R.A.P.: 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.
R.A.P.
Largest movements
- Cash -€225,614
down €225,614 (-38.9%), from €580,194 to €354,580
mainly Other debts (-€397,325) and Current investments (-€3,352)
- Tangible fixed assets -€88,119
down €88,119 (-5.2%), from €1.7m to €1.6m
of which Land and buildings: -€75,000
- Other debts -€397,325
down €397,325 (-99.7%), from €398,585 to €1,260
- Profit (loss) carried forward +€89,546
up €89,546 (+26.2%), from -€342,340 to -€252,794
- Revaluation surpluses -€75,000
down €75,000 (-4.9%), from €1.5m to €1.5m
- Reserves +€75,000
up €75,000 (+10.6%), from €710,686 to €785,686
of which Distributable reserves: +€75,000
- Financial income +€8,647
up €8,647 (+69.8%), from €12,388 to €21,035
- Other operating charges +€3,354
up €3,354 (+11.8%), from €28,482 to €31,836
- Gross operating margin +€2,985
up €2,985 (+1.6%), from €185,507 to €188,492
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 | €2,473,805 | €2,164,828 | -€308,977 | -12.5% |
| Fixed assets | 21/28 | €1,685,299 | €1,597,180 | -€88,119 | -5.2% |
| Tangible fixed assets | 22/27 | €1,685,299 | €1,597,180 | -€88,119 | -5.2% |
| Land and buildings | 22 | €1,600,000 | €1,525,000 | -€75,000 | -4.7% |
| Plant, machinery and equipment | 23 | €85,299 | €72,180 | -€13,119 | -15.4% |
| Current assets | 29/58 | €788,506 | €567,648 | -€220,858 | -28.0% |
| Amounts receivable within one year | 40/41 | €3,768 | €5,206 | +€1,437 | +38.1% |
| Other amounts receivable | 41 | €3,768 | €5,206 | +€1,437 | +38.1% |
| Current investments | 50/53 | €200,001 | €203,353 | +€3,352 | +1.7% |
| Cash at bank and in hand | 54/58 | €580,194 | €354,580 | -€225,614 | -38.9% |
| Deferred charges and accrued income | 490/1 | €4,543 | €4,510 | -€33 | -0.7% |
| Total equity and liabilities | 10/49 | €2,473,805 | €2,164,828 | -€308,977 | -12.5% |
| Equity | 10/15 | €2,053,737 | €2,143,284 | +€89,546 | +4.4% |
| Contributions | 10/11 | €153,314 | €153,314 | = | 0.0% |
| Capital | 10 | €153,314 | €153,314 | = | 0.0% |
| Issued capital | 100 | €153,314 | €153,314 | = | 0.0% |
| Revaluation surpluses | 12 | €1,532,077 | €1,457,077 | -€75,000 | -4.9% |
| Reserves | 13 | €710,686 | €785,686 | +€75,000 | +10.6% |
| Non-distributable reserves | 130/1 | €73,908 | €73,908 | = | 0.0% |
| Legal reserve | 130 | €73,908 | €73,908 | = | 0.0% |
| Distributable reserves | 133 | €636,777 | €711,777 | +€75,000 | +11.8% |
| Profit (loss) carried forward | 14 | -€342,340 | -€252,794 | +€89,546 | +26.2% |
| Amounts payable | 17/49 | €420,068 | €21,545 | -€398,523 | -94.9% |
| Amounts payable within one year | 42/48 | €407,060 | €8,352 | -€398,708 | -97.9% |
| Trade debts | 44 | €8,475 | €7,092 | -€1,383 | -16.3% |
| Suppliers | 440/4 | €8,475 | €7,092 | -€1,383 | -16.3% |
| Other amounts payable | 47/48 | €398,585 | €1,260 | -€397,325 | -99.7% |
| Accrued charges and deferred income | 492/3 | €13,008 | €13,193 | +€185 | +1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €88,630 | €88,119 | -€511 | -0.6% |
| Other operating charges | 640/8 | €28,482 | €31,836 | +€3,354 | +11.8% |
| Gross operating margin | 9900 | €185,507 | €188,492 | +€2,985 | +1.6% |
| Operating profit (loss) | 9901 | €68,395 | €68,537 | +€142 | +0.2% |
| Financial income | 75/76B | €12,388 | €21,035 | +€8,647 | +69.8% |
| Recurring financial income | 75 | €12,388 | €21,035 | +€8,647 | +69.8% |
| Financial charges | 65/66B | €68 | €26 | -€43 | -62.3% |
| Recurring financial charges | 65 | €68 | €26 | -€43 | -62.3% |
| Profit (loss) for the period before taxes | 9903 | €80,715 | €89,546 | +€8,832 | +10.9% |
| Profit (loss) for the period | 9904 | €80,715 | €89,546 | +€8,832 | +10.9% |
| Profit (loss) for the period to be appropriated | 9905 | €80,715 | €89,546 | +€8,832 | +10.9% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.