STEF RONSMANS: 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.
STEF RONSMANS
Largest movements
- Receivables after one year +€2.1m
new in 2025: €2.1m
- Financial fixed assets -€710,666
down €710,666 (-57.4%), from €1.2m to €526,385
- Receivables within one year -€458,201
down €458,201 (-86.2%), from €531,501 to €73,300
of which Other amounts receivable: -€469,770
- Cash -€103,203
down €103,203 (-53.0%), from €194,588 to €91,384
mainly Receivables after one year (-€2.1m) and Other debts (-€194,218)
- Tangible fixed assets -€53,140
down €53,140 (-27.3%), from €194,954 to €141,814
of which Land and buildings: -€27,736
- Reserves +€879,654
up €879,654 (+82.3%), from €1.1m to €1.9m
of which Distributable reserves: +€879,654
- Other debts -€194,218
down €194,218 (-21.5%), from €902,016 to €707,799
- Debts after one year -€150,000
down €150,000 (-100.0%), from €150,000 to €0
- Current portion of long-term debt +€150,000
new in 2025: €150,000
- Tax, wage and social debts +€83,384
up €83,384 (+293.0%), from €28,457 to €111,840
of which Taxes: +€86,870
- Financial income +€757,277
up €757,277 (+310.9%), from €243,557 to €1.0m
- Taxes +€60,283
up €60,283 (+212.6%), from €28,361 to €88,644
- Gross operating margin +€10,020
up €10,020 (+12.6%), from €79,434 to €89,454
- Financial charges +€3,148
up €3,148 (+5.8%), from €54,446 to €57,594
- Depreciation +€1,514
up €1,514 (+2.6%), from €58,220 to €59,733
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 | €2,169,291 | €2,943,208 | +€773,917 | +35.7% |
| Fixed assets | 21/28 | €1,432,006 | €668,199 | -€763,807 | -53.3% |
| Tangible fixed assets | 22/27 | €194,954 | €141,814 | -€53,140 | -27.3% |
| Land and buildings | 22 | €58,478 | €30,742 | -€27,736 | -47.4% |
| Plant, machinery and equipment | 23 | €2,431 | €7,177 | +€4,746 | +195.2% |
| Furniture and vehicles | 24 | €110,232 | €83,027 | -€27,205 | -24.7% |
| Other tangible fixed assets | 26 | €23,814 | €20,868 | -€2,945 | -12.4% |
| Financial fixed assets | 28 | €1,237,051 | €526,385 | -€710,666 | -57.4% |
| Current assets | 29/58 | €737,285 | €2,275,009 | +€1.5m | +208.6% |
| Amounts receivable after more than one year | 29 | - | €2,104,960 | +€2.1m | |
| Other amounts receivable | 291 | - | €2,104,960 | +€2.1m | |
| Amounts receivable within one year | 40/41 | €531,501 | €73,300 | -€458,201 | -86.2% |
| Trade receivables | 40 | €16,881 | €28,450 | +€11,569 | +68.5% |
| Other amounts receivable | 41 | €514,620 | €44,850 | -€469,770 | -91.3% |
| Current investments | 50/53 | €737 | €1,403 | +€667 | +90.5% |
| Cash at bank and in hand | 54/58 | €194,588 | €91,384 | -€103,203 | -53.0% |
| Deferred charges and accrued income | 490/1 | €10,460 | €3,961 | -€6,498 | -62.1% |
| Total equity and liabilities | 10/49 | €2,169,291 | €2,943,208 | +€773,917 | +35.7% |
| Equity | 10/15 | €1,084,624 | €1,964,278 | +€879,654 | +81.1% |
| Contributions | 10/11 | €15,960 | €15,960 | = | 0.0% |
| Reserves | 13 | €1,068,664 | €1,948,318 | +€879,654 | +82.3% |
| Non-distributable reserves | 130/1 | €28,900 | €28,900 | = | 0.0% |
| Reserves not available under the articles | 1311 | €28,900 | €28,900 | = | 0.0% |
| Distributable reserves | 133 | €1,039,764 | €1,919,418 | +€879,654 | +84.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,084,667 | €978,931 | -€105,737 | -9.7% |
| Amounts payable after more than one year | 17 | €150,000 | €0 | -€150,000 | -100.0% |
| Financial debts | 170/4 | €150,000 | €0 | -€150,000 | -100.0% |
| Amounts payable within one year | 42/48 | €934,667 | €978,931 | +€44,263 | +4.7% |
| Current portion of amounts payable after more than one year | 42 | - | €150,000 | +€150,000 | |
| Trade debts | 44 | €4,194 | €9,292 | +€5,098 | +121.5% |
| Suppliers | 440/4 | €4,194 | €9,292 | +€5,098 | +121.5% |
| Taxes, remuneration and social security | 45 | €28,457 | €111,840 | +€83,384 | +293.0% |
| Taxes | 450/3 | €24,971 | €111,840 | +€86,870 | +347.9% |
| Remuneration and social security | 454/9 | €3,486 | €0 | -€3,486 | -100.0% |
| Other amounts payable | 47/48 | €902,016 | €707,799 | -€194,218 | -21.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,220 | €59,733 | +€1,514 | +2.6% |
| Other operating charges | 640/8 | €4,730 | €4,663 | -€67 | -1.4% |
| Gross operating margin | 9900 | €79,434 | €89,454 | +€10,020 | +12.6% |
| Operating profit (loss) | 9901 | €16,484 | €25,057 | +€8,573 | +52.0% |
| Financial income | 75/76B | €243,557 | €1,000,834 | +€757,277 | +310.9% |
| Recurring financial income | 75 | €243,557 | €1,000,834 | +€757,277 | +310.9% |
| Financial charges | 65/66B | €54,446 | €57,594 | +€3,148 | +5.8% |
| Recurring financial charges | 65 | €54,446 | €57,594 | +€3,148 | +5.8% |
| Profit (loss) for the period before taxes | 9903 | €205,595 | €968,297 | +€762,702 | +371.0% |
| Income taxes | 67/77 | €28,361 | €88,644 | +€60,283 | +212.6% |
| Profit (loss) for the period | 9904 | €177,234 | €879,654 | +€702,420 | +396.3% |
| Profit (loss) for the period to be appropriated | 9905 | €177,234 | €879,654 | +€702,420 | +396.3% |
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 11 October 2026 via checked.be.