RUDY STRUBBE: 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.
RUDY STRUBBE
Largest movements
- Cash -€30,395
down €30,395 (-32.3%), from €94,171 to €63,776
mainly Debts after one year (-€23,553) and Contributions, distributions and other (-€23,389)
- Tangible fixed assets -€14,130
down €14,130 (-5.3%), from €268,165 to €254,035
- Receivables within one year -€12,325
down €12,325 (-49.4%), from €24,955 to €12,630
of which Trade receivables: -€8,893
- Debts after one year -€23,553
down €23,553 (-79.7%), from €29,557 to €6,004
- Reserves -€22,845
down €22,845 (-7.1%), from €321,495 to €298,650
of which Distributable reserves: -€22,845
- Trade debts -€10,277
down €10,277 (-89.2%), from €11,518 to €1,241
- Gross operating margin -€16,387
down €16,387 (-46.1%), from €35,580 to €19,193
- Taxes -€5,269
down €5,269 (-94.0%), from €5,605 to €336
- Depreciation -€998
down €998 (-6.8%), from €14,612 to €13,614
- Other operating charges +€739
up €739 (+35.6%), from €2,079 to €2,819
- Financial charges -€649
down €649 (-31.2%), from €2,083 to €1,434
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 | €396,419 | €338,603 | -€57,816 | -14.6% |
| Fixed assets | 21/28 | €268,227 | €254,035 | -€14,192 | -5.3% |
| Tangible fixed assets | 22/27 | €268,165 | €254,035 | -€14,130 | -5.3% |
| Land and buildings | 22 | €252,590 | €245,825 | -€6,765 | -2.7% |
| Plant, machinery and equipment | 23 | €1,897 | €24 | -€1,872 | -98.7% |
| Furniture and vehicles | 24 | €13,678 | €8,186 | -€5,493 | -40.2% |
| Financial fixed assets | 28 | €62 | €0 | -€62 | -100% |
| Current assets | 29/58 | €128,193 | €84,568 | -€43,625 | -34.0% |
| Stocks and contracts in progress | 3 | €7,996 | €6,996 | -€1,000 | -12.5% |
| Stocks | 30/36 | €7,996 | €6,996 | -€1,000 | -12.5% |
| Amounts receivable within one year | 40/41 | €24,955 | €12,630 | -€12,325 | -49.4% |
| Trade receivables | 40 | €21,523 | €12,630 | -€8,893 | -41.3% |
| Other amounts receivable | 41 | €3,432 | €0 | -€3,432 | -100% |
| Cash at bank and in hand | 54/58 | €94,171 | €63,776 | -€30,395 | -32.3% |
| Deferred charges and accrued income | 490/1 | €1,072 | €1,167 | +€96 | +8.9% |
| Total equity and liabilities | 10/49 | €396,419 | €338,603 | -€57,816 | -14.6% |
| Equity | 10/15 | €327,695 | €304,850 | -€22,845 | -7.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €321,495 | €298,650 | -€22,845 | -7.1% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €321,495 | €298,650 | -€22,845 | -7.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €68,725 | €33,753 | -€34,972 | -50.9% |
| Amounts payable after more than one year | 17 | €29,557 | €6,004 | -€23,553 | -79.7% |
| Financial debts | 170/4 | €29,557 | €6,004 | -€23,553 | -79.7% |
| Amounts payable within one year | 42/48 | €39,168 | €27,095 | -€12,073 | -30.8% |
| Current portion of amounts payable after more than one year | 42 | €22,826 | €23,553 | +€727 | +3.2% |
| Trade debts | 44 | €11,518 | €1,241 | -€10,277 | -89.2% |
| Suppliers | 440/4 | €11,518 | €1,241 | -€10,277 | -89.2% |
| Taxes, remuneration and social security | 45 | €4,629 | €1,629 | -€3,000 | -64.8% |
| Taxes | 450/3 | €4,629 | €1,629 | -€3,000 | -64.8% |
| Other amounts payable | 47/48 | €195 | €672 | +€476 | +244% |
| Accrued charges and deferred income | 492/3 | €0 | €655 | +€655 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,612 | €13,614 | -€998 | -6.8% |
| Other operating charges | 640/8 | €2,079 | €2,819 | +€739 | +35.6% |
| Non-recurring operating charges | 66A | - | €516 | +€516 | |
| Gross operating margin | 9900 | €35,580 | €19,193 | -€16,387 | -46.1% |
| Operating profit (loss) | 9901 | €18,888 | €2,244 | -€16,644 | -88.1% |
| Financial income | 75/76B | €551 | €70 | -€482 | -87.4% |
| Recurring financial income | 75 | €551 | €70 | -€482 | -87.4% |
| Financial charges | 65/66B | €2,083 | €1,434 | -€649 | -31.2% |
| Recurring financial charges | 65 | €2,083 | €1,434 | -€649 | -31.2% |
| Profit (loss) for the period before taxes | 9903 | €17,357 | €880 | -€16,476 | -94.9% |
| Income taxes | 67/77 | €5,605 | €336 | -€5,269 | -94.0% |
| Profit (loss) for the period | 9904 | €11,752 | €544 | -€11,207 | -95.4% |
| Profit (loss) for the period to be appropriated | 9905 | €11,752 | €544 | -€11,207 | -95.4% |
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 25 October 2026 via checked.be.