RONNIE DE CEUSTER: 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.
RONNIE DE CEUSTER
Largest movements
- Current investments -€303,602
no longer reported in 2025 (was €303,602)
- Tangible fixed assets +€175,912
up €175,912 (+53.6%), from €328,392 to €504,304
- Cash +€46,789
up €46,789 (+31.2%), from €150,058 to €196,847
mainly Current investments (+€303,602) and Net result for the year (+€16,331)
- Receivables within one year +€10,413
up €10,413 (+763%), from €1,364 to €11,778
of which Other amounts receivable: +€6,783
- Reserves -€53,686
down €53,686 (-34.3%), from €156,546 to €102,860
of which Distributable reserves: -€51,826
- Other debts -€16,664
down €16,664 (-10.3%), from €161,019 to €144,355
- Depreciation -€9,226
down €9,226 (-38.4%), from €24,021 to €14,795
- Other operating charges +€7,648
up €7,648 (+193%), from €3,963 to €11,610
- Gross operating margin -€6,641
down €6,641 (-13.0%), from €50,907 to €44,265
- Financial charges -€4,887
down €4,887 (-33.5%), from €14,590 to €9,703
- Financial income +€3,197
up €3,197 (+57.0%), from €5,606 to €8,803
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €784,346 | €714,108 | -€70,239 | -9.0% |
| Fixed assets | 21/28 | €328,392 | €504,304 | +€175,912 | +53.6% |
| Tangible fixed assets | 22/27 | €328,392 | €504,304 | +€175,912 | +53.6% |
| Land and buildings | 22 | €328,392 | €504,304 | +€175,912 | +53.6% |
| Current assets | 29/58 | €455,954 | €209,804 | -€246,150 | -54.0% |
| Amounts receivable within one year | 40/41 | €1,364 | €11,778 | +€10,413 | +763% |
| Trade receivables | 40 | - | €3,630 | +€3,630 | |
| Other amounts receivable | 41 | €1,364 | €8,148 | +€6,783 | +497% |
| Current investments | 50/53 | €303,602 | - | -€303,602 | |
| Cash at bank and in hand | 54/58 | €150,058 | €196,847 | +€46,789 | +31.2% |
| Deferred charges and accrued income | 490/1 | €929 | €1,179 | +€250 | +26.9% |
| Total equity and liabilities | 10/49 | €784,346 | €714,108 | -€70,239 | -9.0% |
| Equity | 10/15 | €572,831 | €519,176 | -€53,655 | -9.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €156,546 | €102,860 | -€53,686 | -34.3% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €154,686 | €102,860 | -€51,826 | -33.5% |
| Profit (loss) carried forward | 14 | €403,885 | €403,916 | +€31 | 0.0% |
| Provisions and deferred taxes | 16 | €40,385 | €38,250 | -€2,135 | -5.3% |
| Deferred taxes | 168 | €40,385 | €38,250 | -€2,135 | -5.3% |
| Amounts payable | 17/49 | €171,130 | €156,682 | -€14,448 | -8.4% |
| Amounts payable within one year | 42/48 | €171,130 | €156,682 | -€14,448 | -8.4% |
| Financial debts | 43 | €63 | - | -€63 | |
| Credit institutions | 430/8 | €63 | - | -€63 | |
| Trade debts | 44 | €2,597 | €2,927 | +€329 | +12.7% |
| Suppliers | 440/4 | €2,597 | €2,927 | +€329 | +12.7% |
| Taxes, remuneration and social security | 45 | €7,451 | €9,401 | +€1,950 | +26.2% |
| Taxes | 450/3 | €7,451 | €9,401 | +€1,950 | +26.2% |
| Other amounts payable | 47/48 | €161,019 | €144,355 | -€16,664 | -10.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,021 | €14,795 | -€9,226 | -38.4% |
| Other operating charges | 640/8 | €3,963 | €11,610 | +€7,648 | +193% |
| Gross operating margin | 9900 | €50,907 | €44,265 | -€6,641 | -13.0% |
| Operating profit (loss) | 9901 | €22,923 | €17,860 | -€5,063 | -22.1% |
| Financial income | 75/76B | €5,606 | €8,803 | +€3,197 | +57.0% |
| Recurring financial income | 75 | €5,606 | €8,803 | +€3,197 | +57.0% |
| Financial charges | 65/66B | €14,590 | €9,703 | -€4,887 | -33.5% |
| Recurring financial charges | 65 | €14,590 | €9,703 | -€4,887 | -33.5% |
| Profit (loss) for the period before taxes | 9903 | €13,939 | €16,959 | +€3,020 | +21.7% |
| Transfer from deferred taxes | 780 | €4,270 | €2,135 | -€2,135 | -50.0% |
| Income taxes | 67/77 | €2,134 | €2,764 | +€629 | +29.5% |
| Profit (loss) for the period | 9904 | €16,075 | €16,331 | +€256 | +1.6% |
| Profit (loss) for the period to be appropriated | 9905 | €16,075 | €16,331 | +€256 | +1.6% |
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 25 October 2026 via checked.be.