Andy Raes: what changed
Andy Raes
Largest movements
- Stocks and contracts -€319,374
down €319,374 (-51.5%), from €619,821 to €300,448
of which Stocks: -€212,858
- Cash +€272,491
up €272,491 (+80.8%), from €337,263 to €609,754
mainly Stocks and contracts (+€319,374) and Depreciation (+€72,476)
- Receivables within one year +€59,734
up €59,734 (+20.8%), from €287,009 to €346,744
of which Other amounts receivable: +€130,745
- Tangible fixed assets -€56,435
down €56,435 (-7.8%), from €722,167 to €665,731
of which Furniture and vehicles: -€45,305
- Reserves +€72,355
up €72,355 (+7.7%), from €935,053 to €1.0m
of which Distributable reserves: +€72,355
- Trade debts -€55,826
down €55,826 (-14.9%), from €374,343 to €318,517
- Debts after one year -€35,260
down €35,260 (-6.9%), from €509,767 to €474,507
- Short-term financial debts -€20,000
no longer reported in 2025 (was €20,000)
- Staff costs +€81,075
up €81,075 (+30.2%), from €268,679 to €349,753
- Write-downs +€81,065
new in 2025: €81,065
- Taxes -€56,514
down €56,514 (-63.7%), from €88,755 to €32,241
- Depreciation +€13,293
up €13,293 (+22.5%), from €59,184 to €72,476
- Financial charges -€6,529
down €6,529 (-32.8%), from €19,896 to €13,367
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,975,444 | €1,932,148 | -€43,296 | -2.2% |
| Fixed assets | 21/28 | €722,835 | €666,399 | -€56,435 | -7.8% |
| Tangible fixed assets | 22/27 | €722,167 | €665,731 | -€56,435 | -7.8% |
| Land and buildings | 22 | €577,270 | €567,426 | -€9,844 | -1.7% |
| Plant, machinery and equipment | 23 | €3,585 | €2,299 | -€1,286 | -35.9% |
| Furniture and vehicles | 24 | €141,311 | €96,006 | -€45,305 | -32.1% |
| Financial fixed assets | 28 | €668 | €668 | = | 0.0% |
| Current assets | 29/58 | €1,252,610 | €1,265,749 | +€13,139 | +1.0% |
| Stocks and contracts in progress | 3 | €619,821 | €300,448 | -€319,374 | -51.5% |
| Stocks | 30/36 | €283,020 | €70,161 | -€212,858 | -75.2% |
| Contracts in progress | 37 | €336,802 | €230,286 | -€106,516 | -31.6% |
| Amounts receivable within one year | 40/41 | €287,009 | €346,744 | +€59,734 | +20.8% |
| Trade receivables | 40 | €195,619 | €124,608 | -€71,011 | -36.3% |
| Other amounts receivable | 41 | €91,390 | €222,135 | +€130,745 | +143% |
| Cash at bank and in hand | 54/58 | €337,263 | €609,754 | +€272,491 | +80.8% |
| Deferred charges and accrued income | 490/1 | €8,516 | €8,804 | +€288 | +3.4% |
| Total equity and liabilities | 10/49 | €1,975,444 | €1,932,148 | -€43,296 | -2.2% |
| Equity | 10/15 | €947,453 | €1,019,808 | +€72,355 | +7.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €935,053 | €1,007,408 | +€72,355 | +7.7% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €935,053 | €1,007,408 | +€72,355 | +7.7% |
| Amounts payable | 17/49 | €1,027,991 | €912,340 | -€115,651 | -11.3% |
| Amounts payable after more than one year | 17 | €509,767 | €474,507 | -€35,260 | -6.9% |
| Financial debts | 170/4 | €509,767 | €474,507 | -€35,260 | -6.9% |
| Amounts payable within one year | 42/48 | €514,144 | €437,834 | -€76,310 | -14.8% |
| Current portion of amounts payable after more than one year | 42 | €40,740 | €35,260 | -€5,480 | -13.5% |
| Financial debts | 43 | €20,000 | - | -€20,000 | |
| Credit institutions | 430/8 | €20,000 | - | -€20,000 | |
| Trade debts | 44 | €374,343 | €318,517 | -€55,826 | -14.9% |
| Suppliers | 440/4 | €374,343 | €318,517 | -€55,826 | -14.9% |
| Taxes, remuneration and social security | 45 | €71,112 | €81,414 | +€10,303 | +14.5% |
| Taxes | 450/3 | €23,728 | €22,373 | -€1,355 | -5.7% |
| Remuneration and social security | 454/9 | €47,384 | €59,042 | +€11,658 | +24.6% |
| Other amounts payable | 47/48 | €7,949 | €2,642 | -€5,307 | -66.8% |
| Accrued charges and deferred income | 492/3 | €4,081 | €0 | -€4,081 | -100% |
| Remuneration, social security and pensions | 62 | €268,679 | €349,753 | +€81,075 | +30.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,184 | €72,476 | +€13,293 | +22.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €81,065 | +€81,065 | |
| Other operating charges | 640/8 | €5,373 | €8,185 | +€2,812 | +52.3% |
| Gross operating margin | 9900 | €632,795 | €627,910 | -€4,885 | -0.8% |
| Operating profit (loss) | 9901 | €299,559 | €116,430 | -€183,129 | -61.1% |
| Financial income | 75/76B | €7,221 | €1,534 | -€5,688 | -78.8% |
| Recurring financial income | 75 | €7,221 | €1,534 | -€5,688 | -78.8% |
| Financial charges | 65/66B | €19,896 | €13,367 | -€6,529 | -32.8% |
| Recurring financial charges | 65 | €19,896 | €13,367 | -€6,529 | -32.8% |
| Profit (loss) for the period before taxes | 9903 | €286,884 | €104,596 | -€182,288 | -63.5% |
| Income taxes | 67/77 | €88,755 | €32,241 | -€56,514 | -63.7% |
| Profit (loss) for the period | 9904 | €198,129 | €72,355 | -€125,774 | -63.5% |
| Profit (loss) for the period to be appropriated | 9905 | €198,129 | €72,355 | -€125,774 | -63.5% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.