RUSSARD: 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.
RUSSARD
Largest movements
- Current investments -€49,406
down €49,406 (-100%), from €49,406 to €0
- Tangible fixed assets -€33,412
down €33,412 (-3.8%), from €869,029 to €835,617
of which Land and buildings: -€28,247
- Cash +€9,833
up €9,833 (+25.8%), from €38,041 to €47,875
mainly Current investments (+€49,406) and Depreciation (+€33,412)
- Reserves -€88,570
down €88,570 (-12.3%), from €720,591 to €632,021
of which Distributable reserves: -€88,570
- Financial income -€94,016
down €94,016 (-85.0%), from €110,637 to €16,622
- Gross operating margin +€12,563
up €12,563 (+34.9%), from €36,034 to €48,597
- Taxes -€7,563
down €7,563 (-78.1%), from €9,685 to €2,121
- Depreciation +€4,320
up €4,320 (+14.8%), from €29,092 to €33,412
- Other operating charges -€2,138
down €2,138 (-20.3%), from €10,526 to €8,388
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 | €977,600 | €894,433 | -€83,167 | -8.5% |
| Fixed assets | 21/28 | €870,479 | €837,067 | -€33,412 | -3.8% |
| Tangible fixed assets | 22/27 | €869,029 | €835,617 | -€33,412 | -3.8% |
| Land and buildings | 22 | €794,038 | €765,791 | -€28,247 | -3.6% |
| Other tangible fixed assets | 26 | €74,991 | €69,826 | -€5,165 | -6.9% |
| Financial fixed assets | 28 | €1,450 | €1,450 | = | 0.0% |
| Current assets | 29/58 | €107,121 | €57,366 | -€49,755 | -46.4% |
| Amounts receivable within one year | 40/41 | €17,857 | €8,978 | -€8,879 | -49.7% |
| Trade receivables | 40 | €776 | €0 | -€776 | -100% |
| Other amounts receivable | 41 | €17,081 | €8,978 | -€8,103 | -47.4% |
| Current investments | 50/53 | €49,406 | €0 | -€49,406 | -100% |
| Cash at bank and in hand | 54/58 | €38,041 | €47,875 | +€9,833 | +25.8% |
| Deferred charges and accrued income | 490/1 | €1,816 | €513 | -€1,303 | -71.7% |
| Total equity and liabilities | 10/49 | €977,600 | €894,433 | -€83,167 | -8.5% |
| Equity | 10/15 | €962,909 | €874,338 | -€88,570 | -9.2% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Capital | 10 | €200,000 | €200,000 | = | 0.0% |
| Issued capital | 100 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €720,591 | €632,021 | -€88,570 | -12.3% |
| Non-distributable reserves | 130/1 | €20,000 | €20,000 | = | 0.0% |
| Legal reserve | 130 | €20,000 | €20,000 | = | 0.0% |
| Distributable reserves | 133 | €700,591 | €612,021 | -€88,570 | -12.6% |
| Profit (loss) carried forward | 14 | €42,317 | €42,317 | = | 0.0% |
| Amounts payable | 17/49 | €14,691 | €20,094 | +€5,403 | +36.8% |
| Amounts payable within one year | 42/48 | €14,691 | €20,094 | +€5,403 | +36.8% |
| Trade debts | 44 | €5,006 | €9,080 | +€4,074 | +81.4% |
| Suppliers | 440/4 | €5,006 | €9,080 | +€4,074 | +81.4% |
| Taxes, remuneration and social security | 45 | €9,685 | €11,014 | +€1,329 | +13.7% |
| Taxes | 450/3 | €9,685 | €11,014 | +€1,329 | +13.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,092 | €33,412 | +€4,320 | +14.8% |
| Other operating charges | 640/8 | €10,526 | €8,388 | -€2,138 | -20.3% |
| Gross operating margin | 9900 | €36,034 | €48,597 | +€12,563 | +34.9% |
| Operating profit (loss) | 9901 | -€3,584 | €6,797 | +€10,382 | |
| Financial income | 75/76B | €110,637 | €16,622 | -€94,016 | -85.0% |
| Recurring financial income | 75 | €110,637 | €16,622 | -€94,016 | -85.0% |
| Financial charges | 65/66B | €521 | €84 | -€437 | -83.9% |
| Recurring financial charges | 65 | €521 | €84 | -€437 | -83.9% |
| Profit (loss) for the period before taxes | 9903 | €106,532 | €23,335 | -€83,197 | -78.1% |
| Income taxes | 67/77 | €9,685 | €2,121 | -€7,563 | -78.1% |
| Profit (loss) for the period | 9904 | €96,848 | €21,214 | -€75,634 | -78.1% |
| Profit (loss) for the period to be appropriated | 9905 | €96,848 | €21,214 | -€75,634 | -78.1% |
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 20 October 2026 via checked.be.