Ets André RAFHAY: 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.
Ets André RAFHAY
Largest movements
- Receivables within one year +€396,057
up €396,057 (+73.7%), from €537,401 to €933,459
of which Trade receivables: +€307,163
- Stocks and contracts -€271,724
down €271,724 (-55.7%), from €487,856 to €216,132
- Tangible fixed assets -€80,431
down €80,431 (-5.6%), from €1.4m to €1.4m
of which Plant, machinery and equipment: -€47,035
- Debts after one year -€266,089
down €266,089 (-34.3%), from €775,374 to €509,286
- Trade debts +€131,342
up €131,342 (+22.2%), from €590,753 to €722,095
- Current portion of long-term debt +€82,762
up €82,762 (+33.2%), from €249,495 to €332,257
- Profit (loss) carried forward +€51,800
up €51,800 (+8.3%), from €623,405 to €675,205
- Other operating charges +€470,365
up €470,365 (+7,705%), from €6,105 to €476,470
- Depreciation -€358,525
down €358,525 (-79.8%), from €449,426 to €90,901
- Staff costs -€92,014
down €92,014 (-28.8%), from €319,458 to €227,444
- Gross operating margin +€28,434
up €28,434 (+3.2%), from €884,997 to €913,431
- Taxes +€10,034
up €10,034 (+70.2%), from €14,284 to €24,318
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,479,308 | €2,504,287 | +€24,979 | +1.0% |
| Fixed assets | 21/28 | €1,433,469 | €1,353,038 | -€80,431 | -5.6% |
| Tangible fixed assets | 22/27 | €1,433,231 | €1,352,800 | -€80,431 | -5.6% |
| Land and buildings | 22 | €497,717 | €485,005 | -€12,712 | -2.6% |
| Plant, machinery and equipment | 23 | €843,026 | €795,991 | -€47,035 | -5.6% |
| Furniture and vehicles | 24 | €92,488 | €71,804 | -€20,684 | -22.4% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Financial fixed assets | 28 | €238 | €238 | = | 0.0% |
| Current assets | 29/58 | €1,045,839 | €1,151,250 | +€105,410 | +10.1% |
| Stocks and contracts in progress | 3 | €487,856 | €216,132 | -€271,724 | -55.7% |
| Stocks | 30/36 | €487,856 | €216,132 | -€271,724 | -55.7% |
| Amounts receivable within one year | 40/41 | €537,401 | €933,459 | +€396,057 | +73.7% |
| Trade receivables | 40 | €494,505 | €801,668 | +€307,163 | +62.1% |
| Other amounts receivable | 41 | €42,896 | €131,790 | +€88,894 | +207% |
| Cash at bank and in hand | 54/58 | €0 | €1,659 | +€1,659 | |
| Deferred charges and accrued income | 490/1 | €20,582 | - | -€20,582 | |
| Total equity and liabilities | 10/49 | €2,479,308 | €2,504,287 | +€24,979 | +1.0% |
| Equity | 10/15 | €714,705 | €766,505 | +€51,800 | +7.2% |
| Contributions | 10/11 | €83,000 | €83,000 | = | 0.0% |
| Reserves | 13 | €8,300 | €8,300 | = | 0.0% |
| Distributable reserves | 133 | €8,300 | €8,300 | = | 0.0% |
| Profit (loss) carried forward | 14 | €623,405 | €675,205 | +€51,800 | +8.3% |
| Amounts payable | 17/49 | €1,764,603 | €1,737,782 | -€26,821 | -1.5% |
| Amounts payable after more than one year | 17 | €775,374 | €509,286 | -€266,089 | -34.3% |
| Financial debts | 170/4 | €775,374 | €509,286 | -€266,089 | -34.3% |
| Amounts payable within one year | 42/48 | €989,229 | €1,228,496 | +€239,267 | +24.2% |
| Current portion of amounts payable after more than one year | 42 | €249,495 | €332,257 | +€82,762 | +33.2% |
| Financial debts | 43 | €72,290 | €80,754 | +€8,464 | +11.7% |
| Credit institutions | 430/8 | €72,290 | €80,754 | +€8,464 | +11.7% |
| Trade debts | 44 | €590,753 | €722,095 | +€131,342 | +22.2% |
| Suppliers | 440/4 | €590,753 | €722,095 | +€131,342 | +22.2% |
| Taxes, remuneration and social security | 45 | €66,645 | €83,344 | +€16,699 | +25.1% |
| Taxes | 450/3 | €15,802 | €27,458 | +€11,656 | +73.8% |
| Remuneration and social security | 454/9 | €50,843 | €55,886 | +€5,043 | +9.9% |
| Other amounts payable | 47/48 | €10,046 | €10,046 | = | 0.0% |
| Non-recurring operating income | 76A | €9,000 | €12,000 | +€3,000 | +33.3% |
| Remuneration, social security and pensions | 62 | €319,458 | €227,444 | -€92,014 | -28.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €449,426 | €90,901 | -€358,525 | -79.8% |
| Other operating charges | 640/8 | €6,105 | €476,470 | +€470,365 | +7,705% |
| Non-recurring operating charges | 66A | €90 | - | -€90 | |
| Gross operating margin | 9900 | €884,997 | €913,431 | +€28,434 | +3.2% |
| Operating profit (loss) | 9901 | €109,918 | €118,616 | +€8,698 | +7.9% |
| Financial charges | 65/66B | €59,001 | €56,782 | -€2,219 | -3.8% |
| Recurring financial charges | 65 | €59,001 | €56,782 | -€2,219 | -3.8% |
| Profit (loss) for the period before taxes | 9903 | €50,917 | €61,834 | +€10,917 | +21.4% |
| Income taxes | 67/77 | €14,284 | €24,318 | +€10,034 | +70.2% |
| Profit (loss) for the period | 9904 | €36,633 | €37,516 | +€883 | +2.4% |
| Profit (loss) for the period to be appropriated | 9905 | €36,633 | €37,516 | +€883 | +2.4% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.