The Ranch: 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.
The Ranch
Largest movements
- Tangible fixed assets +€261,913
up €261,913 (+76.0%), from €344,712 to €606,626
of which Other tangible fixed assets: +€366,015
- Receivables within one year +€172,361
up €172,361 (+167%), from €103,444 to €275,806
of which Trade receivables: +€197,463
- Deferred charges and accrued income +€14,672
up €14,672 (+886%), from €1,656 to €16,328
- Debts after one year +€355,208
up €355,208 (+274%), from €129,645 to €484,853
- Current portion of long-term debt +€208,889
up €208,889 (+681%), from €30,661 to €239,550
- Trade debts -€101,658
down €101,658 (-49.5%), from €205,497 to €103,839
- Other debts -€75,517
down €75,517 (-93.4%), from €80,887 to €5,370
- Tax, wage and social debts +€60,836
up €60,836 (+1,002%), from €6,072 to €66,909
of which Taxes: +€49,391
- Gross operating margin +€76,134
up €76,134 (+73.0%), from €104,309 to €180,443
- Depreciation +€40,501
up €40,501 (+250%), from €16,190 to €56,691
- Staff costs +€31,764
up €31,764 (+68.0%), from €46,683 to €78,447
- Financial charges +€17,938
up €17,938 (+338%), from €5,311 to €23,249
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €590,020 | €1,030,285 | +€440,265 | +74.6% |
| Fixed assets | 21/28 | €344,712 | €606,626 | +€261,913 | +76.0% |
| Tangible fixed assets | 22/27 | €344,712 | €606,626 | +€261,913 | +76.0% |
| Plant, machinery and equipment | 23 | €159,566 | €199,224 | +€39,658 | +24.9% |
| Furniture and vehicles | 24 | €2,739 | €4,609 | +€1,870 | +68.3% |
| Other tangible fixed assets | 26 | €36,778 | €402,793 | +€366,015 | +995% |
| Assets under construction and advance payments | 27 | €145,630 | - | -€145,630 | |
| Current assets | 29/58 | €245,307 | €423,659 | +€178,352 | +72.7% |
| Amounts receivable within one year | 40/41 | €103,444 | €275,806 | +€172,361 | +167% |
| Trade receivables | 40 | €51,871 | €249,334 | +€197,463 | +381% |
| Other amounts receivable | 41 | €51,573 | €26,472 | -€25,101 | -48.7% |
| Cash at bank and in hand | 54/58 | €140,207 | €131,525 | -€8,682 | -6.2% |
| Deferred charges and accrued income | 490/1 | €1,656 | €16,328 | +€14,672 | +886% |
| Total equity and liabilities | 10/49 | €590,020 | €1,030,285 | +€440,265 | +74.6% |
| Equity | 10/15 | €117,137 | €129,763 | +€12,626 | +10.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €110,937 | €123,563 | +€12,626 | +11.4% |
| Distributable reserves | 133 | €110,937 | €123,563 | +€12,626 | +11.4% |
| Amounts payable | 17/49 | €472,883 | €900,521 | +€427,639 | +90.4% |
| Amounts payable after more than one year | 17 | €129,645 | €484,853 | +€355,208 | +274% |
| Financial debts | 170/4 | €129,645 | €484,853 | +€355,208 | +274% |
| Amounts payable within one year | 42/48 | €343,237 | €415,668 | +€72,431 | +21.1% |
| Current portion of amounts payable after more than one year | 42 | €30,661 | €239,550 | +€208,889 | +681% |
| Financial debts | 43 | €20,120 | - | -€20,120 | |
| Credit institutions | 430/8 | €20,120 | - | -€20,120 | |
| Trade debts | 44 | €205,497 | €103,839 | -€101,658 | -49.5% |
| Suppliers | 440/4 | €205,497 | €103,839 | -€101,658 | -49.5% |
| Taxes, remuneration and social security | 45 | €6,072 | €66,909 | +€60,836 | +1,002% |
| Taxes | 450/3 | €6,072 | €55,464 | +€49,391 | +813% |
| Remuneration and social security | 454/9 | - | €11,445 | +€11,445 | |
| Other amounts payable | 47/48 | €80,887 | €5,370 | -€75,517 | -93.4% |
| Non-recurring operating income | 76A | €137 | - | -€137 | |
| Remuneration, social security and pensions | 62 | €46,683 | €78,447 | +€31,764 | +68.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,190 | €56,691 | +€40,501 | +250% |
| Other operating charges | 640/8 | €2,583 | €1,282 | -€1,302 | -50.4% |
| Non-recurring operating charges | 66A | - | €6,890 | +€6,890 | |
| Gross operating margin | 9900 | €104,309 | €180,443 | +€76,134 | +73.0% |
| Operating profit (loss) | 9901 | €38,852 | €37,134 | -€1,719 | -4.4% |
| Financial income | 75/76B | €227 | €4 | -€222 | -98.1% |
| Recurring financial income | 75 | €227 | €4 | -€222 | -98.1% |
| Financial charges | 65/66B | €5,311 | €23,249 | +€17,938 | +338% |
| Recurring financial charges | 65 | €5,311 | €23,249 | +€17,938 | +338% |
| Profit (loss) for the period before taxes | 9903 | €33,768 | €13,889 | -€19,879 | -58.9% |
| Income taxes | 67/77 | €2,293 | €1,263 | -€1,030 | -44.9% |
| Profit (loss) for the period | 9904 | €31,475 | €12,626 | -€18,849 | -59.9% |
| Profit (loss) for the period to be appropriated | 9905 | €31,475 | €12,626 | -€18,849 | -59.9% |
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 13 October 2026 via checked.be.