DE RAF: 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 RAF
Largest movements
- Cash +€21,106
up €21,106 (+173.6%), from €12,157 to €33,263
mainly Net result for the year (+€19,366) and Receivables within one year (+€19,290)
- Receivables within one year -€19,290
down €19,290 (-92.8%), from €20,790 to €1,500
of which Trade receivables: -€20,790
- Tangible fixed assets -€517
down €517 (-100.0%), from €517 to €0
- Profit (loss) carried forward +€19,366
up €19,366, from €0 to €19,366
- Other debts -€9,740
down €9,740 (-56.8%), from €17,137 to €7,397
- Trade debts -€4,850
down €4,850 (-82.3%), from €5,891 to €1,041
- Tax, wage and social debts -€3,477
down €3,477 (-84.1%), from €4,136 to €659
- Financial income +€39,558
up €39,558, from €0 to €39,558
- Gross operating margin -€22,824
down €22,824, from €3,872 to -€18,952
- Taxes -€2,784
down €2,784 (-100.0%), from €2,784 to €0
- Other operating charges +€565
up €565 (+402.3%), from €141 to €706
- Depreciation -€225
down €225 (-30.4%), from €742 to €517
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 | €39,664 | €40,963 | +€1,299 | +3.3% |
| Fixed assets | 21/28 | €6,717 | €6,200 | -€517 | -7.7% |
| Tangible fixed assets | 22/27 | €517 | €0 | -€517 | -100.0% |
| Plant, machinery and equipment | 23 | €517 | €0 | -€517 | -100.0% |
| Financial fixed assets | 28 | €6,200 | €6,200 | = | 0.0% |
| Current assets | 29/58 | €32,947 | €34,763 | +€1,816 | +5.5% |
| Amounts receivable within one year | 40/41 | €20,790 | €1,500 | -€19,290 | -92.8% |
| Trade receivables | 40 | €20,790 | €0 | -€20,790 | -100.0% |
| Other amounts receivable | 41 | €0 | €1,500 | +€1,500 | |
| Cash at bank and in hand | 54/58 | €12,157 | €33,263 | +€21,106 | +173.6% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €39,664 | €40,963 | +€1,299 | +3.3% |
| Equity | 10/15 | €12,500 | €31,866 | +€19,366 | +154.9% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €19,366 | +€19,366 | |
| Amounts payable | 17/49 | €27,164 | €9,097 | -€18,067 | -66.5% |
| Amounts payable within one year | 42/48 | €27,164 | €9,097 | -€18,067 | -66.5% |
| Trade debts | 44 | €5,891 | €1,041 | -€4,850 | -82.3% |
| Suppliers | 440/4 | €5,891 | €1,041 | -€4,850 | -82.3% |
| Taxes, remuneration and social security | 45 | €4,136 | €659 | -€3,477 | -84.1% |
| Taxes | 450/3 | €4,136 | €659 | -€3,477 | -84.1% |
| Other amounts payable | 47/48 | €17,137 | €7,397 | -€9,740 | -56.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €742 | €517 | -€225 | -30.4% |
| Other operating charges | 640/8 | €141 | €706 | +€565 | +402.3% |
| Gross operating margin | 9900 | €3,872 | -€18,952 | -€22,824 | |
| Operating profit (loss) | 9901 | €2,989 | -€20,175 | -€23,164 | |
| Financial income | 75/76B | €0 | €39,558 | +€39,558 | |
| Recurring financial income | 75 | €0 | €39,558 | +€39,558 | |
| Financial charges | 65/66B | €20 | €18 | -€2 | -9.6% |
| Recurring financial charges | 65 | €20 | €18 | -€2 | -9.6% |
| Profit (loss) for the period before taxes | 9903 | €2,970 | €19,366 | +€16,397 | +552.1% |
| Income taxes | 67/77 | €2,784 | €0 | -€2,784 | -100.0% |
| Profit (loss) for the period | 9904 | €186 | €19,366 | +€19,180 | +10311.4% |
| Profit (loss) for the period to be appropriated | 9905 | €186 | €19,366 | +€19,180 | +10311.4% |
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 12 October 2026 via checked.be.