DE RAEVE: 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 RAEVE
Largest movements
- Financial fixed assets -€71,398
no longer reported in 2025 (was €71,398)
- Tangible fixed assets +€30,917
up €30,917 (+47.4%), from €65,216 to €96,133
of which Furniture and vehicles: +€38,226
- Stocks and contracts -€28,325
down €28,325 (-70.8%), from €39,999 to €11,675
- Deferred charges and accrued income -€26,371
down €26,371 (-39.4%), from €66,938 to €40,567
- Receivables within one year +€22,209
up €22,209 (+27.9%), from €79,609 to €101,819
of which Other amounts receivable: +€28,223
- Reserves -€59,590
down €59,590 (-67.6%), from €88,117 to €28,527
of which Distributable reserves: -€59,590
- Trade debts -€31,445
down €31,445 (-41.9%), from €74,959 to €43,514
- Debts after one year +€17,008
up €17,008 (+107%), from €15,837 to €32,845
- Current portion of long-term debt +€7,762
up €7,762 (+58.4%), from €13,302 to €21,064
- Gross operating margin -€14,742
down €14,742 (-63.6%), from €23,179 to €8,437
- Depreciation -€2,234
down €2,234 (-16.8%), from €13,332 to €11,098
- Financial income +€1,283
up €1,283 (+122%), from €1,053 to €2,336
- Other operating charges +€493
up €493 (+65.4%), from €755 to €1,248
- Financial charges +€302
up €302 (+23.5%), from €1,289 to €1,591
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 | €329,303 | €264,592 | -€64,711 | -19.7% |
| Fixed assets | 21/28 | €136,614 | €96,133 | -€40,481 | -29.6% |
| Tangible fixed assets | 22/27 | €65,216 | €96,133 | +€30,917 | +47.4% |
| Plant, machinery and equipment | 23 | €65,216 | €57,907 | -€7,309 | -11.2% |
| Furniture and vehicles | 24 | - | €38,226 | +€38,226 | |
| Financial fixed assets | 28 | €71,398 | - | -€71,398 | |
| Current assets | 29/58 | €192,689 | €168,459 | -€24,230 | -12.6% |
| Stocks and contracts in progress | 3 | €39,999 | €11,675 | -€28,325 | -70.8% |
| Stocks | 30/36 | €39,999 | €11,675 | -€28,325 | -70.8% |
| Amounts receivable within one year | 40/41 | €79,609 | €101,819 | +€22,209 | +27.9% |
| Trade receivables | 40 | €35,584 | €29,570 | -€6,014 | -16.9% |
| Other amounts receivable | 41 | €44,025 | €72,248 | +€28,223 | +64.1% |
| Cash at bank and in hand | 54/58 | €6,142 | €14,399 | +€8,257 | +134% |
| Deferred charges and accrued income | 490/1 | €66,938 | €40,567 | -€26,371 | -39.4% |
| Total equity and liabilities | 10/49 | €329,303 | €264,592 | -€64,711 | -19.7% |
| Equity | 10/15 | €218,261 | €158,671 | -€59,590 | -27.3% |
| Contributions | 10/11 | €130,144 | €130,144 | = | 0.0% |
| Capital | 10 | €102,876 | €102,876 | = | 0.0% |
| Issued capital | 100 | €102,876 | €102,876 | = | 0.0% |
| Contributions outside capital | 11 | €27,268 | €27,268 | = | 0.0% |
| Share premium | 1100/10 | €27,268 | €27,268 | = | 0.0% |
| Reserves | 13 | €88,117 | €28,527 | -€59,590 | -67.6% |
| Non-distributable reserves | 130/1 | €10,288 | €10,288 | = | 0.0% |
| Legal reserve | 130 | €10,288 | €10,288 | = | 0.0% |
| Distributable reserves | 133 | €77,829 | €18,239 | -€59,590 | -76.6% |
| Amounts payable | 17/49 | €111,042 | €105,921 | -€5,121 | -4.6% |
| Amounts payable after more than one year | 17 | €15,837 | €32,845 | +€17,008 | +107% |
| Financial debts | 170/4 | €15,837 | €32,845 | +€17,008 | +107% |
| Amounts payable within one year | 42/48 | €93,899 | €73,076 | -€20,823 | -22.2% |
| Current portion of amounts payable after more than one year | 42 | €13,302 | €21,064 | +€7,762 | +58.4% |
| Financial debts | 43 | €1,125 | €2,937 | +€1,812 | +161% |
| Credit institutions | 430/8 | €1,125 | €2,937 | +€1,812 | +161% |
| Trade debts | 44 | €74,959 | €43,514 | -€31,445 | -41.9% |
| Suppliers | 440/4 | €74,959 | €43,514 | -€31,445 | -41.9% |
| Taxes, remuneration and social security | 45 | €4,513 | €5,561 | +€1,048 | +23.2% |
| Taxes | 450/3 | €4,513 | €5,561 | +€1,048 | +23.2% |
| Accrued charges and deferred income | 492/3 | €1,306 | - | -€1,306 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,332 | €11,098 | -€2,234 | -16.8% |
| Other operating charges | 640/8 | €755 | €1,248 | +€493 | +65.4% |
| Non-recurring operating charges | 66A | €2,217 | €56,398 | +€54,181 | +2,444% |
| Gross operating margin | 9900 | €23,179 | €8,437 | -€14,742 | -63.6% |
| Operating profit (loss) | 9901 | €6,876 | -€60,307 | -€67,183 | |
| Financial income | 75/76B | €1,053 | €2,336 | +€1,283 | +122% |
| Recurring financial income | 75 | €1,053 | €2,336 | +€1,283 | +122% |
| Financial charges | 65/66B | €1,289 | €1,591 | +€302 | +23.5% |
| Recurring financial charges | 65 | €1,289 | €1,591 | +€302 | +23.5% |
| Profit (loss) for the period before taxes | 9903 | €6,640 | -€59,562 | -€66,202 | |
| Income taxes | 67/77 | - | €27 | +€27 | |
| Profit (loss) for the period | 9904 | €6,640 | -€59,590 | -€66,230 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,640 | -€59,590 | -€66,230 |
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 23 October 2026 via checked.be.