RANAX: 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.
RANAX
Largest movements
- Stocks and contracts +€520,680
up €520,680 (+129.7%), from €401,473 to €922,153
- Receivables within one year -€169,455
down €169,455 (-33.9%), from €499,736 to €330,281
of which Trade receivables: -€175,000
- Cash -€160,586
down €160,586 (-87.9%), from €182,683 to €22,097
mainly Stocks and contracts (-€520,680) and Trade debts (-€47,098)
- Current portion of long-term debt +€205,763
new in 2025: €205,763
- Trade debts -€47,098
down €47,098 (-98.1%), from €48,000 to €902
- Tax, wage and social debts -€43,933
no longer reported in 2025 (was €43,933)
- Reserves +€31,482
up €31,482 (+2.5%), from €1.3m to €1.3m
- Debts after one year +€23,592
up €23,592 (+311.0%), from €7,585 to €31,177
of which Financial debts: +€29,677
- Gross operating margin -€161,784
down €161,784 (-64.6%), from €250,594 to €88,809
- Taxes -€54,079
down €54,079 (-78.5%), from €68,933 to €14,854
- Financial charges +€5,078
up €5,078 (+31.4%), from €16,174 to €21,251
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 | €1,382,695 | €1,552,501 | +€169,806 | +12.3% |
| Fixed assets | 21/28 | €297,895 | €276,874 | -€21,021 | -7.1% |
| Tangible fixed assets | 22/27 | €196,548 | €181,541 | -€15,006 | -7.6% |
| Land and buildings | 22 | €195,935 | €181,051 | -€14,884 | -7.6% |
| Plant, machinery and equipment | 23 | €612 | €490 | -€122 | -20.0% |
| Financial fixed assets | 28 | €101,348 | €95,333 | -€6,015 | -5.9% |
| Current assets | 29/58 | €1,084,800 | €1,275,627 | +€190,827 | +17.6% |
| Stocks and contracts in progress | 3 | €401,473 | €922,153 | +€520,680 | +129.7% |
| Stocks | 30/36 | €401,473 | €922,153 | +€520,680 | +129.7% |
| Amounts receivable within one year | 40/41 | €499,736 | €330,281 | -€169,455 | -33.9% |
| Trade receivables | 40 | €175,000 | - | -€175,000 | |
| Other amounts receivable | 41 | €324,736 | €330,281 | +€5,545 | +1.7% |
| Cash at bank and in hand | 54/58 | €182,683 | €22,097 | -€160,586 | -87.9% |
| Deferred charges and accrued income | 490/1 | €907 | €1,095 | +€188 | +20.7% |
| Total equity and liabilities | 10/49 | €1,382,695 | €1,552,501 | +€169,806 | +12.3% |
| Equity | 10/15 | €1,282,977 | €1,314,459 | +€31,482 | +2.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,264,377 | €1,295,859 | +€31,482 | +2.5% |
| Distributable reserves | 133 | €1,264,377 | €1,295,859 | +€31,482 | +2.5% |
| Amounts payable | 17/49 | €99,718 | €238,042 | +€138,324 | +138.7% |
| Amounts payable after more than one year | 17 | €7,585 | €31,177 | +€23,592 | +311.0% |
| Financial debts | 170/4 | - | €29,677 | +€29,677 | |
| Other amounts payable | 178/9 | €7,585 | €1,500 | -€6,085 | -80.2% |
| Amounts payable within one year | 42/48 | €92,133 | €206,865 | +€114,733 | +124.5% |
| Current portion of amounts payable after more than one year | 42 | - | €205,763 | +€205,763 | |
| Trade debts | 44 | €48,000 | €902 | -€47,098 | -98.1% |
| Suppliers | 440/4 | €48,000 | €902 | -€47,098 | -98.1% |
| Taxes, remuneration and social security | 45 | €43,933 | - | -€43,933 | |
| Taxes | 450/3 | €43,933 | - | -€43,933 | |
| Other amounts payable | 47/48 | €200 | €200 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,024 | €15,006 | -€17 | -0.1% |
| Other operating charges | 640/8 | €8,389 | €6,216 | -€2,173 | -25.9% |
| Gross operating margin | 9900 | €250,594 | €88,809 | -€161,784 | -64.6% |
| Operating profit (loss) | 9901 | €227,181 | €67,587 | -€159,594 | -70.2% |
| Financial charges | 65/66B | €16,174 | €21,251 | +€5,078 | +31.4% |
| Recurring financial charges | 65 | €16,174 | €21,251 | +€5,078 | +31.4% |
| Profit (loss) for the period before taxes | 9903 | €211,007 | €46,336 | -€164,672 | -78.0% |
| Income taxes | 67/77 | €68,933 | €14,854 | -€54,079 | -78.5% |
| Profit (loss) for the period | 9904 | €142,075 | €31,482 | -€110,593 | -77.8% |
| Profit (loss) for the period to be appropriated | 9905 | €142,075 | €31,482 | -€110,593 | -77.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.