RUSTEL: 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.
RUSTEL
Largest movements
- Tangible fixed assets -€165,964
down €165,964 (-11.8%), from €1.4m to €1.2m
of which Land and buildings: -€165,305
- Debts after one year -€234,813
down €234,813 (-20.0%), from €1.2m to €939,172
- Profit (loss) carried forward +€108,710
up €108,710 (+5.8%), from €1.9m to €2.0m
- Financial income -€92,949
down €92,949 (-96.6%), from €96,179 to €3,229
- Financial charges -€83,428
down €83,428 (-74.6%), from €111,802 to €28,374
of which Non-recurring financial charges: -€82,997
- Gross operating margin +€23,362
up €23,362 (+9.5%), from €245,428 to €268,790
- Depreciation -€13,539
down €13,539 (-6.5%), from €208,294 to €194,755
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 | €4,335,202 | €4,145,662 | -€189,541 | -4.4% |
| Fixed assets | 21/28 | €3,528,522 | €3,362,558 | -€165,964 | -4.7% |
| Tangible fixed assets | 22/27 | €1,404,365 | €1,238,400 | -€165,964 | -11.8% |
| Land and buildings | 22 | €1,402,730 | €1,237,425 | -€165,305 | -11.8% |
| Plant, machinery and equipment | 23 | €1,635 | €975 | -€659 | -40.3% |
| Financial fixed assets | 28 | €2,124,157 | €2,124,157 | = | 0.0% |
| Current assets | 29/58 | €806,680 | €783,104 | -€23,576 | -2.9% |
| Amounts receivable within one year | 40/41 | €518,026 | €484,295 | -€33,732 | -6.5% |
| Trade receivables | 40 | €12,873 | €1,426 | -€11,447 | -88.9% |
| Other amounts receivable | 41 | €505,153 | €482,869 | -€22,285 | -4.4% |
| Current investments | 50/53 | €257,576 | €256,469 | -€1,107 | -0.4% |
| Cash at bank and in hand | 54/58 | €31,078 | €42,340 | +€11,262 | +36.2% |
| Total equity and liabilities | 10/49 | €4,335,202 | €4,145,662 | -€189,541 | -4.4% |
| Equity | 10/15 | €2,316,362 | €2,381,977 | +€65,614 | +2.8% |
| Contributions | 10/11 | €123,947 | €123,947 | = | 0.0% |
| Reserves | 13 | €311,481 | €268,385 | -€43,096 | -13.8% |
| Tax-exempt reserves | 132 | €297,202 | €254,106 | -€43,096 | -14.5% |
| Distributable reserves | 133 | €14,279 | €14,279 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,880,935 | €1,989,645 | +€108,710 | +5.8% |
| Provisions and deferred taxes | 16 | €111,625 | €93,673 | -€17,951 | -16.1% |
| Deferred taxes | 168 | €111,625 | €93,673 | -€17,951 | -16.1% |
| Amounts payable | 17/49 | €1,907,215 | €1,670,012 | -€237,204 | -12.4% |
| Amounts payable after more than one year | 17 | €1,173,986 | €939,172 | -€234,813 | -20.0% |
| Financial debts | 170/4 | €1,173,986 | €939,172 | -€234,813 | -20.0% |
| Amounts payable within one year | 42/48 | €733,230 | €730,839 | -€2,390 | -0.3% |
| Current portion of amounts payable after more than one year | 42 | €234,813 | €234,813 | = | 0.0% |
| Financial debts | 43 | €100,000 | €100,000 | = | 0.0% |
| Credit institutions | 430/8 | €100,000 | €100,000 | = | 0.0% |
| Other amounts payable | 47/48 | €398,416 | €396,026 | -€2,390 | -0.6% |
| Remuneration, social security and pensions | 62 | €234 | - | -€234 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €208,294 | €194,755 | -€13,539 | -6.5% |
| Other operating charges | 640/8 | €712 | €1,062 | +€350 | +49.2% |
| Gross operating margin | 9900 | €245,428 | €268,790 | +€23,362 | +9.5% |
| Operating profit (loss) | 9901 | €36,189 | €72,973 | +€36,784 | +101.6% |
| Financial income | 75/76B | €96,179 | €3,229 | -€92,949 | -96.6% |
| Recurring financial income | 75 | €96,179 | €3,229 | -€92,949 | -96.6% |
| Financial charges | 65/66B | €111,802 | €28,374 | -€83,428 | -74.6% |
| Recurring financial charges | 65 | €28,805 | €28,374 | -€431 | -1.5% |
| Non-recurring financial charges | 66B | €82,997 | - | -€82,997 | |
| Profit (loss) for the period before taxes | 9903 | €20,565 | €47,828 | +€27,263 | +132.6% |
| Transfer from deferred taxes | 780 | €17,951 | €17,951 | = | 0.0% |
| Income taxes | 67/77 | €160 | €165 | +€5 | +3.1% |
| Profit (loss) for the period | 9904 | €38,356 | €65,614 | +€27,258 | +71.1% |
| Transfer from tax-exempt reserves | 789 | €43,096 | €43,096 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €81,452 | €108,710 | +€27,258 | +33.5% |
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 10 October 2026 via checked.be.