RUTAN: 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.
RUTAN
Largest movements
- Tangible fixed assets -€74,173
down €74,173 (-21.5%), from €344,815 to €270,642
- Receivables within one year +€19,120
up €19,120 (+222.9%), from €8,579 to €27,699
of which Trade receivables: +€18,117
- Deferred charges and accrued income -€15,271
down €15,271 (-95.9%), from €15,920 to €649
- Cash -€9,391
down €9,391 (-5.6%), from €168,826 to €159,435
mainly Contributions, distributions and other (-€112,000) and Debts after one year (-€56,323)
- Debts after one year -€56,323
down €56,323 (-33.1%), from €170,049 to €113,727
- Tax, wage and social debts -€8,869
down €8,869 (-95.9%), from €9,252 to €383
of which Taxes: -€8,713
- Current portion of long-term debt -€8,357
down €8,357 (-12.9%), from €64,679 to €56,323
- Other debts -€6,488
down €6,488 (-3.6%), from €181,454 to €174,967
- Gross operating margin +€28,561
up €28,561 (+13.0%), from €220,298 to €248,859
- Taxes -€3,815
down €3,815 (-10.6%), from €35,938 to €32,123
- Depreciation +€3,701
up €3,701 (+4.0%), from €92,215 to €95,917
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 | €538,140 | €458,425 | -€79,715 | -14.8% |
| Fixed assets | 21/28 | €344,815 | €270,642 | -€74,173 | -21.5% |
| Tangible fixed assets | 22/27 | €344,815 | €270,642 | -€74,173 | -21.5% |
| Plant, machinery and equipment | 23 | €93,880 | €62,300 | -€31,580 | -33.6% |
| Furniture and vehicles | 24 | €64,224 | €39,937 | -€24,288 | -37.8% |
| Other tangible fixed assets | 26 | €186,711 | €168,406 | -€18,305 | -9.8% |
| Current assets | 29/58 | €193,325 | €187,783 | -€5,542 | -2.9% |
| Amounts receivable within one year | 40/41 | €8,579 | €27,699 | +€19,120 | +222.9% |
| Trade receivables | 40 | €0 | €18,117 | +€18,117 | |
| Other amounts receivable | 41 | €8,579 | €9,582 | +€1,003 | +11.7% |
| Cash at bank and in hand | 54/58 | €168,826 | €159,435 | -€9,391 | -5.6% |
| Deferred charges and accrued income | 490/1 | €15,920 | €649 | -€15,271 | -95.9% |
| Total equity and liabilities | 10/49 | €538,140 | €458,425 | -€79,715 | -14.8% |
| Equity | 10/15 | €109,759 | €110,358 | +€599 | +0.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €91,159 | €91,758 | +€599 | +0.7% |
| Distributable reserves | 133 | €91,159 | €91,758 | +€599 | +0.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €428,380 | €348,067 | -€80,313 | -18.7% |
| Amounts payable after more than one year | 17 | €170,049 | €113,727 | -€56,323 | -33.1% |
| Financial debts | 170/4 | €170,049 | €113,727 | -€56,323 | -33.1% |
| Amounts payable within one year | 42/48 | €258,331 | €234,279 | -€24,052 | -9.3% |
| Current portion of amounts payable after more than one year | 42 | €64,679 | €56,323 | -€8,357 | -12.9% |
| Financial debts | 43 | - | €434 | +€434 | |
| Credit institutions | 430/8 | - | €434 | +€434 | |
| Trade debts | 44 | €2,945 | €2,173 | -€772 | -26.2% |
| Suppliers | 440/4 | €2,945 | €2,173 | -€772 | -26.2% |
| Taxes, remuneration and social security | 45 | €9,252 | €383 | -€8,869 | -95.9% |
| Taxes | 450/3 | €9,096 | €383 | -€8,713 | -95.8% |
| Remuneration and social security | 454/9 | €156 | €0 | -€156 | -100.0% |
| Other amounts payable | 47/48 | €181,454 | €174,967 | -€6,488 | -3.6% |
| Accrued charges and deferred income | 492/3 | €0 | €61 | +€61 | |
| Remuneration, social security and pensions | 62 | €898 | €1,412 | +€513 | +57.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €92,215 | €95,917 | +€3,701 | +4.0% |
| Other operating charges | 640/8 | €2,684 | €2,377 | -€307 | -11.4% |
| Gross operating margin | 9900 | €220,298 | €248,859 | +€28,561 | +13.0% |
| Operating profit (loss) | 9901 | €124,500 | €149,154 | +€24,654 | +19.8% |
| Financial income | 75/76B | €766 | €863 | +€97 | +12.6% |
| Recurring financial income | 75 | €766 | €863 | +€97 | +12.6% |
| Financial charges | 65/66B | €6,858 | €5,295 | -€1,563 | -22.8% |
| Recurring financial charges | 65 | €6,858 | €5,295 | -€1,563 | -22.8% |
| Profit (loss) for the period before taxes | 9903 | €118,408 | €144,722 | +€26,314 | +22.2% |
| Income taxes | 67/77 | €35,938 | €32,123 | -€3,815 | -10.6% |
| Profit (loss) for the period | 9904 | €82,470 | €112,599 | +€30,129 | +36.5% |
| Profit (loss) for the period to be appropriated | 9905 | €82,470 | €112,599 | +€30,129 | +36.5% |
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 9 October 2026 via checked.be.