R.AF: 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.
What changed
R.AF
NACE 43.320, Joinery installation
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€9,681
2024 · -€10,194+€19,875
Equity
€546,999
2024 · €537,317+€9,682
Cash
€14,087
2024 · €11,535+€2,552
Balance sheet total
€1.0m
2024 · €821,599+€210,386
Largest movements
Assets
- Receivables within one year +€171,173
up €171,173 (+59.9%), from €285,665 to €456,838
of which Trade receivables: +€153,977
- Tangible fixed assets +€35,769
up €35,769 (+7.1%), from €503,691 to €539,460
of which Land and buildings: +€111,447
Equity and liabilities
- Advances received +€197,804
up €197,804 (+591%), from €33,480 to €231,284
- Reserves +€95,523
up €95,523 (+22.1%), from €432,876 to €528,399
of which Distributable reserves: +€114,490
- Profit (loss) carried forward -€85,841
no longer reported in 2025 (was €85,841)
- Trade debts +€44,465
up €44,465 (+122%), from €36,583 to €81,048
- Short-term financial debts -€19,518
no longer reported in 2025 (was €19,518)
Income statement
- Gross operating margin +€52,675
up €52,675 (+199%), from €26,528 to €79,203
- Other operating charges +€25,611
up €25,611 (+402%), from €6,374 to €31,985
- Taxes +€7,056
up €7,056 (+85.1%), from €8,295 to €15,351
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.
Result 2024
-€10,194
Gross operating margin
+€52,675
Staff costs
-€109
Depreciation
+€315
Other operating charges
-€25,611
Financial income
+€1
Financial charges
-€340
Taxes
-€7,056
Result 2025
€9,681
raises the resultlowers the result
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.
From operations
+€88,724
Investment
-€56,880
Financing
-€29,292
Cash 2024
€11,535
From operations (derived)
+€88,724
Net result for the year
+€9,681
Depreciation
+€22,609
Stocks and contracts
-€2,390
Receivables within one year
-€171,173
Provisions
-€6,323
Trade debts
+€44,465
Tax, wage and social debts
+€8,543
Advances received
+€197,804
Other debts
-€14,492
Investment (derived)
-€56,880
Investment in fixed assets (net)
-€56,880
Financing
-€29,292
Debts after one year
-€10,360
Current portion of long-term debt
+€585
Short-term financial debts
-€19,518
Contributions, distributions and other
+€1
Cash 2025
€14,087
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €821,599 | €1,031,985 | +€210,386 | +25.6% |
| Fixed assets | 21/28 | €505,189 | €539,460 | +€34,271 | +6.8% |
| Tangible fixed assets | 22/27 | €503,691 | €539,460 | +€35,769 | +7.1% |
| Land and buildings | 22 | €424,959 | €536,406 | +€111,447 | +26.2% |
| Plant, machinery and equipment | 23 | €3,886 | €803 | -€3,083 | -79.3% |
| Furniture and vehicles | 24 | €2,251 | €2,251 | = | 0.0% |
| Assets under construction and advance payments | 27 | €72,595 | - | -€72,595 | |
| Financial fixed assets | 28 | €1,498 | - | -€1,498 | |
| Current assets | 29/58 | €316,410 | €492,525 | +€176,115 | +55.7% |
| Stocks and contracts in progress | 3 | €19,210 | €21,600 | +€2,390 | +12.4% |
| Stocks | 30/36 | €12,010 | €13,350 | +€1,340 | +11.2% |
| Contracts in progress | 37 | €7,200 | €8,250 | +€1,050 | +14.6% |
| Amounts receivable within one year | 40/41 | €285,665 | €456,838 | +€171,173 | +59.9% |
| Trade receivables | 40 | €195,363 | €349,340 | +€153,977 | +78.8% |
| Other amounts receivable | 41 | €90,302 | €107,498 | +€17,196 | +19.0% |
| Cash at bank and in hand | 54/58 | €11,535 | €14,087 | +€2,552 | +22.1% |
| Total equity and liabilities | 10/49 | €821,599 | €1,031,985 | +€210,386 | +25.6% |
| Equity | 10/15 | €537,317 | €546,999 | +€9,682 | +1.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €432,876 | €528,399 | +€95,523 | +22.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €380,680 | €361,713 | -€18,967 | -5.0% |
| Distributable reserves | 133 | €50,336 | €164,826 | +€114,490 | +227% |
| Profit (loss) carried forward | 14 | €85,841 | - | -€85,841 | |
| Provisions and deferred taxes | 16 | €107,484 | €101,161 | -€6,323 | -5.9% |
| Deferred taxes | 168 | €107,484 | €101,161 | -€6,323 | -5.9% |
| Amounts payable | 17/49 | €176,798 | €383,825 | +€207,027 | +117% |
| Amounts payable after more than one year | 17 | €25,145 | €14,785 | -€10,360 | -41.2% |
| Financial debts | 170/4 | €25,145 | €14,785 | -€10,360 | -41.2% |
| Amounts payable within one year | 42/48 | €151,653 | €369,040 | +€217,387 | +143% |
| Current portion of amounts payable after more than one year | 42 | €7,931 | €8,516 | +€585 | +7.4% |
| Financial debts | 43 | €19,518 | - | -€19,518 | |
| Credit institutions | 430/8 | €19,518 | - | -€19,518 | |
| Trade debts | 44 | €36,583 | €81,048 | +€44,465 | +122% |
| Suppliers | 440/4 | €36,583 | €81,048 | +€44,465 | +122% |
| Advances received on contracts in progress | 46 | €33,480 | €231,284 | +€197,804 | +591% |
| Taxes, remuneration and social security | 45 | €8,668 | €17,211 | +€8,543 | +98.6% |
| Taxes | 450/3 | €8,668 | €17,211 | +€8,543 | +98.6% |
| Other amounts payable | 47/48 | €45,473 | €30,981 | -€14,492 | -31.9% |
| Remuneration, social security and pensions | 62 | - | €109 | +€109 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,924 | €22,609 | -€315 | -1.4% |
| Other operating charges | 640/8 | €6,374 | €31,985 | +€25,611 | +402% |
| Gross operating margin | 9900 | €26,528 | €79,203 | +€52,675 | +199% |
| Operating profit (loss) | 9901 | -€2,770 | €24,500 | +€27,270 | |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €5,452 | €5,792 | +€340 | +6.2% |
| Recurring financial charges | 65 | €5,452 | €5,792 | +€340 | +6.2% |
| Profit (loss) for the period before taxes | 9903 | -€8,222 | €18,709 | +€26,931 | |
| Transfer from deferred taxes | 780 | €6,323 | €6,323 | = | 0.0% |
| Income taxes | 67/77 | €8,295 | €15,351 | +€7,056 | +85.1% |
| Profit (loss) for the period | 9904 | -€10,194 | €9,681 | +€19,875 | |
| Transfer from tax-exempt reserves | 789 | €18,968 | €18,968 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €8,774 | €28,649 | +€19,875 | +227% |
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 17 October 2026 via checked.be.