Ragnaros: 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.
Ragnaros
Largest movements
- Cash -€49,963
down €49,963 (-86.5%), from €57,777 to €7,814
mainly Contributions, distributions and other (-€100,000) and Investment in fixed assets (net) (-€20,947)
- Receivables within one year -€31,627
down €31,627 (-65.1%), from €48,615 to €16,988
of which Other amounts receivable: -€31,675
- Stocks and contracts +€18,000
new in 2025: €18,000
- Financial fixed assets +€13,950
up €13,950 (+1,163%), from €1,200 to €15,150
- Tangible fixed assets +€2,746
up €2,746 (+11.6%), from €23,638 to €26,384
of which Other tangible fixed assets: +€2,417
- Reserves -€51,734
down €51,734 (-65.9%), from €78,547 to €26,813
- Other debts +€37,973
up €37,973 (+20,887%), from €182 to €38,155
- Accrued charges and deferred income -€20,496
down €20,496 (-94.5%), from €21,696 to €1,200
- Tax, wage and social debts -€11,642
down €11,642 (-38.4%), from €30,345 to €18,703
- Gross operating margin -€34,133
down €34,133 (-33.7%), from €101,382 to €67,249
- Taxes -€8,550
down €8,550 (-36.2%), from €23,594 to €15,044
- Financial income +€1,096
up €1,096 (+150%), from €730 to €1,826
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 | €133,486 | €88,534 | -€44,952 | -33.7% |
| Fixed assets | 21/28 | €24,838 | €41,534 | +€16,696 | +67.2% |
| Tangible fixed assets | 22/27 | €23,638 | €26,384 | +€2,746 | +11.6% |
| Plant, machinery and equipment | 23 | €9,303 | €8,585 | -€718 | -7.7% |
| Furniture and vehicles | 24 | €4,725 | €5,772 | +€1,047 | +22.2% |
| Other tangible fixed assets | 26 | €9,609 | €12,026 | +€2,417 | +25.2% |
| Financial fixed assets | 28 | €1,200 | €15,150 | +€13,950 | +1,163% |
| Current assets | 29/58 | €108,648 | €47,000 | -€61,648 | -56.7% |
| Stocks and contracts in progress | 3 | - | €18,000 | +€18,000 | |
| Stocks | 30/36 | - | €18,000 | +€18,000 | |
| Amounts receivable within one year | 40/41 | €48,615 | €16,988 | -€31,627 | -65.1% |
| Trade receivables | 40 | €16,940 | €16,988 | +€48 | +0.3% |
| Other amounts receivable | 41 | €31,675 | €0 | -€31,675 | -100% |
| Cash at bank and in hand | 54/58 | €57,777 | €7,814 | -€49,963 | -86.5% |
| Deferred charges and accrued income | 490/1 | €2,256 | €4,198 | +€1,942 | +86.1% |
| Total equity and liabilities | 10/49 | €133,486 | €88,534 | -€44,952 | -33.7% |
| Equity | 10/15 | €80,047 | €28,313 | -€51,734 | -64.6% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €78,547 | €26,813 | -€51,734 | -65.9% |
| Distributable reserves | 133 | €78,547 | €26,813 | -€51,734 | -65.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €53,439 | €60,222 | +€6,783 | +12.7% |
| Amounts payable within one year | 42/48 | €31,743 | €59,022 | +€27,278 | +85.9% |
| Financial debts | 43 | €0 | €106 | +€106 | +118,189% |
| Credit institutions | 430/8 | €0 | €106 | +€106 | +118,189% |
| Trade debts | 44 | €1,216 | €2,057 | +€841 | +69.1% |
| Suppliers | 440/4 | €1,216 | €2,057 | +€841 | +69.1% |
| Taxes, remuneration and social security | 45 | €30,345 | €18,703 | -€11,642 | -38.4% |
| Taxes | 450/3 | €30,345 | €18,703 | -€11,642 | -38.4% |
| Other amounts payable | 47/48 | €182 | €38,155 | +€37,973 | +20,887% |
| Accrued charges and deferred income | 492/3 | €21,696 | €1,200 | -€20,496 | -94.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,258 | €4,251 | +€993 | +30.5% |
| Other operating charges | 640/8 | €669 | €1,234 | +€565 | +84.5% |
| Gross operating margin | 9900 | €101,382 | €67,249 | -€34,133 | -33.7% |
| Operating profit (loss) | 9901 | €97,455 | €61,764 | -€35,691 | -36.6% |
| Financial income | 75/76B | €730 | €1,826 | +€1,096 | +150% |
| Recurring financial income | 75 | €730 | €1,826 | +€1,096 | +150% |
| Financial charges | 65/66B | €1,143 | €281 | -€862 | -75.4% |
| Recurring financial charges | 65 | €1,143 | €281 | -€862 | -75.4% |
| Profit (loss) for the period before taxes | 9903 | €97,042 | €63,309 | -€33,732 | -34.8% |
| Income taxes | 67/77 | €23,594 | €15,044 | -€8,550 | -36.2% |
| Profit (loss) for the period | 9904 | €73,448 | €48,266 | -€25,182 | -34.3% |
| Profit (loss) for the period to be appropriated | 9905 | €73,448 | €48,266 | -€25,182 | -34.3% |
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 25 October 2026 via checked.be.