W. RAMON: 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.
W. RAMON
Largest movements
- Cash -€132,980
down €132,980 (-42.8%), from €310,414 to €177,434
mainly Investment in fixed assets (net) (-€305,124) and Current portion of long-term debt (-€224,220)
- Tangible fixed assets +€62,022
up €62,022 (+5.8%), from €1.1m to €1.1m
of which Plant, machinery and equipment: +€132,862
- Stocks and contracts -€43,672
down €43,672 (-7.3%), from €600,671 to €556,999
- Current portion of long-term debt -€224,220
down €224,220 (-72.9%), from €307,712 to €83,492
- Trade debts +€152,213
up €152,213 (+46.4%), from €327,984 to €480,197
- Debts after one year -€83,492
down €83,492 (-20.4%), from €408,319 to €324,827
- Other debts +€62,212
up €62,212 (+33.4%), from €186,422 to €248,633
- Tax, wage and social debts -€46,328
down €46,328 (-81.2%), from €57,040 to €10,712
of which Taxes: -€47,682
- Gross operating margin -€103,854
down €103,854 (-16.2%), from €640,422 to €536,569
- Taxes -€38,268
down €38,268 (-61.1%), from €62,600 to €24,333
- Depreciation +€36,180
up €36,180 (+17.5%), from €207,255 to €243,435
- Staff costs +€14,726
up €14,726 (+12.7%), from €115,873 to €130,599
- Other operating charges -€8,307
down €8,307 (-45.4%), from €18,290 to €9,983
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 | €2,425,205 | €2,295,657 | -€129,548 | -5.3% |
| Fixed assets | 21/28 | €1,069,313 | €1,131,002 | +€61,689 | +5.8% |
| Intangible fixed assets | 21 | €712 | €379 | -€333 | -46.8% |
| Tangible fixed assets | 22/27 | €1,068,466 | €1,130,488 | +€62,022 | +5.8% |
| Land and buildings | 22 | €338,953 | €326,478 | -€12,475 | -3.7% |
| Plant, machinery and equipment | 23 | €544,874 | €677,736 | +€132,862 | +24.4% |
| Furniture and vehicles | 24 | €184,639 | €126,274 | -€58,366 | -31.6% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €1,355,892 | €1,164,655 | -€191,237 | -14.1% |
| Stocks and contracts in progress | 3 | €600,671 | €556,999 | -€43,672 | -7.3% |
| Stocks | 30/36 | €600,671 | €556,999 | -€43,672 | -7.3% |
| Amounts receivable within one year | 40/41 | €435,580 | €418,329 | -€17,251 | -4.0% |
| Trade receivables | 40 | €428,372 | €375,518 | -€52,854 | -12.3% |
| Other amounts receivable | 41 | €7,208 | €42,811 | +€35,603 | +494% |
| Cash at bank and in hand | 54/58 | €310,414 | €177,434 | -€132,980 | -42.8% |
| Deferred charges and accrued income | 490/1 | €9,227 | €11,893 | +€2,666 | +28.9% |
| Total equity and liabilities | 10/49 | €2,425,205 | €2,295,657 | -€129,548 | -5.3% |
| Equity | 10/15 | €1,124,817 | €1,128,753 | +€3,936 | +0.3% |
| Contributions | 10/11 | €19,500 | €19,500 | = | 0.0% |
| Reserves | 13 | €1,105,317 | €1,109,253 | +€3,936 | +0.4% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €1,086,567 | €1,090,503 | +€3,936 | +0.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,300,388 | €1,166,903 | -€133,484 | -10.3% |
| Amounts payable after more than one year | 17 | €408,319 | €324,827 | -€83,492 | -20.4% |
| Financial debts | 170/4 | €408,319 | €324,827 | -€83,492 | -20.4% |
| Amounts payable within one year | 42/48 | €879,157 | €823,034 | -€56,123 | -6.4% |
| Current portion of amounts payable after more than one year | 42 | €307,712 | €83,492 | -€224,220 | -72.9% |
| Trade debts | 44 | €327,984 | €480,197 | +€152,213 | +46.4% |
| Suppliers | 440/4 | €327,984 | €480,197 | +€152,213 | +46.4% |
| Taxes, remuneration and social security | 45 | €57,040 | €10,712 | -€46,328 | -81.2% |
| Taxes | 450/3 | €49,632 | €1,950 | -€47,682 | -96.1% |
| Remuneration and social security | 454/9 | €7,407 | €8,762 | +€1,354 | +18.3% |
| Other amounts payable | 47/48 | €186,422 | €248,633 | +€62,212 | +33.4% |
| Accrued charges and deferred income | 492/3 | €12,911 | €19,042 | +€6,130 | +47.5% |
| Remuneration, social security and pensions | 62 | €115,873 | €130,599 | +€14,726 | +12.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €207,255 | €243,435 | +€36,180 | +17.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,105 | €0 | -€1,105 | -100% |
| Other operating charges | 640/8 | €18,290 | €9,983 | -€8,307 | -45.4% |
| Gross operating margin | 9900 | €640,422 | €536,569 | -€103,854 | -16.2% |
| Operating profit (loss) | 9901 | €297,899 | €152,551 | -€145,348 | -48.8% |
| Financial income | 75/76B | €143 | €6,253 | +€6,111 | +4,283% |
| Recurring financial income | 75 | €143 | €6,253 | +€6,111 | +4,283% |
| Financial charges | 65/66B | €29,101 | €29,536 | +€435 | +1.5% |
| Recurring financial charges | 65 | €29,101 | €29,536 | +€435 | +1.5% |
| Profit (loss) for the period before taxes | 9903 | €268,941 | €129,269 | -€139,672 | -51.9% |
| Income taxes | 67/77 | €62,600 | €24,333 | -€38,268 | -61.1% |
| Profit (loss) for the period | 9904 | €206,341 | €104,936 | -€101,405 | -49.1% |
| Profit (loss) for the period to be appropriated | 9905 | €206,341 | €104,936 | -€101,405 | -49.1% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.