William Rutten: 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.
William Rutten
Largest movements
- Receivables after one year -€72,500
down €72,500 (-100%), from €72,500 to €0
- Cash -€24,543
down €24,543 (-21.9%), from €112,108 to €87,566
mainly Contributions, distributions and other (-€221,352) and Investment in fixed assets (net) (-€17,237)
- Tangible fixed assets +€14,109
up €14,109 (+173%), from €8,144 to €22,253
of which Other tangible fixed assets: +€12,882
- Reserves -€143,946
down €143,946 (-100%), from €143,946 to €0
- Other debts +€50,023
up €50,023, from €0 to €50,023
- Trade debts +€5,347
up €5,347 (+164%), from €3,254 to €8,601
- Tax, wage and social debts +€5,102
up €5,102 (+11.7%), from €43,647 to €48,750
- Gross operating margin +€6,034
up €6,034 (+6.1%), from €98,926 to €104,960
- Financial income -€3,949
down €3,949 (-87.2%), from €4,531 to €581
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 | €195,848 | €112,373 | -€83,474 | -42.6% |
| Fixed assets | 21/28 | €8,144 | €22,253 | +€14,109 | +173% |
| Tangible fixed assets | 22/27 | €8,144 | €22,253 | +€14,109 | +173% |
| Plant, machinery and equipment | 23 | €1,400 | €2,128 | +€728 | +52.0% |
| Furniture and vehicles | 24 | €4,123 | €4,622 | +€499 | +12.1% |
| Other tangible fixed assets | 26 | €2,621 | €15,503 | +€12,882 | +492% |
| Current assets | 29/58 | €187,704 | €90,121 | -€97,583 | -52.0% |
| Amounts receivable after more than one year | 29 | €72,500 | €0 | -€72,500 | -100% |
| Other amounts receivable | 291 | €72,500 | €0 | -€72,500 | -100% |
| Amounts receivable within one year | 40/41 | €1,490 | €913 | -€577 | -38.7% |
| Trade receivables | 40 | €0 | €913 | +€913 | |
| Other amounts receivable | 41 | €1,490 | €0 | -€1,490 | -100% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €112,108 | €87,566 | -€24,543 | -21.9% |
| Deferred charges and accrued income | 490/1 | €1,606 | €1,642 | +€37 | +2.3% |
| Total equity and liabilities | 10/49 | €195,848 | €112,373 | -€83,474 | -42.6% |
| Equity | 10/15 | €148,946 | €5,000 | -€143,946 | -96.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €143,946 | €0 | -€143,946 | -100% |
| Distributable reserves | 133 | €143,946 | €0 | -€143,946 | -100% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €46,901 | €107,373 | +€60,472 | +129% |
| Amounts payable within one year | 42/48 | €46,901 | €107,373 | +€60,472 | +129% |
| Trade debts | 44 | €3,254 | €8,601 | +€5,347 | +164% |
| Suppliers | 440/4 | €3,254 | €8,601 | +€5,347 | +164% |
| Taxes, remuneration and social security | 45 | €43,647 | €48,750 | +€5,102 | +11.7% |
| Taxes | 450/3 | €43,647 | €48,750 | +€5,102 | +11.7% |
| Other amounts payable | 47/48 | €0 | €50,023 | +€50,023 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,459 | €3,128 | +€669 | +27.2% |
| Other operating charges | 640/8 | €295 | €671 | +€376 | +127% |
| Gross operating margin | 9900 | €98,926 | €104,960 | +€6,034 | +6.1% |
| Operating profit (loss) | 9901 | €96,171 | €101,161 | +€4,990 | +5.2% |
| Financial income | 75/76B | €4,531 | €581 | -€3,949 | -87.2% |
| Recurring financial income | 75 | €4,531 | €581 | -€3,949 | -87.2% |
| Financial charges | 65/66B | €2,829 | €3,700 | +€871 | +30.8% |
| Recurring financial charges | 65 | €2,829 | €3,700 | +€871 | +30.8% |
| Profit (loss) for the period before taxes | 9903 | €97,874 | €98,043 | +€169 | +0.2% |
| Income taxes | 67/77 | €21,673 | €20,637 | -€1,037 | -4.8% |
| Profit (loss) for the period | 9904 | €76,200 | €77,406 | +€1,206 | +1.6% |
| Profit (loss) for the period to be appropriated | 9905 | €76,200 | €77,406 | +€1,206 | +1.6% |
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.