Advocaat Deneef Raf: 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.
Advocaat Deneef Raf
Largest movements
- Cash +€29,165
up €29,165 (+35.5%), from €82,234 to €111,400
mainly Net result for the year (+€33,475) and Depreciation (+€16,230)
- Tangible fixed assets -€15,709
down €15,709 (-6.1%), from €257,830 to €242,121
of which Land and buildings: -€15,233
- Other debts +€12,203
up €12,203 (+23.2%), from €52,500 to €64,703
- Debts after one year -€12,082
down €12,082 (-5.6%), from €215,569 to €203,487
- Profit (loss) carried forward +€9,945
up €9,945 (+11.0%), from €90,542 to €100,487
- Gross operating margin +€20,793
up €20,793 (+44.2%), from €47,049 to €67,842
- Taxes +€4,157
up €4,157 (+69.0%), from €6,021 to €10,178
- Financial charges +€1,753
up €1,753 (+28.4%), from €6,182 to €7,934
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 | €405,912 | €420,417 | +€14,505 | +3.6% |
| Fixed assets | 21/28 | €310,330 | €294,621 | -€15,709 | -5.1% |
| Tangible fixed assets | 22/27 | €257,830 | €242,121 | -€15,709 | -6.1% |
| Land and buildings | 22 | €254,594 | €239,360 | -€15,233 | -6.0% |
| Plant, machinery and equipment | 23 | €1,115 | €1,120 | +€5 | +0.4% |
| Furniture and vehicles | 24 | €2,121 | €1,640 | -€481 | -22.7% |
| Financial fixed assets | 28 | €52,500 | €52,500 | = | 0.0% |
| Current assets | 29/58 | €95,582 | €125,796 | +€30,214 | +31.6% |
| Amounts receivable within one year | 40/41 | €13,347 | €14,396 | +€1,049 | +7.9% |
| Trade receivables | 40 | €10,896 | €14,396 | +€3,501 | +32.1% |
| Other amounts receivable | 41 | €2,452 | €0 | -€2,452 | -100% |
| Cash at bank and in hand | 54/58 | €82,234 | €111,400 | +€29,165 | +35.5% |
| Total equity and liabilities | 10/49 | €405,912 | €420,417 | +€14,505 | +3.6% |
| Equity | 10/15 | €111,002 | €120,947 | +€9,945 | +9.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €90,542 | €100,487 | +€9,945 | +11.0% |
| Amounts payable | 17/49 | €294,910 | €299,470 | +€4,560 | +1.5% |
| Amounts payable after more than one year | 17 | €215,569 | €203,487 | -€12,082 | -5.6% |
| Financial debts | 170/4 | €215,569 | €203,487 | -€12,082 | -5.6% |
| Amounts payable within one year | 42/48 | €78,479 | €95,120 | +€16,642 | +21.2% |
| Current portion of amounts payable after more than one year | 42 | €11,550 | €12,082 | +€532 | +4.6% |
| Trade debts | 44 | €17 | €14 | -€3 | -15.8% |
| Suppliers | 440/4 | €17 | €14 | -€3 | -15.8% |
| Taxes, remuneration and social security | 45 | €14,412 | €18,321 | +€3,909 | +27.1% |
| Taxes | 450/3 | €11,743 | €15,623 | +€3,880 | +33.0% |
| Remuneration and social security | 454/9 | €2,669 | €2,698 | +€29 | +1.1% |
| Other amounts payable | 47/48 | €52,500 | €64,703 | +€12,203 | +23.2% |
| Accrued charges and deferred income | 492/3 | €862 | €862 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,084 | €16,230 | +€146 | +0.9% |
| Other operating charges | 640/8 | €441 | €463 | +€22 | +4.9% |
| Gross operating margin | 9900 | €47,049 | €67,842 | +€20,793 | +44.2% |
| Operating profit (loss) | 9901 | €30,523 | €51,148 | +€20,625 | +67.6% |
| Financial income | 75/76B | €857 | €439 | -€418 | -48.8% |
| Recurring financial income | 75 | €857 | €439 | -€418 | -48.8% |
| Financial charges | 65/66B | €6,182 | €7,934 | +€1,753 | +28.4% |
| Recurring financial charges | 65 | €6,182 | €7,934 | +€1,753 | +28.4% |
| Profit (loss) for the period before taxes | 9903 | €25,199 | €43,654 | +€18,454 | +73.2% |
| Income taxes | 67/77 | €6,021 | €10,178 | +€4,157 | +69.0% |
| Profit (loss) for the period | 9904 | €19,178 | €33,475 | +€14,297 | +74.6% |
| Profit (loss) for the period to be appropriated | 9905 | €19,178 | €33,475 | +€14,297 | +74.6% |
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 20 October 2026 via checked.be.