RUBEN: 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.
RUBEN
Largest movements
- Cash +€34,834
up €34,834 (+101.4%), from €34,344 to €69,178
mainly Depreciation (+€32,534) and Stocks and contracts (+€32,415)
- Intangible fixed assets -€32,534
down €32,534 (-85.9%), from €37,888 to €5,355
- Stocks and contracts -€32,415
down €32,415 (-27.8%), from €116,696 to €84,280
- Receivables within one year +€13,732
up €13,732 (+51.3%), from €26,758 to €40,491
of which Trade receivables: +€14,454
- Debts after one year -€26,267
down €26,267 (-8.2%), from €320,758 to €294,491
of which Other amounts payable: -€26,267
- Profit (loss) carried forward +€9,978
up €9,978 (+4.6%), from -€216,601 to -€206,623
- Write-downs +€32,415
new in 2025: €32,415
- Gross operating margin +€24,170
up €24,170 (+38.5%), from €62,731 to €86,901
- Staff costs +€11,238
new in 2025: €11,238
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 | €215,686 | €199,681 | -€16,005 | -7.4% |
| Fixed assets | 21/28 | €37,888 | €5,355 | -€32,534 | -85.9% |
| Intangible fixed assets | 21 | €37,888 | €5,355 | -€32,534 | -85.9% |
| Current assets | 29/58 | €177,798 | €194,327 | +€16,529 | +9.3% |
| Stocks and contracts in progress | 3 | €116,696 | €84,280 | -€32,415 | -27.8% |
| Stocks | 30/36 | €116,696 | €84,280 | -€32,415 | -27.8% |
| Amounts receivable within one year | 40/41 | €26,758 | €40,491 | +€13,732 | +51.3% |
| Trade receivables | 40 | - | €14,454 | +€14,454 | |
| Other amounts receivable | 41 | €26,758 | €26,036 | -€722 | -2.7% |
| Cash at bank and in hand | 54/58 | €34,344 | €69,178 | +€34,834 | +101.4% |
| Deferred charges and accrued income | 490/1 | - | €378 | +€378 | |
| Total equity and liabilities | 10/49 | €215,686 | €199,681 | -€16,005 | -7.4% |
| Equity | 10/15 | -€155,101 | -€145,123 | +€9,978 | +6.4% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€216,601 | -€206,623 | +€9,978 | +4.6% |
| Amounts payable | 17/49 | €370,787 | €344,805 | -€25,983 | -7.0% |
| Amounts payable after more than one year | 17 | €320,758 | €294,491 | -€26,267 | -8.2% |
| Financial debts | 170/4 | €285,000 | €285,000 | = | 0.0% |
| Other amounts payable | 178/9 | €35,758 | €9,491 | -€26,267 | -73.5% |
| Amounts payable within one year | 42/48 | €8,329 | €9,185 | +€856 | +10.3% |
| Trade debts | 44 | €443 | €1,419 | +€976 | +220.1% |
| Suppliers | 440/4 | €443 | €1,419 | +€976 | +220.1% |
| Taxes, remuneration and social security | 45 | €7,886 | €7,765 | -€120 | -1.5% |
| Taxes | 450/3 | €6,386 | €4,245 | -€2,140 | -33.5% |
| Remuneration and social security | 454/9 | €1,500 | €3,520 | +€2,020 | +134.7% |
| Accrued charges and deferred income | 492/3 | €41,700 | €41,129 | -€571 | -1.4% |
| Remuneration, social security and pensions | 62 | - | €11,238 | +€11,238 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,534 | €32,534 | -€0 | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €32,415 | +€32,415 | |
| Other operating charges | 640/8 | - | €320 | +€320 | |
| Gross operating margin | 9900 | €62,731 | €86,901 | +€24,170 | +38.5% |
| Operating profit (loss) | 9901 | €30,197 | €10,394 | -€19,803 | -65.6% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €265 | €276 | +€11 | +4.1% |
| Recurring financial charges | 65 | €265 | €276 | +€11 | +4.1% |
| Profit (loss) for the period before taxes | 9903 | €29,932 | €10,119 | -€19,813 | -66.2% |
| Income taxes | 67/77 | €140 | €141 | +€1 | +1.0% |
| Profit (loss) for the period | 9904 | €29,793 | €9,978 | -€19,815 | -66.5% |
| Profit (loss) for the period to be appropriated | 9905 | €29,793 | €9,978 | -€19,815 | -66.5% |
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 30 September 2026 via checked.be.