JONATHAN DE RAMAIX: 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.
JONATHAN DE RAMAIX
Largest movements
- Cash -€153,722
down €153,722 (-61.1%), from €251,741 to €98,019
mainly Other debts (-€137,940) and Net result for the year (-€64,357)
- Receivables within one year -€70,993
down €70,993 (-46.4%), from €152,854 to €81,861
of which Trade receivables: -€130,875
- Tangible fixed assets -€17,447
down €17,447 (-5.7%), from €305,861 to €288,414
of which Land and buildings: -€11,330
- Other debts -€137,940
no longer reported in 2025 (was €137,940)
- Reserves -€64,357
down €64,357 (-20.3%), from €316,431 to €252,074
of which Distributable reserves: -€64,357
- Tax, wage and social debts -€24,199
down €24,199 (-51.2%), from €47,280 to €23,081
- Debts after one year -€12,245
down €12,245 (-6.7%), from €182,745 to €170,500
- Gross operating margin -€245,105
down €245,105, from €211,621 to -€33,484
- Taxes -€47,330
down €47,330 (-99.2%), from €47,705 to €375
- Financial charges -€3,850
down €3,850 (-26.7%), from €14,435 to €10,586
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 | €715,456 | €473,293 | -€242,162 | -33.8% |
| Fixed assets | 21/28 | €305,861 | €288,414 | -€17,447 | -5.7% |
| Tangible fixed assets | 22/27 | €305,861 | €288,414 | -€17,447 | -5.7% |
| Land and buildings | 22 | €291,371 | €280,041 | -€11,330 | -3.9% |
| Plant, machinery and equipment | 23 | €9,566 | €7,198 | -€2,368 | -24.8% |
| Furniture and vehicles | 24 | €4,923 | €1,174 | -€3,749 | -76.1% |
| Current assets | 29/58 | €409,595 | €184,879 | -€224,715 | -54.9% |
| Amounts receivable after more than one year | 29 | €5,000 | €5,000 | = | 0.0% |
| Other amounts receivable | 291 | €5,000 | €5,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €152,854 | €81,861 | -€70,993 | -46.4% |
| Trade receivables | 40 | €130,875 | - | -€130,875 | |
| Other amounts receivable | 41 | €21,979 | €81,861 | +€59,882 | +272% |
| Cash at bank and in hand | 54/58 | €251,741 | €98,019 | -€153,722 | -61.1% |
| Total equity and liabilities | 10/49 | €715,456 | €473,293 | -€242,162 | -33.8% |
| Equity | 10/15 | €328,831 | €264,474 | -€64,357 | -19.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €316,431 | €252,074 | -€64,357 | -20.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €314,571 | €250,214 | -€64,357 | -20.5% |
| Amounts payable | 17/49 | €386,625 | €208,819 | -€177,806 | -46.0% |
| Amounts payable after more than one year | 17 | €182,745 | €170,500 | -€12,245 | -6.7% |
| Financial debts | 170/4 | €182,745 | €170,500 | -€12,245 | -6.7% |
| Amounts payable within one year | 42/48 | €203,880 | €38,319 | -€165,561 | -81.2% |
| Current portion of amounts payable after more than one year | 42 | €11,804 | €12,245 | +€441 | +3.7% |
| Trade debts | 44 | €6,855 | €2,993 | -€3,862 | -56.3% |
| Suppliers | 440/4 | €6,855 | €2,993 | -€3,862 | -56.3% |
| Taxes, remuneration and social security | 45 | €47,280 | €23,081 | -€24,199 | -51.2% |
| Taxes | 450/3 | €47,280 | €23,081 | -€24,199 | -51.2% |
| Other amounts payable | 47/48 | €137,940 | - | -€137,940 | |
| Non-recurring operating income | 76A | - | €30 | +€30 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,127 | €18,711 | -€416 | -2.2% |
| Other operating charges | 640/8 | €2,848 | €3,435 | +€587 | +20.6% |
| Gross operating margin | 9900 | €211,621 | -€33,484 | -€245,105 | |
| Operating profit (loss) | 9901 | €189,647 | -€55,629 | -€245,276 | |
| Financial income | 75/76B | €3,723 | €2,233 | -€1,489 | -40.0% |
| Recurring financial income | 75 | €3,723 | €2,233 | -€1,489 | -40.0% |
| Financial charges | 65/66B | €14,435 | €10,586 | -€3,850 | -26.7% |
| Recurring financial charges | 65 | €14,435 | €10,586 | -€3,850 | -26.7% |
| Profit (loss) for the period before taxes | 9903 | €178,934 | -€63,981 | -€242,916 | |
| Income taxes | 67/77 | €47,705 | €375 | -€47,330 | -99.2% |
| Profit (loss) for the period | 9904 | €131,229 | -€64,357 | -€195,586 | |
| Profit (loss) for the period to be appropriated | 9905 | €131,229 | -€64,357 | -€195,586 |
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 31 October 2026 via checked.be.