DAVID RINGHOFFER: 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.
DAVID RINGHOFFER
Largest movements
- Stocks and contracts -€22,628
down €22,628 (-64.7%), from €35,000 to €12,372
- Tangible fixed assets +€17,829
up €17,829 (+28.1%), from €63,456 to €81,285
of which Furniture and vehicles: +€32,322
- Cash -€8,256
down €8,256 (-27.9%), from €29,560 to €21,303
mainly Investment in fixed assets (net) (-€51,444) and Current portion of long-term debt (-€11,051)
- Receivables within one year -€3,983
down €3,983 (-9.9%), from €40,177 to €36,194
of which Trade receivables: -€9,023
- Current portion of long-term debt -€11,051
down €11,051 (-65.8%), from €16,784 to €5,733
- Trade debts -€8,242
down €8,242 (-82.0%), from €10,053 to €1,812
- Debts after one year -€5,733
no longer reported in 2025 (was €5,733)
- Other debts +€4,743
up €4,743 (+10.3%), from €46,263 to €51,005
- Profit (loss) carried forward +€2,704
up €2,704 (+4.2%), from €64,379 to €67,083
- Gross operating margin +€23,915
up €23,915 (+174%), from €13,751 to €37,666
- Depreciation +€8,402
up €8,402 (+33.3%), from €25,213 to €33,615
- Other operating charges -€929
down €929 (-44.9%), from €2,069 to €1,140
- Financial income -€731
down €731 (-45.6%), from €1,604 to €873
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 | €171,466 | €153,887 | -€17,579 | -10.3% |
| Fixed assets | 21/28 | €64,544 | €82,373 | +€17,829 | +27.6% |
| Tangible fixed assets | 22/27 | €63,456 | €81,285 | +€17,829 | +28.1% |
| Plant, machinery and equipment | 23 | €324 | €1,284 | +€960 | +296% |
| Furniture and vehicles | 24 | €41,240 | €73,562 | +€32,322 | +78.4% |
| Leasing and similar rights | 25 | €21,892 | €6,439 | -€15,453 | -70.6% |
| Financial fixed assets | 28 | €1,088 | €1,088 | = | 0.0% |
| Current assets | 29/58 | €106,922 | €71,514 | -€35,408 | -33.1% |
| Stocks and contracts in progress | 3 | €35,000 | €12,372 | -€22,628 | -64.7% |
| Stocks | 30/36 | €35,000 | €12,372 | -€22,628 | -64.7% |
| Amounts receivable within one year | 40/41 | €40,177 | €36,194 | -€3,983 | -9.9% |
| Trade receivables | 40 | €22,362 | €13,339 | -€9,023 | -40.4% |
| Other amounts receivable | 41 | €17,815 | €22,855 | +€5,040 | +28.3% |
| Cash at bank and in hand | 54/58 | €29,560 | €21,303 | -€8,256 | -27.9% |
| Deferred charges and accrued income | 490/1 | €2,186 | €1,645 | -€541 | -24.7% |
| Total equity and liabilities | 10/49 | €171,466 | €153,887 | -€17,579 | -10.3% |
| Equity | 10/15 | €92,633 | €95,337 | +€2,704 | +2.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €9,662 | €9,662 | = | 0.0% |
| Tax-exempt reserves | 132 | €6,062 | €6,062 | = | 0.0% |
| Distributable reserves | 133 | €3,600 | €3,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €64,379 | €67,083 | +€2,704 | +4.2% |
| Amounts payable | 17/49 | €78,833 | €58,550 | -€20,283 | -25.7% |
| Amounts payable after more than one year | 17 | €5,733 | - | -€5,733 | |
| Financial debts | 170/4 | €5,733 | - | -€5,733 | |
| Amounts payable within one year | 42/48 | €73,100 | €58,550 | -€14,550 | -19.9% |
| Current portion of amounts payable after more than one year | 42 | €16,784 | €5,733 | -€11,051 | -65.8% |
| Trade debts | 44 | €10,053 | €1,812 | -€8,242 | -82.0% |
| Suppliers | 440/4 | €10,053 | €1,812 | -€8,242 | -82.0% |
| Other amounts payable | 47/48 | €46,263 | €51,005 | +€4,743 | +10.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,213 | €33,615 | +€8,402 | +33.3% |
| Other operating charges | 640/8 | €2,069 | €1,140 | -€929 | -44.9% |
| Gross operating margin | 9900 | €13,751 | €37,666 | +€23,915 | +174% |
| Operating profit (loss) | 9901 | -€13,532 | €2,911 | +€16,442 | |
| Financial income | 75/76B | €1,604 | €873 | -€731 | -45.6% |
| Recurring financial income | 75 | €1,604 | €873 | -€731 | -45.6% |
| Financial charges | 65/66B | €1,120 | €1,024 | -€96 | -8.6% |
| Recurring financial charges | 65 | €1,120 | €1,024 | -€96 | -8.6% |
| Profit (loss) for the period before taxes | 9903 | -€13,047 | €2,760 | +€15,807 | |
| Income taxes | 67/77 | €80 | €56 | -€24 | -29.8% |
| Profit (loss) for the period | 9904 | -€13,127 | €2,704 | +€15,831 | |
| Profit (loss) for the period to be appropriated | 9905 | -€13,127 | €2,704 | +€15,831 |
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 16 October 2026 via checked.be.