R.A.Z.: what changed
What changed
R.A.Z.
NACE 68.121, Development of residential building projects
filed annual accounts (NBB)
Net result for the year
€23,395
2024 · €54,882-€31,487
Equity
€416,982
2024 · €393,587+€23,395
Cash
€9,612
2024 · €11,064-€1,451
Balance sheet total
€1.3m
2024 · €1.2m+€111,462
Largest movements
Assets
- Tangible fixed assets +€120,472
up €120,472 (+10.9%), from €1.1m to €1.2m
of which Furniture and vehicles: +€120,472
- Receivables within one year -€13,994
down €13,994 (-44.5%), from €31,458 to €17,464
of which Trade receivables: -€31,002
Equity and liabilities
- Debts after one year +€85,956
new in 2025: €85,956
- Trade debts -€27,298
down €27,298 (-79.1%), from €34,498 to €7,201
- Profit (loss) carried forward +€23,395
up €23,395 (+4,321%), from €541 to €23,936
- Current portion of long-term debt +€22,357
new in 2025: €22,357
Income statement
- Gross operating margin -€44,746
down €44,746 (-49.4%), from €90,589 to €45,843
- Taxes -€10,738
down €10,738 (-55.0%), from €19,523 to €8,784
- Other operating charges -€6,188
down €6,188 (-51.7%), from €11,975 to €5,787
- Depreciation +€6,109
up €6,109 (+542%), from €1,128 to €7,236
- Financial charges -€2,441
down €2,441 (-79.2%), from €3,082 to €641
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.
Result 2024
€54,882
Gross operating margin
-€44,746
Depreciation
-€6,109
Other operating charges
+€6,188
Financial income
-€0
Financial charges
+€2,441
Taxes
+€10,738
Result 2025
€23,395
raises the resultlowers the result
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.
From operations
+€17,944
Investment
-€127,708
Financing
+€108,314
Cash 2024
€11,064
From operations (derived)
+€17,944
Net result for the year
+€23,395
Depreciation
+€7,236
Receivables within one year
+€13,994
Deferred charges and accrued income
-€6,434
Trade debts
-€27,298
Tax, wage and social debts
+€9,957
Other debts
-€2,906
Investment (derived)
-€127,708
Investment in fixed assets (net)
-€127,708
Financing
+€108,314
Debts after one year
+€85,956
Current portion of long-term debt
+€22,357
Cash 2025
€9,612
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,153,419 | €1,264,881 | +€111,462 | +9.7% |
| Fixed assets | 21/28 | €1,110,434 | €1,230,906 | +€120,472 | +10.8% |
| Tangible fixed assets | 22/27 | €1,109,826 | €1,230,298 | +€120,472 | +10.9% |
| Land and buildings | 22 | €1,100,000 | €1,100,000 | = | 0.0% |
| Furniture and vehicles | 24 | €9,826 | €130,298 | +€120,472 | +1,226% |
| Financial fixed assets | 28 | €607 | €607 | = | 0.0% |
| Current assets | 29/58 | €42,986 | €33,975 | -€9,010 | -21.0% |
| Amounts receivable within one year | 40/41 | €31,458 | €17,464 | -€13,994 | -44.5% |
| Trade receivables | 40 | €31,002 | - | -€31,002 | |
| Other amounts receivable | 41 | €455 | €17,464 | +€17,009 | +3,734% |
| Cash at bank and in hand | 54/58 | €11,064 | €9,612 | -€1,451 | -13.1% |
| Deferred charges and accrued income | 490/1 | €464 | €6,899 | +€6,434 | +1,385% |
| Total equity and liabilities | 10/49 | €1,153,419 | €1,264,881 | +€111,462 | +9.7% |
| Equity | 10/15 | €393,587 | €416,982 | +€23,395 | +5.9% |
| Contributions | 10/11 | €86,960 | €86,960 | = | 0.0% |
| Capital | 10 | €86,960 | €86,960 | = | 0.0% |
| Issued capital | 100 | €86,960 | €86,960 | = | 0.0% |
| Reserves | 13 | €306,086 | €306,086 | = | 0.0% |
| Tax-exempt reserves | 132 | €31,086 | €31,086 | = | 0.0% |
| Distributable reserves | 133 | €275,000 | €275,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €541 | €23,936 | +€23,395 | +4,321% |
| Amounts payable | 17/49 | €759,832 | €847,899 | +€88,067 | +11.6% |
| Amounts payable after more than one year | 17 | - | €85,956 | +€85,956 | |
| Financial debts | 170/4 | - | €85,956 | +€85,956 | |
| Amounts payable within one year | 42/48 | €759,832 | €761,942 | +€2,111 | +0.3% |
| Current portion of amounts payable after more than one year | 42 | - | €22,357 | +€22,357 | |
| Trade debts | 44 | €34,498 | €7,201 | -€27,298 | -79.1% |
| Suppliers | 440/4 | €34,498 | €7,201 | -€27,298 | -79.1% |
| Taxes, remuneration and social security | 45 | €2,043 | €12,000 | +€9,957 | +487% |
| Taxes | 450/3 | €2,043 | €3,500 | +€1,457 | +71.3% |
| Remuneration and social security | 454/9 | - | €8,500 | +€8,500 | |
| Other amounts payable | 47/48 | €723,290 | €720,385 | -€2,906 | -0.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,128 | €7,236 | +€6,109 | +542% |
| Other operating charges | 640/8 | €11,975 | €5,787 | -€6,188 | -51.7% |
| Gross operating margin | 9900 | €90,589 | €45,843 | -€44,746 | -49.4% |
| Operating profit (loss) | 9901 | €77,487 | €32,820 | -€44,667 | -57.6% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €3,082 | €641 | -€2,441 | -79.2% |
| Recurring financial charges | 65 | €3,082 | €641 | -€2,441 | -79.2% |
| Profit (loss) for the period before taxes | 9903 | €74,404 | €32,179 | -€42,225 | -56.8% |
| Income taxes | 67/77 | €19,523 | €8,784 | -€10,738 | -55.0% |
| Profit (loss) for the period | 9904 | €54,882 | €23,395 | -€31,487 | -57.4% |
| Profit (loss) for the period to be appropriated | 9905 | €54,882 | €23,395 | -€31,487 | -57.4% |
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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 7 November 2026 via checked.be.