AL-RAFIDAIN: 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.
AL-RAFIDAIN
Largest movements
- Tangible fixed assets +€735,357
up €735,357 (+182.6%), from €402,812 to €1.1m
of which Land and buildings: +€727,582
- Financial fixed assets +€274,930
new in 2025: €274,930
- Formation expenses +€114,052
new in 2025: €114,052
- Receivables within one year -€44,250
down €44,250 (-99.1%), from €44,671 to €421
- Debts after one year +€905,343
up €905,343 (+1983.7%), from €45,640 to €950,983
of which Financial debts: +€899,123
- Profit (loss) carried forward +€127,356
up €127,356 (+67.3%), from €189,180 to €316,536
- Current portion of long-term debt +€18,485
up €18,485 (+58.0%), from €31,861 to €50,346
- Gross operating margin +€113,400
up €113,400 (+89.2%), from €127,161 to €240,561
- Depreciation +€19,849
up €19,849 (+91.6%), from €21,660 to €41,508
- Financial charges +€19,583
up €19,583 (+241.6%), from €8,105 to €27,688
- Taxes +€18,312
up €18,312 (+86.1%), from €21,278 to €39,590
- Other operating charges -€10,315
down €10,315 (-60.6%), from €17,014 to €6,699
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 | €462,284 | €1,536,450 | +€1.1m | +232.4% |
| Formation expenses | 20 | - | €114,052 | +€114,052 | |
| Fixed assets | 21/28 | €402,812 | €1,413,099 | +€1.0m | +250.8% |
| Tangible fixed assets | 22/27 | €402,812 | €1,138,169 | +€735,357 | +182.6% |
| Land and buildings | 22 | €402,117 | €1,129,699 | +€727,582 | +180.9% |
| Furniture and vehicles | 24 | €695 | €185 | -€510 | -73.3% |
| Assets under construction and advance payments | 27 | - | €8,285 | +€8,285 | |
| Financial fixed assets | 28 | - | €274,930 | +€274,930 | |
| Current assets | 29/58 | €59,472 | €9,299 | -€50,172 | -84.4% |
| Amounts receivable within one year | 40/41 | €44,671 | €421 | -€44,250 | -99.1% |
| Trade receivables | 40 | €44,671 | €421 | -€44,250 | -99.1% |
| Cash at bank and in hand | 54/58 | €14,736 | €8,879 | -€5,857 | -39.7% |
| Deferred charges and accrued income | 490/1 | €66 | - | -€66 | |
| Total equity and liabilities | 10/49 | €462,284 | €1,536,450 | +€1.1m | +232.4% |
| Equity | 10/15 | €294,535 | €421,891 | +€127,356 | +43.2% |
| Contributions | 10/11 | €105,355 | €105,355 | = | 0.0% |
| Capital | 10 | €105,355 | €105,355 | = | 0.0% |
| Issued capital | 100 | €105,355 | €105,355 | = | 0.0% |
| Profit (loss) carried forward | 14 | €189,180 | €316,536 | +€127,356 | +67.3% |
| Amounts payable | 17/49 | €167,748 | €1,114,560 | +€946,811 | +564.4% |
| Amounts payable after more than one year | 17 | €45,640 | €950,983 | +€905,343 | +1983.7% |
| Financial debts | 170/4 | - | €899,123 | +€899,123 | |
| Other amounts payable | 178/9 | €45,640 | €51,860 | +€6,220 | +13.6% |
| Amounts payable within one year | 42/48 | €122,108 | €163,577 | +€41,468 | +34.0% |
| Current portion of amounts payable after more than one year | 42 | €31,861 | €50,346 | +€18,485 | +58.0% |
| Trade debts | 44 | €1,708 | €3,756 | +€2,048 | +119.9% |
| Suppliers | 440/4 | €1,708 | €3,756 | +€2,048 | +119.9% |
| Taxes, remuneration and social security | 45 | €48,482 | €60,868 | +€12,385 | +25.5% |
| Taxes | 450/3 | €48,482 | €60,868 | +€12,385 | +25.5% |
| Other amounts payable | 47/48 | €40,058 | €48,608 | +€8,550 | +21.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,660 | €41,508 | +€19,849 | +91.6% |
| Other operating charges | 640/8 | €17,014 | €6,699 | -€10,315 | -60.6% |
| Non-recurring operating charges | 66A | €15,700 | - | -€15,700 | |
| Gross operating margin | 9900 | €127,161 | €240,561 | +€113,400 | +89.2% |
| Operating profit (loss) | 9901 | €72,787 | €192,353 | +€119,566 | +164.3% |
| Financial income | 75/76B | - | €2,280 | +€2,280 | |
| Recurring financial income | 75 | - | €2,280 | +€2,280 | |
| Financial charges | 65/66B | €8,105 | €27,688 | +€19,583 | +241.6% |
| Recurring financial charges | 65 | €8,105 | €27,688 | +€19,583 | +241.6% |
| Profit (loss) for the period before taxes | 9903 | €64,683 | €166,945 | +€102,263 | +158.1% |
| Income taxes | 67/77 | €21,278 | €39,590 | +€18,312 | +86.1% |
| Profit (loss) for the period | 9904 | €43,405 | €127,356 | +€83,951 | +193.4% |
| Profit (loss) for the period to be appropriated | 9905 | €43,405 | €127,356 | +€83,951 | +193.4% |
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.