R.A.P.: what changed
R.A.P.
Largest movements
- Tangible fixed assets +€10,334
up €10,334 (+13.2%), from €78,267 to €88,601
- Cash -€9,137
down €9,137 (-99.7%), from €9,165 to €29
mainly Investment in fixed assets (net) (-€21,417) and Receivables within one year (-€6,251)
- Receivables within one year +€6,251
up €6,251 (+130%), from €4,818 to €11,069
of which Other amounts receivable: +€3,636
- Reserves +€4,438
up €4,438 (+28.4%), from €15,640 to €20,079
of which Distributable reserves: +€4,438
- Tax, wage and social debts +€2,170
up €2,170 (+161%), from €1,346 to €3,516
- Gross operating margin +€3,434
up €3,434 (+19.3%), from €17,776 to €21,210
- Other operating charges +€2,090
up €2,090 (+62.5%), from €3,345 to €5,435
- Depreciation +€746
up €746 (+7.2%), from €10,338 to €11,083
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 | €92,757 | €100,307 | +€7,550 | +8.1% |
| Fixed assets | 21/28 | €78,267 | €88,601 | +€10,334 | +13.2% |
| Tangible fixed assets | 22/27 | €78,267 | €88,601 | +€10,334 | +13.2% |
| Land and buildings | 22 | €78,267 | €88,601 | +€10,334 | +13.2% |
| Current assets | 29/58 | €14,490 | €11,706 | -€2,784 | -19.2% |
| Amounts receivable within one year | 40/41 | €4,818 | €11,069 | +€6,251 | +130% |
| Trade receivables | 40 | €3,731 | €6,346 | +€2,615 | +70.1% |
| Other amounts receivable | 41 | €1,086 | €4,722 | +€3,636 | +335% |
| Cash at bank and in hand | 54/58 | €9,165 | €29 | -€9,137 | -99.7% |
| Deferred charges and accrued income | 490/1 | €507 | €609 | +€102 | +20.0% |
| Total equity and liabilities | 10/49 | €92,757 | €100,307 | +€7,550 | +8.1% |
| Equity | 10/15 | €90,008 | €94,447 | +€4,438 | +4.9% |
| Contributions | 10/11 | €74,368 | €74,368 | = | 0.0% |
| Capital | 10 | €74,368 | €74,368 | = | 0.0% |
| Issued capital | 100 | €74,368 | €74,368 | = | 0.0% |
| Reserves | 13 | €15,640 | €20,079 | +€4,438 | +28.4% |
| Non-distributable reserves | 130/1 | €7,437 | €7,437 | = | 0.0% |
| Legal reserve | 130 | €7,437 | €7,437 | = | 0.0% |
| Distributable reserves | 133 | €8,204 | €12,642 | +€4,438 | +54.1% |
| Amounts payable | 17/49 | €2,749 | €5,860 | +€3,112 | +113% |
| Amounts payable within one year | 42/48 | €2,749 | €5,860 | +€3,112 | +113% |
| Trade debts | 44 | €1,256 | €1,730 | +€473 | +37.7% |
| Suppliers | 440/4 | €1,256 | €1,730 | +€473 | +37.7% |
| Taxes, remuneration and social security | 45 | €1,346 | €3,516 | +€2,170 | +161% |
| Taxes | 450/3 | €1,346 | €3,516 | +€2,170 | +161% |
| Other amounts payable | 47/48 | €146 | €615 | +€468 | +320% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,338 | €11,083 | +€746 | +7.2% |
| Other operating charges | 640/8 | €3,345 | €5,435 | +€2,090 | +62.5% |
| Gross operating margin | 9900 | €17,776 | €21,210 | +€3,434 | +19.3% |
| Operating profit (loss) | 9901 | €4,094 | €4,691 | +€598 | +14.6% |
| Financial charges | 65/66B | €403 | €253 | -€150 | -37.3% |
| Recurring financial charges | 65 | €403 | €253 | -€150 | -37.3% |
| Profit (loss) for the period before taxes | 9903 | €3,690 | €4,438 | +€748 | +20.3% |
| Profit (loss) for the period | 9904 | €3,690 | €4,438 | +€748 | +20.3% |
| Profit (loss) for the period to be appropriated | 9905 | €3,690 | €4,438 | +€748 | +20.3% |
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 2 November 2026 via checked.be.