Dr. S. Raman: 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.
Dr. S. Raman
Largest movements
- Cash +€188,001
up €188,001 (+119%), from €158,233 to €346,234
mainly Net result for the year (+€134,971) and Debts after one year (+€54,068)
- Tangible fixed assets +€65,990
up €65,990 (+1,327%), from €4,973 to €70,963
- Deferred charges and accrued income -€18,755
down €18,755 (-88.5%), from €21,195 to €2,440
- Reserves +€134,971
up €134,971 (+80.0%), from €168,613 to €303,584
- Debts after one year +€54,068
new in 2025: €54,068
- Tax, wage and social debts +€27,967
up €27,967 (+256%), from €10,913 to €38,880
- Current portion of long-term debt +€17,093
new in 2025: €17,093
- Gross operating margin +€137,750
up €137,750 (+247%), from €55,809 to €193,559
- Taxes +€27,967
up €27,967 (+256%), from €10,913 to €38,880
- Depreciation +€12,889
up €12,889 (+303%), from €4,250 to €17,138
- Financial charges +€2,205
up €2,205 (+2,877%), from €77 to €2,282
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 | €184,800 | €420,037 | +€235,236 | +127% |
| Fixed assets | 21/28 | €5,373 | €71,363 | +€65,990 | +1,228% |
| Tangible fixed assets | 22/27 | €4,973 | €70,963 | +€65,990 | +1,327% |
| Furniture and vehicles | 24 | €4,973 | €70,963 | +€65,990 | +1,327% |
| Financial fixed assets | 28 | €400 | €400 | = | 0.0% |
| Current assets | 29/58 | €179,428 | €348,674 | +€169,246 | +94.3% |
| Cash at bank and in hand | 54/58 | €158,233 | €346,234 | +€188,001 | +119% |
| Deferred charges and accrued income | 490/1 | €21,195 | €2,440 | -€18,755 | -88.5% |
| Total equity and liabilities | 10/49 | €184,800 | €420,037 | +€235,236 | +127% |
| Equity | 10/15 | €171,613 | €306,584 | +€134,971 | +78.6% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €168,613 | €303,584 | +€134,971 | +80.0% |
| Distributable reserves | 133 | €168,613 | €303,584 | +€134,971 | +80.0% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €13,187 | €113,452 | +€100,265 | +760% |
| Amounts payable after more than one year | 17 | - | €54,068 | +€54,068 | |
| Financial debts | 170/4 | - | €54,068 | +€54,068 | |
| Amounts payable within one year | 42/48 | €13,187 | €59,384 | +€46,197 | +350% |
| Current portion of amounts payable after more than one year | 42 | - | €17,093 | +€17,093 | |
| Trade debts | 44 | €1,568 | €1,546 | -€22 | -1.4% |
| Suppliers | 440/4 | €1,568 | €1,546 | -€22 | -1.4% |
| Taxes, remuneration and social security | 45 | €10,913 | €38,880 | +€27,967 | +256% |
| Taxes | 450/3 | €10,913 | €38,880 | +€27,967 | +256% |
| Other amounts payable | 47/48 | €705 | €1,865 | +€1,160 | +165% |
| Non-recurring operating income | 76A | - | €1,582 | +€1,582 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,250 | €17,138 | +€12,889 | +303% |
| Other operating charges | 640/8 | €281 | €288 | +€7 | +2.6% |
| Gross operating margin | 9900 | €55,809 | €193,559 | +€137,750 | +247% |
| Operating profit (loss) | 9901 | €51,279 | €176,133 | +€124,854 | +243% |
| Financial charges | 65/66B | €77 | €2,282 | +€2,205 | +2,877% |
| Recurring financial charges | 65 | €77 | €2,282 | +€2,205 | +2,877% |
| Profit (loss) for the period before taxes | 9903 | €51,202 | €173,851 | +€122,649 | +240% |
| Income taxes | 67/77 | €10,913 | €38,880 | +€27,967 | +256% |
| Profit (loss) for the period | 9904 | €40,289 | €134,971 | +€94,682 | +235% |
| Profit (loss) for the period to be appropriated | 9905 | €40,289 | €134,971 | +€94,682 | +235% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.