RUBEN VAES: 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 VAES
Largest movements
- Cash -€111,241
down €111,241 (-57.1%), from €194,957 to €83,715
mainly Contributions, distributions and other (-€196,290) and Current portion of long-term debt (-€2,206)
- Receivables within one year -€8,085
down €8,085 (-48.0%), from €16,849 to €8,764
of which Other amounts receivable: -€7,811
- Tangible fixed assets -€2,724
down €2,724 (-100%), from €2,724 to €0
- Financial fixed assets -€2,500
down €2,500 (-100%), from €2,500 to €0
- Profit (loss) carried forward -€148,395
down €148,395 (-73.1%), from €202,968 to €54,573
- Tax, wage and social debts +€26,526
up €26,526 (+909%), from €2,917 to €29,444
of which Taxes: +€29,444
- Current portion of long-term debt -€2,206
down €2,206 (-100%), from €2,206 to €0
- Financial income +€33,630
up €33,630 (+328,100%), from €10 to €33,641
- Gross operating margin -€19,114
down €19,114 (-45.4%), from €42,125 to €23,011
- Taxes -€3,455
down €3,455 (-40.5%), from €8,527 to €5,072
- Depreciation -€643
down €643 (-19.1%), from €3,367 to €2,724
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 | €217,890 | €92,991 | -€124,899 | -57.3% |
| Fixed assets | 21/28 | €5,224 | €0 | -€5,224 | -100% |
| Tangible fixed assets | 22/27 | €2,724 | €0 | -€2,724 | -100% |
| Furniture and vehicles | 24 | €2,724 | €0 | -€2,724 | -100% |
| Financial fixed assets | 28 | €2,500 | €0 | -€2,500 | -100% |
| Current assets | 29/58 | €212,666 | €92,991 | -€119,675 | -56.3% |
| Amounts receivable within one year | 40/41 | €16,849 | €8,764 | -€8,085 | -48.0% |
| Trade receivables | 40 | €7,836 | €7,562 | -€274 | -3.5% |
| Other amounts receivable | 41 | €9,014 | €1,202 | -€7,811 | -86.7% |
| Cash at bank and in hand | 54/58 | €194,957 | €83,715 | -€111,241 | -57.1% |
| Deferred charges and accrued income | 490/1 | €861 | €512 | -€349 | -40.5% |
| Total equity and liabilities | 10/49 | €217,890 | €92,991 | -€124,899 | -57.3% |
| Equity | 10/15 | €207,968 | €59,573 | -€148,395 | -71.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €202,968 | €54,573 | -€148,395 | -73.1% |
| Amounts payable | 17/49 | €9,922 | €33,418 | +€23,496 | +237% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €9,922 | €33,418 | +€23,496 | +237% |
| Current portion of amounts payable after more than one year | 42 | €2,206 | €0 | -€2,206 | -100% |
| Trade debts | 44 | €1,717 | €201 | -€1,515 | -88.3% |
| Suppliers | 440/4 | €1,717 | €201 | -€1,515 | -88.3% |
| Taxes, remuneration and social security | 45 | €2,917 | €29,444 | +€26,526 | +909% |
| Taxes | 450/3 | - | €29,444 | +€29,444 | |
| Remuneration and social security | 454/9 | €2,917 | €0 | -€2,917 | -100% |
| Other amounts payable | 47/48 | €3,082 | €3,773 | +€691 | +22.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,367 | €2,724 | -€643 | -19.1% |
| Other operating charges | 640/8 | €1,027 | €795 | -€232 | -22.6% |
| Gross operating margin | 9900 | €42,125 | €23,011 | -€19,114 | -45.4% |
| Operating profit (loss) | 9901 | €37,730 | €19,491 | -€18,239 | -48.3% |
| Financial income | 75/76B | €10 | €33,641 | +€33,630 | +328,100% |
| Recurring financial income | 75 | €10 | €33,641 | +€33,630 | +328,100% |
| Financial charges | 65/66B | €199 | €164 | -€35 | -17.4% |
| Recurring financial charges | 65 | €199 | €164 | -€35 | -17.4% |
| Profit (loss) for the period before taxes | 9903 | €37,542 | €52,967 | +€15,426 | +41.1% |
| Income taxes | 67/77 | €8,527 | €5,072 | -€3,455 | -40.5% |
| Profit (loss) for the period | 9904 | €29,015 | €47,895 | +€18,880 | +65.1% |
| Profit (loss) for the period to be appropriated | 9905 | €29,015 | €47,895 | +€18,880 | +65.1% |
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 15 October 2026 via checked.be.