RUBEL: 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.
RUBEL
Largest movements
- Tangible fixed assets +€819,892
up €819,892 (+103.7%), from €790,576 to €1.6m
of which Plant, machinery and equipment: +€654,248
- Receivables within one year -€188,021
down €188,021 (-26.4%), from €712,761 to €524,740
of which Trade receivables: -€295,078
- Cash -€42,669
down €42,669 (-34.0%), from €125,561 to €82,892
- Debts after one year +€1.1m
up €1.1m (+169.8%), from €625,950 to €1.7m
- Trade debts -€208,610
down €208,610 (-75.3%), from €277,174 to €68,564
- Profit (loss) carried forward -€120,508
down €120,508 (-21.6%), from €559,056 to €438,547
- Other debts -€69,463
down €69,463 (-55.0%), from €126,229 to €56,766
- Current portion of long-term debt -€56,601
down €56,601 (-100.0%), from €56,601 to €0
- Gross operating margin -€288,032
down €288,032 (-45.8%), from €628,776 to €340,744
- Depreciation +€160,445
up €160,445 (+62.3%), from €257,487 to €417,932
- Taxes -€61,209
down €61,209 (-100.0%), from €61,209 to €0
- Financial charges +€17,445
up €17,445 (+75.8%), from €23,004 to €40,448
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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,727,320 | €2,337,052 | +€609,733 | +35.3% |
| Fixed assets | 21/28 | €790,576 | €1,610,468 | +€819,892 | +103.7% |
| Tangible fixed assets | 22/27 | €790,576 | €1,610,468 | +€819,892 | +103.7% |
| Plant, machinery and equipment | 23 | €376,719 | €1,030,967 | +€654,248 | +173.7% |
| Furniture and vehicles | 24 | €335,696 | €579,501 | +€243,805 | +72.6% |
| Leasing and similar rights | 25 | €78,161 | €0 | -€78,161 | -100.0% |
| Current assets | 29/58 | €936,744 | €726,584 | -€210,160 | -22.4% |
| Stocks and contracts in progress | 3 | €97,567 | €118,952 | +€21,386 | +21.9% |
| Stocks | 30/36 | €97,567 | €118,952 | +€21,386 | +21.9% |
| Amounts receivable within one year | 40/41 | €712,761 | €524,740 | -€188,021 | -26.4% |
| Trade receivables | 40 | €653,798 | €358,720 | -€295,078 | -45.1% |
| Other amounts receivable | 41 | €58,963 | €166,020 | +€107,057 | +181.6% |
| Cash at bank and in hand | 54/58 | €125,561 | €82,892 | -€42,669 | -34.0% |
| Deferred charges and accrued income | 490/1 | €855 | €0 | -€855 | -100.0% |
| Total equity and liabilities | 10/49 | €1,727,320 | €2,337,052 | +€609,733 | +35.3% |
| Equity | 10/15 | €627,256 | €506,747 | -€120,508 | -19.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €559,056 | €438,547 | -€120,508 | -21.6% |
| Amounts payable | 17/49 | €1,100,064 | €1,830,305 | +€730,241 | +66.4% |
| Amounts payable after more than one year | 17 | €625,950 | €1,688,850 | +€1.1m | +169.8% |
| Financial debts | 170/4 | €625,950 | €1,688,850 | +€1.1m | +169.8% |
| Amounts payable within one year | 42/48 | €461,214 | €125,330 | -€335,884 | -72.8% |
| Current portion of amounts payable after more than one year | 42 | €56,601 | €0 | -€56,601 | -100.0% |
| Trade debts | 44 | €277,174 | €68,564 | -€208,610 | -75.3% |
| Suppliers | 440/4 | €277,174 | €68,564 | -€208,610 | -75.3% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €1,209 | €0 | -€1,209 | -100.0% |
| Taxes | 450/3 | €1,209 | €0 | -€1,209 | -100.0% |
| Other amounts payable | 47/48 | €126,229 | €56,766 | -€69,463 | -55.0% |
| Accrued charges and deferred income | 492/3 | €12,900 | €16,125 | +€3,225 | +25.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €257,487 | €417,932 | +€160,445 | +62.3% |
| Other operating charges | 640/8 | €848 | €2,898 | +€2,050 | +241.7% |
| Gross operating margin | 9900 | €628,776 | €340,744 | -€288,032 | -45.8% |
| Operating profit (loss) | 9901 | €370,441 | -€80,086 | -€450,527 | |
| Financial income | 75/76B | €0 | €25 | +€25 | |
| Recurring financial income | 75 | €0 | €25 | +€25 | |
| Financial charges | 65/66B | €23,004 | €40,448 | +€17,445 | +75.8% |
| Recurring financial charges | 65 | €23,004 | €40,448 | +€17,445 | +75.8% |
| Profit (loss) for the period before taxes | 9903 | €347,438 | -€120,508 | -€467,946 | |
| Income taxes | 67/77 | €61,209 | €0 | -€61,209 | -100.0% |
| Profit (loss) for the period | 9904 | €286,228 | -€120,508 | -€406,737 | |
| Profit (loss) for the period to be appropriated | 9905 | €286,228 | -€120,508 | -€406,737 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.