DE RING: what changed
Two fiscal 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.
DE RING
Largest movements
- Tangible fixed assets +€20,820
up €20,820 (+13.0%), from €160,493 to €181,314
of which Furniture and vehicles: +€33,903
- Cash +€10,087
up €10,087 (+105.6%), from €9,547 to €19,634
mainly Trade debts (+€29,177) and Depreciation (+€27,010)
- Receivables within one year +€2,560
up €2,560 (+350.8%), from €730 to €3,290
- Trade debts +€29,177
up €29,177 (+880.3%), from €3,314 to €32,492
- Reserves +€13,213
up €13,213 (+51.5%), from €25,642 to €38,855
of which Distributable reserves: +€13,213
- Debts after one year -€7,817
down €7,817 (-8.3%), from €94,311 to €86,494
- Current portion of long-term debt -€7,135
down €7,135 (-20.4%), from €34,989 to €27,854
- Other debts +€5,541
up €5,541 (+181.6%), from €3,051 to €8,592
- Gross operating margin +€7,273
up €7,273 (+9.9%), from €73,787 to €81,060
- Taxes +€3,718
up €3,718 (+297.4%), from €1,250 to €4,969
- Other operating charges +€2,749
up €2,749 (+67.0%), from €4,101 to €6,851
- Staff costs +€2,696
up €2,696 (+12.4%), from €21,738 to €24,434
- Depreciation -€2,668
down €2,668 (-9.0%), from €29,677 to €27,010
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.
Cash bridge derived
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 | €186,593 | €219,668 | +€33,075 | +17.7% |
| Fixed assets | 21/28 | €160,493 | €181,314 | +€20,820 | +13.0% |
| Tangible fixed assets | 22/27 | €160,493 | €181,314 | +€20,820 | +13.0% |
| Land and buildings | 22 | €58,100 | €50,465 | -€7,635 | -13.1% |
| Plant, machinery and equipment | 23 | €83,271 | €77,824 | -€5,448 | -6.5% |
| Furniture and vehicles | 24 | €19,122 | €53,025 | +€33,903 | +177.3% |
| Current assets | 29/58 | €26,100 | €38,354 | +€12,254 | +47.0% |
| Stocks and contracts in progress | 3 | €12,657 | €12,255 | -€402 | -3.2% |
| Stocks | 30/36 | €12,657 | €12,255 | -€402 | -3.2% |
| Amounts receivable within one year | 40/41 | €730 | €3,290 | +€2,560 | +350.8% |
| Other amounts receivable | 41 | €730 | €3,290 | +€2,560 | +350.8% |
| Cash at bank and in hand | 54/58 | €9,547 | €19,634 | +€10,087 | +105.6% |
| Deferred charges and accrued income | 490/1 | €3,166 | €3,175 | +€9 | +0.3% |
| Total equity and liabilities | 10/49 | €186,593 | €219,668 | +€33,075 | +17.7% |
| Equity | 10/15 | €43,484 | €56,698 | +€13,213 | +30.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €25,642 | €38,855 | +€13,213 | +51.5% |
| Tax-exempt reserves | 132 | €5,782 | €5,782 | = | 0.0% |
| Distributable reserves | 133 | €19,860 | €33,073 | +€13,213 | +66.5% |
| Profit (loss) carried forward | 14 | €11,643 | €11,643 | = | 0.0% |
| Amounts payable | 17/49 | €143,109 | €162,970 | +€19,861 | +13.9% |
| Amounts payable after more than one year | 17 | €94,311 | €86,494 | -€7,817 | -8.3% |
| Financial debts | 170/4 | €94,311 | €86,494 | -€7,817 | -8.3% |
| Amounts payable within one year | 42/48 | €47,026 | €76,476 | +€29,450 | +62.6% |
| Current portion of amounts payable after more than one year | 42 | €34,989 | €27,854 | -€7,135 | -20.4% |
| Financial debts | 43 | €643 | - | -€643 | |
| Other loans | 439 | €643 | - | -€643 | |
| Trade debts | 44 | €3,314 | €32,492 | +€29,177 | +880.3% |
| Suppliers | 440/4 | €3,314 | €32,492 | +€29,177 | +880.3% |
| Taxes, remuneration and social security | 45 | €5,029 | €7,538 | +€2,509 | +49.9% |
| Taxes | 450/3 | €2,117 | €4,558 | +€2,441 | +115.3% |
| Remuneration and social security | 454/9 | €2,912 | €2,980 | +€69 | +2.4% |
| Other amounts payable | 47/48 | €3,051 | €8,592 | +€5,541 | +181.6% |
| Accrued charges and deferred income | 492/3 | €1,772 | - | -€1,772 | |
| Remuneration, social security and pensions | 62 | €21,738 | €24,434 | +€2,696 | +12.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,677 | €27,010 | -€2,668 | -9.0% |
| Other operating charges | 640/8 | €4,101 | €6,851 | +€2,749 | +67.0% |
| Gross operating margin | 9900 | €73,787 | €81,060 | +€7,273 | +9.9% |
| Operating profit (loss) | 9901 | €18,271 | €22,766 | +€4,496 | +24.6% |
| Financial income | 75/76B | €14 | €430 | +€415 | +2881.8% |
| Recurring financial income | 75 | €14 | €430 | +€415 | +2881.8% |
| Financial charges | 65/66B | €5,027 | €5,014 | -€13 | -0.3% |
| Recurring financial charges | 65 | €5,027 | €5,014 | -€13 | -0.3% |
| Profit (loss) for the period before taxes | 9903 | €13,258 | €18,182 | +€4,924 | +37.1% |
| Income taxes | 67/77 | €1,250 | €4,969 | +€3,718 | +297.4% |
| Profit (loss) for the period | 9904 | €12,008 | €13,213 | +€1,205 | +10.0% |
| Profit (loss) for the period to be appropriated | 9905 | €12,008 | €13,213 | +€1,205 | +10.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.