APOTHEEK RAES: 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.
APOTHEEK RAES
Largest movements
- Receivables within one year -€51,706
down €51,706 (-8.6%), from €598,283 to €546,576
of which Trade receivables: -€171,671
- Intangible fixed assets -€25,043
no longer reported in 2025 (was €25,043)
- Tangible fixed assets +€24,176
up €24,176 (+67.7%), from €35,704 to €59,881
of which Other tangible fixed assets: +€31,501
- Cash -€19,233
down €19,233 (-44.1%), from €43,609 to €24,376
mainly Investment in fixed assets (net) (-€45,557) and Other debts (-€32,969)
- Stocks and contracts +€10,712
up €10,712 (+11.4%), from €93,677 to €104,389
- Other debts -€32,969
down €32,969 (-15.5%), from €212,643 to €179,674
- Trade debts -€10,168
down €10,168 (-7.7%), from €131,396 to €121,228
- Debts after one year -€9,634
down €9,634 (-24.1%), from €39,979 to €30,345
- Reserves -€8,955
down €8,955 (-3.9%), from €229,882 to €220,927
- Gross operating margin -€29,173
down €29,173 (-18.9%), from €154,432 to €125,258
- Staff costs -€11,726
down €11,726 (-13.0%), from €90,500 to €78,774
- Taxes -€3,092
no longer reported in 2025 (was €3,092)
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 | €805,279 | €744,652 | -€60,626 | -7.5% |
| Fixed assets | 21/28 | €67,248 | €66,381 | -€867 | -1.3% |
| Intangible fixed assets | 21 | €25,043 | - | -€25,043 | |
| Tangible fixed assets | 22/27 | €35,704 | €59,881 | +€24,176 | +67.7% |
| Plant, machinery and equipment | 23 | €10,957 | €8,432 | -€2,525 | -23.0% |
| Furniture and vehicles | 24 | €9,600 | €4,800 | -€4,800 | -50.0% |
| Other tangible fixed assets | 26 | €15,147 | €46,649 | +€31,501 | +208% |
| Financial fixed assets | 28 | €6,500 | €6,500 | = | 0.0% |
| Current assets | 29/58 | €738,031 | €678,272 | -€59,759 | -8.1% |
| Stocks and contracts in progress | 3 | €93,677 | €104,389 | +€10,712 | +11.4% |
| Stocks | 30/36 | €93,677 | €104,389 | +€10,712 | +11.4% |
| Amounts receivable within one year | 40/41 | €598,283 | €546,576 | -€51,706 | -8.6% |
| Trade receivables | 40 | €329,200 | €157,528 | -€171,671 | -52.1% |
| Other amounts receivable | 41 | €269,083 | €389,048 | +€119,965 | +44.6% |
| Cash at bank and in hand | 54/58 | €43,609 | €24,376 | -€19,233 | -44.1% |
| Deferred charges and accrued income | 490/1 | €2,463 | €2,930 | +€468 | +19.0% |
| Total equity and liabilities | 10/49 | €805,279 | €744,652 | -€60,626 | -7.5% |
| Equity | 10/15 | €242,282 | €233,327 | -€8,955 | -3.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €229,882 | €220,927 | -€8,955 | -3.9% |
| Distributable reserves | 133 | €229,882 | €220,927 | -€8,955 | -3.9% |
| Amounts payable | 17/49 | €562,997 | €511,326 | -€51,672 | -9.2% |
| Amounts payable after more than one year | 17 | €39,979 | €30,345 | -€9,634 | -24.1% |
| Financial debts | 170/4 | €39,979 | €30,345 | -€9,634 | -24.1% |
| Amounts payable within one year | 42/48 | €523,018 | €480,980 | -€42,038 | -8.0% |
| Current portion of amounts payable after more than one year | 42 | €9,265 | €9,634 | +€369 | +4.0% |
| Financial debts | 43 | €158,826 | €160,536 | +€1,710 | +1.1% |
| Credit institutions | 430/8 | €158,826 | €160,536 | +€1,710 | +1.1% |
| Trade debts | 44 | €131,396 | €121,228 | -€10,168 | -7.7% |
| Suppliers | 440/4 | €131,396 | €121,228 | -€10,168 | -7.7% |
| Taxes, remuneration and social security | 45 | €10,888 | €9,908 | -€979 | -9.0% |
| Taxes | 450/3 | - | €263 | +€263 | |
| Remuneration and social security | 454/9 | €10,888 | €9,645 | -€1,243 | -11.4% |
| Other amounts payable | 47/48 | €212,643 | €179,674 | -€32,969 | -15.5% |
| Remuneration, social security and pensions | 62 | €90,500 | €78,774 | -€11,726 | -13.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,213 | €46,424 | -€789 | -1.7% |
| Other operating charges | 640/8 | €2,115 | €1,968 | -€147 | -7.0% |
| Gross operating margin | 9900 | €154,432 | €125,258 | -€29,173 | -18.9% |
| Operating profit (loss) | 9901 | €14,603 | -€1,908 | -€16,511 | |
| Financial income | 75/76B | €2,649 | €2,684 | +€35 | +1.3% |
| Recurring financial income | 75 | €2,649 | €2,684 | +€35 | +1.3% |
| Financial charges | 65/66B | €9,022 | €9,730 | +€708 | +7.9% |
| Recurring financial charges | 65 | €9,022 | €9,730 | +€708 | +7.9% |
| Profit (loss) for the period before taxes | 9903 | €8,230 | -€8,955 | -€17,184 | |
| Income taxes | 67/77 | €3,092 | - | -€3,092 | |
| Profit (loss) for the period | 9904 | €5,138 | -€8,955 | -€14,093 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,138 | -€8,955 | -€14,093 |
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.