RUBINFELD: 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.
RUBINFELD
Largest movements
- Intangible fixed assets -€11,560
down €11,560 (-26.8%), from €43,185 to €31,625
- Receivables within one year +€5,835
up €5,835 (+262.4%), from €2,224 to €8,059
of which Trade receivables: +€5,459
- Cash +€3,638
up €3,638 (+175.5%), from €2,073 to €5,711
mainly Depreciation (+€18,772) and Other debts (+€8,022)
- Current portion of long-term debt -€11,853
no longer reported in 2025 (was €11,853)
- Other debts +€8,022
up €8,022 (+14.9%), from €54,020 to €62,042
- Reserves +€7,700
up €7,700 (+57.6%), from €13,361 to €21,061
of which Distributable reserves: +€7,700
- Profit (loss) carried forward -€7,181
down €7,181 (-29.4%), from -€24,434 to -€31,615
- Accrued charges and deferred income -€1,476
no longer reported in 2025 (was €1,476)
- Gross operating margin -€9,942
down €9,942 (-24.5%), from €40,565 to €30,623
- Depreciation +€2,521
up €2,521 (+15.5%), from €16,251 to €18,772
- Taxes +€1,284
up €1,284 (+920.6%), from €140 to €1,424
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 | €73,622 | €71,465 | -€2,157 | -2.9% |
| Fixed assets | 21/28 | €68,845 | €57,403 | -€11,442 | -16.6% |
| Intangible fixed assets | 21 | €43,185 | €31,625 | -€11,560 | -26.8% |
| Tangible fixed assets | 22/27 | €25,660 | €25,778 | +€118 | +0.5% |
| Furniture and vehicles | 24 | €25,660 | €25,778 | +€118 | +0.5% |
| Current assets | 29/58 | €4,777 | €14,062 | +€9,285 | +194.4% |
| Amounts receivable within one year | 40/41 | €2,224 | €8,059 | +€5,835 | +262.4% |
| Trade receivables | 40 | €2,224 | €7,683 | +€5,459 | +245.4% |
| Other amounts receivable | 41 | - | €376 | +€376 | |
| Cash at bank and in hand | 54/58 | €2,073 | €5,711 | +€3,638 | +175.5% |
| Deferred charges and accrued income | 490/1 | €480 | €292 | -€188 | -39.2% |
| Total equity and liabilities | 10/49 | €73,622 | €71,465 | -€2,157 | -2.9% |
| Equity | 10/15 | €1,327 | €1,846 | +€519 | +39.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Contributions outside capital | 11 | €12,400 | €12,400 | = | 0.0% |
| Other | 1109/19 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €13,361 | €21,061 | +€7,700 | +57.6% |
| Non-distributable reserves | 130/1 | €714 | €714 | = | 0.0% |
| Reserves not available under the articles | 1311 | €714 | €714 | = | 0.0% |
| Distributable reserves | 133 | €12,647 | €20,347 | +€7,700 | +60.9% |
| Profit (loss) carried forward | 14 | -€24,434 | -€31,615 | -€7,181 | -29.4% |
| Amounts payable | 17/49 | €72,295 | €69,619 | -€2,676 | -3.7% |
| Amounts payable within one year | 42/48 | €70,819 | €69,619 | -€1,200 | -1.7% |
| Current portion of amounts payable after more than one year | 42 | €11,853 | - | -€11,853 | |
| Trade debts | 44 | €385 | €1,558 | +€1,173 | +305.1% |
| Suppliers | 440/4 | €385 | €1,558 | +€1,173 | +305.1% |
| Taxes, remuneration and social security | 45 | €4,561 | €6,019 | +€1,457 | +31.9% |
| Taxes | 450/3 | €4,561 | €3,619 | -€943 | -20.7% |
| Remuneration and social security | 454/9 | - | €2,400 | +€2,400 | |
| Other amounts payable | 47/48 | €54,020 | €62,042 | +€8,022 | +14.9% |
| Accrued charges and deferred income | 492/3 | €1,476 | - | -€1,476 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,251 | €18,772 | +€2,521 | +15.5% |
| Other operating charges | 640/8 | €2,744 | €2,567 | -€177 | -6.5% |
| Gross operating margin | 9900 | €40,565 | €30,623 | -€9,942 | -24.5% |
| Operating profit (loss) | 9901 | €21,570 | €9,284 | -€12,286 | -57.0% |
| Financial charges | 65/66B | €482 | €141 | -€341 | -70.7% |
| Recurring financial charges | 65 | €482 | €141 | -€341 | -70.7% |
| Profit (loss) for the period before taxes | 9903 | €21,088 | €9,143 | -€11,945 | -56.6% |
| Income taxes | 67/77 | €140 | €1,424 | +€1,284 | +920.6% |
| Profit (loss) for the period | 9904 | €20,949 | €7,719 | -€13,230 | -63.2% |
| Profit (loss) for the period to be appropriated | 9905 | €20,949 | €7,719 | -€13,230 | -63.2% |
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 9 October 2026 via checked.be.