RING STATION I: 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 STATION I
NACE 82.990, Other business support services
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€18.9m
2024 · €27,035+€18.9m
Equity
€37.7m
2024 · €31.9m+€5.8m
Cash
€1,913
2024 · €162,963-€161,050
Balance sheet total
€44.1m
2024 · €32.4m+€11.7m
Largest movements
Assets
- Current investments +€26.0m
new in 2025: €26.0m
- Tangible fixed assets -€14.5m
down €14.5m (-51.1%), from €28.3m to €13.8m
- Receivables within one year +€844,823
up €844,823 (+27.8%), from €3.0m to €3.9m
of which Other amounts receivable: +€918,354
- Receivables after one year -€465,926
down €465,926 (-55.5%), from €838,792 to €372,866
Equity and liabilities
- Reserves +€18.8m
up €18.8m (+6,089%), from €308,883 to €19.1m
of which Tax-exempt reserves: +€18.8m
- Revaluation surpluses -€13.1m
down €13.1m (-51.9%), from €25.3m to €12.2m
- Provisions +€6.3m
new in 2025: €6.3m
Income statement
- Gross operating margin +€25.1m
up €25.1m (+15,305%), from €163,977 to €25.3m
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
€27,035
Gross operating margin
+€25.1m
Other operating charges
-€3,198
Financial income
-€26,963
Financial charges
-€263
Taxes
+€121,682
Deferred taxes and other
-€6.3m
Result 2025
€18.9m
raises the resultlowers the resultnot broken down further in the accounts
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
+€24.7m
Investment
-€11.7m
Financing
-€13.1m
Cash 2024
€162,963
From operations (derived)
+€24.7m
Net result for the year
+€18.9m
Depreciation
+€196,201
Receivables after one year
+€465,926
Receivables within one year
-€844,823
Smaller working-capital items
-€29,012
Provisions
+€6.3m
Trade debts
-€232,395
Accrued charges and deferred income
-€90,222
Investment (derived)
-€11.7m
Investment in fixed assets (net)
+€14.3m
Current investments
-€26.0m
Financing
-€13.1m
Debts after one year
-€1,325
Contributions, distributions and other
-€13.1m
Cash 2025
€1,913
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €32,365,522 | €44,107,957 | +€11.7m | +36.3% |
| Fixed assets | 21/28 | €28,319,946 | €13,844,145 | -€14.5m | -51.1% |
| Tangible fixed assets | 22/27 | €28,319,946 | €13,844,145 | -€14.5m | -51.1% |
| Land and buildings | 22 | €28,319,946 | €13,844,145 | -€14.5m | -51.1% |
| Current assets | 29/58 | €4,045,576 | €30,263,812 | +€26.2m | +648% |
| Amounts receivable after more than one year | 29 | €838,792 | €372,866 | -€465,926 | -55.5% |
| Other amounts receivable | 291 | €838,792 | €372,866 | -€465,926 | -55.5% |
| Amounts receivable within one year | 40/41 | €3,035,322 | €3,880,145 | +€844,823 | +27.8% |
| Trade receivables | 40 | €75,730 | €2,200 | -€73,531 | -97.1% |
| Other amounts receivable | 41 | €2,959,592 | €3,877,946 | +€918,354 | +31.0% |
| Current investments | 50/53 | - | €26,000,000 | +€26.0m | |
| Cash at bank and in hand | 54/58 | €162,963 | €1,913 | -€161,050 | -98.8% |
| Deferred charges and accrued income | 490/1 | €8,498 | €8,888 | +€389 | +4.6% |
| Total equity and liabilities | 10/49 | €32,365,522 | €44,107,957 | +€11.7m | +36.3% |
| Equity | 10/15 | €31,857,777 | €37,686,278 | +€5.8m | +18.3% |
| Contributions | 10/11 | €6,100,000 | €6,100,000 | = | 0.0% |
| Capital | 10 | €6,100,000 | €6,100,000 | = | 0.0% |
| Issued capital | 100 | €6,100,000 | €6,100,000 | = | 0.0% |
| Revaluation surpluses | 12 | €25,270,000 | €12,150,000 | -€13.1m | -51.9% |
| Reserves | 13 | €308,883 | €19,115,832 | +€18.8m | +6,089% |
| Non-distributable reserves | 130/1 | €74,883 | €82,333 | +€7,450 | +9.9% |
| Legal reserve | 130 | €74,883 | €82,333 | +€7,450 | +9.9% |
| Tax-exempt reserves | 132 | - | €18,799,499 | +€18.8m | |
| Distributable reserves | 133 | €234,000 | €234,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €178,894 | €320,445 | +€141,552 | +79.1% |
| Provisions and deferred taxes | 16 | - | €6,266,500 | +€6.3m | |
| Deferred taxes | 168 | - | €6,266,500 | +€6.3m | |
| Amounts payable | 17/49 | €507,745 | €155,180 | -€352,565 | -69.4% |
| Amounts payable after more than one year | 17 | €1,425 | €100 | -€1,325 | -93.0% |
| Other amounts payable | 178/9 | €1,425 | €100 | -€1,325 | -93.0% |
| Amounts payable within one year | 42/48 | €416,097 | €155,080 | -€261,018 | -62.7% |
| Trade debts | 44 | €387,474 | €155,079 | -€232,395 | -60.0% |
| Suppliers | 440/4 | €387,474 | €155,079 | -€232,395 | -60.0% |
| Taxes, remuneration and social security | 45 | €28,623 | €0 | -€28,623 | -100.0% |
| Taxes | 450/3 | €28,623 | €0 | -€28,623 | -100.0% |
| Accrued charges and deferred income | 492/3 | €90,222 | - | -€90,222 | |
| Non-recurring operating income | 76A | - | €25,065,999 | +€25.1m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €196,201 | €196,201 | = | 0.0% |
| Other operating charges | 640/8 | €94,601 | €97,799 | +€3,198 | +3.4% |
| Gross operating margin | 9900 | €163,977 | €25,260,684 | +€25.1m | +15,305% |
| Operating profit (loss) | 9901 | -€126,824 | €24,966,684 | +€25.1m | |
| Financial income | 75/76B | €164,025 | €137,061 | -€26,963 | -16.4% |
| Recurring financial income | 75 | €164,025 | €137,061 | -€26,963 | -16.4% |
| Financial charges | 65/66B | €38 | €301 | +€263 | +686% |
| Recurring financial charges | 65 | €38 | €301 | +€263 | +686% |
| Profit (loss) for the period before taxes | 9903 | €37,162 | €25,103,445 | +€25.1m | +67,451% |
| Transfer to deferred taxes | 680 | - | €6,266,500 | +€6.3m | |
| Income taxes | 67/77 | €10,127 | -€111,556 | -€121,682 | |
| Profit (loss) for the period | 9904 | €27,035 | €18,948,501 | +€18.9m | +69,988% |
| Transfer to tax-exempt reserves | 689 | - | €18,799,499 | +€18.8m | |
| Profit (loss) for the period to be appropriated | 9905 | €27,035 | €149,002 | +€121,966 | +451% |
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 29 October 2026 via checked.be.