DE RAAD: what changed
Two fiscal 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 RAAD
Largest movements
- Stocks and contracts +€45,950
up €45,950 (+72.7%), from €63,233 to €109,183
- Tangible fixed assets -€32,268
down €32,268 (-13.7%), from €234,966 to €202,698
of which Land and buildings: -€17,081
- Cash -€7,731
down €7,731 (-95.6%), from €8,090 to €359
mainly Stocks and contracts (-€45,950) and Debts after one year (-€17,036)
- Other debts +€26,034
up €26,034 (+26.0%), from €99,989 to €126,023
- Debts after one year -€17,036
down €17,036 (-14.5%), from €117,856 to €100,820
- Short-term financial debts -€13,126
down €13,126 (-73.3%), from €17,905 to €4,779
- Accrued charges and deferred income +€7,364
new in 2025: €7,364
- Financial charges +€7,334
up €7,334 (+187.4%), from €3,913 to €11,247
- Depreciation -€6,778
down €6,778 (-17.4%), from €39,046 to €32,268
- Gross operating margin -€2,241
down €2,241 (-4.6%), from €48,982 to €46,741
- Taxes -€611
down €611 (-22.7%), from €2,695 to €2,084
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 | €311,574 | €315,915 | +€4,341 | +1.4% |
| Fixed assets | 21/28 | €234,966 | €202,698 | -€32,268 | -13.7% |
| Tangible fixed assets | 22/27 | €234,966 | €202,698 | -€32,268 | -13.7% |
| Land and buildings | 22 | €190,215 | €173,134 | -€17,081 | -9.0% |
| Plant, machinery and equipment | 23 | €8,897 | €2,595 | -€6,302 | -70.8% |
| Furniture and vehicles | 24 | €35,854 | €26,969 | -€8,885 | -24.8% |
| Current assets | 29/58 | €76,608 | €113,217 | +€36,609 | +47.8% |
| Stocks and contracts in progress | 3 | €63,233 | €109,183 | +€45,950 | +72.7% |
| Stocks | 30/36 | €63,233 | €109,183 | +€45,950 | +72.7% |
| Amounts receivable within one year | 40/41 | €5,285 | €3,675 | -€1,610 | -30.5% |
| Trade receivables | 40 | €5,285 | €3,675 | -€1,610 | -30.5% |
| Cash at bank and in hand | 54/58 | €8,090 | €359 | -€7,731 | -95.6% |
| Total equity and liabilities | 10/49 | €311,574 | €315,915 | +€4,341 | +1.4% |
| Equity | 10/15 | €44,324 | €45,247 | +€923 | +2.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €4,859 | €4,859 | = | 0.0% |
| Distributable reserves | 133 | €4,859 | €4,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €20,873 | €21,796 | +€923 | +4.4% |
| Amounts payable | 17/49 | €267,250 | €270,668 | +€3,418 | +1.3% |
| Amounts payable after more than one year | 17 | €117,856 | €100,820 | -€17,036 | -14.5% |
| Financial debts | 170/4 | €117,856 | €100,820 | -€17,036 | -14.5% |
| Amounts payable within one year | 42/48 | €149,394 | €162,484 | +€13,090 | +8.8% |
| Current portion of amounts payable after more than one year | 42 | €16,652 | €17,036 | +€384 | +2.3% |
| Financial debts | 43 | €17,905 | €4,779 | -€13,126 | -73.3% |
| Credit institutions | 430/8 | €17,905 | €4,779 | -€13,126 | -73.3% |
| Trade debts | 44 | €6,888 | €5,224 | -€1,664 | -24.2% |
| Suppliers | 440/4 | €6,888 | €5,224 | -€1,664 | -24.2% |
| Taxes, remuneration and social security | 45 | €7,960 | €9,422 | +€1,462 | +18.4% |
| Taxes | 450/3 | €7,960 | €8,869 | +€909 | +11.4% |
| Remuneration and social security | 454/9 | - | €553 | +€553 | |
| Other amounts payable | 47/48 | €99,989 | €126,023 | +€26,034 | +26.0% |
| Accrued charges and deferred income | 492/3 | - | €7,364 | +€7,364 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,046 | €32,268 | -€6,778 | -17.4% |
| Other operating charges | 640/8 | €409 | €530 | +€121 | +29.6% |
| Gross operating margin | 9900 | €48,982 | €46,741 | -€2,241 | -4.6% |
| Operating profit (loss) | 9901 | €9,527 | €13,943 | +€4,416 | +46.4% |
| Financial income | 75/76B | - | €311 | +€311 | |
| Recurring financial income | 75 | - | €311 | +€311 | |
| Financial charges | 65/66B | €3,913 | €11,247 | +€7,334 | +187.4% |
| Recurring financial charges | 65 | €3,913 | €11,247 | +€7,334 | +187.4% |
| Profit (loss) for the period before taxes | 9903 | €5,614 | €3,007 | -€2,607 | -46.4% |
| Income taxes | 67/77 | €2,695 | €2,084 | -€611 | -22.7% |
| Profit (loss) for the period | 9904 | €2,919 | €923 | -€1,996 | -68.4% |
| Profit (loss) for the period to be appropriated | 9905 | €2,919 | €923 | -€1,996 | -68.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.