RUBRECHT: what changed
Two fiscal 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.
What changed
RUBRECHT
NACE 47.770, Retail sale of watches and jewellery
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€69,507
2024 · €103,535-€34,028
Equity
€1.1m
2024 · €986,821+€69,507
Cash
€134,983
2024 · €145,581-€10,597
Balance sheet total
€1.7m
2024 · €1.8m-€76,367
Largest movements
Assets
- Stocks and contracts -€40,072
down €40,072 (-3.7%), from €1.1m to €1.1m
- Tangible fixed assets -€20,999
down €20,999 (-4.0%), from €520,293 to €499,294
of which Land and buildings: -€21,459
Equity and liabilities
- Reserves +€69,507
up €69,507 (+8.6%), from €809,536 to €879,043
of which Distributable reserves: +€69,507
- Debts after one year -€61,135
down €61,135 (-13.7%), from €446,159 to €385,024
- Trade debts -€55,810
down €55,810 (-56.4%), from €98,913 to €43,102
- Other debts -€26,133
down €26,133 (-80.7%), from €32,387 to €6,254
Income statement
- Gross operating margin -€51,556
down €51,556 (-22.8%), from €226,467 to €174,910
- Taxes -€17,004
down €17,004 (-38.0%), from €44,776 to €27,771
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.
Result 2024
€103,535
Gross operating margin
-€51,556
Depreciation
-€981
Other operating charges
+€3
Financial income
-€535
Financial charges
+€2,038
Taxes
+€17,004
Result 2025
€69,507
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.
From operations
+€98,740
Investment
-€35,126
Financing
-€74,212
Cash 2024
€145,581
From operations (derived)
+€98,740
Net result for the year
+€69,507
Depreciation
+€56,125
Stocks and contracts
+€40,072
Receivables within one year
+€8,837
Deferred charges and accrued income
-€4,138
Trade debts
-€55,810
Tax, wage and social debts
+€12,267
Other debts
-€26,133
Accrued charges and deferred income
-€1,986
Investment (derived)
-€35,126
Investment in fixed assets (net)
-€35,126
Financing
-€74,212
Debts after one year
-€61,135
Current portion of long-term debt
-€9,685
Short-term financial debts
-€3,392
Cash 2025
€134,983
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,791,352 | €1,714,985 | -€76,367 | -4.3% |
| Fixed assets | 21/28 | €520,293 | €499,294 | -€20,999 | -4.0% |
| Tangible fixed assets | 22/27 | €520,293 | €499,294 | -€20,999 | -4.0% |
| Land and buildings | 22 | €514,178 | €492,719 | -€21,459 | -4.2% |
| Plant, machinery and equipment | 23 | €4,588 | €2,209 | -€2,379 | -51.9% |
| Furniture and vehicles | 24 | €1,527 | €4,366 | +€2,839 | +186.0% |
| Current assets | 29/58 | €1,271,059 | €1,215,692 | -€55,368 | -4.4% |
| Stocks and contracts in progress | 3 | €1,093,625 | €1,053,553 | -€40,072 | -3.7% |
| Stocks | 30/36 | €1,093,625 | €1,053,553 | -€40,072 | -3.7% |
| Amounts receivable within one year | 40/41 | €26,422 | €17,586 | -€8,837 | -33.4% |
| Trade receivables | 40 | €1,576 | €5,482 | +€3,906 | +247.8% |
| Other amounts receivable | 41 | €24,846 | €12,104 | -€12,743 | -51.3% |
| Cash at bank and in hand | 54/58 | €145,581 | €134,983 | -€10,597 | -7.3% |
| Deferred charges and accrued income | 490/1 | €5,431 | €9,569 | +€4,138 | +76.2% |
| Total equity and liabilities | 10/49 | €1,791,352 | €1,714,985 | -€76,367 | -4.3% |
| Equity | 10/15 | €986,821 | €1,056,328 | +€69,507 | +7.0% |
| Contributions | 10/11 | €175,000 | €175,000 | = | 0.0% |
| Reserves | 13 | €809,536 | €879,043 | +€69,507 | +8.6% |
| Tax-exempt reserves | 132 | €56,250 | €56,250 | = | 0.0% |
| Distributable reserves | 133 | €753,286 | €822,793 | +€69,507 | +9.2% |
| Profit (loss) carried forward | 14 | €2,285 | €2,285 | = | 0.0% |
| Amounts payable | 17/49 | €804,531 | €658,657 | -€145,874 | -18.1% |
| Amounts payable after more than one year | 17 | €446,159 | €385,024 | -€61,135 | -13.7% |
| Financial debts | 170/4 | €446,159 | €385,024 | -€61,135 | -13.7% |
| Amounts payable within one year | 42/48 | €349,299 | €266,545 | -€82,754 | -23.7% |
| Current portion of amounts payable after more than one year | 42 | €70,820 | €61,135 | -€9,685 | -13.7% |
| Financial debts | 43 | €138,123 | €134,732 | -€3,392 | -2.5% |
| Credit institutions | 430/8 | €138,123 | €134,732 | -€3,392 | -2.5% |
| Trade debts | 44 | €98,913 | €43,102 | -€55,810 | -56.4% |
| Suppliers | 440/4 | €98,913 | €43,102 | -€55,810 | -56.4% |
| Taxes, remuneration and social security | 45 | €9,056 | €21,323 | +€12,267 | +135.5% |
| Taxes | 450/3 | €9,056 | €21,323 | +€12,267 | +135.5% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €32,387 | €6,254 | -€26,133 | -80.7% |
| Accrued charges and deferred income | 492/3 | €9,073 | €7,088 | -€1,986 | -21.9% |
| Non-recurring operating income | 76A | €0 | €50,000 | +€50,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,144 | €56,125 | +€981 | +1.8% |
| Other operating charges | 640/8 | €2,932 | €2,930 | -€3 | -0.1% |
| Gross operating margin | 9900 | €226,467 | €174,910 | -€51,556 | -22.8% |
| Operating profit (loss) | 9901 | €168,391 | €115,856 | -€52,535 | -31.2% |
| Financial income | 75/76B | €747 | €212 | -€535 | -71.6% |
| Recurring financial income | 75 | €747 | €212 | -€535 | -71.6% |
| Financial charges | 65/66B | €20,828 | €18,790 | -€2,038 | -9.8% |
| Recurring financial charges | 65 | €20,828 | €18,790 | -€2,038 | -9.8% |
| Profit (loss) for the period before taxes | 9903 | €148,310 | €97,278 | -€51,032 | -34.4% |
| Income taxes | 67/77 | €44,776 | €27,771 | -€17,004 | -38.0% |
| Profit (loss) for the period | 9904 | €103,535 | €69,507 | -€34,028 | -32.9% |
| Profit (loss) for the period to be appropriated | 9905 | €103,535 | €69,507 | -€34,028 | -32.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.