Rustam: 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.
Rustam
Largest movements
- Tangible fixed assets +€370,637
up €370,637 (+32.8%), from €1.1m to €1.5m
of which Land and buildings: +€372,616
- Receivables within one year -€63,491
down €63,491 (-100.0%), from €63,491 to €0
- Trade debts +€138,342
up €138,342 (+10989.8%), from €1,259 to €139,601
- Debts after one year +€126,327
up €126,327 (+32.4%), from €389,546 to €515,874
- Reserves +€41,522
up €41,522 (+6.4%), from €645,213 to €686,736
- Other operating charges +€42,752
up €42,752 (+89.0%), from €48,033 to €90,784
- Financial charges +€16,783
up €16,783 (+110.0%), from €15,259 to €32,041
- Gross operating margin +€15,049
up €15,049 (+7.3%), from €205,116 to €220,165
- Taxes -€11,882
down €11,882 (-53.1%), from €22,368 to €10,486
- Depreciation +€11,461
up €11,461 (+33.8%), from €33,869 to €45,331
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 | €1,204,384 | €1,515,138 | +€310,754 | +25.8% |
| Fixed assets | 21/28 | €1,131,602 | €1,502,239 | +€370,637 | +32.8% |
| Tangible fixed assets | 22/27 | €1,131,521 | €1,502,158 | +€370,637 | +32.8% |
| Land and buildings | 22 | €1,128,101 | €1,500,717 | +€372,616 | +33.0% |
| Furniture and vehicles | 24 | €3,420 | €1,442 | -€1,978 | -57.8% |
| Financial fixed assets | 28 | €81 | €81 | = | 0.0% |
| Current assets | 29/58 | €72,783 | €12,899 | -€59,884 | -82.3% |
| Amounts receivable within one year | 40/41 | €63,491 | €0 | -€63,491 | -100.0% |
| Trade receivables | 40 | €63,491 | €0 | -€63,491 | -100.0% |
| Cash at bank and in hand | 54/58 | €6,720 | €8,850 | +€2,130 | +31.7% |
| Deferred charges and accrued income | 490/1 | €2,571 | €4,048 | +€1,477 | +57.5% |
| Total equity and liabilities | 10/49 | €1,204,384 | €1,515,138 | +€310,754 | +25.8% |
| Equity | 10/15 | €788,813 | €830,336 | +€41,522 | +5.3% |
| Contributions | 10/11 | €143,600 | €143,600 | = | 0.0% |
| Reserves | 13 | €645,213 | €686,736 | +€41,522 | +6.4% |
| Distributable reserves | 133 | €645,213 | €686,736 | +€41,522 | +6.4% |
| Amounts payable | 17/49 | €415,571 | €684,802 | +€269,231 | +64.8% |
| Amounts payable after more than one year | 17 | €389,546 | €515,874 | +€126,327 | +32.4% |
| Other amounts payable | 178/9 | €389,546 | €515,874 | +€126,327 | +32.4% |
| Amounts payable within one year | 42/48 | €26,025 | €168,831 | +€142,806 | +548.7% |
| Trade debts | 44 | €1,259 | €139,601 | +€138,342 | +10989.8% |
| Suppliers | 440/4 | €1,259 | €139,601 | +€138,342 | +10989.8% |
| Taxes, remuneration and social security | 45 | €24,766 | €29,230 | +€4,464 | +18.0% |
| Taxes | 450/3 | €24,766 | €29,230 | +€4,464 | +18.0% |
| Accrued charges and deferred income | 492/3 | - | €98 | +€98 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,869 | €45,331 | +€11,461 | +33.8% |
| Other operating charges | 640/8 | €48,033 | €90,784 | +€42,752 | +89.0% |
| Gross operating margin | 9900 | €205,116 | €220,165 | +€15,049 | +7.3% |
| Operating profit (loss) | 9901 | €123,214 | €84,050 | -€39,164 | -31.8% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €15,259 | €32,041 | +€16,783 | +110.0% |
| Recurring financial charges | 65 | €15,259 | €32,041 | +€16,783 | +110.0% |
| Profit (loss) for the period before taxes | 9903 | €107,955 | €52,009 | -€55,947 | -51.8% |
| Income taxes | 67/77 | €22,368 | €10,486 | -€11,882 | -53.1% |
| Profit (loss) for the period | 9904 | €85,587 | €41,522 | -€44,065 | -51.5% |
| Profit (loss) for the period to be appropriated | 9905 | €85,587 | €41,522 | -€44,065 | -51.5% |
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 8 October 2026 via checked.be.