RYNGAERT: 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.
RYNGAERT
Largest movements
- Receivables within one year -€176,129
down €176,129 (-27.5%), from €640,254 to €464,125
of which Trade receivables: -€176,129
- Tangible fixed assets -€83,366
down €83,366 (-20.0%), from €416,224 to €332,859
of which Leasing and similar rights: -€92,055
- Cash +€79,398
up €79,398 (+41.1%), from €192,972 to €272,369
mainly Receivables within one year (+€176,129) and Net result for the year (+€113,404)
- Stocks and contracts -€72,273
down €72,273 (-12.3%), from €589,589 to €517,316
- Short-term financial debts -€150,000
no longer reported in 2025 (was €150,000)
- Trade debts -€112,326
down €112,326 (-33.6%), from €334,351 to €222,024
- Profit (loss) carried forward +€94,245
up €94,245 (+12.2%), from €775,182 to €869,428
- Debts after one year -€41,915
down €41,915 (-33.8%), from €124,121 to €82,206
- Current portion of long-term debt -€27,377
down €27,377 (-22.6%), from €121,189 to €93,812
- Gross operating margin +€99,218
up €99,218 (+13.4%), from €741,752 to €840,970
- Write-downs +€55,030
new in 2025: €55,030
- Staff costs +€50,891
up €50,891 (+11.1%), from €458,177 to €509,068
- Depreciation +€10,156
up €10,156 (+13.3%), from €76,170 to €86,327
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 | €1,849,082 | €1,598,114 | -€250,967 | -13.6% |
| Fixed assets | 21/28 | €416,224 | €332,859 | -€83,366 | -20.0% |
| Tangible fixed assets | 22/27 | €416,224 | €332,859 | -€83,366 | -20.0% |
| Land and buildings | 22 | €102,281 | €90,249 | -€12,031 | -11.8% |
| Plant, machinery and equipment | 23 | €20,955 | €49,038 | +€28,083 | +134% |
| Furniture and vehicles | 24 | €26,198 | €18,836 | -€7,362 | -28.1% |
| Leasing and similar rights | 25 | €266,791 | €174,736 | -€92,055 | -34.5% |
| Current assets | 29/58 | €1,432,857 | €1,265,256 | -€167,602 | -11.7% |
| Stocks and contracts in progress | 3 | €589,589 | €517,316 | -€72,273 | -12.3% |
| Stocks | 30/36 | €589,589 | €517,316 | -€72,273 | -12.3% |
| Amounts receivable within one year | 40/41 | €640,254 | €464,125 | -€176,129 | -27.5% |
| Trade receivables | 40 | €640,214 | €464,085 | -€176,129 | -27.5% |
| Other amounts receivable | 41 | €40 | €40 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €192,972 | €272,369 | +€79,398 | +41.1% |
| Deferred charges and accrued income | 490/1 | €10,043 | €11,445 | +€1,402 | +14.0% |
| Total equity and liabilities | 10/49 | €1,849,082 | €1,598,114 | -€250,967 | -13.6% |
| Equity | 10/15 | €997,250 | €1,086,133 | +€88,883 | +8.9% |
| Contributions | 10/11 | €69,534 | €69,534 | = | 0.0% |
| Reserves | 13 | €152,533 | €147,171 | -€5,363 | -3.5% |
| Tax-exempt reserves | 132 | €20,804 | €15,442 | -€5,363 | -25.8% |
| Distributable reserves | 133 | €131,729 | €131,729 | = | 0.0% |
| Profit (loss) carried forward | 14 | €775,182 | €869,428 | +€94,245 | +12.2% |
| Provisions and deferred taxes | 16 | €7,796 | €6,008 | -€1,788 | -22.9% |
| Deferred taxes | 168 | €7,796 | €6,008 | -€1,788 | -22.9% |
| Amounts payable | 17/49 | €844,036 | €505,973 | -€338,063 | -40.1% |
| Amounts payable after more than one year | 17 | €124,121 | €82,206 | -€41,915 | -33.8% |
| Financial debts | 170/4 | €124,121 | €82,206 | -€41,915 | -33.8% |
| Amounts payable within one year | 42/48 | €719,915 | €423,768 | -€296,147 | -41.1% |
| Current portion of amounts payable after more than one year | 42 | €121,189 | €93,812 | -€27,377 | -22.6% |
| Financial debts | 43 | €150,000 | - | -€150,000 | |
| Credit institutions | 430/8 | €150,000 | - | -€150,000 | |
| Trade debts | 44 | €334,351 | €222,024 | -€112,326 | -33.6% |
| Suppliers | 440/4 | €334,351 | €222,024 | -€112,326 | -33.6% |
| Taxes, remuneration and social security | 45 | €90,669 | €87,865 | -€2,805 | -3.1% |
| Taxes | 450/3 | €20,314 | €22,094 | +€1,779 | +8.8% |
| Remuneration and social security | 454/9 | €70,355 | €65,771 | -€4,584 | -6.5% |
| Other amounts payable | 47/48 | €23,706 | €20,067 | -€3,640 | -15.4% |
| Non-recurring operating income | 76A | €2,000 | - | -€2,000 | |
| Remuneration, social security and pensions | 62 | €458,177 | €509,068 | +€50,891 | +11.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €76,170 | €86,327 | +€10,156 | +13.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €55,030 | +€55,030 | |
| Other operating charges | 640/8 | €13,190 | €13,771 | +€581 | +4.4% |
| Non-recurring operating charges | 66A | - | €1,802 | +€1,802 | |
| Gross operating margin | 9900 | €741,752 | €840,970 | +€99,218 | +13.4% |
| Operating profit (loss) | 9901 | €194,214 | €174,972 | -€19,242 | -9.9% |
| Financial income | 75/76B | €2,779 | €2,275 | -€504 | -18.1% |
| Recurring financial income | 75 | €2,779 | €2,275 | -€504 | -18.1% |
| Financial charges | 65/66B | €21,244 | €22,536 | +€1,293 | +6.1% |
| Recurring financial charges | 65 | €21,244 | €22,536 | +€1,293 | +6.1% |
| Profit (loss) for the period before taxes | 9903 | €175,749 | €154,711 | -€21,038 | -12.0% |
| Transfer from deferred taxes | 780 | €1,788 | €1,788 | = | 0.0% |
| Income taxes | 67/77 | €40,312 | €43,094 | +€2,782 | +6.9% |
| Profit (loss) for the period | 9904 | €137,224 | €113,404 | -€23,821 | -17.4% |
| Transfer from tax-exempt reserves | 789 | €5,363 | €5,363 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €142,587 | €118,766 | -€23,821 | -16.7% |
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 16 October 2026 via checked.be.