RAAF: what changed
RAAF
Largest movements
- Cash -€84,923
down €84,923 (-85.9%), from €98,867 to €13,943
mainly Contributions, distributions and other (-€294,218) and Investment in fixed assets (net) (-€34,774)
- Receivables within one year -€15,724
down €15,724 (-91.8%), from €17,126 to €1,402
of which Other amounts receivable: -€17,024
- Reserves -€199,485
down €199,485 (-29.8%), from €669,645 to €470,160
of which Distributable reserves: -€197,687
- Other debts +€107,213
up €107,213, from €0 to €107,213
- Tax, wage and social debts -€18,626
down €18,626 (-43.4%), from €42,942 to €24,316
of which Taxes: -€16,325
- Gross operating margin -€90,618
down €90,618 (-31.1%), from €291,050 to €200,431
- Financial charges -€78,126
down €78,126 (-99.4%), from €78,564 to €437
- Financial income -€49,101
down €49,101 (-97.4%), from €50,421 to €1,320
- Staff costs -€42,716
down €42,716 (-71.5%), from €59,756 to €17,040
- Taxes -€26,290
down €26,290 (-41.4%), from €63,460 to €37,171
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 | €850,762 | €743,044 | -€107,718 | -12.7% |
| Fixed assets | 21/28 | €734,769 | €727,375 | -€7,394 | -1.0% |
| Tangible fixed assets | 22/27 | €733,748 | €726,354 | -€7,394 | -1.0% |
| Land and buildings | 22 | €684,042 | €664,715 | -€19,327 | -2.8% |
| Plant, machinery and equipment | 23 | €8,521 | €17,117 | +€8,596 | +101% |
| Furniture and vehicles | 24 | €12,490 | €16,222 | +€3,732 | +29.9% |
| Leasing and similar rights | 25 | €11,760 | €8,820 | -€2,940 | -25.0% |
| Other tangible fixed assets | 26 | €16,936 | €19,481 | +€2,545 | +15.0% |
| Financial fixed assets | 28 | €1,021 | €1,021 | = | 0.0% |
| Current assets | 29/58 | €115,993 | €15,669 | -€100,324 | -86.5% |
| Amounts receivable within one year | 40/41 | €17,126 | €1,402 | -€15,724 | -91.8% |
| Trade receivables | 40 | €103 | €1,402 | +€1,299 | +1,263% |
| Other amounts receivable | 41 | €17,024 | €0 | -€17,024 | -100% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €98,867 | €13,943 | -€84,923 | -85.9% |
| Deferred charges and accrued income | 490/1 | - | €324 | +€324 | |
| Total equity and liabilities | 10/49 | €850,762 | €743,044 | -€107,718 | -12.7% |
| Equity | 10/15 | €769,645 | €570,160 | -€199,485 | -25.9% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €669,645 | €470,160 | -€199,485 | -29.8% |
| Tax-exempt reserves | 132 | €34,161 | €32,364 | -€1,798 | -5.3% |
| Distributable reserves | 133 | €635,484 | €437,796 | -€197,687 | -31.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €18,570 | €17,971 | -€599 | -3.2% |
| Deferred taxes | 168 | €18,570 | €17,971 | -€599 | -3.2% |
| Amounts payable | 17/49 | €62,547 | €154,913 | +€92,366 | +148% |
| Amounts payable within one year | 42/48 | €62,547 | €154,913 | +€92,366 | +148% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €19,605 | €23,384 | +€3,780 | +19.3% |
| Suppliers | 440/4 | €19,605 | €23,384 | +€3,780 | +19.3% |
| Taxes, remuneration and social security | 45 | €42,942 | €24,316 | -€18,626 | -43.4% |
| Taxes | 450/3 | €35,984 | €19,660 | -€16,325 | -45.4% |
| Remuneration and social security | 454/9 | €6,958 | €4,656 | -€2,302 | -33.1% |
| Other amounts payable | 47/48 | €0 | €107,213 | +€107,213 | |
| Remuneration, social security and pensions | 62 | €59,756 | €17,040 | -€42,716 | -71.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,080 | €42,168 | -€912 | -2.1% |
| Other operating charges | 640/8 | €10,862 | €10,802 | -€60 | -0.6% |
| Gross operating margin | 9900 | €291,050 | €200,431 | -€90,618 | -31.1% |
| Operating profit (loss) | 9901 | €177,352 | €130,422 | -€46,930 | -26.5% |
| Financial income | 75/76B | €50,421 | €1,320 | -€49,101 | -97.4% |
| Recurring financial income | 75 | €50,421 | €1,320 | -€49,101 | -97.4% |
| Financial charges | 65/66B | €78,564 | €437 | -€78,126 | -99.4% |
| Recurring financial charges | 65 | €78,564 | €437 | -€78,126 | -99.4% |
| Profit (loss) for the period before taxes | 9903 | €149,209 | €131,304 | -€17,905 | -12.0% |
| Transfer from deferred taxes | 780 | €599 | €599 | = | 0.0% |
| Income taxes | 67/77 | €63,460 | €37,171 | -€26,290 | -41.4% |
| Profit (loss) for the period | 9904 | €86,348 | €94,733 | +€8,385 | +9.7% |
| Transfer from tax-exempt reserves | 789 | €1,798 | €1,798 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €88,146 | €96,531 | +€8,385 | +9.5% |
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 1 November 2026 via checked.be.