FRANK RONVAL: what changed
FRANK RONVAL
Largest movements
- Current investments +€40,000
new in 2025: €40,000
- Receivables within one year +€26,285
up €26,285 (+15.7%), from €167,575 to €193,860
of which Trade receivables: +€30,972
- Cash +€20,931
up €20,931 (+14.6%), from €143,625 to €164,557
mainly Net result for the year (+€82,976) and Depreciation (+€23,434)
- Deferred charges and accrued income +€17,722
up €17,722 (+2,150%), from €824 to €18,546
- Tangible fixed assets -€11,698
down €11,698 (-11.5%), from €102,058 to €90,360
of which Land and buildings: -€15,665
- Reserves +€82,976
up €82,976 (+35.2%), from €235,518 to €318,494
- Tax, wage and social debts +€18,706
up €18,706 (+66.9%), from €27,980 to €46,687
of which Taxes: +€20,277
- Other debts -€13,627
down €13,627 (-13.7%), from €99,166 to €85,539
- Trade debts +€5,186
up €5,186 (+88.9%), from €5,834 to €11,020
- Gross operating margin +€24,966
up €24,966 (+9.0%), from €276,151 to €301,117
- Staff costs -€23,141
down €23,141 (-13.9%), from €165,884 to €142,744
- Taxes +€15,393
up €15,393 (+69.3%), from €22,228 to €37,621
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €414,083 | €507,323 | +€93,241 | +22.5% |
| Fixed assets | 21/28 | €102,058 | €90,360 | -€11,698 | -11.5% |
| Tangible fixed assets | 22/27 | €102,058 | €90,360 | -€11,698 | -11.5% |
| Land and buildings | 22 | €86,086 | €70,421 | -€15,665 | -18.2% |
| Plant, machinery and equipment | 23 | €3,889 | €3,734 | -€156 | -4.0% |
| Furniture and vehicles | 24 | €3,269 | €1,672 | -€1,597 | -48.9% |
| Other tangible fixed assets | 26 | €8,813 | €14,534 | +€5,721 | +64.9% |
| Current assets | 29/58 | €312,024 | €416,963 | +€104,939 | +33.6% |
| Amounts receivable within one year | 40/41 | €167,575 | €193,860 | +€26,285 | +15.7% |
| Trade receivables | 40 | €162,888 | €193,860 | +€30,972 | +19.0% |
| Other amounts receivable | 41 | €4,687 | - | -€4,687 | |
| Current investments | 50/53 | - | €40,000 | +€40,000 | |
| Cash at bank and in hand | 54/58 | €143,625 | €164,557 | +€20,931 | +14.6% |
| Deferred charges and accrued income | 490/1 | €824 | €18,546 | +€17,722 | +2,150% |
| Total equity and liabilities | 10/49 | €414,083 | €507,323 | +€93,241 | +22.5% |
| Equity | 10/15 | €281,102 | €364,078 | +€82,976 | +29.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €235,518 | €318,494 | +€82,976 | +35.2% |
| Distributable reserves | 133 | €235,518 | €318,494 | +€82,976 | +35.2% |
| Profit (loss) carried forward | 14 | €26,984 | €26,984 | +€0 | 0.0% |
| Amounts payable | 17/49 | €132,981 | €143,246 | +€10,265 | +7.7% |
| Amounts payable within one year | 42/48 | €132,981 | €143,246 | +€10,265 | +7.7% |
| Trade debts | 44 | €5,834 | €11,020 | +€5,186 | +88.9% |
| Suppliers | 440/4 | €5,834 | €11,020 | +€5,186 | +88.9% |
| Taxes, remuneration and social security | 45 | €27,980 | €46,687 | +€18,706 | +66.9% |
| Taxes | 450/3 | €16,053 | €36,330 | +€20,277 | +126% |
| Remuneration and social security | 454/9 | €11,928 | €10,357 | -€1,571 | -13.2% |
| Other amounts payable | 47/48 | €99,166 | €85,539 | -€13,627 | -13.7% |
| Non-recurring operating income | 76A | - | €9,477 | +€9,477 | |
| Remuneration, social security and pensions | 62 | €165,884 | €142,744 | -€23,141 | -13.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,844 | €23,434 | +€589 | +2.6% |
| Other operating charges | 640/8 | €3,824 | €4,376 | +€552 | +14.4% |
| Gross operating margin | 9900 | €276,151 | €301,117 | +€24,966 | +9.0% |
| Operating profit (loss) | 9901 | €83,598 | €130,564 | +€46,966 | +56.2% |
| Financial income | 75/76B | €105 | €420 | +€315 | +299% |
| Recurring financial income | 75 | €105 | €420 | +€315 | +299% |
| Financial charges | 65/66B | €9,319 | €10,387 | +€1,068 | +11.5% |
| Recurring financial charges | 65 | €9,319 | €10,387 | +€1,068 | +11.5% |
| Profit (loss) for the period before taxes | 9903 | €74,385 | €120,596 | +€46,212 | +62.1% |
| Income taxes | 67/77 | €22,228 | €37,621 | +€15,393 | +69.3% |
| Profit (loss) for the period | 9904 | €52,157 | €82,976 | +€30,819 | +59.1% |
| Profit (loss) for the period to be appropriated | 9905 | €52,157 | €82,976 | +€30,819 | +59.1% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.