VLEUGELS 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.
VLEUGELS RUBEN
Largest movements
- Receivables within one year -€14,106
down €14,106 (-63.9%), from €22,062 to €7,956
of which Trade receivables: -€19,582
- Cash +€13,509
up €13,509 (+132%), from €10,262 to €23,771
mainly Depreciation (+€33,113) and Net result for the year (+€31,999)
- Tangible fixed assets -€13,439
down €13,439 (-6.3%), from €213,095 to €199,656
of which Leasing and similar rights: -€19,679
- Stocks and contracts -€4,520
down €4,520 (-71.4%), from €6,333 to €1,813
- Intangible fixed assets -€3,000
down €3,000 (-14.0%), from €21,386 to €18,386
- Reserves +€30,333
up €30,333 (+43.9%), from €69,071 to €99,404
- Debts after one year -€27,881
down €27,881 (-21.1%), from €131,947 to €104,065
- Trade debts -€17,834
down €17,834 (-74.2%), from €24,039 to €6,205
- Current portion of long-term debt -€5,767
down €5,767 (-18.9%), from €30,489 to €24,723
- Gross operating margin +€17,868
up €17,868 (+26.7%), from €67,040 to €84,908
- Taxes +€4,559
up €4,559 (+51.7%), from €8,814 to €13,373
- Depreciation +€2,266
up €2,266 (+7.3%), from €30,846 to €33,113
- Financial charges -€1,040
down €1,040 (-17.5%), from €5,945 to €4,904
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 | €273,139 | €251,583 | -€21,556 | -7.9% |
| Fixed assets | 21/28 | €234,482 | €218,043 | -€16,439 | -7.0% |
| Intangible fixed assets | 21 | €21,386 | €18,386 | -€3,000 | -14.0% |
| Tangible fixed assets | 22/27 | €213,095 | €199,656 | -€13,439 | -6.3% |
| Land and buildings | 22 | €172,554 | €165,941 | -€6,613 | -3.8% |
| Plant, machinery and equipment | 23 | €20,862 | €11,062 | -€9,800 | -47.0% |
| Furniture and vehicles | 24 | - | €19,141 | +€19,141 | |
| Leasing and similar rights | 25 | €19,679 | - | -€19,679 | |
| Other tangible fixed assets | 26 | - | €3,512 | +€3,512 | |
| Current assets | 29/58 | €38,658 | €33,540 | -€5,117 | -13.2% |
| Stocks and contracts in progress | 3 | €6,333 | €1,813 | -€4,520 | -71.4% |
| Stocks | 30/36 | €6,333 | €1,813 | -€4,520 | -71.4% |
| Amounts receivable within one year | 40/41 | €22,062 | €7,956 | -€14,106 | -63.9% |
| Trade receivables | 40 | €21,163 | €1,580 | -€19,582 | -92.5% |
| Other amounts receivable | 41 | €900 | €6,376 | +€5,476 | +609% |
| Cash at bank and in hand | 54/58 | €10,262 | €23,771 | +€13,509 | +132% |
| Total equity and liabilities | 10/49 | €273,139 | €251,583 | -€21,556 | -7.9% |
| Equity | 10/15 | €74,071 | €104,404 | +€30,333 | +41.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €69,071 | €99,404 | +€30,333 | +43.9% |
| Distributable reserves | 133 | €69,071 | €99,404 | +€30,333 | +43.9% |
| Amounts payable | 17/49 | €199,068 | €147,179 | -€51,889 | -26.1% |
| Amounts payable after more than one year | 17 | €131,947 | €104,065 | -€27,881 | -21.1% |
| Financial debts | 170/4 | €131,947 | €104,065 | -€27,881 | -21.1% |
| Amounts payable within one year | 42/48 | €67,121 | €43,113 | -€24,008 | -35.8% |
| Current portion of amounts payable after more than one year | 42 | €30,489 | €24,723 | -€5,767 | -18.9% |
| Trade debts | 44 | €24,039 | €6,205 | -€17,834 | -74.2% |
| Suppliers | 440/4 | €24,039 | €6,205 | -€17,834 | -74.2% |
| Taxes, remuneration and social security | 45 | €8,609 | €8,510 | -€98 | -1.1% |
| Taxes | 450/3 | €7,112 | €7,013 | -€98 | -1.4% |
| Remuneration and social security | 454/9 | €1,497 | €1,497 | = | 0.0% |
| Other amounts payable | 47/48 | €3,984 | €3,675 | -€309 | -7.8% |
| Remuneration, social security and pensions | 62 | €226 | €294 | +€69 | +30.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,846 | €33,113 | +€2,266 | +7.3% |
| Other operating charges | 640/8 | €1,600 | €2,127 | +€527 | +33.0% |
| Gross operating margin | 9900 | €67,040 | €84,908 | +€17,868 | +26.7% |
| Operating profit (loss) | 9901 | €34,368 | €49,374 | +€15,006 | +43.7% |
| Financial income | 75/76B | €127 | €903 | +€777 | +614% |
| Recurring financial income | 75 | €127 | €903 | +€777 | +614% |
| Financial charges | 65/66B | €5,945 | €4,904 | -€1,040 | -17.5% |
| Recurring financial charges | 65 | €5,945 | €4,904 | -€1,040 | -17.5% |
| Profit (loss) for the period before taxes | 9903 | €28,549 | €45,372 | +€16,823 | +58.9% |
| Income taxes | 67/77 | €8,814 | €13,373 | +€4,559 | +51.7% |
| Profit (loss) for the period | 9904 | €19,736 | €31,999 | +€12,263 | +62.1% |
| Profit (loss) for the period to be appropriated | 9905 | €19,736 | €31,999 | +€12,263 | +62.1% |
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 20 October 2026 via checked.be.