R. RAMMANT: 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.
R. RAMMANT
Largest movements
- Current investments +€113,870
up €113,870 (+4.4%), from €2.6m to €2.7m
- Receivables within one year -€96,415
down €96,415 (-7.5%), from €1.3m to €1.2m
of which Other amounts receivable: -€96,415
- Cash +€60,464
up €60,464 (+30.6%), from €197,515 to €257,979
mainly Other debts (+€148,107) and Net result for the year (+€131,654)
- Other debts +€148,107
up €148,107 (+76.0%), from €194,893 to €343,000
- Reserves +€88,654
up €88,654 (+1.9%), from €4.6m to €4.7m
of which Distributable reserves: +€88,654
- Accrued charges and deferred income -€74,560
no longer reported in 2025 (was €74,560)
- Debts after one year -€70,096
down €70,096 (-15.4%), from €456,530 to €386,434
- Financial charges -€58,347
down €58,347 (-65.8%), from €88,632 to €30,285
- Financial income -€33,044
down €33,044 (-19.1%), from €172,893 to €139,848
- Gross operating margin +€18,140
up €18,140 (+11.2%), from €161,369 to €179,509
- Taxes +€4,286
up €4,286 (+7.9%), from €54,337 to €58,623
- Other operating charges +€3,168
up €3,168 (+167%), from €1,892 to €5,060
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 | €5,487,305 | €5,590,663 | +€103,358 | +1.9% |
| Fixed assets | 21/28 | €1,402,105 | €1,427,544 | +€25,439 | +1.8% |
| Tangible fixed assets | 22/27 | €1,402,105 | €1,427,544 | +€25,439 | +1.8% |
| Land and buildings | 22 | €1,397,875 | €1,387,189 | -€10,686 | -0.8% |
| Furniture and vehicles | 24 | €4,230 | €40,355 | +€36,125 | +854% |
| Current assets | 29/58 | €4,085,200 | €4,163,120 | +€77,920 | +1.9% |
| Amounts receivable within one year | 40/41 | €1,294,082 | €1,197,667 | -€96,415 | -7.5% |
| Trade receivables | 40 | €10,890 | €10,890 | = | 0.0% |
| Other amounts receivable | 41 | €1,283,192 | €1,186,777 | -€96,415 | -7.5% |
| Current investments | 50/53 | €2,593,603 | €2,707,473 | +€113,870 | +4.4% |
| Cash at bank and in hand | 54/58 | €197,515 | €257,979 | +€60,464 | +30.6% |
| Total equity and liabilities | 10/49 | €5,487,305 | €5,590,663 | +€103,358 | +1.9% |
| Equity | 10/15 | €4,728,361 | €4,817,016 | +€88,654 | +1.9% |
| Contributions | 10/11 | €130,000 | €130,000 | = | 0.0% |
| Capital | 10 | €130,000 | €130,000 | = | 0.0% |
| Issued capital | 100 | €130,000 | €130,000 | = | 0.0% |
| Reserves | 13 | €4,598,361 | €4,687,016 | +€88,654 | +1.9% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €4,592,161 | €4,680,816 | +€88,654 | +1.9% |
| Amounts payable | 17/49 | €758,944 | €773,648 | +€14,704 | +1.9% |
| Amounts payable after more than one year | 17 | €456,530 | €386,434 | -€70,096 | -15.4% |
| Financial debts | 170/4 | €456,530 | €386,434 | -€70,096 | -15.4% |
| Amounts payable within one year | 42/48 | €227,854 | €387,214 | +€159,360 | +69.9% |
| Trade debts | 44 | - | €5,526 | +€5,526 | |
| Suppliers | 440/4 | - | €5,526 | +€5,526 | |
| Taxes, remuneration and social security | 45 | €32,961 | €38,688 | +€5,727 | +17.4% |
| Taxes | 450/3 | €32,961 | €38,688 | +€5,727 | +17.4% |
| Other amounts payable | 47/48 | €194,893 | €343,000 | +€148,107 | +76.0% |
| Accrued charges and deferred income | 492/3 | €74,560 | - | -€74,560 | |
| Non-recurring operating income | 76A | €2,307 | €509 | -€1,798 | -77.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €93,707 | €93,736 | +€28 | 0.0% |
| Other operating charges | 640/8 | €1,892 | €5,060 | +€3,168 | +167% |
| Non-recurring operating charges | 66A | €2,122 | - | -€2,122 | |
| Gross operating margin | 9900 | €161,369 | €179,509 | +€18,140 | +11.2% |
| Operating profit (loss) | 9901 | €63,649 | €80,713 | +€17,065 | +26.8% |
| Financial income | 75/76B | €172,893 | €139,848 | -€33,044 | -19.1% |
| Recurring financial income | 75 | €172,893 | €139,848 | -€33,044 | -19.1% |
| Financial charges | 65/66B | €88,632 | €30,285 | -€58,347 | -65.8% |
| Recurring financial charges | 65 | €88,632 | €30,285 | -€58,347 | -65.8% |
| Profit (loss) for the period before taxes | 9903 | €147,910 | €190,277 | +€42,367 | +28.6% |
| Transfer from deferred taxes | 780 | €4,620 | - | -€4,620 | |
| Income taxes | 67/77 | €54,337 | €58,623 | +€4,286 | +7.9% |
| Profit (loss) for the period | 9904 | €98,193 | €131,654 | +€33,461 | +34.1% |
| Transfer from tax-exempt reserves | 789 | €6,674 | - | -€6,674 | |
| Profit (loss) for the period to be appropriated | 9905 | €104,867 | €131,654 | +€26,788 | +25.5% |
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 15 October 2026 via checked.be.