Rue Blanche: 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.
Rue Blanche
Largest movements
- Cash -€336,854
down €336,854 (-61.0%), from €551,806 to €214,952
mainly Current portion of long-term debt (-€228,390) and Stocks and contracts (-€192,235)
- Stocks and contracts +€192,235
up €192,235 (+20.1%), from €956,322 to €1.1m
of which Contracts in progress: +€217,885
- Receivables within one year -€21,104
down €21,104 (-47.5%), from €44,420 to €23,316
of which Trade receivables: -€21,518
- Tangible fixed assets -€18,725
down €18,725 (-11.3%), from €166,014 to €147,289
of which Leasing and similar rights: -€18,551
- Current portion of long-term debt -€228,390
down €228,390 (-95.0%), from €240,470 to €12,080
- Short-term financial debts +€182,107
up €182,107 (+137%), from €132,629 to €314,736
of which Credit institutions: +€120,000
- Debts after one year -€98,488
down €98,488 (-38.0%), from €258,960 to €160,472
- Accrued charges and deferred income -€37,505
down €37,505 (-26.5%), from €141,354 to €103,849
- Trade debts +€22,585
up €22,585 (+23.5%), from €95,929 to €118,514
- Write-downs +€60,032
up €60,032, from -€46,693 to €13,339
- Gross operating margin +€57,876
up €57,876 (+5.0%), from €1.2m to €1.2m
- Staff costs +€19,086
up €19,086 (+1.7%), from €1.1m to €1.1m
- Financial charges -€18,561
down €18,561 (-33.2%), from €55,892 to €37,331
of which Financial charges: -€19,269
- Depreciation -€15,662
down €15,662 (-22.1%), from €71,006 to €55,344
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,791,675 | €1,615,790 | -€175,885 | -9.8% |
| Fixed assets | 21/28 | €169,710 | €148,936 | -€20,774 | -12.2% |
| Intangible fixed assets | 21 | €2,559 | €510 | -€2,049 | -80.1% |
| Tangible fixed assets | 22/27 | €166,014 | €147,289 | -€18,725 | -11.3% |
| Plant, machinery and equipment | 23 | €7,827 | €6,476 | -€1,351 | -17.3% |
| Furniture and vehicles | 24 | €8,843 | €14,711 | +€5,868 | +66.4% |
| Leasing and similar rights | 25 | €48,672 | €30,121 | -€18,551 | -38.1% |
| Other tangible fixed assets | 26 | €100,672 | €95,981 | -€4,691 | -4.7% |
| Financial fixed assets | 28 | €1,137 | €1,137 | = | 0.0% |
| Current assets | 29/58 | €1,621,965 | €1,466,854 | -€155,111 | -9.6% |
| Stocks and contracts in progress | 3 | €956,322 | €1,148,557 | +€192,235 | +20.1% |
| Stocks | 30/36 | €695,235 | €669,585 | -€25,650 | -3.7% |
| Contracts in progress | 37 | €261,087 | €478,972 | +€217,885 | +83.5% |
| Amounts receivable within one year | 40/41 | €44,420 | €23,316 | -€21,104 | -47.5% |
| Trade receivables | 40 | €24,586 | €3,068 | -€21,518 | -87.5% |
| Other amounts receivable | 41 | €19,834 | €20,248 | +€414 | +2.1% |
| Cash at bank and in hand | 54/58 | €551,806 | €214,952 | -€336,854 | -61.0% |
| Deferred charges and accrued income | 490/1 | €69,417 | €80,029 | +€10,612 | +15.3% |
| Total equity and liabilities | 10/49 | €1,791,675 | €1,615,790 | -€175,885 | -9.8% |
| Equity | 10/15 | €717,837 | €700,872 | -€16,965 | -2.4% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Capital | 10 | €250,000 | €250,000 | = | 0.0% |
| Issued capital | 100 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €25,000 | €25,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €25,000 | €25,000 | = | 0.0% |
| Legal reserve | 130 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €442,837 | €425,872 | -€16,965 | -3.8% |
| Amounts payable | 17/49 | €1,073,838 | €914,918 | -€158,920 | -14.8% |
| Amounts payable after more than one year | 17 | €258,960 | €160,472 | -€98,488 | -38.0% |
| Financial debts | 170/4 | €258,960 | €160,472 | -€98,488 | -38.0% |
| Amounts payable within one year | 42/48 | €673,524 | €650,597 | -€22,927 | -3.4% |
| Current portion of amounts payable after more than one year | 42 | €240,470 | €12,080 | -€228,390 | -95.0% |
| Financial debts | 43 | €132,629 | €314,736 | +€182,107 | +137% |
| Credit institutions | 430/8 | - | €120,000 | +€120,000 | |
| Other loans | 439 | €132,629 | €194,736 | +€62,107 | +46.8% |
| Trade debts | 44 | €95,929 | €118,514 | +€22,585 | +23.5% |
| Suppliers | 440/4 | €95,929 | €118,514 | +€22,585 | +23.5% |
| Taxes, remuneration and social security | 45 | €204,496 | €205,267 | +€771 | +0.4% |
| Taxes | 450/3 | €87,840 | €92,143 | +€4,303 | +4.9% |
| Remuneration and social security | 454/9 | €116,656 | €113,124 | -€3,532 | -3.0% |
| Accrued charges and deferred income | 492/3 | €141,354 | €103,849 | -€37,505 | -26.5% |
| Remuneration, social security and pensions | 62 | €1,095,518 | €1,114,604 | +€19,086 | +1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,006 | €55,344 | -€15,662 | -22.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€46,693 | €13,339 | +€60,032 | |
| Other operating charges | 640/8 | €4,712 | €3,849 | -€863 | -18.3% |
| Gross operating margin | 9900 | €1,150,201 | €1,208,077 | +€57,876 | +5.0% |
| Operating profit (loss) | 9901 | €25,658 | €20,941 | -€4,717 | -18.4% |
| Financial income | 75/76B | €290 | €115 | -€175 | -60.3% |
| Recurring financial income | 75 | €290 | €115 | -€175 | -60.3% |
| Financial charges | 65/66B | €55,892 | €37,331 | -€18,561 | -33.2% |
| Recurring financial charges | 65 | €55,892 | €36,623 | -€19,269 | -34.5% |
| Non-recurring financial charges | 66B | - | €708 | +€708 | |
| Profit (loss) for the period before taxes | 9903 | -€29,944 | -€16,275 | +€13,669 | +45.6% |
| Income taxes | 67/77 | €770 | €690 | -€80 | -10.4% |
| Profit (loss) for the period | 9904 | -€30,714 | -€16,965 | +€13,749 | +44.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€30,714 | -€16,965 | +€13,749 | +44.8% |
Source: filed annual accounts (NBB), financial years ended 31 January 2025 and 31 January 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.