RAMA: 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.
What changed
RAMA
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€96,596
2024 · €95,640+€955
Equity
€579,245
2024 · €567,490+€11,755
Cash
€7,960
2024 · €4,286+€3,675
Balance sheet total
€1.1m
2024 · €759,012+€292,845
Largest movements
Assets
- Tangible fixed assets +€255,484
up €255,484 (+50.8%), from €503,221 to €758,705
of which Land and buildings: +€257,622
- Receivables within one year +€55,726
up €55,726 (+35.0%), from €159,323 to €215,050
- Receivables after one year -€23,886
down €23,886 (-100%), from €23,886 to €0
Equity and liabilities
- Debts after one year +€258,085
new in 2025: €258,085
- Reserves +€40,349
up €40,349 (+7.8%), from €520,346 to €560,695
of which Distributable reserves: +€44,019
- Profit (loss) carried forward -€28,594
down €28,594 (-100%), from €28,594 to €0
- Current portion of long-term debt +€26,747
up €26,747, from €0 to €26,747
Income statement
- Gross operating margin +€24,161
up €24,161 (+14.6%), from €165,117 to €189,277
- Depreciation +€15,446
up €15,446 (+53.1%), from €29,070 to €44,516
- Financial charges +€5,866
up €5,866 (+104%), from €5,623 to €11,489
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.
Result 2024
€95,640
Gross operating margin
+€24,161
Depreciation
-€15,446
Other operating charges
-€279
Financial income
-€466
Financial charges
-€5,866
Taxes
-€1,148
Result 2025
€96,596
raises the resultlowers the result
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.
From operations
+€105,333
Investment
-€300,347
Financing
+€198,688
Cash 2024
€4,286
From operations (derived)
+€105,333
Net result for the year
+€96,596
Depreciation
+€44,516
Receivables after one year
+€23,886
Receivables within one year
-€55,726
Deferred charges and accrued income
-€1,499
Provisions
-€1,890
Trade debts
-€4,456
Tax, wage and social debts
+€6,222
Other debts
-€2,160
Accrued charges and deferred income
-€156
Investment (derived)
-€300,347
Investment in fixed assets (net)
-€300,000
Current investments
-€347
Financing
+€198,688
Debts after one year
+€258,085
Current portion of long-term debt
+€26,747
Short-term financial debts
-€1,303
Contributions, distributions and other
-€84,841
Cash 2025
€7,960
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €759,012 | €1,051,857 | +€292,845 | +38.6% |
| Fixed assets | 21/28 | €503,221 | €758,705 | +€255,484 | +50.8% |
| Tangible fixed assets | 22/27 | €503,221 | €758,705 | +€255,484 | +50.8% |
| Land and buildings | 22 | €496,369 | €753,992 | +€257,622 | +51.9% |
| Plant, machinery and equipment | 23 | €6,851 | €4,713 | -€2,138 | -31.2% |
| Current assets | 29/58 | €255,791 | €293,152 | +€37,360 | +14.6% |
| Amounts receivable after more than one year | 29 | €23,886 | €0 | -€23,886 | -100% |
| Other amounts receivable | 291 | €23,886 | €0 | -€23,886 | -100% |
| Amounts receivable within one year | 40/41 | €159,323 | €215,050 | +€55,726 | +35.0% |
| Other amounts receivable | 41 | €159,323 | €215,050 | +€55,726 | +35.0% |
| Current investments | 50/53 | €53,616 | €53,963 | +€347 | +0.6% |
| Cash at bank and in hand | 54/58 | €4,286 | €7,960 | +€3,675 | +85.7% |
| Deferred charges and accrued income | 490/1 | €14,681 | €16,180 | +€1,499 | +10.2% |
| Total equity and liabilities | 10/49 | €759,012 | €1,051,857 | +€292,845 | +38.6% |
| Equity | 10/15 | €567,490 | €579,245 | +€11,755 | +2.1% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €520,346 | €560,695 | +€40,349 | +7.8% |
| Tax-exempt reserves | 132 | €48,323 | €44,653 | -€3,670 | -7.6% |
| Distributable reserves | 133 | €472,023 | €516,041 | +€44,019 | +9.3% |
| Profit (loss) carried forward | 14 | €28,594 | €0 | -€28,594 | -100% |
| Provisions and deferred taxes | 16 | €24,883 | €22,993 | -€1,890 | -7.6% |
| Deferred taxes | 168 | €24,883 | €22,993 | -€1,890 | -7.6% |
| Amounts payable | 17/49 | €166,639 | €449,619 | +€282,980 | +170% |
| Amounts payable after more than one year | 17 | - | €258,085 | +€258,085 | |
| Financial debts | 170/4 | - | €258,085 | +€258,085 | |
| Amounts payable within one year | 42/48 | €161,034 | €186,085 | +€25,051 | +15.6% |
| Current portion of amounts payable after more than one year | 42 | €0 | €26,747 | +€26,747 | |
| Financial debts | 43 | €10,201 | €8,898 | -€1,303 | -12.8% |
| Other loans | 439 | €10,201 | €8,898 | -€1,303 | -12.8% |
| Trade debts | 44 | €5,408 | €952 | -€4,456 | -82.4% |
| Suppliers | 440/4 | €5,408 | €952 | -€4,456 | -82.4% |
| Taxes, remuneration and social security | 45 | €3,826 | €10,048 | +€6,222 | +163% |
| Taxes | 450/3 | €3,826 | €10,048 | +€6,222 | +163% |
| Other amounts payable | 47/48 | €141,600 | €139,440 | -€2,160 | -1.5% |
| Accrued charges and deferred income | 492/3 | €5,605 | €5,449 | -€156 | -2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,070 | €44,516 | +€15,446 | +53.1% |
| Other operating charges | 640/8 | €4,896 | €5,175 | +€279 | +5.7% |
| Gross operating margin | 9900 | €165,117 | €189,277 | +€24,161 | +14.6% |
| Operating profit (loss) | 9901 | €131,151 | €139,586 | +€8,435 | +6.4% |
| Financial income | 75/76B | €12,478 | €12,012 | -€466 | -3.7% |
| Recurring financial income | 75 | €12,478 | €12,012 | -€466 | -3.7% |
| Financial charges | 65/66B | €5,623 | €11,489 | +€5,866 | +104% |
| Recurring financial charges | 65 | €5,623 | €11,489 | +€5,866 | +104% |
| Profit (loss) for the period before taxes | 9903 | €138,006 | €140,110 | +€2,103 | +1.5% |
| Transfer from deferred taxes | 780 | €1,890 | €1,890 | = | 0.0% |
| Income taxes | 67/77 | €44,256 | €45,404 | +€1,148 | +2.6% |
| Profit (loss) for the period | 9904 | €95,640 | €96,596 | +€955 | +1.0% |
| Transfer from tax-exempt reserves | 789 | €3,670 | €3,670 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €99,310 | €100,265 | +€955 | +1.0% |
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 23 October 2026 via checked.be.