De Boel Raphaël: 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.
De Boel Raphaël
Largest movements
- Receivables within one year +€61,022
up €61,022 (+23.4%), from €260,621 to €321,644
of which Trade receivables: +€48,078
- Cash +€34,874
up €34,874 (+6.8%), from €512,798 to €547,672
mainly Net result for the year (+€198,607) and Other debts (+€18,016)
- Stocks and contracts +€12,927
up €12,927 (+5.1%), from €255,053 to €267,980
- Reserves +€185,035
up €185,035 (+27.9%), from €663,732 to €848,767
of which Distributable reserves: +€185,035
- Trade debts -€63,084
down €63,084 (-40.5%), from €155,861 to €92,776
- Tax, wage and social debts -€22,007
down €22,007 (-31.2%), from €70,601 to €48,594
of which Remuneration and social security: -€22,036
- Other debts +€18,016
up €18,016 (+38.8%), from €46,421 to €64,437
- Gross operating margin -€72,868
down €72,868 (-9.6%), from €762,619 to €689,751
- Taxes -€23,635
down €23,635 (-20.0%), from €118,096 to €94,461
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 | €1,054,733 | €1,172,693 | +€117,960 | +11.2% |
| Fixed assets | 21/28 | €26,261 | €35,397 | +€9,136 | +34.8% |
| Tangible fixed assets | 22/27 | €25,611 | €34,747 | +€9,136 | +35.7% |
| Land and buildings | 22 | €14,502 | €12,045 | -€2,457 | -16.9% |
| Plant, machinery and equipment | 23 | €5,739 | €4,480 | -€1,259 | -21.9% |
| Furniture and vehicles | 24 | €5,369 | €18,222 | +€12,853 | +239.4% |
| Financial fixed assets | 28 | €650 | €650 | = | 0.0% |
| Current assets | 29/58 | €1,028,473 | €1,137,296 | +€108,823 | +10.6% |
| Stocks and contracts in progress | 3 | €255,053 | €267,980 | +€12,927 | +5.1% |
| Stocks | 30/36 | €255,053 | €267,980 | +€12,927 | +5.1% |
| Amounts receivable within one year | 40/41 | €260,621 | €321,644 | +€61,022 | +23.4% |
| Trade receivables | 40 | €246,123 | €294,201 | +€48,078 | +19.5% |
| Other amounts receivable | 41 | €14,498 | €27,442 | +€12,944 | +89.3% |
| Cash at bank and in hand | 54/58 | €512,798 | €547,672 | +€34,874 | +6.8% |
| Total equity and liabilities | 10/49 | €1,054,733 | €1,172,693 | +€117,960 | +11.2% |
| Equity | 10/15 | €781,851 | €966,885 | +€185,035 | +23.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €663,732 | €848,767 | +€185,035 | +27.9% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €661,873 | €846,907 | +€185,035 | +28.0% |
| Profit (loss) carried forward | 14 | €99,527 | €99,527 | = | 0.0% |
| Amounts payable | 17/49 | €272,882 | €205,807 | -€67,075 | -24.6% |
| Amounts payable within one year | 42/48 | €272,882 | €205,807 | -€67,075 | -24.6% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €155,861 | €92,776 | -€63,084 | -40.5% |
| Suppliers | 440/4 | €155,861 | €92,776 | -€63,084 | -40.5% |
| Taxes, remuneration and social security | 45 | €70,601 | €48,594 | -€22,007 | -31.2% |
| Taxes | 450/3 | €12,534 | €12,563 | +€30 | +0.2% |
| Remuneration and social security | 454/9 | €58,067 | €36,031 | -€22,036 | -37.9% |
| Other amounts payable | 47/48 | €46,421 | €64,437 | +€18,016 | +38.8% |
| Remuneration, social security and pensions | 62 | €411,517 | €405,087 | -€6,430 | -1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,547 | €12,964 | +€4,417 | +51.7% |
| Other operating charges | 640/8 | €2,198 | €3,429 | +€1,231 | +56.0% |
| Gross operating margin | 9900 | €762,619 | €689,751 | -€72,868 | -9.6% |
| Operating profit (loss) | 9901 | €340,357 | €268,271 | -€72,086 | -21.2% |
| Financial income | 75/76B | €24,556 | €24,947 | +€391 | +1.6% |
| Recurring financial income | 75 | €24,556 | €24,947 | +€391 | +1.6% |
| Financial charges | 65/66B | €201 | €150 | -€50 | -25.0% |
| Recurring financial charges | 65 | €201 | €150 | -€50 | -25.0% |
| Profit (loss) for the period before taxes | 9903 | €364,713 | €293,068 | -€71,644 | -19.6% |
| Income taxes | 67/77 | €118,096 | €94,461 | -€23,635 | -20.0% |
| Profit (loss) for the period | 9904 | €246,616 | €198,607 | -€48,009 | -19.5% |
| Profit (loss) for the period to be appropriated | 9905 | €246,616 | €198,607 | -€48,009 | -19.5% |
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.