RUVAN: 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.
RUVAN
Largest movements
- Tangible fixed assets -€97,842
down €97,842 (-4.5%), from €2.2m to €2.1m
of which Land and buildings: -€79,833
- Receivables within one year -€24,640
down €24,640 (-90.4%), from €27,257 to €2,616
of which Trade receivables: -€24,640
- Debts after one year -€121,976
down €121,976 (-14.5%), from €841,695 to €719,719
of which Financial debts: -€121,976
- Other debts +€119,281
up €119,281 (+36.8%), from €324,047 to €443,327
- Reserves -€50,012
down €50,012 (-13.6%), from €368,753 to €318,741
of which Distributable reserves: -€40,000
- Short-term financial debts -€33,332
no longer reported in 2025 (was €33,332)
- Current portion of long-term debt +€31,036
up €31,036 (+16.4%), from €189,310 to €220,346
- Write-downs -€141,369
down €141,369, from €139,820 to -€1,549
- Gross operating margin -€116,501
down €116,501 (-60.3%), from €193,305 to €76,804
- Other operating charges +€7,894
up €7,894 (+46.4%), from €17,013 to €24,907
- Financial charges -€5,147
down €5,147 (-15.8%), from €32,484 to €27,337
- Depreciation -€2,212
down €2,212 (-2.0%), from €113,278 to €111,066
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 | €2,228,899 | €2,096,892 | -€132,007 | -5.9% |
| Fixed assets | 21/28 | €2,198,445 | €2,087,379 | -€111,066 | -5.1% |
| Intangible fixed assets | 21 | €16,715 | €3,490 | -€13,224 | -79.1% |
| Tangible fixed assets | 22/27 | €2,181,730 | €2,083,889 | -€97,842 | -4.5% |
| Land and buildings | 22 | €2,091,694 | €2,011,861 | -€79,833 | -3.8% |
| Furniture and vehicles | 24 | €216 | - | -€216 | |
| Other tangible fixed assets | 26 | €89,821 | €72,028 | -€17,793 | -19.8% |
| Current assets | 29/58 | €30,455 | €9,513 | -€20,941 | -68.8% |
| Amounts receivable within one year | 40/41 | €27,257 | €2,616 | -€24,640 | -90.4% |
| Trade receivables | 40 | €25,577 | €936 | -€24,640 | -96.3% |
| Other amounts receivable | 41 | €1,680 | €1,680 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €2,698 | €6,493 | +€3,795 | +140.7% |
| Deferred charges and accrued income | 490/1 | €500 | €404 | -€96 | -19.3% |
| Total equity and liabilities | 10/49 | €2,228,899 | €2,096,892 | -€132,007 | -5.9% |
| Equity | 10/15 | €619,794 | €539,140 | -€80,654 | -13.0% |
| Contributions | 10/11 | €218,300 | €218,300 | = | 0.0% |
| Capital | 10 | €218,300 | €218,300 | = | 0.0% |
| Issued capital | 100 | €218,300 | €218,300 | = | 0.0% |
| Reserves | 13 | €368,753 | €318,741 | -€50,012 | -13.6% |
| Non-distributable reserves | 130/1 | €21,830 | €21,830 | = | 0.0% |
| Legal reserve | 130 | €21,830 | €21,830 | = | 0.0% |
| Tax-exempt reserves | 132 | €237,923 | €227,911 | -€10,012 | -4.2% |
| Distributable reserves | 133 | €109,000 | €69,000 | -€40,000 | -36.7% |
| Profit (loss) carried forward | 14 | €32,742 | €2,099 | -€30,643 | -93.6% |
| Provisions and deferred taxes | 16 | €99,942 | €95,739 | -€4,203 | -4.2% |
| Deferred taxes | 168 | €99,942 | €95,739 | -€4,203 | -4.2% |
| Amounts payable | 17/49 | €1,509,163 | €1,462,013 | -€47,150 | -3.1% |
| Amounts payable after more than one year | 17 | €841,695 | €719,719 | -€121,976 | -14.5% |
| Financial debts | 170/4 | €836,808 | €714,832 | -€121,976 | -14.6% |
| Other amounts payable | 178/9 | €4,887 | €4,887 | = | 0.0% |
| Amounts payable within one year | 42/48 | €655,709 | €733,229 | +€77,520 | +11.8% |
| Current portion of amounts payable after more than one year | 42 | €189,310 | €220,346 | +€31,036 | +16.4% |
| Financial debts | 43 | €33,332 | - | -€33,332 | |
| Credit institutions | 430/8 | €33,332 | - | -€33,332 | |
| Trade debts | 44 | €82,720 | €68,925 | -€13,794 | -16.7% |
| Suppliers | 440/4 | €82,720 | €68,925 | -€13,794 | -16.7% |
| Taxes, remuneration and social security | 45 | €26,301 | €630 | -€25,671 | -97.6% |
| Taxes | 450/3 | €26,301 | €630 | -€25,671 | -97.6% |
| Other amounts payable | 47/48 | €324,047 | €443,327 | +€119,281 | +36.8% |
| Accrued charges and deferred income | 492/3 | €11,758 | €9,065 | -€2,693 | -22.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €113,278 | €111,066 | -€2,212 | -2.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €139,820 | -€1,549 | -€141,369 | |
| Other operating charges | 640/8 | €17,013 | €24,907 | +€7,894 | +46.4% |
| Gross operating margin | 9900 | €193,305 | €76,804 | -€116,501 | -60.3% |
| Operating profit (loss) | 9901 | -€76,805 | -€57,620 | +€19,185 | +25.0% |
| Financial income | 75/76B | €6 | €103 | +€97 | +1699.3% |
| Recurring financial income | 75 | €6 | €103 | +€97 | +1699.3% |
| Financial charges | 65/66B | €32,484 | €27,337 | -€5,147 | -15.8% |
| Recurring financial charges | 65 | €32,484 | €27,337 | -€5,147 | -15.8% |
| Profit (loss) for the period before taxes | 9903 | -€109,284 | -€84,854 | +€24,430 | +22.4% |
| Transfer from deferred taxes | 780 | €4,208 | €4,203 | -€5 | -0.1% |
| Income taxes | 67/77 | €1,002 | €3 | -€999 | -99.7% |
| Profit (loss) for the period | 9904 | -€106,078 | -€80,654 | +€25,424 | +24.0% |
| Transfer from tax-exempt reserves | 789 | €10,024 | €10,012 | -€12 | -0.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€96,055 | -€70,643 | +€25,412 | +26.5% |
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 6 October 2026 via checked.be.