RUDY BORREMANS: what changed
RUDY BORREMANS
Largest movements
- Current investments +€35,088
new in 2025: €35,088
- Cash -€22,225
down €22,225 (-19.0%), from €116,681 to €94,455
mainly Current investments (-€35,088) and Other debts (-€10,810)
- Receivables within one year -€2,033
down €2,033 (-25.7%), from €7,908 to €5,875
of which Other amounts receivable: -€4,725
- Reserves +€13,921
up €13,921 (+23.0%), from €60,423 to €74,345
- Other debts -€10,810
down €10,810 (-46.1%), from €23,462 to €12,652
- Trade debts +€4,460
up €4,460 (+264%), from €1,687 to €6,148
- Tax, wage and social debts +€1,567
up €1,567 (+19.0%), from €8,238 to €9,805
of which Remuneration and social security: +€1,510
- Accrued charges and deferred income +€1,385
new in 2025: €1,385
- Gross operating margin -€12,393
down €12,393 (-38.3%), from €32,367 to €19,974
- Taxes -€4,994
down €4,994 (-47.8%), from €10,452 to €5,458
- Financial income +€814
up €814 (+27,325%), from €3 to €817
- Other operating charges +€372
up €372 (+69.0%), from €539 to €910
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €126,901 | €137,425 | +€10,524 | +8.3% |
| Fixed assets | 21/28 | €2,312 | €2,007 | -€305 | -13.2% |
| Tangible fixed assets | 22/27 | €2,312 | €2,007 | -€305 | -13.2% |
| Other tangible fixed assets | 26 | €2,312 | €2,007 | -€305 | -13.2% |
| Current assets | 29/58 | €124,588 | €135,418 | +€10,829 | +8.7% |
| Amounts receivable within one year | 40/41 | €7,908 | €5,875 | -€2,033 | -25.7% |
| Trade receivables | 40 | €2,701 | €5,394 | +€2,692 | +99.7% |
| Other amounts receivable | 41 | €5,207 | €482 | -€4,725 | -90.7% |
| Current investments | 50/53 | - | €35,088 | +€35,088 | |
| Cash at bank and in hand | 54/58 | €116,681 | €94,455 | -€22,225 | -19.0% |
| Total equity and liabilities | 10/49 | €126,901 | €137,425 | +€10,524 | +8.3% |
| Equity | 10/15 | €93,514 | €107,436 | +€13,921 | +14.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €60,423 | €74,345 | +€13,921 | +23.0% |
| Distributable reserves | 133 | €60,423 | €74,345 | +€13,921 | +23.0% |
| Profit (loss) carried forward | 14 | €14,491 | €14,491 | = | 0.0% |
| Amounts payable | 17/49 | €33,387 | €29,989 | -€3,397 | -10.2% |
| Amounts payable within one year | 42/48 | €33,387 | €28,605 | -€4,782 | -14.3% |
| Trade debts | 44 | €1,687 | €6,148 | +€4,460 | +264% |
| Suppliers | 440/4 | €1,687 | €6,148 | +€4,460 | +264% |
| Taxes, remuneration and social security | 45 | €8,238 | €9,805 | +€1,567 | +19.0% |
| Taxes | 450/3 | €6,727 | €6,784 | +€57 | +0.8% |
| Remuneration and social security | 454/9 | €1,510 | €3,021 | +€1,510 | +100% |
| Other amounts payable | 47/48 | €23,462 | €12,652 | -€10,810 | -46.1% |
| Accrued charges and deferred income | 492/3 | - | €1,385 | +€1,385 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €179 | €305 | +€127 | +71.1% |
| Other operating charges | 640/8 | €539 | €910 | +€372 | +69.0% |
| Gross operating margin | 9900 | €32,367 | €19,974 | -€12,393 | -38.3% |
| Operating profit (loss) | 9901 | €31,650 | €18,758 | -€12,892 | -40.7% |
| Financial income | 75/76B | €3 | €817 | +€814 | +27,325% |
| Recurring financial income | 75 | €3 | €817 | +€814 | +27,325% |
| Financial charges | 65/66B | €54 | €196 | +€142 | +262% |
| Recurring financial charges | 65 | €54 | €196 | +€142 | +262% |
| Profit (loss) for the period before taxes | 9903 | €31,599 | €19,379 | -€12,219 | -38.7% |
| Income taxes | 67/77 | €10,452 | €5,458 | -€4,994 | -47.8% |
| Profit (loss) for the period | 9904 | €21,147 | €13,921 | -€7,225 | -34.2% |
| Profit (loss) for the period to be appropriated | 9905 | €21,147 | €13,921 | -€7,225 | -34.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.