RAAF: 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.
RAAF
Largest movements
- Deferred charges and accrued income +€24,120
up €24,120 (+1394.1%), from €1,730 to €25,850
- Receivables within one year -€19,209
down €19,209 (-50.4%), from €38,104 to €18,895
of which Trade receivables: -€17,684
- Stocks and contracts +€12,528
up €12,528 (+19.2%), from €65,173 to €77,701
- Other debts +€51,040
up €51,040 (+422.8%), from €12,071 to €63,112
- Debts after one year -€43,581
down €43,581 (-5.9%), from €739,444 to €695,863
- Accrued charges and deferred income -€36,855
no longer reported in 2025 (was €36,855)
- Short-term financial debts +€24,785
new in 2025: €24,785
- Profit (loss) carried forward +€18,807
up €18,807 (+55.9%), from -€33,670 to -€14,863
- Gross operating margin +€27,236
up €27,236 (+117.8%), from €23,131 to €50,367
- Other operating charges -€1,096
down €1,096 (-78.8%), from €1,390 to €294
- Depreciation +€780
up €780 (+5.2%), from €14,943 to €15,723
- Financial charges +€633
up €633 (+4.2%), from €14,919 to €15,553
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.
Cash bridge derived
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 | €929,113 | €946,894 | +€17,781 | +1.9% |
| Fixed assets | 21/28 | €814,517 | €820,010 | +€5,494 | +0.7% |
| Intangible fixed assets | 21 | €24,685 | €22,371 | -€2,313 | -9.4% |
| Tangible fixed assets | 22/27 | €788,582 | €796,389 | +€7,807 | +1.0% |
| Land and buildings | 22 | €291,008 | €291,008 | = | 0.0% |
| Plant, machinery and equipment | 23 | €26,355 | €21,426 | -€4,929 | -18.7% |
| Furniture and vehicles | 24 | €170 | €90 | -€81 | -47.5% |
| Assets under construction and advance payments | 27 | €471,049 | €483,865 | +€12,817 | +2.7% |
| Financial fixed assets | 28 | €1,250 | €1,250 | = | 0.0% |
| Current assets | 29/58 | €114,597 | €126,884 | +€12,287 | +10.7% |
| Stocks and contracts in progress | 3 | €65,173 | €77,701 | +€12,528 | +19.2% |
| Stocks | 30/36 | €65,173 | €77,701 | +€12,528 | +19.2% |
| Amounts receivable within one year | 40/41 | €38,104 | €18,895 | -€19,209 | -50.4% |
| Trade receivables | 40 | €36,579 | €18,895 | -€17,684 | -48.3% |
| Other amounts receivable | 41 | €1,525 | - | -€1,525 | |
| Cash at bank and in hand | 54/58 | €9,589 | €4,437 | -€5,152 | -53.7% |
| Deferred charges and accrued income | 490/1 | €1,730 | €25,850 | +€24,120 | +1394.1% |
| Total equity and liabilities | 10/49 | €929,113 | €946,894 | +€17,781 | +1.9% |
| Equity | 10/15 | €81,318 | €100,125 | +€18,807 | +23.1% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €39,988 | €39,988 | = | 0.0% |
| Distributable reserves | 133 | €39,988 | €39,988 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€33,670 | -€14,863 | +€18,807 | +55.9% |
| Amounts payable | 17/49 | €847,795 | €846,770 | -€1,026 | -0.1% |
| Amounts payable after more than one year | 17 | €739,444 | €695,863 | -€43,581 | -5.9% |
| Financial debts | 170/4 | €739,444 | €695,863 | -€43,581 | -5.9% |
| Amounts payable within one year | 42/48 | €71,497 | €150,907 | +€79,410 | +111.1% |
| Current portion of amounts payable after more than one year | 42 | €41,713 | €44,256 | +€2,542 | +6.1% |
| Financial debts | 43 | - | €24,785 | +€24,785 | |
| Credit institutions | 430/8 | - | €24,785 | +€24,785 | |
| Trade debts | 44 | €16,954 | €15,323 | -€1,630 | -9.6% |
| Suppliers | 440/4 | €16,954 | €15,323 | -€1,630 | -9.6% |
| Taxes, remuneration and social security | 45 | €758 | €3,431 | +€2,673 | +352.7% |
| Taxes | 450/3 | €758 | €3,431 | +€2,673 | +352.7% |
| Other amounts payable | 47/48 | €12,071 | €63,112 | +€51,040 | +422.8% |
| Accrued charges and deferred income | 492/3 | €36,855 | - | -€36,855 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,943 | €15,723 | +€780 | +5.2% |
| Other operating charges | 640/8 | €1,390 | €294 | -€1,096 | -78.8% |
| Gross operating margin | 9900 | €23,131 | €50,367 | +€27,236 | +117.8% |
| Operating profit (loss) | 9901 | €6,798 | €34,350 | +€27,552 | +405.3% |
| Financial income | 75/76B | €9 | €10 | +€1 | +7.1% |
| Recurring financial income | 75 | €9 | €10 | +€1 | +7.1% |
| Financial charges | 65/66B | €14,919 | €15,553 | +€633 | +4.2% |
| Recurring financial charges | 65 | €14,919 | €15,553 | +€633 | +4.2% |
| Profit (loss) for the period before taxes | 9903 | -€8,112 | €18,807 | +€26,919 | |
| Profit (loss) for the period | 9904 | -€8,112 | €18,807 | +€26,919 | |
| Profit (loss) for the period to be appropriated | 9905 | -€8,112 | €18,807 | +€26,919 |
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 12 October 2026 via checked.be.