Stefan Rusu: 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.
Stefan Rusu
Largest movements
- Current investments +€24,948
up €24,948 (+34.8%), from €71,644 to €96,592
- Receivables within one year +€3,984
up €3,984 (+53.7%), from €7,416 to €11,400
- Other debts +€20,834
up €20,834 (+89.4%), from €23,315 to €44,149
- Tax, wage and social debts +€5,281
up €5,281 (+42.5%), from €12,420 to €17,701
- Profit (loss) carried forward +€1,182
up €1,182 (+3.9%), from €30,468 to €31,650
- Gross operating margin +€6,763
up €6,763 (+14.6%), from €46,293 to €53,057
- Taxes +€1,297
up €1,297 (+13.6%), from €9,569 to €10,865
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 | €82,119 | €110,415 | +€28,295 | +34.5% |
| Fixed assets | 21/28 | €3,059 | €2,411 | -€648 | -21.2% |
| Tangible fixed assets | 22/27 | €3,059 | €2,411 | -€648 | -21.2% |
| Furniture and vehicles | 24 | €3,059 | €2,411 | -€648 | -21.2% |
| Current assets | 29/58 | €79,060 | €108,003 | +€28,943 | +36.6% |
| Amounts receivable within one year | 40/41 | €7,416 | €11,400 | +€3,984 | +53.7% |
| Trade receivables | 40 | €7,416 | €11,400 | +€3,984 | +53.7% |
| Current investments | 50/53 | €71,644 | €96,592 | +€24,948 | +34.8% |
| Deferred charges and accrued income | 490/1 | - | €12 | +€12 | |
| Total equity and liabilities | 10/49 | €82,119 | €110,415 | +€28,295 | +34.5% |
| Equity | 10/15 | €45,468 | €46,650 | +€1,182 | +2.6% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Capital | 10 | €15,000 | €15,000 | = | 0.0% |
| Issued capital | 100 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €30,468 | €31,650 | +€1,182 | +3.9% |
| Amounts payable | 17/49 | €36,652 | €63,764 | +€27,113 | +74.0% |
| Amounts payable within one year | 42/48 | €36,652 | €63,764 | +€27,113 | +74.0% |
| Trade debts | 44 | €917 | €1,915 | +€998 | +109% |
| Suppliers | 440/4 | €917 | €1,915 | +€998 | +109% |
| Taxes, remuneration and social security | 45 | €12,420 | €17,701 | +€5,281 | +42.5% |
| Taxes | 450/3 | €12,420 | €17,701 | +€5,281 | +42.5% |
| Other amounts payable | 47/48 | €23,315 | €44,149 | +€20,834 | +89.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €181 | €648 | +€467 | +259% |
| Other operating charges | 640/8 | - | €303 | +€303 | |
| Gross operating margin | 9900 | €46,293 | €53,057 | +€6,763 | +14.6% |
| Operating profit (loss) | 9901 | €46,113 | €52,106 | +€5,993 | +13.0% |
| Financial charges | 65/66B | €52 | €59 | +€6 | +11.7% |
| Recurring financial charges | 65 | €52 | €59 | +€6 | +11.7% |
| Profit (loss) for the period before taxes | 9903 | €46,061 | €52,048 | +€5,987 | +13.0% |
| Income taxes | 67/77 | €9,569 | €10,865 | +€1,297 | +13.6% |
| Profit (loss) for the period | 9904 | €36,492 | €41,182 | +€4,691 | +12.9% |
| Profit (loss) for the period to be appropriated | 9905 | €36,492 | €41,182 | +€4,691 | +12.9% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.