RUDAN: 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.
What changed
RUDAN
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€438,775
2024 · €452,441-€13,667
Equity
€9.9m
2024 · €6.1m+€3.8m
Cash
€1.7m
2024 · €874,319+€838,011
Balance sheet total
€15.7m
2024 · €9.0m+€6.6m
Largest movements
Assets
- Financial fixed assets +€3.6m
up €3.6m (+122%), from €3.0m to €6.6m
- Tangible fixed assets +€2.1m
up €2.1m (+41.4%), from €5.2m to €7.3m
of which Land and buildings: +€1.7m
- Cash +€838,011
up €838,011 (+95.8%), from €874,319 to €1.7m
mainly Contributions, distributions and other (+€3.3m) and Debts after one year (+€2.4m)
Equity and liabilities
- Revaluation surpluses +€3.6m
up €3.6m (+146%), from €2.5m to €6.2m
- Debts after one year +€2.4m
up €2.4m (+116%), from €2.1m to €4.5m
- Other debts +€283,997
up €283,997 (+449%), from €63,183 to €347,180
Income statement
- Depreciation +€40,432
up €40,432 (+11.5%), from €352,086 to €392,518
- Financial charges +€36,540
up €36,540 (+38.5%), from €94,992 to €131,532
- Taxes -€26,577
down €26,577 (-19.8%), from €134,134 to €107,557
- Gross operating margin +€22,496
up €22,496 (+4.1%), from €550,607 to €573,103
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
€452,441
Gross operating margin
+€22,496
Staff costs
-€1,411
Depreciation
-€40,432
Other operating charges
-€446
Financial income
+€927
Financial charges
-€36,540
Taxes
+€26,577
Deferred taxes and other
+€15,163
Result 2025
€438,775
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€1.1m
Investment
-€6.2m
Financing
+€5.9m
Cash 2024
€874,319
From operations (derived)
+€1.1m
Net result for the year
+€438,775
Depreciation
+€392,518
Smaller working-capital items
-€9,677
Provisions
-€86,897
Trade debts
+€32,681
Tax, wage and social debts
+€72,366
Other debts
+€283,997
Investment (derived)
-€6.2m
Investment in fixed assets (net)
-€6.2m
Financing
+€5.9m
Debts after one year
+€2.4m
Current portion of long-term debt
+€120,253
Contributions, distributions and other
+€3.3m
Cash 2025
€1.7m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,036,370 | €15,673,374 | +€6.6m | +73.4% |
| Fixed assets | 21/28 | €8,159,462 | €13,946,815 | +€5.8m | +70.9% |
| Tangible fixed assets | 22/27 | €5,171,462 | €7,310,726 | +€2.1m | +41.4% |
| Land and buildings | 22 | €5,145,462 | €6,855,746 | +€1.7m | +33.2% |
| Plant, machinery and equipment | 23 | - | €7,263 | +€7,263 | |
| Furniture and vehicles | 24 | - | €1,617 | +€1,617 | |
| Other tangible fixed assets | 26 | €26,000 | €446,100 | +€420,100 | +1,616% |
| Financial fixed assets | 28 | €2,988,000 | €6,636,089 | +€3.6m | +122% |
| Current assets | 29/58 | €876,908 | €1,726,560 | +€849,652 | +96.9% |
| Amounts receivable within one year | 40/41 | €2,589 | €14,230 | +€11,641 | +450% |
| Trade receivables | 40 | €1,089 | €11,230 | +€10,141 | +931% |
| Other amounts receivable | 41 | €1,500 | €3,000 | +€1,500 | +100% |
| Cash at bank and in hand | 54/58 | €874,319 | €1,712,330 | +€838,011 | +95.8% |
| Total equity and liabilities | 10/49 | €9,036,370 | €15,673,374 | +€6.6m | +73.4% |
| Equity | 10/15 | €6,118,574 | €9,898,578 | +€3.8m | +61.8% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Revaluation surpluses | 12 | €2,504,272 | €6,152,361 | +€3.6m | +146% |
| Reserves | 13 | €3,155,837 | €3,287,752 | +€131,916 | +4.2% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,119,988 | €859,297 | -€260,691 | -23.3% |
| Distributable reserves | 133 | €2,025,848 | €2,418,455 | +€392,607 | +19.4% |
| Profit (loss) carried forward | 14 | €358,465 | €358,465 | = | 0.0% |
| Provisions and deferred taxes | 16 | €369,715 | €282,818 | -€86,897 | -23.5% |
| Deferred taxes | 168 | €369,715 | €282,818 | -€86,897 | -23.5% |
| Amounts payable | 17/49 | €2,548,081 | €5,491,978 | +€2.9m | +116% |
| Amounts payable after more than one year | 17 | €2,100,984 | €4,533,620 | +€2.4m | +116% |
| Financial debts | 170/4 | €2,100,984 | €4,533,620 | +€2.4m | +116% |
| Amounts payable within one year | 42/48 | €441,600 | €950,898 | +€509,297 | +115% |
| Current portion of amounts payable after more than one year | 42 | €292,239 | €412,492 | +€120,253 | +41.1% |
| Trade debts | 44 | €2,336 | €35,017 | +€32,681 | +1,399% |
| Suppliers | 440/4 | €2,336 | €35,017 | +€32,681 | +1,399% |
| Taxes, remuneration and social security | 45 | €83,843 | €156,209 | +€72,366 | +86.3% |
| Taxes | 450/3 | €75,023 | €149,420 | +€74,397 | +99.2% |
| Remuneration and social security | 454/9 | €8,819 | €6,789 | -€2,030 | -23.0% |
| Other amounts payable | 47/48 | €63,183 | €347,180 | +€283,997 | +449% |
| Accrued charges and deferred income | 492/3 | €5,497 | €7,460 | +€1,963 | +35.7% |
| Remuneration, social security and pensions | 62 | €30,767 | €32,179 | +€1,411 | +4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €352,086 | €392,518 | +€40,432 | +11.5% |
| Other operating charges | 640/8 | €57,542 | €57,988 | +€446 | +0.8% |
| Gross operating margin | 9900 | €550,607 | €573,103 | +€22,496 | +4.1% |
| Operating profit (loss) | 9901 | €110,212 | €90,418 | -€19,794 | -18.0% |
| Financial income | 75/76B | €499,622 | €500,549 | +€927 | +0.2% |
| Recurring financial income | 75 | €499,622 | €500,549 | +€927 | +0.2% |
| Financial charges | 65/66B | €94,992 | €131,532 | +€36,540 | +38.5% |
| Recurring financial charges | 65 | €94,992 | €131,532 | +€36,540 | +38.5% |
| Profit (loss) for the period before taxes | 9903 | €514,841 | €459,435 | -€55,407 | -10.8% |
| Transfer from deferred taxes | 780 | €71,734 | €86,897 | +€15,163 | +21.1% |
| Income taxes | 67/77 | €134,134 | €107,557 | -€26,577 | -19.8% |
| Profit (loss) for the period | 9904 | €452,441 | €438,775 | -€13,667 | -3.0% |
| Transfer from tax-exempt reserves | 789 | €215,203 | €260,691 | +€45,488 | +21.1% |
| Profit (loss) for the period to be appropriated | 9905 | €667,644 | €699,466 | +€31,822 | +4.8% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.