RAGNAR: 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.
RAGNAR
Largest movements
- Stocks and contracts -€483,870
down €483,870 (-50.5%), from €957,936 to €474,066
- Cash +€24,121
up €24,121 (+508%), from €4,751 to €28,871
mainly Stocks and contracts (+€483,870) and Net result for the year (+€300,182)
- Other debts -€355,000
down €355,000 (-42.4%), from €837,000 to €482,000
- Profit (loss) carried forward -€106,018
down €106,018 (-98.8%), from €107,338 to €1,320
- Gross operating margin +€248,603
up €248,603 (+162%), from €153,540 to €402,142
- Taxes +€63,979
up €63,979 (+177%), from €36,082 to €100,061
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 | €1,012,687 | €557,877 | -€454,810 | -44.9% |
| Current assets | 29/58 | €1,012,687 | €557,877 | -€454,810 | -44.9% |
| Stocks and contracts in progress | 3 | €957,936 | €474,066 | -€483,870 | -50.5% |
| Stocks | 30/36 | €957,936 | €474,066 | -€483,870 | -50.5% |
| Amounts receivable within one year | 40/41 | €50,000 | €54,939 | +€4,939 | +9.9% |
| Other amounts receivable | 41 | €50,000 | €54,939 | +€4,939 | +9.9% |
| Cash at bank and in hand | 54/58 | €4,751 | €28,871 | +€24,121 | +508% |
| Total equity and liabilities | 10/49 | €1,012,687 | €557,877 | -€454,810 | -44.9% |
| Equity | 10/15 | €169,338 | €69,520 | -€99,818 | -58.9% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | - | €6,200 | +€6,200 | |
| Non-distributable reserves | 130/1 | - | €6,200 | +€6,200 | |
| Legal reserve | 130 | - | €6,200 | +€6,200 | |
| Profit (loss) carried forward | 14 | €107,338 | €1,320 | -€106,018 | -98.8% |
| Amounts payable | 17/49 | €843,349 | €488,357 | -€354,992 | -42.1% |
| Amounts payable within one year | 42/48 | €843,349 | €488,357 | -€354,992 | -42.1% |
| Trade debts | 44 | €267 | €275 | +€8 | +3.1% |
| Suppliers | 440/4 | €267 | €275 | +€8 | +3.1% |
| Taxes, remuneration and social security | 45 | €6,082 | €6,082 | = | 0.0% |
| Taxes | 450/3 | €6,082 | €6,082 | = | 0.0% |
| Other amounts payable | 47/48 | €837,000 | €482,000 | -€355,000 | -42.4% |
| Other operating charges | 640/8 | €968 | €998 | +€31 | +3.2% |
| Gross operating margin | 9900 | €153,540 | €402,142 | +€248,603 | +162% |
| Operating profit (loss) | 9901 | €152,572 | €401,144 | +€248,572 | +163% |
| Financial income | 75/76B | €49 | €87 | +€38 | +77.3% |
| Recurring financial income | 75 | €49 | €87 | +€38 | +77.3% |
| Financial charges | 65/66B | €986 | €988 | +€3 | +0.3% |
| Recurring financial charges | 65 | €986 | €988 | +€3 | +0.3% |
| Profit (loss) for the period before taxes | 9903 | €151,635 | €400,242 | +€248,607 | +164% |
| Income taxes | 67/77 | €36,082 | €100,061 | +€63,979 | +177% |
| Profit (loss) for the period | 9904 | €115,553 | €300,182 | +€184,629 | +160% |
| Profit (loss) for the period to be appropriated | 9905 | €115,553 | €300,182 | +€184,629 | +160% |
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.