RULO: what changed
Two fiscal 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.
RULO
Largest movements
- Stocks and contracts -€104,512
down €104,512 (-34.3%), from €304,387 to €199,875
- Receivables within one year +€91,380
up €91,380 (+10.4%), from €880,586 to €971,966
of which Other amounts receivable: +€177,544
- Cash -€76,274
down €76,274 (-12.0%), from €633,728 to €557,454
mainly Trade debts (-€130,273) and Receivables within one year (-€91,380)
- Trade debts -€130,273
down €130,273 (-28.1%), from €463,078 to €332,805
- Tax, wage and social debts +€67,860
up €67,860 (+233.8%), from €29,023 to €96,883
of which Remuneration and social security: +€40,999
- Other debts -€35,119
down €35,119 (-92.4%), from €38,026 to €2,907
- Profit (loss) carried forward +€23,118
up €23,118 (+10.8%), from €213,414 to €236,532
- Debts after one year -€22,902
down €22,902 (-69.5%), from €32,943 to €10,041
- Purchases and services -€3.9m
no longer reported in 2025 (was €3.9m)
- Taxes +€60,022
up €60,022 (+5456.5%), from €1,100 to €61,122
- Staff costs +€47,016
up €47,016 (+8.0%), from €585,409 to €632,425
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 | €2,151,460 | €2,045,411 | -€106,049 | -4.9% |
| Fixed assets | 21/28 | €332,759 | €313,914 | -€18,845 | -5.7% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €332,085 | €313,240 | -€18,845 | -5.7% |
| Land and buildings | 22 | €90,593 | €77,815 | -€12,778 | -14.1% |
| Plant, machinery and equipment | 23 | €158,757 | €163,846 | +€5,089 | +3.2% |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Leasing and similar rights | 25 | €82,735 | €71,579 | -€11,156 | -13.5% |
| Financial fixed assets | 28 | €674 | €674 | = | 0.0% |
| Current assets | 29/58 | €1,818,701 | €1,731,497 | -€87,204 | -4.8% |
| Stocks and contracts in progress | 3 | €304,387 | €199,875 | -€104,512 | -34.3% |
| Stocks | 30/36 | €304,387 | €199,875 | -€104,512 | -34.3% |
| Amounts receivable within one year | 40/41 | €880,586 | €971,966 | +€91,380 | +10.4% |
| Trade receivables | 40 | €407,954 | €321,790 | -€86,164 | -21.1% |
| Other amounts receivable | 41 | €472,632 | €650,176 | +€177,544 | +37.6% |
| Cash at bank and in hand | 54/58 | €633,728 | €557,454 | -€76,274 | -12.0% |
| Deferred charges and accrued income | 490/1 | - | €2,202 | +€2,202 | |
| Total equity and liabilities | 10/49 | €2,151,460 | €2,045,411 | -€106,049 | -4.9% |
| Equity | 10/15 | €1,579,657 | €1,602,775 | +€23,118 | +1.5% |
| Contributions | 10/11 | €1,300,000 | €1,300,000 | = | 0.0% |
| Capital | 10 | €1,300,000 | €1,300,000 | = | 0.0% |
| Issued capital | 100 | €1,300,000 | €1,300,000 | = | 0.0% |
| Uncalled capital | 101 | €0 | - | = | |
| Reserves | 13 | €66,243 | €66,243 | = | 0.0% |
| Non-distributable reserves | 130/1 | €66,243 | €66,243 | = | 0.0% |
| Legal reserve | 130 | €66,243 | €66,243 | = | 0.0% |
| Profit (loss) carried forward | 14 | €213,414 | €236,532 | +€23,118 | +10.8% |
| Amounts payable | 17/49 | €571,803 | €442,636 | -€129,167 | -22.6% |
| Amounts payable after more than one year | 17 | €32,943 | €10,041 | -€22,902 | -69.5% |
| Financial debts | 170/4 | €32,943 | €10,041 | -€22,902 | -69.5% |
| Amounts payable within one year | 42/48 | €530,127 | €432,595 | -€97,532 | -18.4% |
| Financial debts | 43 | €0 | - | = | |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €463,078 | €332,805 | -€130,273 | -28.1% |
| Suppliers | 440/4 | €463,078 | €332,805 | -€130,273 | -28.1% |
| Taxes, remuneration and social security | 45 | €29,023 | €96,883 | +€67,860 | +233.8% |
| Taxes | 450/3 | €3,618 | €30,479 | +€26,861 | +742.4% |
| Remuneration and social security | 454/9 | €25,405 | €66,404 | +€40,999 | +161.4% |
| Other amounts payable | 47/48 | €38,026 | €2,907 | -€35,119 | -92.4% |
| Accrued charges and deferred income | 492/3 | €8,733 | - | -€8,733 | |
| Turnover | 70 | €4,639,011 | €4,614,342 | -€24,669 | -0.5% |
| Non-recurring operating income | 76A | - | €21,217 | +€21,217 | |
| Goods, raw materials, services and sundry goods | 60/61 | €3,863,978 | - | -€3.9m | |
| Remuneration, social security and pensions | 62 | €585,409 | €632,425 | +€47,016 | +8.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,069 | €55,687 | +€5,618 | +11.2% |
| Other operating charges | 640/8 | €38,945 | €48,010 | +€9,065 | +23.3% |
| Gross operating margin | 9900 | €775,033 | €798,534 | +€23,501 | +3.0% |
| Operating profit (loss) | 9901 | €100,610 | €62,412 | -€38,198 | -38.0% |
| Financial income | 75/76B | €23,354 | €33,321 | +€9,967 | +42.7% |
| Recurring financial income | 75 | €20,770 | €20,449 | -€321 | -1.5% |
| Non-recurring financial income | 76B | €2,584 | €12,872 | +€10,288 | +398.1% |
| Financial charges | 65/66B | €16,818 | €11,493 | -€5,325 | -31.7% |
| Recurring financial charges | 65 | €10,169 | €9,908 | -€261 | -2.6% |
| Non-recurring financial charges | 66B | €6,649 | €1,585 | -€5,064 | -76.2% |
| Profit (loss) for the period before taxes | 9903 | €107,146 | €84,240 | -€22,906 | -21.4% |
| Income taxes | 67/77 | €1,100 | €61,122 | +€60,022 | +5456.5% |
| Profit (loss) for the period | 9904 | €106,046 | €23,118 | -€82,928 | -78.2% |
| Profit (loss) for the period to be appropriated | 9905 | €106,046 | €23,118 | -€82,928 | -78.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.