Christophe Ronse: 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.
Christophe Ronse
Largest movements
- Current investments +€136,151
up €136,151 (+44.1%), from €308,590 to €444,741
- Cash -€122,758
down €122,758 (-49.6%), from €247,429 to €124,670
mainly Contributions, distributions and other (-€322,000) and Current investments (-€136,151)
- Receivables within one year -€20,262
down €20,262 (-4.0%), from €504,190 to €483,928
of which Trade receivables: -€124,321
- Tangible fixed assets -€16,919
down €16,919 (-57.4%), from €29,465 to €12,547
of which Furniture and vehicles: -€16,919
- Reserves -€160,000
down €160,000 (-18.7%), from €854,840 to €694,840
- Other debts +€112,000
up €112,000 (+53.3%), from €210,000 to €322,000
- Current portion of long-term debt +€33,659
new in 2025: €33,659
- Gross operating margin -€130,913
down €130,913 (-35.5%), from €368,474 to €237,562
- Taxes -€32,553
down €32,553 (-31.9%), from €102,106 to €69,552
- Financial charges -€9,052
down €9,052, from €7,667 to -€1,384
- Financial income +€5,929
up €5,929 (+66.0%), from €8,988 to €14,917
of which Financial income: +€5,929
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 | €1,100,895 | €1,087,015 | -€13,880 | -1.3% |
| Fixed assets | 21/28 | €32,015 | €15,097 | -€16,919 | -52.8% |
| Tangible fixed assets | 22/27 | €29,465 | €12,547 | -€16,919 | -57.4% |
| Plant, machinery and equipment | 23 | €8,900 | €8,900 | = | 0.0% |
| Furniture and vehicles | 24 | €20,565 | €3,647 | -€16,919 | -82.3% |
| Financial fixed assets | 28 | €2,550 | €2,550 | = | 0.0% |
| Current assets | 29/58 | €1,068,880 | €1,071,919 | +€3,039 | +0.3% |
| Amounts receivable within one year | 40/41 | €504,190 | €483,928 | -€20,262 | -4.0% |
| Trade receivables | 40 | €330,859 | €206,538 | -€124,321 | -37.6% |
| Other amounts receivable | 41 | €173,331 | €277,390 | +€104,059 | +60.0% |
| Current investments | 50/53 | €308,590 | €444,741 | +€136,151 | +44.1% |
| Cash at bank and in hand | 54/58 | €247,429 | €124,670 | -€122,758 | -49.6% |
| Deferred charges and accrued income | 490/1 | €8,671 | €18,579 | +€9,909 | +114% |
| Total equity and liabilities | 10/49 | €1,100,895 | €1,087,015 | -€13,880 | -1.3% |
| Equity | 10/15 | €885,943 | €726,089 | -€159,854 | -18.0% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €854,840 | €694,840 | -€160,000 | -18.7% |
| Distributable reserves | 133 | €854,840 | €694,840 | -€160,000 | -18.7% |
| Profit (loss) carried forward | 14 | €12,553 | €12,700 | +€146 | +1.2% |
| Amounts payable | 17/49 | €214,952 | €360,926 | +€145,974 | +67.9% |
| Amounts payable within one year | 42/48 | €214,952 | €360,926 | +€145,974 | +67.9% |
| Current portion of amounts payable after more than one year | 42 | - | €33,659 | +€33,659 | |
| Trade debts | 44 | €4,258 | €4,927 | +€668 | +15.7% |
| Suppliers | 440/4 | €4,258 | €4,927 | +€668 | +15.7% |
| Taxes, remuneration and social security | 45 | €694 | €340 | -€354 | -51.0% |
| Taxes | 450/3 | €440 | €0 | -€440 | -100% |
| Remuneration and social security | 454/9 | €254 | €340 | +€86 | +34.0% |
| Other amounts payable | 47/48 | €210,000 | €322,000 | +€112,000 | +53.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,933 | €20,629 | -€305 | -1.5% |
| Other operating charges | 640/8 | €1,909 | €1,535 | -€374 | -19.6% |
| Gross operating margin | 9900 | €368,474 | €237,562 | -€130,913 | -35.5% |
| Operating profit (loss) | 9901 | €345,632 | €215,398 | -€130,234 | -37.7% |
| Financial income | 75/76B | €8,988 | €14,917 | +€5,929 | +66.0% |
| Recurring financial income | 75 | €8,988 | €14,917 | +€5,929 | +66.0% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €7,667 | -€1,384 | -€9,052 | |
| Recurring financial charges | 65 | €7,667 | -€1,384 | -€9,052 | |
| Profit (loss) for the period before taxes | 9903 | €346,952 | €231,699 | -€115,253 | -33.2% |
| Income taxes | 67/77 | €102,106 | €69,552 | -€32,553 | -31.9% |
| Profit (loss) for the period | 9904 | €244,846 | €162,146 | -€82,700 | -33.8% |
| Profit (loss) for the period to be appropriated | 9905 | €244,846 | €162,146 | -€82,700 | -33.8% |
Source: filed annual accounts (NBB), financial years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.