Danny 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.
Danny Raes
Largest movements
- Cash +€42,423
up €42,423 (+70.9%), from €59,839 to €102,262
mainly Net result for the year (+€85,404) and Depreciation (+€1,091)
- Current investments +€30,000
new in 2025: €30,000
- Tangible fixed assets +€5,760
up €5,760 (+158%), from €3,647 to €9,408
of which Furniture and vehicles: +€5,970
- Financial fixed assets -€2,500
down €2,500 (-10.0%), from €25,000 to €22,500
- Reserves +€85,404
up €85,404 (+244%), from €34,983 to €120,387
- Trade debts -€8,637
down €8,637 (-87.4%), from €9,885 to €1,249
- Financial income +€63,615
up €63,615 (+1,376,943%), from €5 to €63,619
of which Financial income: +€46,115
- Gross operating margin +€11,330
up €11,330 (+35.5%), from €31,936 to €43,266
- Taxes +€10,755
up €10,755 (+124%), from €8,653 to €19,408
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 | €89,638 | €166,058 | +€76,420 | +85.3% |
| Fixed assets | 21/28 | €28,647 | €31,908 | +€3,260 | +11.4% |
| Tangible fixed assets | 22/27 | €3,647 | €9,408 | +€5,760 | +158% |
| Plant, machinery and equipment | 23 | €584 | €374 | -€210 | -36.0% |
| Furniture and vehicles | 24 | €3,064 | €9,034 | +€5,970 | +195% |
| Financial fixed assets | 28 | €25,000 | €22,500 | -€2,500 | -10.0% |
| Current assets | 29/58 | €60,991 | €134,150 | +€73,159 | +120% |
| Amounts receivable within one year | 40/41 | - | €633 | +€633 | |
| Other amounts receivable | 41 | - | €633 | +€633 | |
| Current investments | 50/53 | - | €30,000 | +€30,000 | |
| Cash at bank and in hand | 54/58 | €59,839 | €102,262 | +€42,423 | +70.9% |
| Deferred charges and accrued income | 490/1 | €1,152 | €1,256 | +€104 | +9.0% |
| Total equity and liabilities | 10/49 | €89,638 | €166,058 | +€76,420 | +85.3% |
| Equity | 10/15 | €64,983 | €150,387 | +€85,404 | +131% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €34,983 | €120,387 | +€85,404 | +244% |
| Distributable reserves | 133 | €34,983 | €120,387 | +€85,404 | +244% |
| Amounts payable | 17/49 | €24,655 | €15,671 | -€8,985 | -36.4% |
| Amounts payable within one year | 42/48 | €24,655 | €15,671 | -€8,985 | -36.4% |
| Trade debts | 44 | €9,885 | €1,249 | -€8,637 | -87.4% |
| Suppliers | 440/4 | €9,885 | €1,249 | -€8,637 | -87.4% |
| Taxes, remuneration and social security | 45 | €8,994 | €8,868 | -€127 | -1.4% |
| Taxes | 450/3 | €8,994 | €8,868 | -€127 | -1.4% |
| Other amounts payable | 47/48 | €5,776 | €5,554 | -€222 | -3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €841 | €1,091 | +€250 | +29.7% |
| Other operating charges | 640/8 | €892 | €910 | +€18 | +2.0% |
| Non-recurring operating charges | 66A | €133 | - | -€133 | |
| Gross operating margin | 9900 | €31,936 | €43,266 | +€11,330 | +35.5% |
| Operating profit (loss) | 9901 | €30,071 | €41,266 | +€11,195 | +37.2% |
| Financial income | 75/76B | €5 | €63,619 | +€63,615 | +1,376,943% |
| Recurring financial income | 75 | €5 | €46,119 | +€46,115 | +998,155% |
| Non-recurring financial income | 76B | - | €17,500 | +€17,500 | |
| Financial charges | 65/66B | €76 | €73 | -€3 | -4.0% |
| Recurring financial charges | 65 | €76 | €73 | -€3 | -4.0% |
| Profit (loss) for the period before taxes | 9903 | €29,999 | €104,812 | +€74,813 | +249% |
| Income taxes | 67/77 | €8,653 | €19,408 | +€10,755 | +124% |
| Profit (loss) for the period | 9904 | €21,347 | €85,404 | +€64,058 | +300% |
| Profit (loss) for the period to be appropriated | 9905 | €21,347 | €85,404 | +€64,058 | +300% |
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 25 October 2026 via checked.be.