RUBEN NOLLET: 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 NOLLET
Largest movements
- Tangible fixed assets -€18,662
down €18,662 (-7.5%), from €249,030 to €230,368
of which Land and buildings: -€13,732
- Cash +€5,524
up €5,524 (+51.5%), from €10,723 to €16,247
mainly Net result for the year (+€20,887) and Depreciation (+€18,662)
- Debts after one year -€12,744
no longer reported in 2025 (was €12,744)
- Current portion of long-term debt -€9,835
down €9,835 (-42.0%), from €23,431 to €13,596
- Reserves +€7,604
up €7,604 (+4.0%), from €192,024 to €199,629
of which Distributable reserves: +€11,412
- Gross operating margin +€9,328
up €9,328 (+24.4%), from €38,220 to €47,548
- Taxes +€2,987
up €2,987 (+28.8%), from €10,374 to €13,361
- Financial charges -€770
down €770 (-48.0%), from €1,606 to €836
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 | €379,698 | €363,599 | -€16,099 | -4.2% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €249,080 | €230,418 | -€18,662 | -7.5% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €249,030 | €230,368 | -€18,662 | -7.5% |
| Land and buildings | 22 | €237,629 | €223,897 | -€13,732 | -5.8% |
| Plant, machinery and equipment | 23 | €360 | €270 | -€90 | -25.0% |
| Furniture and vehicles | 24 | €11,042 | €6,202 | -€4,840 | -43.8% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €130,617 | €133,181 | +€2,564 | +2.0% |
| Amounts receivable after more than one year | 29 | €80,000 | €80,000 | = | 0.0% |
| Other amounts receivable | 291 | €80,000 | €80,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €39,236 | €36,111 | -€3,124 | -8.0% |
| Trade receivables | 40 | €12,701 | €11,485 | -€1,216 | -9.6% |
| Other amounts receivable | 41 | €26,535 | €24,627 | -€1,908 | -7.2% |
| Cash at bank and in hand | 54/58 | €10,723 | €16,247 | +€5,524 | +51.5% |
| Deferred charges and accrued income | 490/1 | €659 | €823 | +€163 | +24.8% |
| Total equity and liabilities | 10/49 | €379,698 | €363,599 | -€16,099 | -4.2% |
| Equity | 10/15 | €290,753 | €298,358 | +€7,604 | +2.6% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €192,024 | €199,629 | +€7,604 | +4.0% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Tax-exempt reserves | 132 | €99,216 | €95,408 | -€3,808 | -3.8% |
| Distributable reserves | 133 | €90,953 | €102,366 | +€11,412 | +12.5% |
| Profit (loss) carried forward | 14 | €80,179 | €80,179 | = | 0.0% |
| Provisions and deferred taxes | 16 | €37,257 | €35,296 | -€1,961 | -5.3% |
| Deferred taxes | 168 | €37,257 | €35,296 | -€1,961 | -5.3% |
| Amounts payable | 17/49 | €51,688 | €29,945 | -€21,742 | -42.1% |
| Amounts payable after more than one year | 17 | €12,744 | - | -€12,744 | |
| Financial debts | 170/4 | €12,744 | - | -€12,744 | |
| Amounts payable within one year | 42/48 | €38,944 | €29,945 | -€8,999 | -23.1% |
| Current portion of amounts payable after more than one year | 42 | €23,431 | €13,596 | -€9,835 | -42.0% |
| Trade debts | 44 | €6,748 | €6,788 | +€41 | +0.6% |
| Suppliers | 440/4 | €6,748 | €6,788 | +€41 | +0.6% |
| Taxes, remuneration and social security | 45 | €8,765 | €9,561 | +€796 | +9.1% |
| Taxes | 450/3 | €8,765 | €9,561 | +€796 | +9.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,572 | €18,662 | +€91 | +0.5% |
| Other operating charges | 640/8 | €1,288 | €1,485 | +€196 | +15.3% |
| Gross operating margin | 9900 | €38,220 | €47,548 | +€9,328 | +24.4% |
| Operating profit (loss) | 9901 | €18,360 | €27,401 | +€9,041 | +49.2% |
| Financial income | 75/76B | €5,794 | €5,722 | -€73 | -1.3% |
| Recurring financial income | 75 | €5,794 | €5,722 | -€73 | -1.3% |
| Financial charges | 65/66B | €1,606 | €836 | -€770 | -48.0% |
| Recurring financial charges | 65 | €1,606 | €836 | -€770 | -48.0% |
| Profit (loss) for the period before taxes | 9903 | €22,548 | €32,287 | +€9,738 | +43.2% |
| Transfer from deferred taxes | 780 | €1,961 | €1,961 | = | 0.0% |
| Income taxes | 67/77 | €10,374 | €13,361 | +€2,987 | +28.8% |
| Profit (loss) for the period | 9904 | €14,136 | €20,887 | +€6,751 | +47.8% |
| Transfer from tax-exempt reserves | 789 | €3,808 | €3,808 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €17,944 | €24,695 | +€6,751 | +37.6% |
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 28 October 2026 via checked.be.