FREDERIC RABAEY: what changed
Two fiscal 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.
FREDERIC RABAEY
Largest movements
- Cash +€72,165
up €72,165 (+742.1%), from €9,725 to €81,890
mainly Net result for the year (+€47,851) and Receivables within one year (+€36,561)
- Receivables within one year -€36,561
down €36,561 (-24.5%), from €149,140 to €112,579
of which Trade receivables: -€31,873
- Tangible fixed assets -€9,501
down €9,501 (-46.6%), from €20,387 to €10,886
of which Furniture and vehicles: -€7,990
- Reserves +€40,101
up €40,101 (+27.8%), from €144,290 to €184,391
of which Distributable reserves: +€40,101
- Trade debts -€17,400
down €17,400 (-82.8%), from €21,013 to €3,613
- Tax, wage and social debts +€8,245
up €8,245 (+205.7%), from €4,008 to €12,253
of which Taxes: +€6,445
- Current portion of long-term debt -€5,008
no longer reported in 2025 (was €5,008)
- Taxes +€9,617
up €9,617 (+107.5%), from €8,943 to €18,561
- Other operating charges -€8,201
down €8,201 (-44.0%), from €18,632 to €10,431
- Gross operating margin +€5,144
up €5,144 (+6.0%), from €85,211 to €90,355
- Financial charges +€2,498
up €2,498 (+183.2%), from €1,364 to €3,862
- Depreciation -€2,087
down €2,087 (-18.0%), from €11,588 to €9,501
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 | €187,838 | €214,025 | +€26,188 | +13.9% |
| Fixed assets | 21/28 | €20,522 | €11,021 | -€9,501 | -46.3% |
| Tangible fixed assets | 22/27 | €20,387 | €10,886 | -€9,501 | -46.6% |
| Furniture and vehicles | 24 | €12,162 | €4,172 | -€7,990 | -65.7% |
| Other tangible fixed assets | 26 | €8,225 | €6,714 | -€1,511 | -18.4% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €167,316 | €203,004 | +€35,689 | +21.3% |
| Amounts receivable within one year | 40/41 | €149,140 | €112,579 | -€36,561 | -24.5% |
| Trade receivables | 40 | €112,732 | €80,859 | -€31,873 | -28.3% |
| Other amounts receivable | 41 | €36,408 | €31,720 | -€4,688 | -12.9% |
| Cash at bank and in hand | 54/58 | €9,725 | €81,890 | +€72,165 | +742.1% |
| Deferred charges and accrued income | 490/1 | €8,451 | €8,535 | +€84 | +1.0% |
| Total equity and liabilities | 10/49 | €187,838 | €214,025 | +€26,188 | +13.9% |
| Equity | 10/15 | €155,109 | €195,210 | +€40,101 | +25.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €144,290 | €184,391 | +€40,101 | +27.8% |
| Non-distributable reserves | 130/1 | €1,240 | €1,240 | = | 0.0% |
| Other | 1319 | €1,240 | €1,240 | = | 0.0% |
| Tax-exempt reserves | 132 | €10,800 | €10,800 | = | 0.0% |
| Distributable reserves | 133 | €132,250 | €172,351 | +€40,101 | +30.3% |
| Profit (loss) carried forward | 14 | -€1,581 | -€1,581 | = | 0.0% |
| Provisions and deferred taxes | 16 | €2,700 | €2,700 | = | 0.0% |
| Deferred taxes | 168 | €2,700 | €2,700 | = | 0.0% |
| Amounts payable | 17/49 | €30,029 | €16,116 | -€13,913 | -46.3% |
| Amounts payable within one year | 42/48 | €30,029 | €15,866 | -€14,163 | -47.2% |
| Current portion of amounts payable after more than one year | 42 | €5,008 | - | -€5,008 | |
| Trade debts | 44 | €21,013 | €3,613 | -€17,400 | -82.8% |
| Suppliers | 440/4 | €21,013 | €3,613 | -€17,400 | -82.8% |
| Taxes, remuneration and social security | 45 | €4,008 | €12,253 | +€8,245 | +205.7% |
| Taxes | 450/3 | €4,008 | €10,453 | +€6,445 | +160.8% |
| Remuneration and social security | 454/9 | - | €1,800 | +€1,800 | |
| Accrued charges and deferred income | 492/3 | - | €250 | +€250 | |
| Remuneration, social security and pensions | 62 | - | €188 | +€188 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,588 | €9,501 | -€2,087 | -18.0% |
| Other operating charges | 640/8 | €18,632 | €10,431 | -€8,201 | -44.0% |
| Non-recurring operating charges | 66A | €1 | - | -€1 | |
| Gross operating margin | 9900 | €85,211 | €90,355 | +€5,144 | +6.0% |
| Operating profit (loss) | 9901 | €54,990 | €70,236 | +€15,245 | +27.7% |
| Financial income | 75/76B | €76 | €38 | -€38 | -49.8% |
| Recurring financial income | 75 | €76 | €38 | -€38 | -49.8% |
| Non-recurring financial income | 76B | €76 | €38 | -€38 | -49.8% |
| Financial charges | 65/66B | €1,364 | €3,862 | +€2,498 | +183.2% |
| Recurring financial charges | 65 | €1,364 | €3,862 | +€2,498 | +183.2% |
| Profit (loss) for the period before taxes | 9903 | €53,702 | €66,412 | +€12,709 | +23.7% |
| Transfer to deferred taxes | 680 | €2,700 | - | -€2,700 | |
| Income taxes | 67/77 | €8,943 | €18,561 | +€9,617 | +107.5% |
| Profit (loss) for the period | 9904 | €42,059 | €47,851 | +€5,792 | +13.8% |
| Transfer to tax-exempt reserves | 689 | €10,800 | - | -€10,800 | |
| Profit (loss) for the period to be appropriated | 9905 | €31,259 | €47,851 | +€16,592 | +53.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.