JOHAN DE RYCKE: 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.
JOHAN DE RYCKE
Largest movements
- Receivables within one year +€68,665
up €68,665 (+46.7%), from €147,073 to €215,738
of which Trade receivables: +€61,353
- Tangible fixed assets +€65,202
up €65,202 (+19.6%), from €332,227 to €397,429
of which Leasing and similar rights: +€127,521
- Cash -€34,968
down €34,968 (-82.9%), from €42,157 to €7,189
mainly Investment in fixed assets (net) (-€203,699) and Receivables within one year (-€68,665)
- Debts after one year +€75,690
up €75,690 (+55.5%), from €136,345 to €212,035
of which Financial debts: +€74,247
- Trade debts -€43,432
down €43,432 (-36.3%), from €119,709 to €76,277
- Current portion of long-term debt +€27,109
up €27,109 (+60.7%), from €44,666 to €71,775
- Reserves +€21,278
up €21,278 (+12.0%), from €176,946 to €198,224
of which Distributable reserves: +€21,278
- Tax, wage and social debts +€16,715
up €16,715 (+34.2%), from €48,891 to €65,606
of which Remuneration and social security: +€10,254
- Gross operating margin -€89,622
down €89,622 (-21.3%), from €420,372 to €330,750
- Staff costs -€52,667
down €52,667 (-27.6%), from €190,799 to €138,132
- Depreciation +€38,890
up €38,890 (+39.0%), from €99,607 to €138,497
- Taxes -€12,655
down €12,655 (-66.8%), from €18,932 to €6,277
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 | €541,357 | €639,420 | +€98,063 | +18.1% |
| Fixed assets | 21/28 | €337,201 | €402,403 | +€65,202 | +19.3% |
| Tangible fixed assets | 22/27 | €332,227 | €397,429 | +€65,202 | +19.6% |
| Plant, machinery and equipment | 23 | €6,588 | €4,330 | -€2,258 | -34.3% |
| Furniture and vehicles | 24 | €158,702 | €107,613 | -€51,089 | -32.2% |
| Leasing and similar rights | 25 | €118,136 | €245,656 | +€127,521 | +108% |
| Other tangible fixed assets | 26 | €48,801 | €39,830 | -€8,972 | -18.4% |
| Financial fixed assets | 28 | €4,974 | €4,974 | = | 0.0% |
| Current assets | 29/58 | €204,157 | €237,018 | +€32,861 | +16.1% |
| Amounts receivable within one year | 40/41 | €147,073 | €215,738 | +€68,665 | +46.7% |
| Trade receivables | 40 | €142,710 | €204,063 | +€61,353 | +43.0% |
| Other amounts receivable | 41 | €4,363 | €11,675 | +€7,312 | +168% |
| Cash at bank and in hand | 54/58 | €42,157 | €7,189 | -€34,968 | -82.9% |
| Deferred charges and accrued income | 490/1 | €14,927 | €14,090 | -€837 | -5.6% |
| Total equity and liabilities | 10/49 | €541,357 | €639,420 | +€98,063 | +18.1% |
| Equity | 10/15 | €184,177 | €205,155 | +€20,978 | +11.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €176,946 | €198,224 | +€21,278 | +12.0% |
| Tax-exempt reserves | 132 | €75,453 | €75,453 | = | 0.0% |
| Distributable reserves | 133 | €101,493 | €122,771 | +€21,278 | +21.0% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Investment grants | 15 | €1,031 | €731 | -€300 | -29.1% |
| Amounts payable | 17/49 | €357,180 | €434,266 | +€77,086 | +21.6% |
| Amounts payable after more than one year | 17 | €136,345 | €212,035 | +€75,690 | +55.5% |
| Financial debts | 170/4 | €126,845 | €201,092 | +€74,247 | +58.5% |
| Other amounts payable | 178/9 | €9,499 | €10,943 | +€1,443 | +15.2% |
| Amounts payable within one year | 42/48 | €219,606 | €220,615 | +€1,009 | +0.5% |
| Current portion of amounts payable after more than one year | 42 | €44,666 | €71,775 | +€27,109 | +60.7% |
| Financial debts | 43 | €3,315 | €5,003 | +€1,688 | +50.9% |
| Credit institutions | 430/8 | €3,315 | €5,003 | +€1,688 | +50.9% |
| Trade debts | 44 | €119,709 | €76,277 | -€43,432 | -36.3% |
| Suppliers | 440/4 | €119,709 | €76,277 | -€43,432 | -36.3% |
| Taxes, remuneration and social security | 45 | €48,891 | €65,606 | +€16,715 | +34.2% |
| Taxes | 450/3 | €28,948 | €35,409 | +€6,462 | +22.3% |
| Remuneration and social security | 454/9 | €19,943 | €30,197 | +€10,254 | +51.4% |
| Other amounts payable | 47/48 | €3,026 | €1,954 | -€1,072 | -35.4% |
| Accrued charges and deferred income | 492/3 | €1,229 | €1,616 | +€387 | +31.4% |
| Non-recurring operating income | 76A | €8,445 | €0 | -€8,445 | -100% |
| Remuneration, social security and pensions | 62 | €190,799 | €138,132 | -€52,667 | -27.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €99,607 | €138,497 | +€38,890 | +39.0% |
| Other operating charges | 640/8 | €7,675 | €9,371 | +€1,696 | +22.1% |
| Non-recurring operating charges | 66A | €4,912 | €0 | -€4,912 | -100% |
| Gross operating margin | 9900 | €420,372 | €330,750 | -€89,622 | -21.3% |
| Operating profit (loss) | 9901 | €117,379 | €44,750 | -€72,629 | -61.9% |
| Financial income | 75/76B | €339 | €313 | -€26 | -7.7% |
| Recurring financial income | 75 | €339 | €313 | -€26 | -7.7% |
| Financial charges | 65/66B | €13,577 | €17,508 | +€3,931 | +28.9% |
| Recurring financial charges | 65 | €13,577 | €17,508 | +€3,931 | +28.9% |
| Profit (loss) for the period before taxes | 9903 | €104,141 | €27,555 | -€76,586 | -73.5% |
| Income taxes | 67/77 | €18,932 | €6,277 | -€12,655 | -66.8% |
| Profit (loss) for the period | 9904 | €85,208 | €21,278 | -€63,930 | -75.0% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €85,208 | €21,278 | -€63,930 | -75.0% |
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 20 October 2026 via checked.be.