't Rust: 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.
't Rust
Largest movements
- Tangible fixed assets -€49,207
down €49,207 (-3.2%), from €1.5m to €1.5m
- Debts after one year -€99,226
down €99,226 (-8.6%), from €1.1m to €1.0m
- Trade debts +€29,029
up €29,029 (+52.5%), from €55,284 to €84,313
- Reserves +€20,581
up €20,581 (+84.6%), from €24,337 to €44,918
- Other debts -€18,498
down €18,498 (-59.4%), from €31,154 to €12,655
- Depreciation +€12,673
up €12,673 (+16.3%), from €77,717 to €90,390
- Staff costs -€5,880
down €5,880 (-91.5%), from €6,427 to €548
- Financial charges +€5,007
up €5,007 (+15.5%), from €32,242 to €37,249
- Gross operating margin +€3,750
up €3,750 (+2.3%), from €165,511 to €169,262
- Other operating charges -€2,635
down €2,635 (-20.6%), from €12,809 to €10,174
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 | €1,550,796 | €1,498,364 | -€52,432 | -3.4% |
| Fixed assets | 21/28 | €1,524,245 | €1,475,038 | -€49,207 | -3.2% |
| Tangible fixed assets | 22/27 | €1,524,245 | €1,475,038 | -€49,207 | -3.2% |
| Land and buildings | 22 | €1,357,705 | €1,336,041 | -€21,664 | -1.6% |
| Plant, machinery and equipment | 23 | €21,688 | €23,764 | +€2,076 | +9.6% |
| Furniture and vehicles | 24 | €51,895 | €44,488 | -€7,407 | -14.3% |
| Leasing and similar rights | 25 | €92,957 | €70,745 | -€22,211 | -23.9% |
| Current assets | 29/58 | €26,551 | €23,326 | -€3,225 | -12.1% |
| Stocks and contracts in progress | 3 | €8,800 | €9,400 | +€600 | +6.8% |
| Stocks | 30/36 | €8,800 | €9,400 | +€600 | +6.8% |
| Amounts receivable within one year | 40/41 | €9,084 | €9,731 | +€647 | +7.1% |
| Trade receivables | 40 | €8,522 | €5,364 | -€3,158 | -37.1% |
| Other amounts receivable | 41 | €562 | €4,367 | +€3,805 | +676.5% |
| Cash at bank and in hand | 54/58 | €6,741 | €682 | -€6,059 | -89.9% |
| Deferred charges and accrued income | 490/1 | €1,925 | €3,512 | +€1,587 | +82.4% |
| Total equity and liabilities | 10/49 | €1,550,796 | €1,498,364 | -€52,432 | -3.4% |
| Equity | 10/15 | €179,337 | €199,918 | +€20,581 | +11.5% |
| Contributions | 10/11 | €155,000 | €155,000 | = | 0.0% |
| Reserves | 13 | €24,337 | €44,918 | +€20,581 | +84.6% |
| Distributable reserves | 133 | €24,337 | €44,918 | +€20,581 | +84.6% |
| Amounts payable | 17/49 | €1,371,459 | €1,298,446 | -€73,013 | -5.3% |
| Amounts payable after more than one year | 17 | €1,149,160 | €1,049,933 | -€99,226 | -8.6% |
| Financial debts | 170/4 | €1,149,160 | €1,049,933 | -€99,226 | -8.6% |
| Amounts payable within one year | 42/48 | €222,299 | €248,513 | +€26,214 | +11.8% |
| Current portion of amounts payable after more than one year | 42 | €96,526 | €101,678 | +€5,153 | +5.3% |
| Financial debts | 43 | €30,233 | €36,143 | +€5,909 | +19.5% |
| Credit institutions | 430/8 | €30,233 | €36,143 | +€5,909 | +19.5% |
| Trade debts | 44 | €55,284 | €84,313 | +€29,029 | +52.5% |
| Suppliers | 440/4 | €55,284 | €84,313 | +€29,029 | +52.5% |
| Taxes, remuneration and social security | 45 | €9,102 | €13,724 | +€4,622 | +50.8% |
| Taxes | 450/3 | €9,102 | €13,724 | +€4,622 | +50.8% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €31,154 | €12,655 | -€18,498 | -59.4% |
| Remuneration, social security and pensions | 62 | €6,427 | €548 | -€5,880 | -91.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,717 | €90,390 | +€12,673 | +16.3% |
| Other operating charges | 640/8 | €12,809 | €10,174 | -€2,635 | -20.6% |
| Gross operating margin | 9900 | €165,511 | €169,262 | +€3,750 | +2.3% |
| Operating profit (loss) | 9901 | €68,559 | €68,151 | -€408 | -0.6% |
| Financial income | 75/76B | €92 | €128 | +€36 | +39.3% |
| Recurring financial income | 75 | €92 | €128 | +€36 | +39.3% |
| Financial charges | 65/66B | €32,242 | €37,249 | +€5,007 | +15.5% |
| Recurring financial charges | 65 | €32,242 | €37,249 | +€5,007 | +15.5% |
| Profit (loss) for the period before taxes | 9903 | €36,409 | €31,030 | -€5,379 | -14.8% |
| Income taxes | 67/77 | €12,983 | €10,449 | -€2,534 | -19.5% |
| Profit (loss) for the period | 9904 | €23,427 | €20,581 | -€2,846 | -12.1% |
| Profit (loss) for the period to be appropriated | 9905 | €23,427 | €20,581 | -€2,846 | -12.1% |
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 29 September 2026 via checked.be.