DE RAAF: 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 RAAF
Largest movements
- Stocks and contracts -€16,796
down €16,796 (-66.5%), from €25,275 to €8,480
- Cash +€16,153
up €16,153 (+1,556%), from €1,038 to €17,191
mainly Stocks and contracts (+€16,796) and Receivables within one year (+€11,326)
- Receivables within one year -€11,326
down €11,326 (-41.7%), from €27,131 to €15,804
of which Trade receivables: -€11,118
- Deferred charges and accrued income -€5,603
down €5,603 (-51.5%), from €10,877 to €5,275
- Tangible fixed assets -€4,257
down €4,257 (-8.6%), from €49,522 to €45,265
of which Other tangible fixed assets: -€3,191
- Profit (loss) carried forward -€20,503
down €20,503 (-10.5%), from -€195,643 to -€216,146
- Trade debts -€1,292
down €1,292 (-10.3%), from €12,569 to €11,277
- Gross operating margin +€1,770
up €1,770 (+16.6%), from -€10,692 to -€8,922
- Depreciation -€1,271
down €1,271 (-11.2%), from €11,309 to €10,038
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 | €115,093 | €93,264 | -€21,829 | -19.0% |
| Fixed assets | 21/28 | €50,772 | €46,515 | -€4,257 | -8.4% |
| Tangible fixed assets | 22/27 | €49,522 | €45,265 | -€4,257 | -8.6% |
| Plant, machinery and equipment | 23 | €25,026 | €24,914 | -€111 | -0.4% |
| Furniture and vehicles | 24 | €2,565 | €1,610 | -€955 | -37.2% |
| Other tangible fixed assets | 26 | €21,931 | €18,740 | -€3,191 | -14.6% |
| Financial fixed assets | 28 | €1,250 | €1,250 | = | 0.0% |
| Current assets | 29/58 | €64,321 | €46,750 | -€17,572 | -27.3% |
| Stocks and contracts in progress | 3 | €25,275 | €8,480 | -€16,796 | -66.5% |
| Stocks | 30/36 | €25,275 | €8,480 | -€16,796 | -66.5% |
| Amounts receivable within one year | 40/41 | €27,131 | €15,804 | -€11,326 | -41.7% |
| Trade receivables | 40 | €23,235 | €12,117 | -€11,118 | -47.9% |
| Other amounts receivable | 41 | €3,895 | €3,687 | -€208 | -5.3% |
| Cash at bank and in hand | 54/58 | €1,038 | €17,191 | +€16,153 | +1,556% |
| Deferred charges and accrued income | 490/1 | €10,877 | €5,275 | -€5,603 | -51.5% |
| Total equity and liabilities | 10/49 | €115,093 | €93,264 | -€21,829 | -19.0% |
| Equity | 10/15 | €102,110 | €81,607 | -€20,503 | -20.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €291,552 | €291,552 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €289,692 | €289,692 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€195,643 | -€216,146 | -€20,503 | -10.5% |
| Amounts payable | 17/49 | €12,983 | €11,657 | -€1,326 | -10.2% |
| Amounts payable within one year | 42/48 | €12,983 | €11,657 | -€1,326 | -10.2% |
| Trade debts | 44 | €12,569 | €11,277 | -€1,292 | -10.3% |
| Suppliers | 440/4 | €12,569 | €11,277 | -€1,292 | -10.3% |
| Taxes, remuneration and social security | 45 | €415 | €381 | -€34 | -8.1% |
| Taxes | 450/3 | €415 | €381 | -€34 | -8.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,309 | €10,038 | -€1,271 | -11.2% |
| Other operating charges | 640/8 | €728 | €748 | +€20 | +2.7% |
| Gross operating margin | 9900 | -€10,692 | -€8,922 | +€1,770 | +16.6% |
| Operating profit (loss) | 9901 | -€22,729 | -€19,707 | +€3,021 | +13.3% |
| Financial income | 75/76B | €112 | €23 | -€88 | -79.0% |
| Recurring financial income | 75 | €112 | €23 | -€88 | -79.0% |
| Financial charges | 65/66B | €425 | €438 | +€13 | +3.1% |
| Recurring financial charges | 65 | €425 | €438 | +€13 | +3.1% |
| Profit (loss) for the period before taxes | 9903 | -€23,042 | -€20,122 | +€2,920 | +12.7% |
| Income taxes | 67/77 | €416 | €381 | -€35 | -8.5% |
| Profit (loss) for the period | 9904 | -€23,458 | -€20,503 | +€2,955 | +12.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€23,458 | -€20,503 | +€2,955 | +12.6% |
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 31 October 2026 via checked.be.