Ring Multi: 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.
Ring Multi
Largest movements
- Receivables within one year -€1.2m
down €1.2m (-74.7%), from €1.5m to €389,794
of which Trade receivables: -€1.1m
- Tangible fixed assets -€471,936
down €471,936 (-3.9%), from €12.0m to €11.5m
- Current investments +€450,000
new in 2025: €450,000
- Other debts +€9.2m
new in 2025: €9.2m
- Current portion of long-term debt -€8.4m
no longer reported in 2025 (was €8.4m)
- Debts after one year -€1.8m
no longer reported in 2025 (was €1.8m)
- Reserves +€1.3m
up €1.3m (+2727.2%), from €46,397 to €1.3m
of which Distributable reserves: +€1.2m
- Advances received -€486,250
no longer reported in 2025 (was €486,250)
- Gross operating margin +€713,876
up €713,876 (+62.9%), from €1.1m to €1.8m
- Financial charges -€295,526
down €295,526 (-46.9%), from €629,575 to €334,049
- Taxes -€149,930
down €149,930 (-99.7%), from €150,448 to €518
- Other operating charges +€60,256
up €60,256 (+179.7%), from €33,533 to €93,789
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 | €13,719,664 | €12,626,368 | -€1.1m | -8.0% |
| Fixed assets | 21/28 | €12,038,388 | €11,566,452 | -€471,936 | -3.9% |
| Tangible fixed assets | 22/27 | €11,986,149 | €11,514,214 | -€471,936 | -3.9% |
| Land and buildings | 22 | €11,986,149 | €11,514,214 | -€471,936 | -3.9% |
| Financial fixed assets | 28 | €52,238 | €52,238 | = | 0.0% |
| Current assets | 29/58 | €1,681,276 | €1,059,916 | -€621,360 | -37.0% |
| Amounts receivable within one year | 40/41 | €1,540,945 | €389,794 | -€1.2m | -74.7% |
| Trade receivables | 40 | €1,513,575 | €389,794 | -€1.1m | -74.2% |
| Other amounts receivable | 41 | €27,370 | - | -€27,370 | |
| Current investments | 50/53 | - | €450,000 | +€450,000 | |
| Cash at bank and in hand | 54/58 | €52,637 | €138,305 | +€85,668 | +162.8% |
| Deferred charges and accrued income | 490/1 | €87,694 | €81,817 | -€5,877 | -6.7% |
| Total equity and liabilities | 10/49 | €13,719,664 | €12,626,368 | -€1.1m | -8.0% |
| Equity | 10/15 | €1,926,316 | €2,876,729 | +€950,413 | +49.3% |
| Contributions | 10/11 | €1,565,000 | €1,565,000 | = | 0.0% |
| Capital | 10 | €1,565,000 | €1,565,000 | = | 0.0% |
| Issued capital | 100 | €1,565,000 | €1,565,000 | = | 0.0% |
| Reserves | 13 | €46,397 | €1,311,729 | +€1.3m | +2727.2% |
| Non-distributable reserves | 130/1 | €46,397 | €94,000 | +€47,603 | +102.6% |
| Legal reserve | 130 | €46,397 | €94,000 | +€47,603 | +102.6% |
| Distributable reserves | 133 | - | €1,217,729 | +€1.2m | |
| Profit (loss) carried forward | 14 | €314,919 | - | -€314,919 | |
| Amounts payable | 17/49 | €11,793,348 | €9,749,639 | -€2.0m | -17.3% |
| Amounts payable after more than one year | 17 | €1,809,581 | - | -€1.8m | |
| Other amounts payable | 178/9 | €1,809,581 | - | -€1.8m | |
| Amounts payable within one year | 42/48 | €9,695,855 | €9,440,471 | -€255,384 | -2.6% |
| Current portion of amounts payable after more than one year | 42 | €8,437,500 | - | -€8.4m | |
| Trade debts | 44 | €505,817 | €217,119 | -€288,698 | -57.1% |
| Suppliers | 440/4 | €505,817 | €217,119 | -€288,698 | -57.1% |
| Advances received on contracts in progress | 46 | €486,250 | - | -€486,250 | |
| Taxes, remuneration and social security | 45 | €266,289 | - | -€266,289 | |
| Taxes | 450/3 | €266,289 | - | -€266,289 | |
| Other amounts payable | 47/48 | - | €9,223,353 | +€9.2m | |
| Accrued charges and deferred income | 492/3 | €287,912 | €309,168 | +€21,256 | +7.4% |
| Non-recurring operating income | 76A | - | €400,000 | +€400,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €472,322 | €471,936 | -€387 | -0.1% |
| Other operating charges | 640/8 | €33,533 | €93,789 | +€60,256 | +179.7% |
| Gross operating margin | 9900 | €1,135,102 | €1,848,978 | +€713,876 | +62.9% |
| Operating profit (loss) | 9901 | €629,247 | €1,283,253 | +€654,006 | +103.9% |
| Financial income | 75/76B | €0 | €1,727 | +€1,727 | +17269200.0% |
| Recurring financial income | 75 | €0 | €1,727 | +€1,727 | +17269200.0% |
| Financial charges | 65/66B | €629,575 | €334,049 | -€295,526 | -46.9% |
| Recurring financial charges | 65 | €629,575 | €334,049 | -€295,526 | -46.9% |
| Profit (loss) for the period before taxes | 9903 | -€328 | €950,931 | +€951,259 | |
| Income taxes | 67/77 | €150,448 | €518 | -€149,930 | -99.7% |
| Profit (loss) for the period | 9904 | -€150,776 | €950,413 | +€1.1m | |
| Profit (loss) for the period to be appropriated | 9905 | -€150,776 | €950,413 | +€1.1m |
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 29 September 2026 via checked.be.