R.A.F. SYSTEM: what changed
R.A.F. SYSTEM
Largest movements
- Cash -€45,009
down €45,009 (-62.3%), from €72,286 to €27,277
mainly Receivables within one year (-€39,065) and Net result for the year (-€11,355)
- Receivables within one year +€39,065
up €39,065 (+199%), from €19,615 to €58,680
of which Trade receivables: +€32,912
- Tangible fixed assets -€1,314
down €1,314 (-35.2%), from €3,730 to €2,417
- Profit (loss) carried forward -€11,355
down €11,355 (-17.8%), from €63,965 to €52,610
- Tax, wage and social debts +€4,021
new in 2025: €4,021
of which Taxes: +€3,590
- Gross operating margin +€16,085
up €16,085 (+66.3%), from -€24,265 to -€8,180
- Other operating charges -€2,821
down €2,821 (-74.8%), from €3,769 to €948
- Financial income -€1,329
down €1,329 (-72.1%), from €1,842 to €513
- Depreciation -€723
down €723 (-23.0%), from €3,147 to €2,425
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €97,087 | €89,892 | -€7,195 | -7.4% |
| Fixed assets | 21/28 | €3,730 | €2,417 | -€1,314 | -35.2% |
| Tangible fixed assets | 22/27 | €3,730 | €2,417 | -€1,314 | -35.2% |
| Furniture and vehicles | 24 | €3,730 | €2,417 | -€1,314 | -35.2% |
| Current assets | 29/58 | €93,356 | €87,476 | -€5,881 | -6.3% |
| Amounts receivable within one year | 40/41 | €19,615 | €58,680 | +€39,065 | +199% |
| Trade receivables | 40 | - | €32,912 | +€32,912 | |
| Other amounts receivable | 41 | €19,615 | €25,768 | +€6,153 | +31.4% |
| Cash at bank and in hand | 54/58 | €72,286 | €27,277 | -€45,009 | -62.3% |
| Deferred charges and accrued income | 490/1 | €1,455 | €1,519 | +€64 | +4.4% |
| Total equity and liabilities | 10/49 | €97,087 | €89,892 | -€7,195 | -7.4% |
| Equity | 10/15 | €97,023 | €85,668 | -€11,355 | -11.7% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €26,860 | €26,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €63,965 | €52,610 | -€11,355 | -17.8% |
| Amounts payable | 17/49 | €64 | €4,225 | +€4,160 | +6,471% |
| Amounts payable within one year | 42/48 | €64 | €4,225 | +€4,160 | +6,471% |
| Trade debts | 44 | €64 | €203 | +€139 | +216% |
| Suppliers | 440/4 | €64 | €203 | +€139 | +216% |
| Taxes, remuneration and social security | 45 | - | €4,021 | +€4,021 | |
| Taxes | 450/3 | - | €3,590 | +€3,590 | |
| Remuneration and social security | 454/9 | - | €432 | +€432 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,147 | €2,425 | -€723 | -23.0% |
| Other operating charges | 640/8 | €3,769 | €948 | -€2,821 | -74.8% |
| Gross operating margin | 9900 | -€24,265 | -€8,180 | +€16,085 | +66.3% |
| Operating profit (loss) | 9901 | -€31,181 | -€11,553 | +€19,629 | +62.9% |
| Financial income | 75/76B | €1,842 | €513 | -€1,329 | -72.1% |
| Recurring financial income | 75 | €1,842 | €513 | -€1,329 | -72.1% |
| Financial charges | 65/66B | €90 | €95 | +€5 | +5.3% |
| Recurring financial charges | 65 | €90 | €95 | +€5 | +5.3% |
| Profit (loss) for the period before taxes | 9903 | -€29,430 | -€11,134 | +€18,295 | +62.2% |
| Income taxes | 67/77 | €225 | €220 | -€5 | -2.0% |
| Profit (loss) for the period | 9904 | -€29,655 | -€11,355 | +€18,300 | +61.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€29,655 | -€11,355 | +€18,300 | +61.7% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.