SYLVIE RUST: 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.
SYLVIE RUST
Largest movements
- Cash -€124,454
down €124,454 (-98.1%), from €126,917 to €2,463
mainly Net result for the year (-€182,701) and Current portion of long-term debt (-€29,007)
- Receivables after one year -€59,500
down €59,500 (-26.2%), from €227,000 to €167,500
- Tangible fixed assets -€31,023
down €31,023 (-9.8%), from €317,987 to €286,964
of which Land and buildings: -€38,246
- Profit (loss) carried forward -€182,701
down €182,701, from €56,519 to -€126,182
- Current portion of long-term debt -€29,007
no longer reported in 2025 (was €29,007)
- Gross operating margin -€336,773
down €336,773, from €218,091 to -€118,682
- Taxes -€44,956
down €44,956, from €40,919 to -€4,037
- Staff costs -€15,699
down €15,699 (-91.5%), from €17,163 to €1,464
- Depreciation +€4,276
up €4,276 (+9.2%), from €46,692 to €50,968
- Financial income -€3,147
down €3,147 (-43.0%), from €7,323 to €4,176
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
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 | €710,554 | €494,490 | -€216,064 | -30.4% |
| Fixed assets | 21/28 | €317,987 | €286,964 | -€31,023 | -9.8% |
| Tangible fixed assets | 22/27 | €317,987 | €286,964 | -€31,023 | -9.8% |
| Land and buildings | 22 | €279,961 | €241,714 | -€38,246 | -13.7% |
| Plant, machinery and equipment | 23 | €5,283 | €4,683 | -€600 | -11.3% |
| Furniture and vehicles | 24 | €10,066 | €15,500 | +€5,434 | +54.0% |
| Other tangible fixed assets | 26 | €22,677 | €25,066 | +€2,389 | +10.5% |
| Current assets | 29/58 | €392,568 | €207,527 | -€185,041 | -47.1% |
| Amounts receivable after more than one year | 29 | €227,000 | €167,500 | -€59,500 | -26.2% |
| Other amounts receivable | 291 | €227,000 | €167,500 | -€59,500 | -26.2% |
| Amounts receivable within one year | 40/41 | €22,647 | €16,428 | -€6,218 | -27.5% |
| Trade receivables | 40 | €81 | €81 | = | 0.0% |
| Other amounts receivable | 41 | €22,566 | €16,347 | -€6,218 | -27.6% |
| Cash at bank and in hand | 54/58 | €126,917 | €2,463 | -€124,454 | -98.1% |
| Deferred charges and accrued income | 490/1 | €16,004 | €21,136 | +€5,132 | +32.1% |
| Total equity and liabilities | 10/49 | €710,554 | €494,490 | -€216,064 | -30.4% |
| Equity | 10/15 | €258,663 | €75,962 | -€182,701 | -70.6% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €152,144 | €152,144 | = | 0.0% |
| Distributable reserves | 133 | €152,144 | €152,144 | = | 0.0% |
| Profit (loss) carried forward | 14 | €56,519 | -€126,182 | -€182,701 | |
| Amounts payable | 17/49 | €451,891 | €418,528 | -€33,363 | -7.4% |
| Amounts payable after more than one year | 17 | €346,754 | €351,000 | +€4,246 | +1.2% |
| Financial debts | 170/4 | €346,754 | €351,000 | +€4,246 | +1.2% |
| Amounts payable within one year | 42/48 | €103,621 | €66,028 | -€37,593 | -36.3% |
| Current portion of amounts payable after more than one year | 42 | €29,007 | - | -€29,007 | |
| Financial debts | 43 | €8,443 | €5,060 | -€3,382 | -40.1% |
| Credit institutions | 430/8 | €8,443 | €5,060 | -€3,382 | -40.1% |
| Trade debts | 44 | €40,601 | €37,693 | -€2,909 | -7.2% |
| Suppliers | 440/4 | €40,601 | €37,693 | -€2,909 | -7.2% |
| Taxes, remuneration and social security | 45 | €25,570 | €23,266 | -€2,304 | -9.0% |
| Taxes | 450/3 | €25,570 | €23,266 | -€2,304 | -9.0% |
| Other amounts payable | 47/48 | - | €9 | +€9 | |
| Accrued charges and deferred income | 492/3 | €1,516 | €1,500 | -€16 | -1.0% |
| Non-recurring operating income | 76A | €7,084 | - | -€7,084 | |
| Remuneration, social security and pensions | 62 | €17,163 | €1,464 | -€15,699 | -91.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,692 | €50,968 | +€4,276 | +9.2% |
| Other operating charges | 640/8 | €3,108 | €3,396 | +€287 | +9.2% |
| Gross operating margin | 9900 | €218,091 | -€118,682 | -€336,773 | |
| Operating profit (loss) | 9901 | €151,128 | -€174,509 | -€325,637 | |
| Financial income | 75/76B | €7,323 | €4,176 | -€3,147 | -43.0% |
| Recurring financial income | 75 | €7,323 | €4,176 | -€3,147 | -43.0% |
| Financial charges | 65/66B | €14,789 | €16,405 | +€1,616 | +10.9% |
| Recurring financial charges | 65 | €14,789 | €16,405 | +€1,616 | +10.9% |
| Profit (loss) for the period before taxes | 9903 | €143,662 | -€186,738 | -€330,400 | |
| Income taxes | 67/77 | €40,919 | -€4,037 | -€44,956 | |
| Profit (loss) for the period | 9904 | €102,743 | -€182,701 | -€285,443 | |
| Profit (loss) for the period to be appropriated | 9905 | €102,743 | -€182,701 | -€285,443 |
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 19 October 2026 via checked.be.