RIPAL: 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.
RIPAL
Largest movements
- Receivables within one year +€675,311
up €675,311 (+79.8%), from €846,577 to €1.5m
of which Trade receivables: +€456,036
- Cash -€294,967
down €294,967 (-44.2%), from €667,306 to €372,339
mainly Receivables within one year (-€675,311) and Tax, wage and social debts (-€213,346)
- Current investments +€143,304
up €143,304 (+6.1%), from €2.4m to €2.5m
- Reserves +€693,624
up €693,624 (+18.8%), from €3.7m to €4.4m
of which Distributable reserves: +€377,874
- Tax, wage and social debts -€213,346
down €213,346 (-68.8%), from €310,240 to €96,895
of which Taxes: -€211,793
- Trade debts +€77,141
up €77,141 (+62.7%), from €123,085 to €200,226
- Gross operating margin -€274,555
down €274,555 (-18.6%), from €1.5m to €1.2m
- Taxes -€50,554
down €50,554 (-18.0%), from €280,712 to €230,158
- Financial income +€39,969
up €39,969 (+4872.2%), from €820 to €40,789
- Financial charges -€27,668
down €27,668 (-70.9%), from €39,035 to €11,368
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 | €4,142,897 | €4,699,426 | +€556,529 | +13.4% |
| Fixed assets | 21/28 | €217,063 | €248,075 | +€31,012 | +14.3% |
| Intangible fixed assets | 21 | - | €11,332 | +€11,332 | |
| Tangible fixed assets | 22/27 | €216,458 | €236,138 | +€19,680 | +9.1% |
| Plant, machinery and equipment | 23 | €46,872 | €48,972 | +€2,100 | +4.5% |
| Furniture and vehicles | 24 | €153,897 | €164,461 | +€10,564 | +6.9% |
| Other tangible fixed assets | 26 | €15,690 | €22,705 | +€7,015 | +44.7% |
| Financial fixed assets | 28 | €605 | €605 | = | 0.0% |
| Current assets | 29/58 | €3,925,834 | €4,451,351 | +€525,517 | +13.4% |
| Stocks and contracts in progress | 3 | €45,987 | €43,452 | -€2,534 | -5.5% |
| Stocks | 30/36 | €45,987 | €43,452 | -€2,534 | -5.5% |
| Amounts receivable within one year | 40/41 | €846,577 | €1,521,888 | +€675,311 | +79.8% |
| Trade receivables | 40 | €346,659 | €802,695 | +€456,036 | +131.6% |
| Other amounts receivable | 41 | €499,918 | €719,193 | +€219,275 | +43.9% |
| Current investments | 50/53 | €2,358,628 | €2,501,932 | +€143,304 | +6.1% |
| Cash at bank and in hand | 54/58 | €667,306 | €372,339 | -€294,967 | -44.2% |
| Deferred charges and accrued income | 490/1 | €7,336 | €11,739 | +€4,403 | +60.0% |
| Total equity and liabilities | 10/49 | €4,142,897 | €4,699,426 | +€556,529 | +13.4% |
| Equity | 10/15 | €3,706,738 | €4,400,362 | +€693,624 | +18.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €3,694,338 | €4,387,962 | +€693,624 | +18.8% |
| Tax-exempt reserves | 132 | €694,650 | €1,010,400 | +€315,750 | +45.5% |
| Distributable reserves | 133 | €2,999,688 | €3,377,562 | +€377,874 | +12.6% |
| Amounts payable | 17/49 | €436,159 | €299,064 | -€137,095 | -31.4% |
| Amounts payable within one year | 42/48 | €436,159 | €299,064 | -€137,095 | -31.4% |
| Current portion of amounts payable after more than one year | 42 | €1,646 | €0 | -€1,646 | -100.0% |
| Trade debts | 44 | €123,085 | €200,226 | +€77,141 | +62.7% |
| Suppliers | 440/4 | €123,085 | €200,226 | +€77,141 | +62.7% |
| Taxes, remuneration and social security | 45 | €310,240 | €96,895 | -€213,346 | -68.8% |
| Taxes | 450/3 | €287,395 | €75,602 | -€211,793 | -73.7% |
| Remuneration and social security | 454/9 | €22,845 | €21,293 | -€1,553 | -6.8% |
| Other amounts payable | 47/48 | €1,187 | €1,944 | +€756 | +63.7% |
| Non-recurring operating income | 76A | €46,200 | €0 | -€46,200 | -100.0% |
| Remuneration, social security and pensions | 62 | €224,736 | €214,807 | -€9,929 | -4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,393 | €78,668 | +€11,275 | +16.7% |
| Other operating charges | 640/8 | €9,533 | €14,235 | +€4,703 | +49.3% |
| Gross operating margin | 9900 | €1,476,626 | €1,202,071 | -€274,555 | -18.6% |
| Operating profit (loss) | 9901 | €1,174,965 | €894,361 | -€280,604 | -23.9% |
| Financial income | 75/76B | €820 | €40,789 | +€39,969 | +4872.2% |
| Recurring financial income | 75 | €820 | €40,789 | +€39,969 | +4872.2% |
| Financial charges | 65/66B | €39,035 | €11,368 | -€27,668 | -70.9% |
| Recurring financial charges | 65 | €39,035 | €11,368 | -€27,668 | -70.9% |
| Profit (loss) for the period before taxes | 9903 | €1,136,750 | €923,782 | -€212,968 | -18.7% |
| Income taxes | 67/77 | €280,712 | €230,158 | -€50,554 | -18.0% |
| Profit (loss) for the period | 9904 | €856,038 | €693,624 | -€162,414 | -19.0% |
| Transfer to tax-exempt reserves | 689 | €421,000 | €315,750 | -€105,250 | -25.0% |
| Profit (loss) for the period to be appropriated | 9905 | €435,038 | €377,874 | -€57,164 | -13.1% |
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 9 October 2026 via checked.be.