Ruw Projects: 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.
Ruw Projects
Largest movements
- Receivables within one year -€32,144
down €32,144 (-92.7%), from €34,680 to €2,536
of which Trade receivables: -€33,761
- Tangible fixed assets -€11,464
down €11,464 (-3.6%), from €314,132 to €302,668
of which Land and buildings: -€7,399
- Debts after one year -€22,418
down €22,418 (-9.7%), from €231,392 to €208,974
- Trade debts -€19,322
down €19,322 (-78.7%), from €24,560 to €5,238
- Profit (loss) carried forward +€13,013
up €13,013 (+46.8%), from €27,797 to €40,811
- Other debts -€11,948
down €11,948 (-55.6%), from €21,481 to €9,533
- Short-term financial debts -€7,023
down €7,023 (-48.3%), from €14,546 to €7,523
- Gross operating margin +€9,330
up €9,330 (+25.2%), from €37,011 to €46,341
- Taxes +€4,404
up €4,404, from -€574 to €3,830
- Depreciation -€2,435
down €2,435 (-13.3%), from €18,286 to €15,851
- Financial charges -€1,659
down €1,659 (-12.8%), from €12,961 to €11,302
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.
Derived cash bridge
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €348,812 | €305,868 | -€42,944 | -12.3% |
| Fixed assets | 21/28 | €314,132 | €302,668 | -€11,464 | -3.6% |
| Tangible fixed assets | 22/27 | €314,132 | €302,668 | -€11,464 | -3.6% |
| Land and buildings | 22 | €282,929 | €275,530 | -€7,399 | -2.6% |
| Plant, machinery and equipment | 23 | €7,683 | €9,900 | +€2,217 | +28.9% |
| Furniture and vehicles | 24 | €23,519 | €17,238 | -€6,281 | -26.7% |
| Current assets | 29/58 | €34,680 | €3,200 | -€31,480 | -90.8% |
| Amounts receivable within one year | 40/41 | €34,680 | €2,536 | -€32,144 | -92.7% |
| Trade receivables | 40 | €33,761 | - | -€33,761 | |
| Other amounts receivable | 41 | €919 | €2,536 | +€1,617 | +176% |
| Deferred charges and accrued income | 490/1 | - | €664 | +€664 | |
| Total equity and liabilities | 10/49 | €348,812 | €305,868 | -€42,944 | -12.3% |
| Equity | 10/15 | €35,339 | €48,352 | +€13,013 | +36.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,342 | €1,342 | = | 0.0% |
| Distributable reserves | 133 | €1,342 | €1,342 | = | 0.0% |
| Profit (loss) carried forward | 14 | €27,797 | €40,811 | +€13,013 | +46.8% |
| Amounts payable | 17/49 | €313,473 | €257,516 | -€55,957 | -17.9% |
| Amounts payable after more than one year | 17 | €231,392 | €208,974 | -€22,418 | -9.7% |
| Financial debts | 170/4 | €231,392 | €208,974 | -€22,418 | -9.7% |
| Amounts payable within one year | 42/48 | €82,081 | €48,542 | -€33,538 | -40.9% |
| Current portion of amounts payable after more than one year | 42 | €21,494 | €22,418 | +€925 | +4.3% |
| Financial debts | 43 | €14,546 | €7,523 | -€7,023 | -48.3% |
| Credit institutions | 430/8 | €14,546 | €7,523 | -€7,023 | -48.3% |
| Trade debts | 44 | €24,560 | €5,238 | -€19,322 | -78.7% |
| Suppliers | 440/4 | €24,560 | €5,238 | -€19,322 | -78.7% |
| Taxes, remuneration and social security | 45 | - | €3,830 | +€3,830 | |
| Taxes | 450/3 | - | €3,830 | +€3,830 | |
| Other amounts payable | 47/48 | €21,481 | €9,533 | -€11,948 | -55.6% |
| Non-recurring operating income | 76A | €21 | - | -€21 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,286 | €15,851 | -€2,435 | -13.3% |
| Other operating charges | 640/8 | €1,818 | €1,663 | -€155 | -8.5% |
| Non-recurring operating charges | 66A | - | €779 | +€779 | |
| Gross operating margin | 9900 | €37,011 | €46,341 | +€9,330 | +25.2% |
| Operating profit (loss) | 9901 | €16,907 | €28,049 | +€11,141 | +65.9% |
| Financial income | 75/76B | €151 | €96 | -€55 | -36.4% |
| Recurring financial income | 75 | €151 | €96 | -€55 | -36.4% |
| Financial charges | 65/66B | €12,961 | €11,302 | -€1,659 | -12.8% |
| Recurring financial charges | 65 | €12,961 | €11,302 | -€1,659 | -12.8% |
| Profit (loss) for the period before taxes | 9903 | €4,097 | €16,843 | +€12,746 | +311% |
| Income taxes | 67/77 | -€574 | €3,830 | +€4,404 | |
| Profit (loss) for the period | 9904 | €4,671 | €13,013 | +€8,342 | +179% |
| Profit (loss) for the period to be appropriated | 9905 | €4,671 | €13,013 | +€8,342 | +179% |
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 17 October 2026 via checked.be.