RAMAGE: 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
RAMAGE
NACE 25.110, Manufacture of metal structures and parts of structures
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€3,902
2024 · €18,152-€14,250
Equity
€1.6m
2024 · €1.6m+€3,902
Cash
-
2024 · €7,460-€7,460
Balance sheet total
€4.6m
2024 · €4.6m-€64,519
Largest movements
Assets
- Tangible fixed assets -€87,853
down €87,853 (-4.9%), from €1.8m to €1.7m
of which Plant, machinery and equipment: -€84,398
- Receivables within one year +€53,360
up €53,360 (+20.1%), from €266,070 to €319,430
of which Trade receivables: +€37,621
Equity and liabilities
- Debts after one year -€161,304
down €161,304 (-6.2%), from €2.6m to €2.4m
- Current portion of long-term debt +€115,234
up €115,234 (+262%), from €44,053 to €159,287
- Short-term financial debts +€59,054
new in 2025: €59,054
- Tax, wage and social debts -€52,546
down €52,546 (-31.4%), from €167,238 to €114,692
of which Remuneration and social security: -€38,300
Income statement
- Financial charges +€74,998
up €74,998 (+246%), from €30,516 to €105,514
- Gross operating margin +€51,395
up €51,395 (+7.3%), from €705,188 to €756,582
- Financial income +€48,536
up €48,536 (+531%), from €9,143 to €57,679
- Staff costs +€39,399
up €39,399 (+7.6%), from €520,039 to €559,439
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
€18,152
Gross operating margin
+€51,395
Staff costs
-€39,399
Depreciation
+€469
Write-downs
+€2,435
Other operating charges
+€2,082
Financial income
+€48,536
Financial charges
-€74,998
Taxes
-€4,769
Result 2025
€3,902
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
-€49,963
Investment
+€29,519
Financing
+€12,984
Cash 2024
€7,460
From operations (derived)
-€49,963
Net result for the year
+€3,902
Depreciation
+€86,849
Stocks and contracts
-€5,950
Receivables within one year
-€53,360
Trade debts
-€29,056
Tax, wage and social debts
-€52,546
Other debts
+€197
Investment (derived)
+€29,519
Investment in fixed assets (net)
+€29,519
Financing
+€12,984
Debts after one year
-€161,304
Current portion of long-term debt
+€115,234
Short-term financial debts
+€59,054
Cash 2025
€0
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,641,240 | €4,576,721 | -€64,519 | -1.4% |
| Fixed assets | 21/28 | €4,231,349 | €4,114,981 | -€116,369 | -2.8% |
| Tangible fixed assets | 22/27 | €1,785,424 | €1,697,571 | -€87,853 | -4.9% |
| Land and buildings | 22 | €1,261,636 | €1,259,438 | -€2,198 | -0.2% |
| Plant, machinery and equipment | 23 | €522,510 | €438,112 | -€84,398 | -16.2% |
| Furniture and vehicles | 24 | €1,279 | €21 | -€1,257 | -98.3% |
| Financial fixed assets | 28 | €2,445,925 | €2,417,410 | -€28,515 | -1.2% |
| Current assets | 29/58 | €409,890 | €461,741 | +€51,850 | +12.6% |
| Stocks and contracts in progress | 3 | €135,000 | €140,950 | +€5,950 | +4.4% |
| Stocks | 30/36 | €108,000 | €113,950 | +€5,950 | +5.5% |
| Contracts in progress | 37 | €27,000 | €27,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €266,070 | €319,430 | +€53,360 | +20.1% |
| Trade receivables | 40 | €238,481 | €276,103 | +€37,621 | +15.8% |
| Other amounts receivable | 41 | €27,589 | €43,327 | +€15,739 | +57.0% |
| Cash at bank and in hand | 54/58 | €7,460 | - | -€7,460 | |
| Deferred charges and accrued income | 490/1 | €1,361 | €1,361 | = | 0.0% |
| Total equity and liabilities | 10/49 | €4,641,240 | €4,576,721 | -€64,519 | -1.4% |
| Equity | 10/15 | €1,607,721 | €1,611,623 | +€3,902 | +0.2% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Capital | 10 | €150,000 | €150,000 | = | 0.0% |
| Issued capital | 100 | €150,000 | €150,000 | = | 0.0% |
| Revaluation surpluses | 12 | €1,061,418 | €1,061,418 | = | 0.0% |
| Reserves | 13 | €305,514 | €305,514 | = | 0.0% |
| Non-distributable reserves | 130/1 | €15,000 | €15,000 | = | 0.0% |
| Legal reserve | 130 | €15,000 | €15,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €271,764 | €271,764 | = | 0.0% |
| Profit (loss) carried forward | 14 | €90,789 | €94,692 | +€3,902 | +4.3% |
| Amounts payable | 17/49 | €3,033,519 | €2,965,098 | -€68,421 | -2.3% |
| Amounts payable after more than one year | 17 | €2,595,767 | €2,434,463 | -€161,304 | -6.2% |
| Financial debts | 170/4 | €2,595,767 | €2,434,463 | -€161,304 | -6.2% |
| Amounts payable within one year | 42/48 | €437,752 | €530,635 | +€92,883 | +21.2% |
| Current portion of amounts payable after more than one year | 42 | €44,053 | €159,287 | +€115,234 | +262% |
| Financial debts | 43 | - | €59,054 | +€59,054 | |
| Credit institutions | 430/8 | - | €59,054 | +€59,054 | |
| Trade debts | 44 | €226,461 | €197,405 | -€29,056 | -12.8% |
| Suppliers | 440/4 | €226,461 | €197,405 | -€29,056 | -12.8% |
| Taxes, remuneration and social security | 45 | €167,238 | €114,692 | -€52,546 | -31.4% |
| Taxes | 450/3 | €39,583 | €25,337 | -€14,246 | -36.0% |
| Remuneration and social security | 454/9 | €127,655 | €89,355 | -€38,300 | -30.0% |
| Other amounts payable | 47/48 | - | €197 | +€197 | |
| Remuneration, social security and pensions | 62 | €520,039 | €559,439 | +€39,399 | +7.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €87,318 | €86,849 | -€469 | -0.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€2,435 | -€2,435 | |
| Other operating charges | 640/8 | €56,115 | €54,033 | -€2,082 | -3.7% |
| Gross operating margin | 9900 | €705,188 | €756,582 | +€51,395 | +7.3% |
| Operating profit (loss) | 9901 | €41,715 | €58,696 | +€16,982 | +40.7% |
| Financial income | 75/76B | €9,143 | €57,679 | +€48,536 | +531% |
| Recurring financial income | 75 | €9,143 | €57,679 | +€48,536 | +531% |
| Financial charges | 65/66B | €30,516 | €105,514 | +€74,998 | +246% |
| Recurring financial charges | 65 | €30,516 | €105,514 | +€74,998 | +246% |
| Profit (loss) for the period before taxes | 9903 | €20,341 | €10,860 | -€9,481 | -46.6% |
| Income taxes | 67/77 | €2,189 | €6,958 | +€4,769 | +218% |
| Profit (loss) for the period | 9904 | €18,152 | €3,902 | -€14,250 | -78.5% |
| Profit (loss) for the period to be appropriated | 9905 | €18,152 | €3,902 | -€14,250 | -78.5% |
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 16 October 2026 via checked.be.