Raad & Co: 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.
Raad & Co
Largest movements
- Financial fixed assets +€227,756
new in 2025: €227,756
- Cash -€136,832
down €136,832 (-78.9%), from €173,463 to €36,630
mainly Investment in fixed assets (net) (-€237,992) and Net result for the year (-€13,468)
- Receivables within one year -€21,712
down €21,712 (-23.5%), from €92,557 to €70,845
of which Trade receivables: -€37,169
- Debts after one year +€74,612
up €74,612 (+97.2%), from €76,749 to €151,361
- Reserves -€13,468
down €13,468 (-4.1%), from €327,742 to €314,274
- Gross operating margin -€33,661
down €33,661 (-68.5%), from €49,105 to €15,444
- Financial income -€13,835
down €13,835 (-89.4%), from €15,468 to €1,633
of which Non-recurring financial income: -€14,810
- Taxes -€4,716
down €4,716 (-42.4%), from €11,122 to €6,405
- Depreciation +€514
up €514 (+3.4%), from €15,043 to €15,557
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 | €470,854 | €534,808 | +€63,954 | +13.6% |
| Fixed assets | 21/28 | €182,772 | €405,208 | +€222,435 | +122% |
| Tangible fixed assets | 22/27 | €182,772 | €177,452 | -€5,320 | -2.9% |
| Land and buildings | 22 | €167,172 | €161,536 | -€5,636 | -3.4% |
| Plant, machinery and equipment | 23 | €402 | €179 | -€223 | -55.5% |
| Furniture and vehicles | 24 | €6,818 | €7,357 | +€539 | +7.9% |
| Other tangible fixed assets | 26 | €8,380 | €8,380 | = | 0.0% |
| Financial fixed assets | 28 | - | €227,756 | +€227,756 | |
| Current assets | 29/58 | €288,081 | €129,600 | -€158,481 | -55.0% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €19,788 | €19,788 | = | 0.0% |
| Stocks | 30/36 | €19,788 | €19,788 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €92,557 | €70,845 | -€21,712 | -23.5% |
| Trade receivables | 40 | €75,067 | €37,898 | -€37,169 | -49.5% |
| Other amounts receivable | 41 | €17,490 | €32,947 | +€15,457 | +88.4% |
| Cash at bank and in hand | 54/58 | €173,463 | €36,630 | -€136,832 | -78.9% |
| Deferred charges and accrued income | 490/1 | €2,274 | €2,337 | +€63 | +2.8% |
| Total equity and liabilities | 10/49 | €470,854 | €534,808 | +€63,954 | +13.6% |
| Equity | 10/15 | €346,342 | €332,874 | -€13,468 | -3.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €327,742 | €314,274 | -€13,468 | -4.1% |
| Distributable reserves | 133 | €327,742 | €314,274 | -€13,468 | -4.1% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €124,512 | €201,934 | +€77,422 | +62.2% |
| Amounts payable after more than one year | 17 | €76,749 | €151,361 | +€74,612 | +97.2% |
| Financial debts | 170/4 | €76,749 | €151,361 | +€74,612 | +97.2% |
| Amounts payable within one year | 42/48 | €47,763 | €50,573 | +€2,810 | +5.9% |
| Current portion of amounts payable after more than one year | 42 | €24,642 | €25,638 | +€996 | +4.0% |
| Financial debts | 43 | €446 | €416 | -€31 | -6.9% |
| Credit institutions | 430/8 | €446 | €416 | -€31 | -6.9% |
| Trade debts | 44 | €7,122 | €8,585 | +€1,463 | +20.5% |
| Suppliers | 440/4 | €7,122 | €8,585 | +€1,463 | +20.5% |
| Taxes, remuneration and social security | 45 | €15,554 | €15,935 | +€381 | +2.5% |
| Taxes | 450/3 | €15,554 | €15,935 | +€381 | +2.5% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,043 | €15,557 | +€514 | +3.4% |
| Other operating charges | 640/8 | €2,646 | €2,174 | -€472 | -17.8% |
| Non-recurring operating charges | 66A | €15,250 | €0 | -€15,250 | -100% |
| Gross operating margin | 9900 | €49,105 | €15,444 | -€33,661 | -68.5% |
| Operating profit (loss) | 9901 | €16,166 | -€2,287 | -€18,452 | |
| Financial income | 75/76B | €15,468 | €1,633 | -€13,835 | -89.4% |
| Recurring financial income | 75 | €657 | €1,633 | +€976 | +148% |
| Non-recurring financial income | 76B | €14,810 | €0 | -€14,810 | -100% |
| Financial charges | 65/66B | €6,224 | €6,409 | +€184 | +3.0% |
| Recurring financial charges | 65 | €6,224 | €6,409 | +€184 | +3.0% |
| Profit (loss) for the period before taxes | 9903 | €25,409 | -€7,063 | -€32,472 | |
| Income taxes | 67/77 | €11,122 | €6,405 | -€4,716 | -42.4% |
| Profit (loss) for the period | 9904 | €14,287 | -€13,468 | -€27,755 | |
| Profit (loss) for the period to be appropriated | 9905 | €14,287 | -€13,468 | -€27,755 |
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 15 October 2026 via checked.be.