HOLDING RAFA: 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.
HOLDING RAFA
Largest movements
- Receivables within one year -€2,479
down €2,479 (-100.0%), from €2,479 to €0
- Trade debts -€2,479
down €2,479 (-100.0%), from €2,479 to €0
- Other debts +€2,400
up €2,400 (+5.9%), from €40,600 to €43,000
- Profit (loss) carried forward -€1,910
down €1,910 (-17.6%), from -€10,874 to -€12,784
- Accrued charges and deferred income -€412
down €412 (-100.0%), from €412 to €0
- Depreciation -€4,615
down €4,615 (-100.0%), from €4,615 to €0
- Gross operating margin +€3,958
up €3,958 (+73.8%), from -€5,363 to -€1,404
- Other operating charges -€462
down €462 (-53.6%), from €861 to €400
- Financial charges +€71
up €71 (+205.9%), from €35 to €106
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 | €37,618 | €35,216 | -€2,401 | -6.4% |
| Fixed assets | 21/28 | €35,000 | €35,000 | = | 0.0% |
| Tangible fixed assets | 22/27 | €35,000 | €35,000 | = | 0.0% |
| Land and buildings | 22 | €35,000 | €35,000 | = | 0.0% |
| Current assets | 29/58 | €2,618 | €216 | -€2,401 | -91.7% |
| Amounts receivable within one year | 40/41 | €2,479 | €0 | -€2,479 | -100.0% |
| Trade receivables | 40 | €2,479 | €0 | -€2,479 | -100.0% |
| Cash at bank and in hand | 54/58 | €139 | €216 | +€78 | +56.0% |
| Total equity and liabilities | 10/49 | €37,618 | €35,216 | -€2,401 | -6.4% |
| Equity | 10/15 | -€5,874 | -€7,784 | -€1,910 | -32.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€10,874 | -€12,784 | -€1,910 | -17.6% |
| Amounts payable | 17/49 | €43,491 | €43,000 | -€491 | -1.1% |
| Amounts payable within one year | 42/48 | €43,079 | €43,000 | -€79 | -0.2% |
| Trade debts | 44 | €2,479 | €0 | -€2,479 | -100.0% |
| Suppliers | 440/4 | €2,479 | €0 | -€2,479 | -100.0% |
| Other amounts payable | 47/48 | €40,600 | €43,000 | +€2,400 | +5.9% |
| Accrued charges and deferred income | 492/3 | €412 | €0 | -€412 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,615 | €0 | -€4,615 | -100.0% |
| Other operating charges | 640/8 | €861 | €400 | -€462 | -53.6% |
| Gross operating margin | 9900 | -€5,363 | -€1,404 | +€3,958 | +73.8% |
| Operating profit (loss) | 9901 | -€10,839 | -€1,804 | +€9,035 | +83.4% |
| Financial charges | 65/66B | €35 | €106 | +€71 | +205.9% |
| Recurring financial charges | 65 | €35 | €106 | +€71 | +205.9% |
| Profit (loss) for the period before taxes | 9903 | -€10,874 | -€1,910 | +€8,963 | +82.4% |
| Profit (loss) for the period | 9904 | -€10,874 | -€1,910 | +€8,963 | +82.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,874 | -€1,910 | +€8,963 | +82.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.