THOMAS-DE RUDDER: 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.
What changed
THOMAS-DE RUDDER
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€2.2m
2024 · €2.0m+€237,683
Equity
€26.6m
2024 · €24.4m+€2.2m
Cash
€97,437
2024 · €78,733+€18,704
Balance sheet total
€37.5m
2024 · €38.9m-€1.4m
Largest movements
Assets
- Tangible fixed assets -€1.5m
down €1.5m (-3.8%), from €38.3m to €36.8m
of which Land and buildings: -€1.5m
Equity and liabilities
- Other debts -€3.6m
down €3.6m (-26.5%), from €13.6m to €10.0m
- Profit (loss) carried forward +€2.3m
up €2.3m (+10.3%), from €21.9m to €24.1m
Income statement
- Financial charges -€97,881
down €97,881 (-18.2%), from €537,113 to €439,232
- Taxes +€88,495
up €88,495 (+13.1%), from €673,177 to €761,672
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.
Result 2024
€2.0m
Gross operating margin
+€4,955
Depreciation
+€45,147
Other operating charges
-€16,734
Other operating items
+€194,929
Financial charges
+€97,881
Taxes
-€88,495
Result 2025
€2.2m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€355,645
Investment
-€336,941
Financing
€0
Cash 2024
€78,733
From operations (derived)
+€355,645
Net result for the year
+€2.2m
Depreciation
+€1.8m
Deferred charges and accrued income
-€93,070
Provisions
-€3,401
Tax, wage and social debts
+€151,896
Other debts
-€3.6m
Accrued charges and deferred income
-€89,429
Investment (derived)
-€336,941
Investment in fixed assets (net)
-€336,941
Cash 2025
€97,437
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €38,869,578 | €37,516,973 | -€1.4m | -3.5% |
| Fixed assets | 21/28 | €38,297,419 | €36,833,040 | -€1.5m | -3.8% |
| Tangible fixed assets | 22/27 | €38,253,653 | €36,789,274 | -€1.5m | -3.8% |
| Land and buildings | 22 | €38,246,350 | €36,753,862 | -€1.5m | -3.9% |
| Furniture and vehicles | 24 | €7,303 | €35,412 | +€28,109 | +385% |
| Financial fixed assets | 28 | €43,766 | €43,766 | = | 0.0% |
| Current assets | 29/58 | €572,159 | €683,933 | +€111,774 | +19.5% |
| Cash at bank and in hand | 54/58 | €78,733 | €97,437 | +€18,704 | +23.8% |
| Deferred charges and accrued income | 490/1 | €493,426 | €586,496 | +€93,070 | +18.9% |
| Total equity and liabilities | 10/49 | €38,869,578 | €37,516,973 | -€1.4m | -3.5% |
| Equity | 10/15 | €24,416,999 | €26,605,328 | +€2.2m | +9.0% |
| Contributions | 10/11 | €384,235 | €384,235 | = | 0.0% |
| Capital | 10 | €384,235 | €384,235 | = | 0.0% |
| Issued capital | 100 | €384,235 | €384,235 | = | 0.0% |
| Revaluation surpluses | 12 | €585,029 | €585,029 | = | 0.0% |
| Reserves | 13 | €1,552,449 | €1,490,517 | -€61,932 | -4.0% |
| Non-distributable reserves | 130/1 | €38,424 | €38,424 | = | 0.0% |
| Legal reserve | 130 | €38,424 | €38,424 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,514,025 | €1,452,093 | -€61,932 | -4.1% |
| Profit (loss) carried forward | 14 | €21,895,286 | €24,145,547 | +€2.3m | +10.3% |
| Provisions and deferred taxes | 16 | €45,832 | €42,431 | -€3,401 | -7.4% |
| Deferred taxes | 168 | €45,832 | €42,431 | -€3,401 | -7.4% |
| Amounts payable | 17/49 | €14,406,747 | €10,869,214 | -€3.5m | -24.6% |
| Amounts payable within one year | 42/48 | €13,832,851 | €10,384,747 | -€3.4m | -24.9% |
| Trade debts | 44 | €6,000 | €6,000 | = | 0.0% |
| Suppliers | 440/4 | €6,000 | €6,000 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €226,851 | €378,747 | +€151,896 | +67.0% |
| Taxes | 450/3 | €226,851 | €378,747 | +€151,896 | +67.0% |
| Other amounts payable | 47/48 | €13,600,000 | €10,000,000 | -€3.6m | -26.5% |
| Accrued charges and deferred income | 492/3 | €573,896 | €484,467 | -€89,429 | -15.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,846,467 | €1,801,320 | -€45,147 | -2.4% |
| Other operating charges | 640/8 | €369,831 | €386,565 | +€16,734 | +4.5% |
| Non-recurring operating charges | 66A | €194,929 | - | -€194,929 | |
| Gross operating margin | 9900 | €5,568,761 | €5,573,716 | +€4,955 | +0.1% |
| Operating profit (loss) | 9901 | €3,157,534 | €3,385,831 | +€228,297 | +7.2% |
| Financial charges | 65/66B | €537,113 | €439,232 | -€97,881 | -18.2% |
| Recurring financial charges | 65 | €537,113 | €439,232 | -€97,881 | -18.2% |
| Profit (loss) for the period before taxes | 9903 | €2,620,421 | €2,946,599 | +€326,178 | +12.4% |
| Transfer from deferred taxes | 780 | €3,402 | €3,402 | = | 0.0% |
| Income taxes | 67/77 | €673,177 | €761,672 | +€88,495 | +13.1% |
| Profit (loss) for the period | 9904 | €1,950,646 | €2,188,329 | +€237,683 | +12.2% |
| Transfer from tax-exempt reserves | 789 | €61,931 | €61,932 | +€1 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €2,012,577 | €2,250,261 | +€237,684 | +11.8% |
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 27 October 2026 via checked.be.