MATTHIAS RAMMELOO: 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.
MATTHIAS RAMMELOO
Largest movements
- Cash -€409,250
down €409,250 (-77.8%), from €525,921 to €116,671
mainly Current investments (-€350,000) and Receivables after one year (-€150,000)
- Current investments +€350,000
new in 2025: €350,000
- Receivables after one year +€150,000
new in 2025: €150,000
- Receivables within one year +€21,705
up €21,705 (+22.4%), from €97,014 to €118,719
of which Trade receivables: +€21,705
- Reserves +€170,817
up €170,817 (+34.9%), from €489,475 to €660,292
- Tax, wage and social debts -€62,256
down €62,256 (-49.4%), from €126,107 to €63,851
of which Taxes: -€62,256
- Gross operating margin -€223,791
down €223,791 (-50.0%), from €447,886 to €224,095
- Financial income -€94,417
down €94,417 (-97.5%), from €96,828 to €2,411
- Taxes -€53,969
down €53,969 (-50.3%), from €107,307 to €53,338
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 | €624,399 | €735,390 | +€110,991 | +17.8% |
| Fixed assets | 21/28 | €1,464 | €0 | -€1,464 | -100% |
| Tangible fixed assets | 22/27 | €1,464 | €0 | -€1,464 | -100% |
| Plant, machinery and equipment | 23 | €178 | €0 | -€178 | -100% |
| Furniture and vehicles | 24 | €1,286 | €0 | -€1,286 | -100% |
| Current assets | 29/58 | €622,935 | €735,390 | +€112,455 | +18.1% |
| Amounts receivable after more than one year | 29 | - | €150,000 | +€150,000 | |
| Other amounts receivable | 291 | - | €150,000 | +€150,000 | |
| Amounts receivable within one year | 40/41 | €97,014 | €118,719 | +€21,705 | +22.4% |
| Trade receivables | 40 | €186 | €21,891 | +€21,705 | +11,644% |
| Other amounts receivable | 41 | €96,828 | €96,828 | = | 0.0% |
| Current investments | 50/53 | - | €350,000 | +€350,000 | |
| Cash at bank and in hand | 54/58 | €525,921 | €116,671 | -€409,250 | -77.8% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €624,399 | €735,390 | +€110,991 | +17.8% |
| Equity | 10/15 | €496,975 | €667,792 | +€170,817 | +34.4% |
| Contributions | 10/11 | €7,500 | €7,500 | = | 0.0% |
| Reserves | 13 | €489,475 | €660,292 | +€170,817 | +34.9% |
| Distributable reserves | 133 | €489,475 | €660,292 | +€170,817 | +34.9% |
| Amounts payable | 17/49 | €127,423 | €67,598 | -€59,825 | -47.0% |
| Amounts payable within one year | 42/48 | €127,423 | €67,598 | -€59,825 | -47.0% |
| Trade debts | 44 | €975 | €1,814 | +€839 | +86.0% |
| Suppliers | 440/4 | €975 | €1,814 | +€839 | +86.0% |
| Taxes, remuneration and social security | 45 | €126,107 | €63,851 | -€62,256 | -49.4% |
| Taxes | 450/3 | €126,107 | €63,851 | -€62,256 | -49.4% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €341 | €1,934 | +€1,592 | +466% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,786 | €1,464 | -€2,323 | -61.3% |
| Other operating charges | 640/8 | €751 | €847 | +€96 | +12.8% |
| Gross operating margin | 9900 | €447,886 | €224,095 | -€223,791 | -50.0% |
| Operating profit (loss) | 9901 | €443,349 | €221,785 | -€221,564 | -50.0% |
| Financial income | 75/76B | €96,828 | €2,411 | -€94,417 | -97.5% |
| Recurring financial income | 75 | €96,828 | €2,411 | -€94,417 | -97.5% |
| Financial charges | 65/66B | €58 | €40 | -€18 | -30.8% |
| Recurring financial charges | 65 | €58 | €40 | -€18 | -30.8% |
| Profit (loss) for the period before taxes | 9903 | €540,118 | €224,155 | -€315,963 | -58.5% |
| Income taxes | 67/77 | €107,307 | €53,338 | -€53,969 | -50.3% |
| Profit (loss) for the period | 9904 | €432,811 | €170,817 | -€261,995 | -60.5% |
| Profit (loss) for the period to be appropriated | 9905 | €432,811 | €170,817 | -€261,995 | -60.5% |
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 1 November 2026 via checked.be.