RATIOMA: 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.
RATIOMA
Largest movements
- Tangible fixed assets +€410,968
up €410,968 (+18.0%), from €2.3m to €2.7m
of which Land and buildings: +€382,725
- Cash +€43,892
up €43,892 (+603%), from €7,281 to €51,173
mainly Short-term financial debts (+€535,000) and Depreciation (+€145,393)
- Short-term financial debts +€535,000
up €535,000 (+129%), from €415,000 to €950,000
- Profit (loss) carried forward -€41,542
down €41,542 (-32.9%), from -€126,399 to -€167,941
- Other debts -€30,042
down €30,042 (-2.3%), from €1.3m to €1.3m
- Depreciation +€21,521
up €21,521 (+17.4%), from €123,872 to €145,393
- Financial income -€1,569
down €1,569 (-100.0%), from €1,570 to €1
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,292,117 | €2,751,879 | +€459,762 | +20.1% |
| Fixed assets | 21/28 | €2,282,850 | €2,693,818 | +€410,968 | +18.0% |
| Tangible fixed assets | 22/27 | €2,282,850 | €2,693,818 | +€410,968 | +18.0% |
| Land and buildings | 22 | €2,232,400 | €2,615,125 | +€382,725 | +17.1% |
| Plant, machinery and equipment | 23 | €3,438 | €16,121 | +€12,683 | +369% |
| Furniture and vehicles | 24 | €47,013 | €62,572 | +€15,560 | +33.1% |
| Current assets | 29/58 | €9,267 | €58,061 | +€48,794 | +527% |
| Cash at bank and in hand | 54/58 | €7,281 | €51,173 | +€43,892 | +603% |
| Deferred charges and accrued income | 490/1 | €1,986 | €6,888 | +€4,902 | +247% |
| Total equity and liabilities | 10/49 | €2,292,117 | €2,751,879 | +€459,762 | +20.1% |
| Equity | 10/15 | €539,232 | €491,807 | -€47,424 | -8.8% |
| Contributions | 10/11 | €316,312 | €316,312 | = | 0.0% |
| Capital | 10 | €316,312 | €316,312 | = | 0.0% |
| Issued capital | 100 | €316,312 | €316,312 | = | 0.0% |
| Reserves | 13 | €349,319 | €343,437 | -€5,882 | -1.7% |
| Non-distributable reserves | 130/1 | €31,631 | €31,631 | = | 0.0% |
| Legal reserve | 130 | €31,631 | €31,631 | = | 0.0% |
| Tax-exempt reserves | 132 | €158,629 | €152,747 | -€5,882 | -3.7% |
| Distributable reserves | 133 | €159,058 | €159,058 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€126,399 | -€167,941 | -€41,542 | -32.9% |
| Provisions and deferred taxes | 16 | €52,876 | €50,916 | -€1,961 | -3.7% |
| Deferred taxes | 168 | €52,876 | €50,916 | -€1,961 | -3.7% |
| Amounts payable | 17/49 | €1,700,009 | €2,209,156 | +€509,147 | +29.9% |
| Amounts payable within one year | 42/48 | €1,698,085 | €2,207,483 | +€509,397 | +30.0% |
| Financial debts | 43 | €415,000 | €950,000 | +€535,000 | +129% |
| Credit institutions | 430/8 | €415,000 | €950,000 | +€535,000 | +129% |
| Trade debts | 44 | €1,924 | €6,312 | +€4,388 | +228% |
| Suppliers | 440/4 | €1,924 | €6,312 | +€4,388 | +228% |
| Taxes, remuneration and social security | 45 | - | €51 | +€51 | |
| Taxes | 450/3 | - | €51 | +€51 | |
| Other amounts payable | 47/48 | €1,281,161 | €1,251,120 | -€30,042 | -2.3% |
| Accrued charges and deferred income | 492/3 | €1,924 | €1,674 | -€250 | -13.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €123,872 | €145,393 | +€21,521 | +17.4% |
| Other operating charges | 640/8 | €19,785 | €20,404 | +€620 | +3.1% |
| Gross operating margin | 9900 | €133,229 | €132,874 | -€356 | -0.3% |
| Operating profit (loss) | 9901 | -€10,427 | -€32,923 | -€22,496 | -216% |
| Financial income | 75/76B | €1,570 | €1 | -€1,569 | -100.0% |
| Recurring financial income | 75 | €1,570 | €1 | -€1,569 | -100.0% |
| Financial charges | 65/66B | €17,423 | €16,411 | -€1,011 | -5.8% |
| Recurring financial charges | 65 | €17,423 | €16,411 | -€1,011 | -5.8% |
| Profit (loss) for the period before taxes | 9903 | -€26,280 | -€49,334 | -€23,054 | -87.7% |
| Transfer from deferred taxes | 780 | €1,961 | €1,961 | = | 0.0% |
| Income taxes | 67/77 | - | €51 | +€51 | |
| Profit (loss) for the period | 9904 | -€24,319 | -€47,424 | -€23,105 | -95.0% |
| Transfer from tax-exempt reserves | 789 | €5,882 | €5,882 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€18,437 | -€41,542 | -€23,105 | -125% |
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 27 October 2026 via checked.be.