RUDDERSHOVE: 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.
RUDDERSHOVE
Largest movements
- Receivables within one year +€179,235
new in 2025: €179,235
- Receivables after one year -€170,114
no longer reported in 2025 (was €170,114)
- Tangible fixed assets +€115,763
up €115,763 (+4.4%), from €2.6m to €2.7m
of which Assets under construction and advance payments: +€149,928
- Other debts +€450,567
new in 2025: €450,567
- Debts after one year -€292,289
down €292,289 (-31.7%), from €920,598 to €628,309
of which Financial debts: -€289,289
- Reserves -€38,298
down €38,298 (-4.7%), from €822,728 to €784,430
of which Tax-exempt reserves: -€38,528
- Gross operating margin -€22,331
down €22,331 (-25.0%), from €89,383 to €67,052
- Financial charges +€10,437
up €10,437 (+97.8%), from €10,672 to €21,109
- Financial income +€9,479
up €9,479 (+9,478,900%), from €0 to €9,479
- Other operating charges +€2,853
up €2,853 (+13.8%), from €20,707 to €23,560
- Depreciation +€2,751
up €2,751 (+3.7%), from €74,222 to €76,973
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 | €3,092,126 | €3,199,303 | +€107,177 | +3.5% |
| Fixed assets | 21/28 | €2,632,693 | €2,748,456 | +€115,763 | +4.4% |
| Tangible fixed assets | 22/27 | €2,632,693 | €2,748,456 | +€115,763 | +4.4% |
| Land and buildings | 22 | €2,611,881 | €2,566,150 | -€45,731 | -1.8% |
| Plant, machinery and equipment | 23 | - | €11,566 | +€11,566 | |
| Assets under construction and advance payments | 27 | €20,812 | €170,740 | +€149,928 | +720% |
| Current assets | 29/58 | €459,434 | €450,847 | -€8,587 | -1.9% |
| Amounts receivable after more than one year | 29 | €170,114 | - | -€170,114 | |
| Trade receivables | 290 | €170,114 | - | -€170,114 | |
| Amounts receivable within one year | 40/41 | - | €179,235 | +€179,235 | |
| Other amounts receivable | 41 | - | €179,235 | +€179,235 | |
| Cash at bank and in hand | 54/58 | €287,532 | €267,839 | -€19,693 | -6.8% |
| Deferred charges and accrued income | 490/1 | €1,788 | €3,773 | +€1,985 | +111% |
| Total equity and liabilities | 10/49 | €3,092,126 | €3,199,303 | +€107,177 | +3.5% |
| Equity | 10/15 | €1,882,197 | €1,848,259 | -€33,938 | -1.8% |
| Contributions | 10/11 | €929,601 | €929,601 | +€0 | 0.0% |
| Capital | 10 | €929,601 | €929,601 | +€0 | 0.0% |
| Issued capital | 100 | €929,601 | €929,601 | +€0 | 0.0% |
| Reserves | 13 | €822,728 | €784,430 | -€38,298 | -4.7% |
| Non-distributable reserves | 130/1 | €13,517 | €13,747 | +€230 | +1.7% |
| Legal reserve | 130 | €13,517 | €13,747 | +€230 | +1.7% |
| Tax-exempt reserves | 132 | €809,211 | €770,683 | -€38,528 | -4.8% |
| Profit (loss) carried forward | 14 | €129,868 | €134,228 | +€4,360 | +3.4% |
| Provisions and deferred taxes | 16 | €269,737 | €256,894 | -€12,843 | -4.8% |
| Deferred taxes | 168 | €269,737 | €256,894 | -€12,843 | -4.8% |
| Amounts payable | 17/49 | €940,192 | €1,094,150 | +€153,958 | +16.4% |
| Amounts payable after more than one year | 17 | €920,598 | €628,309 | -€292,289 | -31.7% |
| Financial debts | 170/4 | €917,278 | €627,989 | -€289,289 | -31.5% |
| Other amounts payable | 178/9 | €3,320 | €320 | -€3,000 | -90.4% |
| Amounts payable within one year | 42/48 | €9,263 | €465,841 | +€456,578 | +4,929% |
| Trade debts | 44 | €9,136 | €13,603 | +€4,467 | +48.9% |
| Suppliers | 440/4 | €9,136 | €13,603 | +€4,467 | +48.9% |
| Taxes, remuneration and social security | 45 | €126 | €1,671 | +€1,545 | +1,225% |
| Taxes | 450/3 | €126 | €1,671 | +€1,545 | +1,225% |
| Other amounts payable | 47/48 | - | €450,567 | +€450,567 | |
| Accrued charges and deferred income | 492/3 | €10,331 | - | -€10,331 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €74,222 | €76,973 | +€2,751 | +3.7% |
| Other operating charges | 640/8 | €20,707 | €23,560 | +€2,853 | +13.8% |
| Gross operating margin | 9900 | €89,383 | €67,052 | -€22,331 | -25.0% |
| Operating profit (loss) | 9901 | -€5,547 | -€33,481 | -€27,934 | -504% |
| Financial income | 75/76B | €0 | €9,479 | +€9,479 | +9,478,900% |
| Recurring financial income | 75 | €0 | €9,479 | +€9,479 | +9,478,900% |
| Financial charges | 65/66B | €10,672 | €21,109 | +€10,437 | +97.8% |
| Recurring financial charges | 65 | €10,672 | €21,109 | +€10,437 | +97.8% |
| Profit (loss) for the period before taxes | 9903 | -€16,219 | -€45,111 | -€28,892 | -178% |
| Transfer from deferred taxes | 780 | €12,843 | €12,843 | +€0 | 0.0% |
| Income taxes | 67/77 | €126 | €1,671 | +€1,545 | +1,225% |
| Profit (loss) for the period | 9904 | -€3,503 | -€33,939 | -€30,436 | -869% |
| Transfer from tax-exempt reserves | 789 | €38,528 | €38,528 | +€0 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €35,025 | €4,589 | -€30,436 | -86.9% |
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.