RUBEN M: 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.
RUBEN M
Largest movements
- Receivables within one year -€126,212
down €126,212 (-58.8%), from €214,543 to €88,331
of which Trade receivables: -€123,054
- Cash +€83,939
up €83,939 (+26.8%), from €312,938 to €396,877
mainly Receivables within one year (+€126,212) and Net result for the year (+€89,277)
- Tangible fixed assets +€12,750
up €12,750 (+228%), from €5,590 to €18,341
of which Furniture and vehicles: +€14,136
- Tax, wage and social debts -€76,030
down €76,030 (-82.3%), from €92,393 to €16,362
- Reserves +€38,517
up €38,517 (+9.9%), from €388,351 to €426,868
- Trade debts +€14,494
up €14,494 (+113%), from €12,776 to €27,270
- Current portion of long-term debt -€6,931
no longer reported in 2025 (was €6,931)
- Gross operating margin -€80,128
down €80,128 (-33.0%), from €242,758 to €162,630
- Taxes -€30,228
down €30,228 (-37.2%), from €81,268 to €51,039
- Write-downs +€7,705
new in 2025: €7,705
- Depreciation +€6,162
up €6,162 (+333%), from €1,849 to €8,010
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 | €539,072 | €509,549 | -€29,523 | -5.5% |
| Fixed assets | 21/28 | €5,590 | €18,341 | +€12,750 | +228% |
| Tangible fixed assets | 22/27 | €5,590 | €18,341 | +€12,750 | +228% |
| Land and buildings | 22 | €861 | €430 | -€430 | -50.0% |
| Plant, machinery and equipment | 23 | €3,677 | €2,722 | -€955 | -26.0% |
| Furniture and vehicles | 24 | €1,053 | €15,189 | +€14,136 | +1,343% |
| Current assets | 29/58 | €533,482 | €491,209 | -€42,273 | -7.9% |
| Stocks and contracts in progress | 3 | €6,000 | €6,000 | = | 0.0% |
| Stocks | 30/36 | €6,000 | €6,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €214,543 | €88,331 | -€126,212 | -58.8% |
| Trade receivables | 40 | €207,552 | €84,498 | -€123,054 | -59.3% |
| Other amounts receivable | 41 | €6,992 | €3,833 | -€3,159 | -45.2% |
| Cash at bank and in hand | 54/58 | €312,938 | €396,877 | +€83,939 | +26.8% |
| Total equity and liabilities | 10/49 | €539,072 | €509,549 | -€29,523 | -5.5% |
| Equity | 10/15 | €418,514 | €457,031 | +€38,517 | +9.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €388,351 | €426,868 | +€38,517 | +9.9% |
| Distributable reserves | 133 | €388,351 | €426,868 | +€38,517 | +9.9% |
| Profit (loss) carried forward | 14 | €11,563 | €11,563 | = | 0.0% |
| Amounts payable | 17/49 | €120,558 | €52,518 | -€68,040 | -56.4% |
| Amounts payable within one year | 42/48 | €120,558 | €52,518 | -€68,040 | -56.4% |
| Current portion of amounts payable after more than one year | 42 | €6,931 | - | -€6,931 | |
| Trade debts | 44 | €12,776 | €27,270 | +€14,494 | +113% |
| Suppliers | 440/4 | €12,776 | €27,270 | +€14,494 | +113% |
| Taxes, remuneration and social security | 45 | €92,393 | €16,362 | -€76,030 | -82.3% |
| Taxes | 450/3 | €92,393 | €16,362 | -€76,030 | -82.3% |
| Other amounts payable | 47/48 | €8,460 | €8,886 | +€427 | +5.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,849 | €8,010 | +€6,162 | +333% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €7,705 | +€7,705 | |
| Other operating charges | 640/8 | €2,677 | €3,544 | +€867 | +32.4% |
| Gross operating margin | 9900 | €242,758 | €162,630 | -€80,128 | -33.0% |
| Operating profit (loss) | 9901 | €238,232 | €143,371 | -€94,862 | -39.8% |
| Financial income | 75/76B | €1,434 | €13 | -€1,422 | -99.1% |
| Recurring financial income | 75 | €11 | €13 | +€1 | +13.1% |
| Non-recurring financial income | 76B | €1,423 | - | -€1,423 | |
| Financial charges | 65/66B | €978 | €3,067 | +€2,090 | +214% |
| Recurring financial charges | 65 | €978 | €3,067 | +€2,090 | +214% |
| Profit (loss) for the period before taxes | 9903 | €238,689 | €140,316 | -€98,373 | -41.2% |
| Income taxes | 67/77 | €81,268 | €51,039 | -€30,228 | -37.2% |
| Profit (loss) for the period | 9904 | €157,422 | €89,277 | -€68,145 | -43.3% |
| Profit (loss) for the period to be appropriated | 9905 | €157,422 | €89,277 | -€68,145 | -43.3% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.