Van As Ruben: 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.
Van As Ruben
Largest movements
- Financial fixed assets +€2.9m
up €2.9m (+99.8%), from €3.0m to €5.9m
- Tangible fixed assets +€372,445
up €372,445 (+5.2%), from €7.2m to €7.5m
of which Land and buildings: +€411,377
- Receivables within one year +€211,928
up €211,928 (+171%), from €123,699 to €335,627
of which Trade receivables: +€195,568
- Current investments +€174,108
up €174,108, from €0 to €174,108
- Reserves +€4.7m
up €4.7m (+172%), from €2.7m to €7.5m
of which Distributable reserves: +€4.7m
- Revaluation surpluses -€1.1m
down €1.1m (-100%), from €1.1m to €0
- Debts after one year +€160,534
up €160,534 (+2.7%), from €5.9m to €6.0m
- Other debts -€151,767
down €151,767 (-100%), from €151,767 to €0
- Gross operating margin +€4.3m
up €4.3m (+389%), from €1.1m to €5.4m
- Taxes +€71,866
up €71,866 (+38.2%), from €188,334 to €260,200
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 | €10,440,250 | €14,097,850 | +€3.7m | +35.0% |
| Fixed assets | 21/28 | €10,111,990 | €13,432,867 | +€3.3m | +32.8% |
| Tangible fixed assets | 22/27 | €7,157,852 | €7,530,297 | +€372,445 | +5.2% |
| Land and buildings | 22 | €7,004,309 | €7,415,686 | +€411,377 | +5.9% |
| Plant, machinery and equipment | 23 | €24,251 | €20,804 | -€3,447 | -14.2% |
| Furniture and vehicles | 24 | €126,206 | €91,300 | -€34,906 | -27.7% |
| Other tangible fixed assets | 26 | €3,087 | €2,507 | -€580 | -18.8% |
| Financial fixed assets | 28 | €2,954,138 | €5,902,570 | +€2.9m | +99.8% |
| Current assets | 29/58 | €328,260 | €664,983 | +€336,723 | +103% |
| Amounts receivable within one year | 40/41 | €123,699 | €335,627 | +€211,928 | +171% |
| Trade receivables | 40 | €123,699 | €319,267 | +€195,568 | +158% |
| Other amounts receivable | 41 | - | €16,360 | +€16,360 | |
| Current investments | 50/53 | €0 | €174,108 | +€174,108 | |
| Cash at bank and in hand | 54/58 | €199,251 | €144,284 | -€54,968 | -27.6% |
| Deferred charges and accrued income | 490/1 | €5,310 | €10,965 | +€5,655 | +107% |
| Total equity and liabilities | 10/49 | €10,440,250 | €14,097,850 | +€3.7m | +35.0% |
| Equity | 10/15 | €3,882,708 | €7,491,477 | +€3.6m | +92.9% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Revaluation surpluses | 12 | €1,112,853 | €0 | -€1.1m | -100% |
| Reserves | 13 | €2,744,856 | €7,466,477 | +€4.7m | +172% |
| Tax-exempt reserves | 132 | €652,550 | €724,120 | +€71,570 | +11.0% |
| Distributable reserves | 133 | €2,092,306 | €6,742,357 | +€4.7m | +222% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €6,557,542 | €6,606,373 | +€48,831 | +0.7% |
| Amounts payable after more than one year | 17 | €5,880,177 | €6,040,711 | +€160,534 | +2.7% |
| Financial debts | 170/4 | €5,880,177 | €6,040,711 | +€160,534 | +2.7% |
| Amounts payable within one year | 42/48 | €677,365 | €565,662 | -€111,703 | -16.5% |
| Current portion of amounts payable after more than one year | 42 | €367,768 | €420,522 | +€52,753 | +14.3% |
| Trade debts | 44 | €7,550 | €8,110 | +€561 | +7.4% |
| Suppliers | 440/4 | €7,550 | €8,110 | +€561 | +7.4% |
| Taxes, remuneration and social security | 45 | €150,280 | €137,030 | -€13,250 | -8.8% |
| Taxes | 450/3 | €150,280 | €137,030 | -€13,250 | -8.8% |
| Other amounts payable | 47/48 | €151,767 | €0 | -€151,767 | -100% |
| Non-recurring operating income | 76A | - | €3,874,499 | +€3.9m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €278,951 | €304,688 | +€25,737 | +9.2% |
| Other operating charges | 640/8 | €4,939 | €19,939 | +€15,000 | +304% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €1,102,190 | €5,390,132 | +€4.3m | +389% |
| Operating profit (loss) | 9901 | €818,300 | €5,065,505 | +€4.2m | +519% |
| Financial income | 75/76B | €52,184 | €54,732 | +€2,548 | +4.9% |
| Recurring financial income | 75 | €52,184 | €54,732 | +€2,548 | +4.9% |
| Financial charges | 65/66B | €90,430 | €108,392 | +€17,963 | +19.9% |
| Recurring financial charges | 65 | €90,430 | €108,392 | +€17,963 | +19.9% |
| Profit (loss) for the period before taxes | 9903 | €780,055 | €5,011,845 | +€4.2m | +542% |
| Income taxes | 67/77 | €188,334 | €260,200 | +€71,866 | +38.2% |
| Profit (loss) for the period | 9904 | €591,721 | €4,751,645 | +€4.2m | +703% |
| Transfer from tax-exempt reserves | 789 | €61,829 | €315,750 | +€253,921 | +411% |
| Transfer to tax-exempt reserves | 689 | €210,500 | €387,320 | +€176,820 | +84.0% |
| Profit (loss) for the period to be appropriated | 9905 | €443,050 | €4,680,075 | +€4.2m | +956% |
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 21 October 2026 via checked.be.