Ralinvest: 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.
Ralinvest
Largest movements
- Stocks and contracts +€48,390
up €48,390 (+22.6%), from €214,553 to €262,943
- Cash -€39,366
down €39,366 (-16.8%), from €234,012 to €194,645
mainly Contributions, distributions and other (-€170,170) and Stocks and contracts (-€48,390)
- Receivables within one year +€21,491
up €21,491 (+10.3%), from €209,437 to €230,928
of which Trade receivables: +€24,071
- Tangible fixed assets -€18,383
down €18,383 (-3.7%), from €492,137 to €473,754
of which Land and buildings: -€25,100
- Other debts +€86,794
up €86,794 (+99.0%), from €87,633 to €174,427
- Reserves -€67,652
down €67,652 (-14.6%), from €462,139 to €394,487
- Debts after one year -€24,456
down €24,456 (-5.0%), from €489,754 to €465,298
- Tax, wage and social debts +€16,425
up €16,425 (+62.0%), from €26,509 to €42,934
of which Remuneration and social security: +€9,289
- Trade debts -€13,107
down €13,107 (-15.0%), from €87,425 to €74,318
- Staff costs +€68,591
up €68,591 (+56.8%), from €120,844 to €189,435
- Gross operating margin +€27,071
up €27,071 (+7.3%), from €369,183 to €396,254
- Taxes -€11,687
down €11,687 (-27.5%), from €42,436 to €30,748
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 | €1,212,599 | €1,216,409 | +€3,809 | +0.3% |
| Fixed assets | 21/28 | €550,568 | €522,185 | -€28,383 | -5.2% |
| Intangible fixed assets | 21 | €53,431 | €43,431 | -€10,000 | -18.7% |
| Tangible fixed assets | 22/27 | €492,137 | €473,754 | -€18,383 | -3.7% |
| Land and buildings | 22 | €394,338 | €369,238 | -€25,100 | -6.4% |
| Plant, machinery and equipment | 23 | €87,995 | €71,265 | -€16,729 | -19.0% |
| Furniture and vehicles | 24 | €9,804 | €33,251 | +€23,446 | +239% |
| Financial fixed assets | 28 | €5,000 | €5,000 | = | 0.0% |
| Current assets | 29/58 | €662,031 | €694,224 | +€32,193 | +4.9% |
| Stocks and contracts in progress | 3 | €214,553 | €262,943 | +€48,390 | +22.6% |
| Stocks | 30/36 | €214,553 | €262,943 | +€48,390 | +22.6% |
| Amounts receivable within one year | 40/41 | €209,437 | €230,928 | +€21,491 | +10.3% |
| Trade receivables | 40 | €104,728 | €128,799 | +€24,071 | +23.0% |
| Other amounts receivable | 41 | €104,709 | €102,129 | -€2,580 | -2.5% |
| Cash at bank and in hand | 54/58 | €234,012 | €194,645 | -€39,366 | -16.8% |
| Deferred charges and accrued income | 490/1 | €4,029 | €5,707 | +€1,678 | +41.7% |
| Total equity and liabilities | 10/49 | €1,212,599 | €1,216,409 | +€3,809 | +0.3% |
| Equity | 10/15 | €471,139 | €403,487 | -€67,652 | -14.4% |
| Contributions | 10/11 | €9,000 | €9,000 | = | 0.0% |
| Reserves | 13 | €462,139 | €394,487 | -€67,652 | -14.6% |
| Distributable reserves | 133 | €462,139 | €394,487 | -€67,652 | -14.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €741,460 | €812,921 | +€71,461 | +9.6% |
| Amounts payable after more than one year | 17 | €489,754 | €465,298 | -€24,456 | -5.0% |
| Financial debts | 170/4 | €489,754 | €465,298 | -€24,456 | -5.0% |
| Amounts payable within one year | 42/48 | €251,282 | €347,238 | +€95,956 | +38.2% |
| Current portion of amounts payable after more than one year | 42 | €49,715 | €55,459 | +€5,743 | +11.6% |
| Trade debts | 44 | €87,425 | €74,318 | -€13,107 | -15.0% |
| Suppliers | 440/4 | €87,425 | €74,318 | -€13,107 | -15.0% |
| Advances received on contracts in progress | 46 | - | €101 | +€101 | |
| Taxes, remuneration and social security | 45 | €26,509 | €42,934 | +€16,425 | +62.0% |
| Taxes | 450/3 | €7,208 | €14,344 | +€7,136 | +99.0% |
| Remuneration and social security | 454/9 | €19,301 | €28,590 | +€9,289 | +48.1% |
| Other amounts payable | 47/48 | €87,633 | €174,427 | +€86,794 | +99.0% |
| Accrued charges and deferred income | 492/3 | €424 | €385 | -€39 | -9.1% |
| Non-recurring operating income | 76A | - | €5 | +€5 | |
| Remuneration, social security and pensions | 62 | €120,844 | €189,435 | +€68,591 | +56.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,256 | €65,791 | +€2,535 | +4.0% |
| Other operating charges | 640/8 | €3,015 | €3,109 | +€94 | +3.1% |
| Non-recurring operating charges | 66A | €0 | €278 | +€278 | |
| Gross operating margin | 9900 | €369,183 | €396,254 | +€27,071 | +7.3% |
| Operating profit (loss) | 9901 | €182,068 | €137,641 | -€44,427 | -24.4% |
| Financial income | 75/76B | €7,239 | €3,875 | -€3,364 | -46.5% |
| Recurring financial income | 75 | €7,239 | €3,875 | -€3,364 | -46.5% |
| Financial charges | 65/66B | €8,219 | €8,250 | +€30 | +0.4% |
| Recurring financial charges | 65 | €8,219 | €8,250 | +€30 | +0.4% |
| Profit (loss) for the period before taxes | 9903 | €181,087 | €133,266 | -€47,821 | -26.4% |
| Income taxes | 67/77 | €42,436 | €30,748 | -€11,687 | -27.5% |
| Profit (loss) for the period | 9904 | €138,652 | €102,518 | -€36,134 | -26.1% |
| Profit (loss) for the period to be appropriated | 9905 | €138,652 | €102,518 | -€36,134 | -26.1% |
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.