RAGOEN: 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.
RAGOEN
Largest movements
- Receivables within one year -€45,682
down €45,682 (-11.2%), from €406,101 to €360,419
of which Trade receivables: -€39,524
- Stocks and contracts +€44,960
up €44,960 (+17.8%), from €252,960 to €297,919
of which Stocks: +€39,762
- Tangible fixed assets -€14,351
down €14,351 (-23.3%), from €61,611 to €47,259
of which Furniture and vehicles: -€12,180
- Cash -€8,352
down €8,352 (-20.3%), from €41,231 to €32,879
mainly Net result for the year (-€184,095) and Other debts (-€91,051)
- Advances received +€187,118
up €187,118 (+97.4%), from €192,069 to €379,187
- Profit (loss) carried forward -€184,095
down €184,095 (-64.9%), from €283,759 to €99,664
- Other debts -€91,051
down €91,051 (-91.1%), from €100,000 to €8,949
- Tax, wage and social debts +€36,018
up €36,018 (+182.0%), from €19,785 to €55,803
of which Taxes: +€24,075
- Trade debts +€12,340
up €12,340 (+23.8%), from €51,869 to €64,209
- Staff costs +€153,228
up €153,228 (+36.7%), from €417,633 to €570,861
- Gross operating margin +€35,417
up €35,417 (+8.9%), from €396,359 to €431,776
- Depreciation +€7,119
up €7,119 (+22.6%), from €31,561 to €38,680
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.
Cash bridge derived
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 | €799,498 | €764,933 | -€34,564 | -4.3% |
| Fixed assets | 21/28 | €81,166 | €62,307 | -€18,859 | -23.2% |
| Intangible fixed assets | 21 | €13,427 | €8,919 | -€4,508 | -33.6% |
| Tangible fixed assets | 22/27 | €61,611 | €47,259 | -€14,351 | -23.3% |
| Plant, machinery and equipment | 23 | €139 | €1,565 | +€1,426 | +1027.8% |
| Furniture and vehicles | 24 | €51,678 | €39,498 | -€12,180 | -23.6% |
| Other tangible fixed assets | 26 | €9,794 | €6,197 | -€3,597 | -36.7% |
| Financial fixed assets | 28 | €6,129 | €6,129 | = | 0.0% |
| Current assets | 29/58 | €718,331 | €702,626 | -€15,705 | -2.2% |
| Stocks and contracts in progress | 3 | €252,960 | €297,919 | +€44,960 | +17.8% |
| Stocks | 30/36 | €219,893 | €259,654 | +€39,762 | +18.1% |
| Contracts in progress | 37 | €33,067 | €38,265 | +€5,198 | +15.7% |
| Amounts receivable within one year | 40/41 | €406,101 | €360,419 | -€45,682 | -11.2% |
| Trade receivables | 40 | €357,275 | €317,752 | -€39,524 | -11.1% |
| Other amounts receivable | 41 | €48,826 | €42,668 | -€6,159 | -12.6% |
| Cash at bank and in hand | 54/58 | €41,231 | €32,879 | -€8,352 | -20.3% |
| Deferred charges and accrued income | 490/1 | €18,039 | €11,408 | -€6,630 | -36.8% |
| Total equity and liabilities | 10/49 | €799,498 | €764,933 | -€34,564 | -4.3% |
| Equity | 10/15 | €415,759 | €231,664 | -€184,095 | -44.3% |
| Contributions | 10/11 | €120,000 | €120,000 | = | 0.0% |
| Capital | 10 | €120,000 | €120,000 | = | 0.0% |
| Issued capital | 100 | €120,000 | €120,000 | = | 0.0% |
| Reserves | 13 | €12,000 | €12,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €12,000 | €12,000 | = | 0.0% |
| Legal reserve | 130 | €12,000 | €12,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €283,759 | €99,664 | -€184,095 | -64.9% |
| Amounts payable | 17/49 | €383,738 | €533,269 | +€149,531 | +39.0% |
| Amounts payable within one year | 42/48 | €383,738 | €532,831 | +€149,093 | +38.9% |
| Financial debts | 43 | €20,015 | €24,683 | +€4,669 | +23.3% |
| Credit institutions | 430/8 | €20,015 | €24,683 | +€4,669 | +23.3% |
| Trade debts | 44 | €51,869 | €64,209 | +€12,340 | +23.8% |
| Suppliers | 440/4 | €51,869 | €64,209 | +€12,340 | +23.8% |
| Advances received on contracts in progress | 46 | €192,069 | €379,187 | +€187,118 | +97.4% |
| Taxes, remuneration and social security | 45 | €19,785 | €55,803 | +€36,018 | +182.0% |
| Taxes | 450/3 | - | €24,075 | +€24,075 | |
| Remuneration and social security | 454/9 | €19,785 | €31,728 | +€11,943 | +60.4% |
| Other amounts payable | 47/48 | €100,000 | €8,949 | -€91,051 | -91.1% |
| Accrued charges and deferred income | 492/3 | €1 | €438 | +€438 | +72963.3% |
| Remuneration, social security and pensions | 62 | €417,633 | €570,861 | +€153,228 | +36.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,561 | €38,680 | +€7,119 | +22.6% |
| Other operating charges | 640/8 | €5,267 | €5,476 | +€208 | +4.0% |
| Gross operating margin | 9900 | €396,359 | €431,776 | +€35,417 | +8.9% |
| Operating profit (loss) | 9901 | -€58,102 | -€183,240 | -€125,138 | -215.4% |
| Financial income | 75/76B | €635 | €2,912 | +€2,278 | +358.7% |
| Recurring financial income | 75 | €635 | €2,912 | +€2,278 | +358.7% |
| Financial charges | 65/66B | €2,073 | €3,331 | +€1,258 | +60.7% |
| Recurring financial charges | 65 | €2,073 | €3,331 | +€1,258 | +60.7% |
| Profit (loss) for the period before taxes | 9903 | -€59,540 | -€183,659 | -€124,119 | -208.5% |
| Income taxes | 67/77 | €585 | €437 | -€148 | -25.4% |
| Profit (loss) for the period | 9904 | -€60,125 | -€184,095 | -€123,970 | -206.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€60,125 | -€184,095 | -€123,970 | -206.2% |
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 10 October 2026 via checked.be.