RUBCO: 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.
RUBCO
Largest movements
- Stocks and contracts -€47,174
down €47,174 (-8.6%), from €548,843 to €501,669
- Receivables within one year -€40,098
down €40,098 (-15.2%), from €264,365 to €224,267
of which Trade receivables: -€54,848
- Tangible fixed assets -€23,120
down €23,120 (-3.9%), from €590,629 to €567,509
of which Land and buildings: -€35,327
- Debts after one year -€55,310
down €55,310 (-9.3%), from €592,723 to €537,413
- Trade debts -€45,710
down €45,710 (-19.3%), from €236,551 to €190,842
- Reserves -€21,297
down €21,297 (-16.2%), from €131,706 to €110,409
of which Distributable reserves: -€21,297
- Gross operating margin +€30,300
up €30,300 (+11.9%), from €255,352 to €285,652
- Depreciation +€16,716
up €16,716 (+28.2%), from €59,238 to €75,953
- Staff costs -€7,638
down €7,638 (-4.5%), from €170,979 to €163,341
- Financial income -€5,706
down €5,706 (-74.6%), from €7,648 to €1,942
of which Financial income: -€3,496
- Financial charges +€3,225
up €3,225 (+7.0%), from €46,191 to €49,416
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,470,068 | €1,361,136 | -€108,933 | -7.4% |
| Fixed assets | 21/28 | €592,667 | €577,363 | -€15,304 | -2.6% |
| Intangible fixed assets | 21 | €2,038 | €9,854 | +€7,815 | +383.4% |
| Tangible fixed assets | 22/27 | €590,629 | €567,509 | -€23,120 | -3.9% |
| Land and buildings | 22 | €413,801 | €378,474 | -€35,327 | -8.5% |
| Plant, machinery and equipment | 23 | €168,244 | €170,514 | +€2,269 | +1.3% |
| Furniture and vehicles | 24 | €8,584 | €18,522 | +€9,938 | +115.8% |
| Current assets | 29/58 | €877,401 | €783,773 | -€93,628 | -10.7% |
| Stocks and contracts in progress | 3 | €548,843 | €501,669 | -€47,174 | -8.6% |
| Stocks | 30/36 | €548,843 | €501,669 | -€47,174 | -8.6% |
| Amounts receivable within one year | 40/41 | €264,365 | €224,267 | -€40,098 | -15.2% |
| Trade receivables | 40 | €245,686 | €190,837 | -€54,848 | -22.3% |
| Other amounts receivable | 41 | €18,679 | €33,429 | +€14,750 | +79.0% |
| Cash at bank and in hand | 54/58 | €57,897 | €46,513 | -€11,385 | -19.7% |
| Deferred charges and accrued income | 490/1 | €6,296 | €11,324 | +€5,028 | +79.9% |
| Total equity and liabilities | 10/49 | €1,470,068 | €1,361,136 | -€108,933 | -7.4% |
| Equity | 10/15 | €206,518 | €185,118 | -€21,400 | -10.4% |
| Contributions | 10/11 | €74,400 | €74,400 | = | 0.0% |
| Capital | 10 | €74,400 | €74,400 | = | 0.0% |
| Issued capital | 100 | €74,400 | €74,400 | = | 0.0% |
| Reserves | 13 | €131,706 | €110,409 | -€21,297 | -16.2% |
| Non-distributable reserves | 130/1 | €7,440 | €7,440 | = | 0.0% |
| Legal reserve | 130 | €7,440 | €7,440 | = | 0.0% |
| Tax-exempt reserves | 132 | €25,250 | €25,250 | = | 0.0% |
| Distributable reserves | 133 | €99,016 | €77,719 | -€21,297 | -21.5% |
| Investment grants | 15 | €412 | €309 | -€103 | -25.0% |
| Provisions and deferred taxes | 16 | €10,718 | €10,718 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €10,718 | €10,718 | = | 0.0% |
| Major repairs and maintenance | 162 | €10,718 | €10,718 | = | 0.0% |
| Amounts payable | 17/49 | €1,252,833 | €1,165,300 | -€87,533 | -7.0% |
| Amounts payable after more than one year | 17 | €592,723 | €537,413 | -€55,310 | -9.3% |
| Financial debts | 170/4 | €592,723 | €537,413 | -€55,310 | -9.3% |
| Amounts payable within one year | 42/48 | €657,087 | €622,958 | -€34,129 | -5.2% |
| Current portion of amounts payable after more than one year | 42 | €70,493 | €71,702 | +€1,209 | +1.7% |
| Financial debts | 43 | €225,000 | €225,000 | = | 0.0% |
| Credit institutions | 430/8 | €225,000 | €225,000 | = | 0.0% |
| Trade debts | 44 | €236,551 | €190,842 | -€45,710 | -19.3% |
| Suppliers | 440/4 | €236,551 | €190,842 | -€45,710 | -19.3% |
| Taxes, remuneration and social security | 45 | €49,277 | €47,626 | -€1,650 | -3.3% |
| Taxes | 450/3 | €22,694 | €20,349 | -€2,345 | -10.3% |
| Remuneration and social security | 454/9 | €26,582 | €27,277 | +€695 | +2.6% |
| Other amounts payable | 47/48 | €75,766 | €87,789 | +€12,023 | +15.9% |
| Accrued charges and deferred income | 492/3 | €3,023 | €4,928 | +€1,905 | +63.0% |
| Remuneration, social security and pensions | 62 | €170,979 | €163,341 | -€7,638 | -4.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,238 | €75,953 | +€16,716 | +28.2% |
| Other operating charges | 640/8 | €17,022 | €17,097 | +€76 | +0.4% |
| Non-recurring operating charges | 66A | - | €1,291 | +€1,291 | |
| Gross operating margin | 9900 | €255,352 | €285,652 | +€30,300 | +11.9% |
| Operating profit (loss) | 9901 | €8,114 | €27,969 | +€19,856 | +244.7% |
| Financial income | 75/76B | €7,648 | €1,942 | -€5,706 | -74.6% |
| Recurring financial income | 75 | €4,936 | €1,440 | -€3,496 | -70.8% |
| Non-recurring financial income | 76B | €2,712 | €502 | -€2,210 | -81.5% |
| Financial charges | 65/66B | €46,191 | €49,416 | +€3,225 | +7.0% |
| Recurring financial charges | 65 | €46,191 | €49,416 | +€3,225 | +7.0% |
| Profit (loss) for the period before taxes | 9903 | -€30,429 | -€19,504 | +€10,925 | +35.9% |
| Income taxes | 67/77 | €1,861 | €1,793 | -€68 | -3.7% |
| Profit (loss) for the period | 9904 | -€32,290 | -€21,297 | +€10,993 | +34.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€32,290 | -€21,297 | +€10,993 | +34.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.