RICARDO: 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.
RICARDO
Largest movements
- Stocks and contracts +€371,092
up €371,092 (+71.8%), from €517,156 to €888,248
- Receivables within one year +€150,334
up €150,334 (+5,370%), from €2,800 to €153,134
of which Trade receivables: +€153,134
- Other debts +€535,132
up €535,132 (+16.5%), from €3.2m to €3.8m
- Profit (loss) carried forward +€199,234
up €199,234 (+97.1%), from -€205,106 to -€5,872
- Debts after one year -€152,803
down €152,803 (-6.8%), from €2.2m to €2.1m
of which Financial debts: -€152,803
- Short-term financial debts -€106,728
down €106,728 (-7.1%), from €1.5m to €1.4m
- Depreciation -€211,320
down €211,320 (-100%), from €211,320 to €0
- Gross operating margin -€58,199
down €58,199 (-13.4%), from €434,122 to €375,923
- Other operating charges -€47,793
down €47,793 (-64.1%), from €74,543 to €26,750
- Financial charges -€28,386
down €28,386 (-15.5%), from €182,753 to €154,367
- Financial income +€4,428
new in 2025: €4,428
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 | €7,223,273 | €7,747,395 | +€524,122 | +7.3% |
| Fixed assets | 21/28 | €6,687,038 | €6,689,982 | +€2,945 | 0.0% |
| Tangible fixed assets | 22/27 | €6,687,038 | €6,689,982 | +€2,945 | 0.0% |
| Land and buildings | 22 | €404,192 | €404,192 | = | 0.0% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Other tangible fixed assets | 26 | €6,282,846 | €6,285,791 | +€2,945 | 0.0% |
| Current assets | 29/58 | €536,236 | €1,057,413 | +€521,177 | +97.2% |
| Stocks and contracts in progress | 3 | €517,156 | €888,248 | +€371,092 | +71.8% |
| Stocks | 30/36 | €517,156 | €888,248 | +€371,092 | +71.8% |
| Amounts receivable within one year | 40/41 | €2,800 | €153,134 | +€150,334 | +5,370% |
| Trade receivables | 40 | - | €153,134 | +€153,134 | |
| Other amounts receivable | 41 | €2,800 | €0 | -€2,800 | -100% |
| Cash at bank and in hand | 54/58 | €16,280 | €14,784 | -€1,497 | -9.2% |
| Deferred charges and accrued income | 490/1 | €0 | €1,247 | +€1,247 | |
| Total equity and liabilities | 10/49 | €7,223,273 | €7,747,395 | +€524,122 | +7.3% |
| Equity | 10/15 | €52,953 | €252,187 | +€199,234 | +376% |
| Contributions | 10/11 | €256,200 | €256,200 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€205,106 | -€5,872 | +€199,234 | +97.1% |
| Amounts payable | 17/49 | €7,170,320 | €7,495,208 | +€324,888 | +4.5% |
| Amounts payable after more than one year | 17 | €2,234,576 | €2,081,773 | -€152,803 | -6.8% |
| Financial debts | 170/4 | €2,234,576 | €2,081,773 | -€152,803 | -6.8% |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €4,909,283 | €5,409,387 | +€500,105 | +10.2% |
| Current portion of amounts payable after more than one year | 42 | €148,912 | €152,803 | +€3,891 | +2.6% |
| Financial debts | 43 | €1,503,088 | €1,396,359 | -€106,728 | -7.1% |
| Credit institutions | 430/8 | €1,503,088 | €1,396,359 | -€106,728 | -7.1% |
| Trade debts | 44 | €16,576 | €90,763 | +€74,188 | +448% |
| Suppliers | 440/4 | €16,576 | €90,763 | +€74,188 | +448% |
| Taxes, remuneration and social security | 45 | €6,571 | €194 | -€6,377 | -97.1% |
| Taxes | 450/3 | €6,571 | €194 | -€6,377 | -97.1% |
| Other amounts payable | 47/48 | €3,234,137 | €3,769,268 | +€535,132 | +16.5% |
| Accrued charges and deferred income | 492/3 | €26,462 | €4,048 | -€22,414 | -84.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €211,320 | €0 | -€211,320 | -100% |
| Other operating charges | 640/8 | €74,543 | €26,750 | -€47,793 | -64.1% |
| Gross operating margin | 9900 | €434,122 | €375,923 | -€58,199 | -13.4% |
| Operating profit (loss) | 9901 | €148,260 | €349,173 | +€200,913 | +136% |
| Financial income | 75/76B | - | €4,428 | +€4,428 | |
| Recurring financial income | 75 | - | €4,428 | +€4,428 | |
| Financial charges | 65/66B | €182,753 | €154,367 | -€28,386 | -15.5% |
| Recurring financial charges | 65 | €182,753 | €154,367 | -€28,386 | -15.5% |
| Profit (loss) for the period before taxes | 9903 | -€34,493 | €199,234 | +€233,727 | |
| Profit (loss) for the period | 9904 | -€34,493 | €199,234 | +€233,727 | |
| Profit (loss) for the period to be appropriated | 9905 | -€34,493 | €199,234 | +€233,727 |
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.