Dr. Raetschelders: 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.
Dr. Raetschelders
Largest movements
- Receivables within one year -€103,794
down €103,794 (-100%), from €103,794 to €0
- Deferred charges and accrued income +€88,707
up €88,707 (+55.4%), from €160,166 to €248,873
- Cash +€34,461
up €34,461 (+86.2%), from €39,976 to €74,437
mainly Other debts (+€333,495) and Receivables within one year (+€103,794)
- Other debts +€333,495
up €333,495 (+206%), from €161,931 to €495,426
- Reserves -€310,057
down €310,057 (-48.0%), from €645,970 to €335,913
of which Distributable reserves: -€238,857
- Debts after one year -€44,444
down €44,444 (-14.8%), from €300,001 to €255,556
- Tax, wage and social debts +€15,917
up €15,917 (+332%), from €4,793 to €20,710
- Financial charges +€116,441
up €116,441 (+551%), from €21,128 to €137,569
- Gross operating margin +€113,914
up €113,914 (+63.6%), from €179,066 to €292,980
- Provisions -€111,641
down €111,641 (-96.9%), from €115,210 to €3,569
- Taxes +€16,171
up €16,171 (+46.7%), from €34,629 to €50,801
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 | €1,338,785 | €1,348,216 | +€9,432 | +0.7% |
| Fixed assets | 21/28 | €493,894 | €483,952 | -€9,942 | -2.0% |
| Tangible fixed assets | 22/27 | €493,144 | €483,202 | -€9,942 | -2.0% |
| Land and buildings | 22 | €478,646 | €461,723 | -€16,923 | -3.5% |
| Furniture and vehicles | 24 | €1,308 | €818 | -€490 | -37.5% |
| Other tangible fixed assets | 26 | €13,190 | €20,661 | +€7,470 | +56.6% |
| Financial fixed assets | 28 | €750 | €750 | = | 0.0% |
| Current assets | 29/58 | €844,891 | €864,265 | +€19,374 | +2.3% |
| Amounts receivable after more than one year | 29 | €540,955 | €540,955 | = | 0.0% |
| Other amounts receivable | 291 | €540,955 | €540,955 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €103,794 | €0 | -€103,794 | -100% |
| Other amounts receivable | 41 | €103,794 | €0 | -€103,794 | -100% |
| Cash at bank and in hand | 54/58 | €39,976 | €74,437 | +€34,461 | +86.2% |
| Deferred charges and accrued income | 490/1 | €160,166 | €248,873 | +€88,707 | +55.4% |
| Total equity and liabilities | 10/49 | €1,338,785 | €1,348,216 | +€9,432 | +0.7% |
| Equity | 10/15 | €701,290 | €390,400 | -€310,890 | -44.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €645,970 | €335,913 | -€310,057 | -48.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €71,200 | €0 | -€71,200 | -100% |
| Distributable reserves | 133 | €574,770 | €335,913 | -€238,857 | -41.6% |
| Profit (loss) carried forward | 14 | €42,920 | €42,087 | -€833 | -1.9% |
| Provisions and deferred taxes | 16 | €115,210 | €118,779 | +€3,569 | +3.1% |
| Provisions for liabilities and charges | 160/5 | €115,210 | €118,779 | +€3,569 | +3.1% |
| Other liabilities and charges | 164/5 | €115,210 | €118,779 | +€3,569 | +3.1% |
| Amounts payable | 17/49 | €522,285 | €839,037 | +€316,753 | +60.6% |
| Amounts payable after more than one year | 17 | €300,001 | €255,556 | -€44,444 | -14.8% |
| Financial debts | 170/4 | €300,001 | €255,556 | -€44,444 | -14.8% |
| Amounts payable within one year | 42/48 | €221,219 | €582,386 | +€361,167 | +163% |
| Current portion of amounts payable after more than one year | 42 | €44,444 | €44,444 | = | 0.0% |
| Financial debts | 43 | €0 | €6,842 | +€6,842 | |
| Credit institutions | 430/8 | €0 | €6,842 | +€6,842 | |
| Trade debts | 44 | €10,051 | €14,964 | +€4,913 | +48.9% |
| Suppliers | 440/4 | €10,051 | €14,964 | +€4,913 | +48.9% |
| Taxes, remuneration and social security | 45 | €4,793 | €20,710 | +€15,917 | +332% |
| Taxes | 450/3 | €4,793 | €20,710 | +€15,917 | +332% |
| Other amounts payable | 47/48 | €161,931 | €495,426 | +€333,495 | +206% |
| Accrued charges and deferred income | 492/3 | €1,065 | €1,095 | +€30 | +2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,264 | €19,654 | +€1,389 | +7.6% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €115,210 | €3,569 | -€111,641 | -96.9% |
| Other operating charges | 640/8 | €3,663 | €3,713 | +€50 | +1.4% |
| Gross operating margin | 9900 | €179,066 | €292,980 | +€113,914 | +63.6% |
| Operating profit (loss) | 9901 | €41,929 | €266,045 | +€224,116 | +535% |
| Financial income | 75/76B | €17,494 | €20,115 | +€2,621 | +15.0% |
| Recurring financial income | 75 | €17,494 | €20,115 | +€2,621 | +15.0% |
| Financial charges | 65/66B | €21,128 | €137,569 | +€116,441 | +551% |
| Recurring financial charges | 65 | €21,128 | €137,569 | +€116,441 | +551% |
| Profit (loss) for the period before taxes | 9903 | €38,295 | €148,591 | +€110,296 | +288% |
| Income taxes | 67/77 | €34,629 | €50,801 | +€16,171 | +46.7% |
| Profit (loss) for the period | 9904 | €3,665 | €97,790 | +€94,125 | +2,568% |
| Transfer from tax-exempt reserves | 789 | €0 | €71,200 | +€71,200 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,665 | €168,990 | +€165,325 | +4,511% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.