RAGOS: 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.
RAGOS
Largest movements
- Receivables within one year +€90,391
up €90,391 (+196.9%), from €45,899 to €136,291
of which Other amounts receivable: +€62,519
- Deferred charges and accrued income -€62,202
down €62,202 (-45.1%), from €137,779 to €75,577
- Tangible fixed assets -€25,510
down €25,510 (-46.1%), from €55,359 to €29,849
- Other debts -€46,302
no longer reported in 2025 (was €46,302)
- Profit (loss) carried forward +€40,816
up €40,816 (+40.5%), from -€100,729 to -€59,913
- Trade debts +€20,992
up €20,992 (+198.3%), from €10,585 to €31,576
- Short-term financial debts -€10,967
down €10,967 (-53.6%), from €20,462 to €9,495
- Debts after one year +€10,231
up €10,231 (+83.9%), from €12,199 to €22,430
- Gross operating margin +€151,062
up €151,062 (+167.6%), from €90,126 to €241,187
- Other operating charges +€34,777
up €34,777 (+6507.9%), from €534 to €35,311
- Depreciation +€25,510
new in 2025: €25,510
- Staff costs +€21,265
up €21,265 (+20.6%), from €103,446 to €124,710
- Financial charges +€5,596
up €5,596 (+57.8%), from €9,683 to €15,279
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 | €239,100 | €241,727 | +€2,626 | +1.1% |
| Fixed assets | 21/28 | €55,359 | €29,849 | -€25,510 | -46.1% |
| Tangible fixed assets | 22/27 | €55,359 | €29,849 | -€25,510 | -46.1% |
| Plant, machinery and equipment | 23 | €55,359 | €29,849 | -€25,510 | -46.1% |
| Current assets | 29/58 | €183,742 | €211,877 | +€28,136 | +15.3% |
| Amounts receivable within one year | 40/41 | €45,899 | €136,291 | +€90,391 | +196.9% |
| Trade receivables | 40 | €40,204 | €68,076 | +€27,872 | +69.3% |
| Other amounts receivable | 41 | €5,695 | €68,215 | +€62,519 | +1097.7% |
| Cash at bank and in hand | 54/58 | €63 | €9 | -€53 | -84.9% |
| Deferred charges and accrued income | 490/1 | €137,779 | €75,577 | -€62,202 | -45.1% |
| Total equity and liabilities | 10/49 | €239,100 | €241,727 | +€2,626 | +1.1% |
| Equity | 10/15 | €74,454 | €115,270 | +€40,816 | +54.8% |
| Contributions | 10/11 | €175,000 | €175,000 | = | 0.0% |
| Reserves | 13 | €183 | €183 | = | 0.0% |
| Distributable reserves | 133 | €183 | €183 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€100,729 | -€59,913 | +€40,816 | +40.5% |
| Amounts payable | 17/49 | €164,646 | €126,457 | -€38,190 | -23.2% |
| Amounts payable after more than one year | 17 | €12,199 | €22,430 | +€10,231 | +83.9% |
| Financial debts | 170/4 | €12,199 | €22,430 | +€10,231 | +83.9% |
| Amounts payable within one year | 42/48 | €152,447 | €104,027 | -€48,420 | -31.8% |
| Current portion of amounts payable after more than one year | 42 | €68,997 | €61,512 | -€7,485 | -10.8% |
| Financial debts | 43 | €20,462 | €9,495 | -€10,967 | -53.6% |
| Credit institutions | 430/8 | €20,462 | €9,495 | -€10,967 | -53.6% |
| Trade debts | 44 | €10,585 | €31,576 | +€20,992 | +198.3% |
| Suppliers | 440/4 | €10,585 | €31,576 | +€20,992 | +198.3% |
| Taxes, remuneration and social security | 45 | €6,102 | €1,444 | -€4,658 | -76.3% |
| Remuneration and social security | 454/9 | €6,102 | €1,444 | -€4,658 | -76.3% |
| Other amounts payable | 47/48 | €46,302 | - | -€46,302 | |
| Remuneration, social security and pensions | 62 | €103,446 | €124,710 | +€21,265 | +20.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €25,510 | +€25,510 | |
| Other operating charges | 640/8 | €534 | €35,311 | +€34,777 | +6507.9% |
| Gross operating margin | 9900 | €90,126 | €241,187 | +€151,062 | +167.6% |
| Operating profit (loss) | 9901 | -€13,854 | €55,656 | +€69,510 | |
| Financial income | 75/76B | €58 | €439 | +€381 | +654.0% |
| Recurring financial income | 75 | €58 | €439 | +€381 | +654.0% |
| Financial charges | 65/66B | €9,683 | €15,279 | +€5,596 | +57.8% |
| Recurring financial charges | 65 | €9,683 | €15,279 | +€5,596 | +57.8% |
| Profit (loss) for the period before taxes | 9903 | -€23,480 | €40,816 | +€64,295 | |
| Profit (loss) for the period | 9904 | -€23,480 | €40,816 | +€64,295 | |
| Profit (loss) for the period to be appropriated | 9905 | -€23,480 | €40,816 | +€64,295 |
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 12 October 2026 via checked.be.