De Raaf: 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 Raaf
Largest movements
- Current investments +€50,000
up €50,000 (+100.0%), from €50,000 to €100,000
- Cash +€30,015
up €30,015 (+27.0%), from €111,094 to €141,109
mainly Net result for the year (+€97,504) and Trade debts (+€23,914)
- Tangible fixed assets +€4,820
up €4,820 (+185.7%), from €2,595 to €7,415
- Reserves +€97,504
up €97,504 (+108.0%), from €90,266 to €187,771
- Other debts -€39,088
down €39,088 (-92.2%), from €42,393 to €3,304
- Trade debts +€23,914
up €23,914 (+87853.5%), from €27 to €23,941
- Gross operating margin +€8,064
up €8,064 (+6.9%), from €116,307 to €124,371
- Financial income +€2,978
new in 2025: €2,978
- Taxes +€2,510
up €2,510 (+10.5%), from €23,820 to €26,330
- Depreciation +€1,742
up €1,742 (+210.2%), from €829 to €2,571
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 | €164,690 | €248,952 | +€84,262 | +51.2% |
| Fixed assets | 21/28 | €2,595 | €7,742 | +€5,147 | +198.3% |
| Tangible fixed assets | 22/27 | €2,595 | €7,415 | +€4,820 | +185.7% |
| Furniture and vehicles | 24 | €2,595 | €7,415 | +€4,820 | +185.7% |
| Financial fixed assets | 28 | - | €327 | +€327 | |
| Current assets | 29/58 | €162,094 | €241,210 | +€79,116 | +48.8% |
| Amounts receivable within one year | 40/41 | €1,000 | €101 | -€899 | -89.9% |
| Trade receivables | 40 | €1,000 | - | -€1,000 | |
| Other amounts receivable | 41 | - | €101 | +€101 | |
| Current investments | 50/53 | €50,000 | €100,000 | +€50,000 | +100.0% |
| Cash at bank and in hand | 54/58 | €111,094 | €141,109 | +€30,015 | +27.0% |
| Total equity and liabilities | 10/49 | €164,690 | €248,952 | +€84,262 | +51.2% |
| Equity | 10/15 | €90,366 | €187,871 | +€97,504 | +107.9% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €90,266 | €187,771 | +€97,504 | +108.0% |
| Distributable reserves | 133 | €90,266 | €187,771 | +€97,504 | +108.0% |
| Amounts payable | 17/49 | €74,323 | €61,082 | -€13,242 | -17.8% |
| Amounts payable within one year | 42/48 | €74,323 | €61,082 | -€13,242 | -17.8% |
| Trade debts | 44 | €27 | €23,941 | +€23,914 | +87853.5% |
| Suppliers | 440/4 | €27 | €23,941 | +€23,914 | +87853.5% |
| Taxes, remuneration and social security | 45 | €31,903 | €33,836 | +€1,933 | +6.1% |
| Taxes | 450/3 | €31,903 | €33,836 | +€1,933 | +6.1% |
| Other amounts payable | 47/48 | €42,393 | €3,304 | -€39,088 | -92.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €829 | €2,571 | +€1,742 | +210.2% |
| Other operating charges | 640/8 | €1,348 | €743 | -€605 | -44.9% |
| Gross operating margin | 9900 | €116,307 | €124,371 | +€8,064 | +6.9% |
| Operating profit (loss) | 9901 | €114,131 | €121,058 | +€6,927 | +6.1% |
| Financial income | 75/76B | - | €2,978 | +€2,978 | |
| Recurring financial income | 75 | - | €2,978 | +€2,978 | |
| Financial charges | 65/66B | €45 | €201 | +€157 | +351.1% |
| Recurring financial charges | 65 | €45 | €201 | +€157 | +351.1% |
| Profit (loss) for the period before taxes | 9903 | €114,086 | €123,835 | +€9,748 | +8.5% |
| Income taxes | 67/77 | €23,820 | €26,330 | +€2,510 | +10.5% |
| Profit (loss) for the period | 9904 | €90,266 | €97,504 | +€7,238 | +8.0% |
| Profit (loss) for the period to be appropriated | 9905 | €90,266 | €97,504 | +€7,238 | +8.0% |
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 5 October 2026 via checked.be.