RAM: what changed
Two fiscal 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.
RAM
Largest movements
- Receivables within one year +€276,974
up €276,974 (+7.4%), from €3.8m to €4.0m
- Tangible fixed assets -€98,536
down €98,536 (-3.9%), from €2.5m to €2.4m
- Cash +€93,189
up €93,189 (+131.2%), from €71,036 to €164,225
mainly Net result for the year (+€273,397) and Depreciation (+€98,536)
- Reserves +€273,000
up €273,000 (+17.2%), from €1.6m to €1.9m
of which Distributable reserves: +€271,500
- Financial income -€16,818
no longer reported in 2025 (was €16,818)
- Gross operating margin +€13,950
up €13,950 (+2.9%), from €473,911 to €487,861
- Taxes -€12,223
down €12,223 (-12.8%), from €95,365 to €83,142
- Financial charges -€5,406
down €5,406 (-31.3%), from €17,292 to €11,886
of which Non-recurring financial charges: -€4,635
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 | €6,440,818 | €6,716,970 | +€276,152 | +4.3% |
| Fixed assets | 21/28 | €2,599,620 | €2,501,084 | -€98,536 | -3.8% |
| Intangible fixed assets | 21 | €9,778 | €9,778 | = | 0.0% |
| Tangible fixed assets | 22/27 | €2,527,942 | €2,429,406 | -€98,536 | -3.9% |
| Land and buildings | 22 | €2,527,942 | €2,429,406 | -€98,536 | -3.9% |
| Financial fixed assets | 28 | €61,900 | €61,900 | = | 0.0% |
| Current assets | 29/58 | €3,841,198 | €4,215,886 | +€374,688 | +9.8% |
| Amounts receivable within one year | 40/41 | €3,750,020 | €4,026,994 | +€276,974 | +7.4% |
| Other amounts receivable | 41 | €3,750,020 | €4,026,994 | +€276,974 | +7.4% |
| Current investments | 50/53 | €16,858 | €16,858 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €71,036 | €164,225 | +€93,189 | +131.2% |
| Deferred charges and accrued income | 490/1 | €3,284 | €7,809 | +€4,525 | +137.8% |
| Total equity and liabilities | 10/49 | €6,440,818 | €6,716,970 | +€276,152 | +4.3% |
| Equity | 10/15 | €2,645,899 | €2,919,296 | +€273,397 | +10.3% |
| Contributions | 10/11 | €1,060,592 | €1,060,592 | = | 0.0% |
| Capital | 10 | €1,060,592 | €1,060,592 | = | 0.0% |
| Issued capital | 100 | €1,060,592 | €1,060,592 | = | 0.0% |
| Reserves | 13 | €1,585,039 | €1,858,039 | +€273,000 | +17.2% |
| Non-distributable reserves | 130/1 | €106,059 | €106,059 | = | 0.0% |
| Legal reserve | 130 | €106,059 | €106,059 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €1,500 | +€1,500 | |
| Distributable reserves | 133 | €1,478,980 | €1,750,480 | +€271,500 | +18.4% |
| Profit (loss) carried forward | 14 | €268 | €665 | +€397 | +148.1% |
| Amounts payable | 17/49 | €3,794,919 | €3,797,674 | +€2,755 | +0.1% |
| Amounts payable after more than one year | 17 | €3,442,736 | €3,394,835 | -€47,901 | -1.4% |
| Financial debts | 170/4 | €681,768 | €633,867 | -€47,901 | -7.0% |
| Other amounts payable | 178/9 | €2,760,968 | €2,760,968 | = | 0.0% |
| Amounts payable within one year | 42/48 | €322,959 | €337,009 | +€14,050 | +4.4% |
| Current portion of amounts payable after more than one year | 42 | €47,141 | €47,901 | +€760 | +1.6% |
| Trade debts | 44 | €41,659 | €43 | -€41,616 | -99.9% |
| Suppliers | 440/4 | €41,659 | €43 | -€41,616 | -99.9% |
| Taxes, remuneration and social security | 45 | €6,493 | €7,411 | +€918 | +14.1% |
| Taxes | 450/3 | €6,493 | €7,411 | +€918 | +14.1% |
| Other amounts payable | 47/48 | €227,666 | €281,654 | +€53,988 | +23.7% |
| Accrued charges and deferred income | 492/3 | €29,224 | €65,830 | +€36,606 | +125.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €98,536 | €98,536 | = | 0.0% |
| Other operating charges | 640/8 | €22,162 | €20,900 | -€1,262 | -5.7% |
| Gross operating margin | 9900 | €473,911 | €487,861 | +€13,950 | +2.9% |
| Operating profit (loss) | 9901 | €353,213 | €368,425 | +€15,212 | +4.3% |
| Financial income | 75/76B | €16,818 | - | -€16,818 | |
| Recurring financial income | 75 | €16,818 | - | -€16,818 | |
| Financial charges | 65/66B | €17,292 | €11,886 | -€5,406 | -31.3% |
| Recurring financial charges | 65 | €12,657 | €11,886 | -€771 | -6.1% |
| Non-recurring financial charges | 66B | €4,635 | - | -€4,635 | |
| Profit (loss) for the period before taxes | 9903 | €352,739 | €356,539 | +€3,800 | +1.1% |
| Income taxes | 67/77 | €95,365 | €83,142 | -€12,223 | -12.8% |
| Profit (loss) for the period | 9904 | €257,374 | €273,397 | +€16,023 | +6.2% |
| Profit (loss) for the period to be appropriated | 9905 | €257,374 | €273,397 | +€16,023 | +6.2% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.