Rudolph: 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.
Rudolph
Largest movements
- Cash -€14.6m
down €14.6m (-22.1%), from €66.1m to €51.5m
mainly Investment in fixed assets (net) (-€5.6m) and Receivables within one year (-€4.6m)
- Tangible fixed assets +€5.3m
up €5.3m (+242.6%), from €2.2m to €7.5m
of which Land and buildings: +€5.3m
- Receivables within one year +€4.6m
up €4.6m (+108.3%), from €4.3m to €8.9m
- Reserves +€8.6m
up €8.6m (+14.7%), from €58.4m to €67.0m
of which Distributable reserves: +€8.6m
- Profit (loss) carried forward -€7.0m
down €7.0m (-81.7%), from €8.6m to €1.6m
- Other debts -€4.2m
down €4.2m (-69.6%), from €6.1m to €1.9m
- Tax, wage and social debts -€1.9m
down €1.9m (-98.0%), from €1.9m to €37,652
- Financial income -€12.9m
down €12.9m (-84.5%), from €15.2m to €2.4m
- Depreciation +€273,235
up €273,235 (+1047.9%), from €26,075 to €299,309
- Taxes -€104,981
down €104,981 (-24.8%), from €423,485 to €318,504
- Gross operating margin +€38,029
up €38,029 (+196.7%), from €19,334 to €57,363
- Other operating charges -€15,844
down €15,844 (-81.9%), from €19,355 to €3,512
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 | €90,594,725 | €85,987,913 | -€4.6m | -5.1% |
| Fixed assets | 21/28 | €19,703,487 | €25,015,215 | +€5.3m | +27.0% |
| Tangible fixed assets | 22/27 | €2,189,880 | €7,501,608 | +€5.3m | +242.6% |
| Land and buildings | 22 | €2,161,733 | €7,482,393 | +€5.3m | +246.1% |
| Furniture and vehicles | 24 | €28,147 | €19,215 | -€8,932 | -31.7% |
| Financial fixed assets | 28 | €17,513,607 | €17,513,607 | = | 0.0% |
| Current assets | 29/58 | €70,891,237 | €60,972,698 | -€9.9m | -14.0% |
| Amounts receivable within one year | 40/41 | €4,274,191 | €8,904,586 | +€4.6m | +108.3% |
| Other amounts receivable | 41 | €4,274,191 | €8,904,586 | +€4.6m | +108.3% |
| Cash at bank and in hand | 54/58 | €66,061,450 | €51,458,832 | -€14.6m | -22.1% |
| Deferred charges and accrued income | 490/1 | €555,597 | €609,280 | +€53,684 | +9.7% |
| Total equity and liabilities | 10/49 | €90,594,725 | €85,987,913 | -€4.6m | -5.1% |
| Equity | 10/15 | €82,528,048 | €84,097,984 | +€1.6m | +1.9% |
| Contributions | 10/11 | €15,518,000 | €15,518,000 | = | 0.0% |
| Reserves | 13 | €58,445,549 | €67,010,048 | +€8.6m | +14.7% |
| Non-distributable reserves | 130/1 | €137,500 | €137,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €137,500 | €137,500 | = | 0.0% |
| Distributable reserves | 133 | €58,308,049 | €66,872,548 | +€8.6m | +14.7% |
| Profit (loss) carried forward | 14 | €8,564,500 | €1,569,935 | -€7.0m | -81.7% |
| Amounts payable | 17/49 | €8,066,676 | €1,889,929 | -€6.2m | -76.6% |
| Amounts payable within one year | 42/48 | €8,066,676 | €1,889,929 | -€6.2m | -76.6% |
| Trade debts | 44 | €80,379 | €71 | -€80,308 | -99.9% |
| Suppliers | 440/4 | €80,379 | €71 | -€80,308 | -99.9% |
| Taxes, remuneration and social security | 45 | €1,888,854 | €37,652 | -€1.9m | -98.0% |
| Taxes | 450/3 | €1,888,854 | €37,652 | -€1.9m | -98.0% |
| Other amounts payable | 47/48 | €6,097,443 | €1,852,206 | -€4.2m | -69.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,075 | €299,309 | +€273,235 | +1047.9% |
| Other operating charges | 640/8 | €19,355 | €3,512 | -€15,844 | -81.9% |
| Gross operating margin | 9900 | €19,334 | €57,363 | +€38,029 | +196.7% |
| Operating profit (loss) | 9901 | -€26,096 | -€245,458 | -€219,362 | -840.6% |
| Financial income | 75/76B | €15,228,196 | €2,363,040 | -€12.9m | -84.5% |
| Recurring financial income | 75 | €15,228,196 | €2,363,040 | -€12.9m | -84.5% |
| Financial charges | 65/66B | €214,116 | €229,143 | +€15,027 | +7.0% |
| Recurring financial charges | 65 | €214,116 | €229,143 | +€15,027 | +7.0% |
| Profit (loss) for the period before taxes | 9903 | €14,987,985 | €1,888,440 | -€13.1m | -87.4% |
| Income taxes | 67/77 | €423,485 | €318,504 | -€104,981 | -24.8% |
| Profit (loss) for the period | 9904 | €14,564,500 | €1,569,935 | -€13.0m | -89.2% |
| Profit (loss) for the period to be appropriated | 9905 | €14,564,500 | €1,569,935 | -€13.0m | -89.2% |
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 11 October 2026 via checked.be.