RUSSEL: 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.
What changed
RUSSEL
NACE 55.100, Hotels and similar accommodation
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€250,453
2024 · -€300,834+€50,381
Equity
-€393,819
2024 · -€143,366-€250,453
Cash
€49,466
2024 · €13,097+€36,369
Balance sheet total
€6.3m
2024 · €6.3m-€42,992
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Short-term financial debts +€750,000
new in 2025: €750,000
- Debts after one year -€438,626
down €438,626 (-7.2%), from €6.1m to €5.6m
of which Other amounts payable: -€338,626
- Profit (loss) carried forward -€250,453
down €250,453 (-11.0%), from -€2.3m to -€2.5m
- Tax, wage and social debts -€67,102
down €67,102 (-68.3%), from €98,250 to €31,148
Income statement
- Depreciation -€159,975
down €159,975 (-36.8%), from €434,734 to €274,759
- Other operating charges +€67,549
up €67,549 (+293.4%), from €23,022 to €90,571
- Gross operating margin -€27,395
down €27,395 (-13.2%), from €207,520 to €180,125
- Taxes +€9,609
up €9,609 (+1369.9%), from €701 to €10,311
- Financial charges +€3,275
up €3,275 (+6.5%), from €50,422 to €53,697
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.
Result 2024
-€300,834
Gross operating margin
-€27,395
Depreciation
+€159,975
Other operating charges
-€67,549
Other operating items
-€940
Financial income
-€826
Financial charges
-€3,275
Taxes
-€9,609
Result 2025
-€250,453
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.
From operations
-€10,014
Investment
-€214,991
Financing
+€261,374
Cash 2024
€13,097
From operations (derived)
-€10,014
Net result for the year
-€250,453
Depreciation
+€274,759
Receivables within one year
+€25,819
Deferred charges and accrued income
-€6,226
Trade debts
+€18,770
Tax, wage and social debts
-€67,102
Accrued charges and deferred income
-€5,581
Investment (derived)
-€214,991
Investment in fixed assets (net)
-€214,991
Financing
+€261,374
Debts after one year
-€438,626
Current portion of long-term debt
-€50,000
Short-term financial debts
+€750,000
Cash 2025
€49,466
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,322,371 | €6,279,380 | -€42,992 | -0.7% |
| Fixed assets | 21/28 | €6,274,859 | €6,215,091 | -€59,768 | -1.0% |
| Tangible fixed assets | 22/27 | €6,260,036 | €6,200,118 | -€59,918 | -1.0% |
| Land and buildings | 22 | €5,996,398 | €5,946,354 | -€50,044 | -0.8% |
| Plant, machinery and equipment | 23 | €52,757 | €44,834 | -€7,923 | -15.0% |
| Furniture and vehicles | 24 | €210,881 | €208,930 | -€1,951 | -0.9% |
| Financial fixed assets | 28 | €14,823 | €14,973 | +€150 | +1.0% |
| Current assets | 29/58 | €47,512 | €64,288 | +€16,776 | +35.3% |
| Amounts receivable within one year | 40/41 | €25,849 | €30 | -€25,819 | -99.9% |
| Trade receivables | 40 | €25,849 | - | -€25,849 | |
| Other amounts receivable | 41 | - | €30 | +€30 | |
| Cash at bank and in hand | 54/58 | €13,097 | €49,466 | +€36,369 | +277.7% |
| Deferred charges and accrued income | 490/1 | €8,567 | €14,792 | +€6,226 | +72.7% |
| Total equity and liabilities | 10/49 | €6,322,371 | €6,279,380 | -€42,992 | -0.7% |
| Equity | 10/15 | -€143,366 | -€393,819 | -€250,453 | -174.7% |
| Contributions | 10/11 | €2,000,000 | €2,000,000 | = | 0.0% |
| Capital | 10 | €2,000,000 | €2,000,000 | = | 0.0% |
| Issued capital | 100 | €2,000,000 | €2,000,000 | = | 0.0% |
| Revaluation surpluses | 12 | €132,501 | €132,501 | = | 0.0% |
| Reserves | 13 | €3,413 | €3,413 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,191 | €2,191 | = | 0.0% |
| Legal reserve | 130 | €2,191 | €2,191 | = | 0.0% |
| Distributable reserves | 133 | €1,221 | €1,221 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,279,280 | -€2,529,733 | -€250,453 | -11.0% |
| Provisions and deferred taxes | 16 | €133,299 | €133,299 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €133,299 | €133,299 | = | 0.0% |
| Pensions and similar obligations | 160 | €133,299 | €133,299 | = | 0.0% |
| Amounts payable | 17/49 | €6,332,439 | €6,539,900 | +€207,461 | +3.3% |
| Amounts payable after more than one year | 17 | €6,056,114 | €5,617,488 | -€438,626 | -7.2% |
| Financial debts | 170/4 | €808,333 | €708,333 | -€100,000 | -12.4% |
| Other amounts payable | 178/9 | €5,247,780 | €4,909,154 | -€338,626 | -6.5% |
| Amounts payable within one year | 42/48 | €262,825 | €914,493 | +€651,668 | +247.9% |
| Current portion of amounts payable after more than one year | 42 | €150,000 | €100,000 | -€50,000 | -33.3% |
| Financial debts | 43 | - | €750,000 | +€750,000 | |
| Other loans | 439 | - | €750,000 | +€750,000 | |
| Trade debts | 44 | €14,501 | €33,270 | +€18,770 | +129.4% |
| Suppliers | 440/4 | €14,501 | €33,270 | +€18,770 | +129.4% |
| Taxes, remuneration and social security | 45 | €98,250 | €31,148 | -€67,102 | -68.3% |
| Taxes | 450/3 | €98,250 | €31,148 | -€67,102 | -68.3% |
| Other amounts payable | 47/48 | €75 | €75 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €13,500 | €7,919 | -€5,581 | -41.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €434,734 | €274,759 | -€159,975 | -36.8% |
| Other operating charges | 640/8 | €23,022 | €90,571 | +€67,549 | +293.4% |
| Non-recurring operating charges | 66A | €300 | €1,240 | +€940 | +313.3% |
| Gross operating margin | 9900 | €207,520 | €180,125 | -€27,395 | -13.2% |
| Operating profit (loss) | 9901 | -€250,536 | -€186,445 | +€64,091 | +25.6% |
| Financial income | 75/76B | €826 | - | -€826 | |
| Recurring financial income | 75 | €826 | - | -€826 | |
| Financial charges | 65/66B | €50,422 | €53,697 | +€3,275 | +6.5% |
| Recurring financial charges | 65 | €50,422 | €53,697 | +€3,275 | +6.5% |
| Profit (loss) for the period before taxes | 9903 | -€300,132 | -€240,142 | +€59,990 | +20.0% |
| Income taxes | 67/77 | €701 | €10,311 | +€9,609 | +1369.9% |
| Profit (loss) for the period | 9904 | -€300,834 | -€250,453 | +€50,381 | +16.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€300,834 | -€250,453 | +€50,381 | +16.7% |
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 4 October 2026 via checked.be.