Ruben Vandoorne: 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 Vandoorne
Largest movements
- Cash +€45,185
up €45,185 (+1,428%), from €3,165 to €48,350
mainly Net result for the year (+€31,855) and Other debts (+€14,148)
- Tangible fixed assets -€8,750
down €8,750 (-4.3%), from €202,114 to €193,364
- Receivables within one year -€5,695
down €5,695 (-46.7%), from €12,183 to €6,488
of which Trade receivables: -€4,832
- Reserves +€33,000
new in 2025: €33,000
- Debts after one year -€22,500
down €22,500 (-12.8%), from €176,250 to €153,750
- Other debts +€14,148
up €14,148 (+123%), from €11,514 to €25,661
- Tax, wage and social debts +€8,446
up €8,446 (+1,896%), from €445 to €8,891
- Depreciation -€40,457
down €40,457 (-82.2%), from €49,207 to €8,750
- Taxes +€8,000
up €8,000 (+1,796%), from €445 to €8,446
- Gross operating margin -€4,104
down €4,104 (-6.6%), from €61,898 to €57,795
- Financial charges -€2,727
down €2,727 (-28.1%), from €9,720 to €6,993
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 | €217,462 | €248,202 | +€30,740 | +14.1% |
| Fixed assets | 21/28 | €202,114 | €193,364 | -€8,750 | -4.3% |
| Tangible fixed assets | 22/27 | €202,114 | €193,364 | -€8,750 | -4.3% |
| Land and buildings | 22 | €202,114 | €193,364 | -€8,750 | -4.3% |
| Current assets | 29/58 | €15,348 | €54,838 | +€39,490 | +257% |
| Amounts receivable within one year | 40/41 | €12,183 | €6,488 | -€5,695 | -46.7% |
| Trade receivables | 40 | €11,180 | €6,348 | -€4,832 | -43.2% |
| Other amounts receivable | 41 | €1,003 | €140 | -€863 | -86.1% |
| Cash at bank and in hand | 54/58 | €3,165 | €48,350 | +€45,185 | +1,428% |
| Total equity and liabilities | 10/49 | €217,462 | €248,202 | +€30,740 | +14.1% |
| Equity | 10/15 | €3,176 | €35,032 | +€31,855 | +1,003% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | - | €33,000 | +€33,000 | |
| Distributable reserves | 133 | - | €33,000 | +€33,000 | |
| Profit (loss) carried forward | 14 | €1,176 | €32 | -€1,145 | -97.3% |
| Amounts payable | 17/49 | €214,286 | €213,170 | -€1,116 | -0.5% |
| Amounts payable after more than one year | 17 | €176,250 | €153,750 | -€22,500 | -12.8% |
| Financial debts | 170/4 | €176,250 | €153,750 | -€22,500 | -12.8% |
| Amounts payable within one year | 42/48 | €37,561 | €59,420 | +€21,859 | +58.2% |
| Current portion of amounts payable after more than one year | 42 | €22,500 | €22,500 | = | 0.0% |
| Trade debts | 44 | €3,102 | €2,368 | -€734 | -23.7% |
| Suppliers | 440/4 | €3,102 | €2,368 | -€734 | -23.7% |
| Taxes, remuneration and social security | 45 | €445 | €8,891 | +€8,446 | +1,896% |
| Taxes | 450/3 | €445 | €8,891 | +€8,446 | +1,896% |
| Other amounts payable | 47/48 | €11,514 | €25,661 | +€14,148 | +123% |
| Accrued charges and deferred income | 492/3 | €475 | €0 | -€475 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,207 | €8,750 | -€40,457 | -82.2% |
| Other operating charges | 640/8 | €1,350 | €1,751 | +€400 | +29.6% |
| Gross operating margin | 9900 | €61,898 | €57,795 | -€4,104 | -6.6% |
| Operating profit (loss) | 9901 | €11,341 | €47,294 | +€35,953 | +317% |
| Financial charges | 65/66B | €9,720 | €6,993 | -€2,727 | -28.1% |
| Recurring financial charges | 65 | €9,720 | €6,993 | -€2,727 | -28.1% |
| Profit (loss) for the period before taxes | 9903 | €1,622 | €40,301 | +€38,679 | +2,385% |
| Income taxes | 67/77 | €445 | €8,446 | +€8,000 | +1,796% |
| Profit (loss) for the period | 9904 | €1,176 | €31,855 | +€30,679 | +2,608% |
| Profit (loss) for the period to be appropriated | 9905 | €1,176 | €31,855 | +€30,679 | +2,608% |
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 31 October 2026 via checked.be.