RUSSELL: 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.
RUSSELL
Largest movements
- Cash +€334,561
up €334,561 (+115837.3%), from €289 to €334,850
mainly Net result for the year (+€725,559) and Investment in fixed assets (net) (+€212,114)
- Tangible fixed assets -€136,614
down €136,614 (-97.9%), from €139,474 to €2,860
- Financial fixed assets -€75,500
no longer reported in 2025 (was €75,500)
- Receivables within one year +€7,127
new in 2025: €7,127
- Equity +€305,559
up €305,559 (+1226.0%), from €24,923 to €330,482
of which Reserves: +€682,548
- Advances received -€100,550
no longer reported in 2025 (was €100,550)
- Current portion of long-term debt -€29,696
no longer reported in 2025 (was €29,696)
- Other debts -€25,481
down €25,481 (-79.0%), from €32,237 to €6,756
- Debts after one year -€18,473
no longer reported in 2025 (was €18,473)
- Gross operating margin +€1.1m
up €1.1m (+4345.2%), from €25,488 to €1.1m
- Taxes +€330,873
new in 2025: €330,873
- Financial charges +€72,740
up €72,740 (+4265.8%), from €1,705 to €74,445
of which Non-recurring financial charges: +€73,250
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 | €215,263 | €344,837 | +€129,575 | +60.2% |
| Fixed assets | 21/28 | €214,974 | €2,860 | -€212,114 | -98.7% |
| Tangible fixed assets | 22/27 | €139,474 | €2,860 | -€136,614 | -97.9% |
| Land and buildings | 22 | €139,474 | €2,860 | -€136,614 | -97.9% |
| Financial fixed assets | 28 | €75,500 | - | -€75,500 | |
| Current assets | 29/58 | €289 | €341,977 | +€341,689 | +118305.0% |
| Amounts receivable within one year | 40/41 | - | €7,127 | +€7,127 | |
| Other amounts receivable | 41 | - | €7,127 | +€7,127 | |
| Cash at bank and in hand | 54/58 | €289 | €334,850 | +€334,561 | +115837.3% |
| Total equity and liabilities | 10/49 | €215,263 | €344,837 | +€129,575 | +60.2% |
| Equity | 10/15 | €24,923 | €330,482 | +€305,559 | +1226.0% |
| Contributions | 10/11 | €62,400 | €62,400 | = | 0.0% |
| Outside capital | 11 | €62,400 | €62,400 | = | 0.0% |
| Other | 1109/19 | €62,400 | €62,400 | = | 0.0% |
| Reserves | 13 | €5,534 | €688,082 | +€682,548 | +12334.5% |
| Non-distributable reserves | 130/1 | €133 | €133 | = | 0.0% |
| Reserves not available under the articles | 1311 | €133 | €133 | = | 0.0% |
| Distributable reserves | 133 | €5,401 | €687,950 | +€682,548 | +12637.3% |
| Profit (loss) carried forward | 14 | -€43,011 | - | +€43,011 | |
| Advance to shareholders on the distribution of net assets | 19 | - | €420,000 | +€420,000 | |
| Amounts payable | 17/49 | €190,340 | €14,355 | -€175,984 | -92.5% |
| Amounts payable after more than one year | 17 | €18,473 | - | -€18,473 | |
| Financial debts | 170/4 | €18,473 | - | -€18,473 | |
| Amounts payable within one year | 42/48 | €171,866 | €14,355 | -€157,511 | -91.6% |
| Current portion of amounts payable after more than one year | 42 | €29,696 | - | -€29,696 | |
| Trade debts | 44 | - | €400 | +€400 | |
| Suppliers | 440/4 | - | €400 | +€400 | |
| Advances received on contracts in progress | 46 | €100,550 | - | -€100,550 | |
| Taxes, remuneration and social security | 45 | €9,384 | €7,200 | -€2,184 | -23.3% |
| Remuneration and social security | 454/9 | €9,384 | €7,200 | -€2,184 | -23.3% |
| Other amounts payable | 47/48 | €32,237 | €6,756 | -€25,481 | -79.0% |
| Non-recurring operating income | 76A | - | €1,138,386 | +€1.1m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,001 | - | -€9,001 | |
| Other operating charges | 640/8 | €3,884 | €2,107 | -€1,776 | -45.7% |
| Gross operating margin | 9900 | €25,488 | €1,132,984 | +€1.1m | +4345.2% |
| Operating profit (loss) | 9901 | €12,603 | €1,130,877 | +€1.1m | +8872.7% |
| Financial charges | 65/66B | €1,705 | €74,445 | +€72,740 | +4265.8% |
| Recurring financial charges | 65 | €1,705 | €1,195 | -€510 | -29.9% |
| Non-recurring financial charges | 66B | - | €73,250 | +€73,250 | |
| Profit (loss) for the period before taxes | 9903 | €10,898 | €1,056,432 | +€1.0m | +9593.6% |
| Income taxes | 67/77 | - | €330,873 | +€330,873 | |
| Profit (loss) for the period | 9904 | €10,898 | €725,559 | +€714,661 | +6557.6% |
| Profit (loss) for the period to be appropriated | 9905 | €10,898 | €725,559 | +€714,661 | +6557.6% |
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 2 October 2026 via checked.be.