RUBOVET: 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.
RUBOVET
Largest movements
- Cash +€324,256
up €324,256 (+240.6%), from €134,744 to €459,000
mainly Net result for the year (+€457,134) and Trade debts (+€225,705)
- Receivables within one year +€318,632
up €318,632 (+30.1%), from €1.1m to €1.4m
of which Trade receivables: +€279,000
- Stocks and contracts -€88,321
down €88,321 (-35.5%), from €248,928 to €160,607
- Intangible fixed assets -€65,895
down €65,895 (-77.3%), from €85,240 to €19,345
- Trade debts +€225,705
up €225,705 (+38.2%), from €591,597 to €817,303
- Reserves +€207,134
up €207,134 (+208.2%), from €99,497 to €306,631
- Debts after one year -€189,100
down €189,100 (-37.7%), from €501,600 to €312,500
- Other debts +€97,540
up €97,540 (+59.8%), from €162,981 to €260,522
- Tax, wage and social debts +€64,095
up €64,095 (+118.1%), from €54,281 to €118,377
of which Taxes: +€67,490
- Gross operating margin +€278,065
up €278,065 (+56.1%), from €495,260 to €773,325
- Depreciation -€130,552
down €130,552 (-60.3%), from €216,474 to €85,922
- Taxes +€93,507
up €93,507 (+908.1%), from €10,297 to €103,803
- Staff costs -€18,023
down €18,023 (-14.1%), from €127,946 to €109,922
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 | €1,559,706 | €2,028,670 | +€468,964 | +30.1% |
| Fixed assets | 21/28 | €111,260 | €25,337 | -€85,922 | -77.2% |
| Intangible fixed assets | 21 | €85,240 | €19,345 | -€65,895 | -77.3% |
| Tangible fixed assets | 22/27 | €25,420 | €5,392 | -€20,028 | -78.8% |
| Plant, machinery and equipment | 23 | €13,969 | €3,153 | -€10,816 | -77.4% |
| Furniture and vehicles | 24 | €11,451 | €2,240 | -€9,211 | -80.4% |
| Financial fixed assets | 28 | €600 | €600 | = | 0.0% |
| Current assets | 29/58 | €1,448,446 | €2,003,332 | +€554,886 | +38.3% |
| Stocks and contracts in progress | 3 | €248,928 | €160,607 | -€88,321 | -35.5% |
| Stocks | 30/36 | €248,928 | €160,607 | -€88,321 | -35.5% |
| Amounts receivable within one year | 40/41 | €1,059,485 | €1,378,117 | +€318,632 | +30.1% |
| Trade receivables | 40 | €1,033,254 | €1,312,254 | +€279,000 | +27.0% |
| Other amounts receivable | 41 | €26,231 | €65,863 | +€39,632 | +151.1% |
| Cash at bank and in hand | 54/58 | €134,744 | €459,000 | +€324,256 | +240.6% |
| Deferred charges and accrued income | 490/1 | €5,289 | €5,608 | +€319 | +6.0% |
| Total equity and liabilities | 10/49 | €1,559,706 | €2,028,670 | +€468,964 | +30.1% |
| Equity | 10/15 | €179,497 | €386,631 | +€207,134 | +115.4% |
| Contributions | 10/11 | €80,000 | €80,000 | = | 0.0% |
| Reserves | 13 | €99,497 | €306,631 | +€207,134 | +208.2% |
| Distributable reserves | 133 | €99,497 | €306,631 | +€207,134 | +208.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,380,208 | €1,642,038 | +€261,830 | +19.0% |
| Amounts payable after more than one year | 17 | €501,600 | €312,500 | -€189,100 | -37.7% |
| Financial debts | 170/4 | €501,600 | €312,500 | -€189,100 | -37.7% |
| Amounts payable within one year | 42/48 | €873,421 | €1,321,201 | +€447,780 | +51.3% |
| Current portion of amounts payable after more than one year | 42 | €64,561 | €125,000 | +€60,439 | +93.6% |
| Trade debts | 44 | €591,597 | €817,303 | +€225,705 | +38.2% |
| Suppliers | 440/4 | €591,597 | €817,303 | +€225,705 | +38.2% |
| Taxes, remuneration and social security | 45 | €54,281 | €118,377 | +€64,095 | +118.1% |
| Taxes | 450/3 | €26,312 | €93,803 | +€67,490 | +256.5% |
| Remuneration and social security | 454/9 | €27,969 | €24,574 | -€3,395 | -12.1% |
| Other amounts payable | 47/48 | €162,981 | €260,522 | +€97,540 | +59.8% |
| Accrued charges and deferred income | 492/3 | €5,188 | €8,338 | +€3,150 | +60.7% |
| Remuneration, social security and pensions | 62 | €127,946 | €109,922 | -€18,023 | -14.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €216,474 | €85,922 | -€130,552 | -60.3% |
| Other operating charges | 640/8 | €2,009 | €1,739 | -€270 | -13.4% |
| Non-recurring operating charges | 66A | €61 | €0 | -€61 | -100.0% |
| Gross operating margin | 9900 | €495,260 | €773,325 | +€278,065 | +56.1% |
| Operating profit (loss) | 9901 | €148,770 | €575,741 | +€426,971 | +287.0% |
| Financial income | 75/76B | €284 | €0 | -€284 | -100.0% |
| Recurring financial income | 75 | €284 | €0 | -€284 | -100.0% |
| Financial charges | 65/66B | €19,458 | €14,804 | -€4,655 | -23.9% |
| Recurring financial charges | 65 | €19,458 | €14,804 | -€4,655 | -23.9% |
| Profit (loss) for the period before taxes | 9903 | €129,596 | €560,937 | +€431,342 | +332.8% |
| Income taxes | 67/77 | €10,297 | €103,803 | +€93,507 | +908.1% |
| Profit (loss) for the period | 9904 | €119,299 | €457,134 | +€337,835 | +283.2% |
| Profit (loss) for the period to be appropriated | 9905 | €119,299 | €457,134 | +€337,835 | +283.2% |
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 10 October 2026 via checked.be.