RING BUILDING: 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
RING BUILDING
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€5,132
2024 · -€3.3m+€3.3m
Equity
€34.6m
2024 · €34.6m+€5,132
Cash
€117,839
2024 · €120,371-€2,532
Balance sheet total
€37.0m
2024 · €45.4m-€8.3m
Largest movements
Assets
- Receivables within one year -€7.9m
down €7.9m (-49.6%), from €16.0m to €8.0m
of which Other amounts receivable: -€8.0m
Equity and liabilities
- Debts after one year -€8.5m
no longer reported in 2025 (was €8.5m)
Income statement
- Financial charges -€3.8m
down €3.8m (-100.0%), from €3.8m to €1,092
of which Non-recurring financial charges: -€3.5m
- Gross operating margin -€123,458
down €123,458 (-8.8%), from €1.4m to €1.3m
- Financial income -€108,100
down €108,100 (-22.2%), from €487,192 to €379,093
- Write-downs +€105,260
up €105,260 (+1,475%), from €7,135 to €112,396
- Depreciation +€86,976
up €86,976 (+9.8%), from €890,256 to €977,232
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
-€3.3m
Gross operating margin
-€123,458
Staff costs
+€10,613
Depreciation
-€86,976
Write-downs
-€105,260
Other operating charges
-€22,322
Financial income
-€108,100
Financial charges
+€3.8m
Result 2025
€5,132
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
+€9.2m
Investment
-€647,026
Financing
-€8.5m
Cash 2024
€120,371
From operations (derived)
+€9.2m
Net result for the year
+€5,132
Depreciation
+€977,232
Receivables within one year
+€7.9m
Deferred charges and accrued income
+€100,839
Provisions
-€38,766
Trade debts
+€56,372
Smaller working-capital items
+€1,540
Accrued charges and deferred income
+€167,211
Investment (derived)
-€647,026
Investment in fixed assets (net)
-€647,020
Current investments
-€6
Financing
-€8.5m
Debts after one year
-€8.5m
Cash 2025
€117,839
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €45,375,427 | €37,026,557 | -€8.3m | -18.4% |
| Fixed assets | 21/28 | €28,757,364 | €28,427,151 | -€330,212 | -1.1% |
| Tangible fixed assets | 22/27 | €28,757,364 | €28,427,151 | -€330,212 | -1.1% |
| Land and buildings | 22 | €28,180,112 | €27,708,583 | -€471,529 | -1.7% |
| Plant, machinery and equipment | 23 | €577,251 | €718,569 | +€141,317 | +24.5% |
| Current assets | 29/58 | €16,618,064 | €8,599,406 | -€8.0m | -48.3% |
| Amounts receivable within one year | 40/41 | €15,963,608 | €8,048,315 | -€7.9m | -49.6% |
| Trade receivables | 40 | €455,422 | €491,015 | +€35,593 | +7.8% |
| Other amounts receivable | 41 | €15,508,186 | €7,557,301 | -€8.0m | -51.3% |
| Current investments | 50/53 | €1,231 | €1,237 | +€6 | +0.5% |
| Cash at bank and in hand | 54/58 | €120,371 | €117,839 | -€2,532 | -2.1% |
| Deferred charges and accrued income | 490/1 | €532,854 | €432,015 | -€100,839 | -18.9% |
| Total equity and liabilities | 10/49 | €45,375,427 | €37,026,557 | -€8.3m | -18.4% |
| Equity | 10/15 | €34,638,231 | €34,643,363 | +€5,132 | 0.0% |
| Contributions | 10/11 | €30,332,000 | €30,332,000 | = | 0.0% |
| Capital | 10 | €30,332,000 | €30,332,000 | = | 0.0% |
| Issued capital | 100 | €30,332,000 | €30,332,000 | = | 0.0% |
| Reserves | 13 | €3,541,890 | €3,431,664 | -€110,226 | -3.1% |
| Non-distributable reserves | 130/1 | €247,478 | €253,550 | +€6,071 | +2.5% |
| Legal reserve | 130 | €247,478 | €253,550 | +€6,071 | +2.5% |
| Tax-exempt reserves | 132 | €3,294,412 | €3,178,114 | -€116,297 | -3.5% |
| Profit (loss) carried forward | 14 | €764,341 | €879,699 | +€115,358 | +15.1% |
| Provisions and deferred taxes | 16 | €1,098,189 | €1,059,423 | -€38,766 | -3.5% |
| Deferred taxes | 168 | €1,098,189 | €1,059,423 | -€38,766 | -3.5% |
| Amounts payable | 17/49 | €9,639,007 | €1,323,770 | -€8.3m | -86.3% |
| Amounts payable after more than one year | 17 | €8,540,360 | - | -€8.5m | |
| Financial debts | 170/4 | €8,540,360 | - | -€8.5m | |
| Amounts payable within one year | 42/48 | €540,555 | €598,468 | +€57,912 | +10.7% |
| Trade debts | 44 | €408,080 | €464,453 | +€56,372 | +13.8% |
| Suppliers | 440/4 | €408,080 | €464,453 | +€56,372 | +13.8% |
| Taxes, remuneration and social security | 45 | €19,787 | €20,247 | +€460 | +2.3% |
| Taxes | 450/3 | €7,127 | €8,297 | +€1,170 | +16.4% |
| Remuneration and social security | 454/9 | €12,661 | €11,951 | -€710 | -5.6% |
| Other amounts payable | 47/48 | €112,687 | €113,768 | +€1,080 | +1.0% |
| Accrued charges and deferred income | 492/3 | €558,091 | €725,303 | +€167,211 | +30.0% |
| Remuneration, social security and pensions | 62 | €193,333 | €182,720 | -€10,613 | -5.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €890,256 | €977,232 | +€86,976 | +9.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €7,135 | €112,396 | +€105,260 | +1,475% |
| Other operating charges | 640/8 | €397,485 | €419,807 | +€22,322 | +5.6% |
| Gross operating margin | 9900 | €1,403,978 | €1,280,520 | -€123,458 | -8.8% |
| Operating profit (loss) | 9901 | -€84,232 | -€411,635 | -€327,403 | -389% |
| Financial income | 75/76B | €487,192 | €379,093 | -€108,100 | -22.2% |
| Recurring financial income | 75 | €487,192 | €379,093 | -€108,100 | -22.2% |
| Financial charges | 65/66B | €3,774,102 | €1,092 | -€3.8m | -100.0% |
| Recurring financial charges | 65 | €249,102 | €1,092 | -€248,010 | -99.6% |
| Non-recurring financial charges | 66B | €3,525,000 | - | -€3.5m | |
| Profit (loss) for the period before taxes | 9903 | -€3,371,141 | -€33,634 | +€3.3m | +99.0% |
| Transfer from deferred taxes | 780 | €38,766 | €38,766 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€3,332,375 | €5,132 | +€3.3m | |
| Transfer from tax-exempt reserves | 789 | €116,297 | €116,297 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,216,078 | €121,429 | +€3.3m |
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 28 October 2026 via checked.be.