RAMO: 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.
RAMO
Largest movements
- Tangible fixed assets +€783,844
up €783,844 (+190.3%), from €411,802 to €1.2m
of which Land and buildings: +€804,321
- Stocks and contracts -€534,576
down €534,576 (-29.6%), from €1.8m to €1.3m
- Cash +€57,309
up €57,309 (+112.4%), from €50,983 to €108,293
mainly Stocks and contracts (+€534,576) and Other debts (+€245,768)
- Other debts +€245,768
up €245,768 (+36.6%), from €671,431 to €917,199
- Debts after one year +€70,722
up €70,722 (+11.0%), from €642,516 to €713,238
- Gross operating margin +€86,692
up €86,692 (+157.0%), from €55,230 to €141,922
- Depreciation +€38,774
up €38,774 (+181.9%), from €21,321 to €60,095
- Other operating charges -€4,549
down €4,549 (-33.2%), from €13,694 to €9,145
- Financial income -€3,003
down €3,003 (-89.1%), from €3,369 to €366
- Financial charges +€1,978
up €1,978 (+10.0%), from €19,766 to €21,744
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 | €2,291,226 | €2,583,742 | +€292,516 | +12.8% |
| Fixed assets | 21/28 | €411,802 | €1,195,646 | +€783,844 | +190.3% |
| Tangible fixed assets | 22/27 | €411,802 | €1,195,646 | +€783,844 | +190.3% |
| Land and buildings | 22 | €360,725 | €1,165,046 | +€804,321 | +223.0% |
| Plant, machinery and equipment | 23 | €12,482 | €547 | -€11,935 | -95.6% |
| Furniture and vehicles | 24 | €38,594 | €30,053 | -€8,541 | -22.1% |
| Current assets | 29/58 | €1,879,424 | €1,388,096 | -€491,328 | -26.1% |
| Stocks and contracts in progress | 3 | €1,803,706 | €1,269,130 | -€534,576 | -29.6% |
| Stocks | 30/36 | €1,803,706 | €1,269,130 | -€534,576 | -29.6% |
| Amounts receivable within one year | 40/41 | €21,686 | €8,070 | -€13,616 | -62.8% |
| Trade receivables | 40 | €10,335 | - | -€10,335 | |
| Other amounts receivable | 41 | €11,352 | €8,070 | -€3,281 | -28.9% |
| Cash at bank and in hand | 54/58 | €50,983 | €108,293 | +€57,309 | +112.4% |
| Deferred charges and accrued income | 490/1 | €3,049 | €2,603 | -€446 | -14.6% |
| Total equity and liabilities | 10/49 | €2,291,226 | €2,583,742 | +€292,516 | +12.8% |
| Equity | 10/15 | €941,862 | €933,909 | -€7,953 | -0.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €921,862 | €913,909 | -€7,953 | -0.9% |
| Tax-exempt reserves | 132 | €56,250 | €56,250 | = | 0.0% |
| Distributable reserves | 133 | €865,612 | €857,659 | -€7,953 | -0.9% |
| Amounts payable | 17/49 | €1,349,364 | €1,649,833 | +€300,469 | +22.3% |
| Amounts payable after more than one year | 17 | €642,516 | €713,238 | +€70,722 | +11.0% |
| Financial debts | 170/4 | €642,516 | €713,238 | +€70,722 | +11.0% |
| Amounts payable within one year | 42/48 | €705,400 | €931,395 | +€225,995 | +32.0% |
| Trade debts | 44 | €25,917 | €5,955 | -€19,962 | -77.0% |
| Suppliers | 440/4 | €25,917 | €5,955 | -€19,962 | -77.0% |
| Taxes, remuneration and social security | 45 | €8,052 | €8,241 | +€190 | +2.4% |
| Taxes | 450/3 | €1,575 | €1,533 | -€42 | -2.6% |
| Remuneration and social security | 454/9 | €6,477 | €6,708 | +€231 | +3.6% |
| Other amounts payable | 47/48 | €671,431 | €917,199 | +€245,768 | +36.6% |
| Accrued charges and deferred income | 492/3 | €1,448 | €5,200 | +€3,752 | +259.2% |
| Non-recurring operating income | 76A | €2,954 | - | -€2,954 | |
| Remuneration, social security and pensions | 62 | €56,612 | €58,304 | +€1,691 | +3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,321 | €60,095 | +€38,774 | +181.9% |
| Other operating charges | 640/8 | €13,694 | €9,145 | -€4,549 | -33.2% |
| Gross operating margin | 9900 | €55,230 | €141,922 | +€86,692 | +157.0% |
| Operating profit (loss) | 9901 | -€36,397 | €14,378 | +€50,776 | |
| Financial income | 75/76B | €3,369 | €366 | -€3,003 | -89.1% |
| Recurring financial income | 75 | €3,369 | €366 | -€3,003 | -89.1% |
| Financial charges | 65/66B | €19,766 | €21,744 | +€1,978 | +10.0% |
| Recurring financial charges | 65 | €19,766 | €21,744 | +€1,978 | +10.0% |
| Profit (loss) for the period before taxes | 9903 | -€52,794 | -€7,000 | +€45,794 | +86.7% |
| Income taxes | 67/77 | €825 | €953 | +€128 | +15.6% |
| Profit (loss) for the period | 9904 | -€53,619 | -€7,953 | +€45,666 | +85.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€53,619 | -€7,953 | +€45,666 | +85.2% |
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 10 October 2026 via checked.be.