RING INVEST: what changed
What changed
RING INVEST
NACE 68.121, Development of residential building projects
filed annual accounts (NBB)
Net result for the year
€173,602
2024 · €13,428+€160,174
Equity
€352,931
2024 · €179,329+€173,602
Cash
€31,863
2024 · €18,768+€13,095
Balance sheet total
€1.8m
2024 · €2.3m-€449,268
Largest movements
Assets
- Tangible fixed assets -€303,158
down €303,158 (-21.6%), from €1.4m to €1.1m
of which Land and buildings: -€302,293
- Stocks and contracts -€138,475
down €138,475 (-19.7%), from €702,861 to €564,386
- Receivables within one year -€23,479
down €23,479 (-14.6%), from €160,310 to €136,831
of which Trade receivables: -€97,206
Equity and liabilities
- Debts after one year -€336,369
down €336,369 (-28.3%), from €1.2m to €852,186
- Profit (loss) carried forward +€173,602
up €173,602 (+109%), from €158,869 to €332,471
- Trade debts -€133,978
down €133,978 (-90.3%), from €148,427 to €14,450
- Other debts -€110,496
down €110,496 (-23.6%), from €468,020 to €357,524
- Tax, wage and social debts -€65,106
down €65,106 (-100%), from €65,106 to €0
Income statement
- Gross operating margin +€192,138
up €192,138 (+189%), from €101,601 to €293,739
- Taxes +€53,111
up €53,111 (+1,094%), from €4,853 to €57,964
- Other operating charges -€12,077
down €12,077 (-58.9%), from €20,511 to €8,434
- Depreciation -€5,351
down €5,351 (-14.7%), from €36,462 to €31,110
- Financial charges -€4,006
down €4,006 (-15.0%), from €26,640 to €22,634
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€13,428
Gross operating margin
+€192,138
Depreciation
+€5,351
Other operating charges
+€12,077
Financial income
-€287
Financial charges
+€4,006
Taxes
-€53,111
Result 2025
€173,602
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€59,196
Investment
+€272,048
Financing
-€318,149
Cash 2024
€18,768
From operations (derived)
+€59,196
Net result for the year
+€173,602
Depreciation
+€31,110
Stocks and contracts
+€138,475
Receivables within one year
+€23,479
Deferred charges and accrued income
-€2,750
Trade debts
-€133,978
Tax, wage and social debts
-€65,106
Advances received
+€4,860
Other debts
-€110,496
Investment (derived)
+€272,048
Investment in fixed assets (net)
+€272,048
Financing
-€318,149
Debts after one year
-€336,369
Current portion of long-term debt
+€58,349
Short-term financial debts
-€40,129
Cash 2025
€31,863
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,288,305 | €1,839,037 | -€449,268 | -19.6% |
| Fixed assets | 21/28 | €1,406,365 | €1,103,206 | -€303,158 | -21.6% |
| Tangible fixed assets | 22/27 | €1,406,365 | €1,103,206 | -€303,158 | -21.6% |
| Land and buildings | 22 | €1,400,597 | €1,098,304 | -€302,293 | -21.6% |
| Plant, machinery and equipment | 23 | €5,768 | €4,902 | -€866 | -15.0% |
| Current assets | 29/58 | €881,940 | €735,830 | -€146,109 | -16.6% |
| Stocks and contracts in progress | 3 | €702,861 | €564,386 | -€138,475 | -19.7% |
| Stocks | 30/36 | €702,861 | €564,386 | -€138,475 | -19.7% |
| Amounts receivable within one year | 40/41 | €160,310 | €136,831 | -€23,479 | -14.6% |
| Trade receivables | 40 | €157,199 | €59,993 | -€97,206 | -61.8% |
| Other amounts receivable | 41 | €3,110 | €76,838 | +€73,727 | +2,370% |
| Cash at bank and in hand | 54/58 | €18,768 | €31,863 | +€13,095 | +69.8% |
| Deferred charges and accrued income | 490/1 | - | €2,750 | +€2,750 | |
| Total equity and liabilities | 10/49 | €2,288,305 | €1,839,037 | -€449,268 | -19.6% |
| Equity | 10/15 | €179,329 | €352,931 | +€173,602 | +96.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €158,869 | €332,471 | +€173,602 | +109% |
| Amounts payable | 17/49 | €2,108,975 | €1,486,106 | -€622,869 | -29.5% |
| Amounts payable after more than one year | 17 | €1,188,554 | €852,186 | -€336,369 | -28.3% |
| Financial debts | 170/4 | €1,188,554 | €852,186 | -€336,369 | -28.3% |
| Amounts payable within one year | 42/48 | €920,421 | €633,920 | -€286,500 | -31.1% |
| Current portion of amounts payable after more than one year | 42 | €198,514 | €256,863 | +€58,349 | +29.4% |
| Financial debts | 43 | €40,129 | €0 | -€40,129 | -100% |
| Credit institutions | 430/8 | €40,129 | €0 | -€40,129 | -100% |
| Trade debts | 44 | €148,427 | €14,450 | -€133,978 | -90.3% |
| Suppliers | 440/4 | €148,427 | €14,450 | -€133,978 | -90.3% |
| Advances received on contracts in progress | 46 | €224 | €5,084 | +€4,860 | +2,166% |
| Taxes, remuneration and social security | 45 | €65,106 | €0 | -€65,106 | -100% |
| Taxes | 450/3 | €65,106 | €0 | -€65,106 | -100% |
| Other amounts payable | 47/48 | €468,020 | €357,524 | -€110,496 | -23.6% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,462 | €31,110 | -€5,351 | -14.7% |
| Other operating charges | 640/8 | €20,511 | €8,434 | -€12,077 | -58.9% |
| Gross operating margin | 9900 | €101,601 | €293,739 | +€192,138 | +189% |
| Operating profit (loss) | 9901 | €44,629 | €254,195 | +€209,566 | +470% |
| Financial income | 75/76B | €292 | €5 | -€287 | -98.3% |
| Recurring financial income | 75 | €292 | €5 | -€287 | -98.3% |
| Financial charges | 65/66B | €26,640 | €22,634 | -€4,006 | -15.0% |
| Recurring financial charges | 65 | €26,640 | €22,634 | -€4,006 | -15.0% |
| Profit (loss) for the period before taxes | 9903 | €18,281 | €231,566 | +€213,285 | +1,167% |
| Income taxes | 67/77 | €4,853 | €57,964 | +€53,111 | +1,094% |
| Profit (loss) for the period | 9904 | €13,428 | €173,602 | +€160,174 | +1,193% |
| Profit (loss) for the period to be appropriated | 9905 | €13,428 | €173,602 | +€160,174 | +1,193% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.