RAAIJMAKERS: 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.
RAAIJMAKERS
Largest movements
- Receivables after one year -€25,186
down €25,186 (-26.3%), from €95,850 to €70,664
- Cash -€18,308
no longer reported in 2025 (was €18,308)
mainly Contributions, distributions and other (-€41,003) and Receivables within one year (-€16,680)
- Receivables within one year +€16,680
up €16,680 (+62.3%), from €26,783 to €43,463
of which Trade receivables: +€18,277
- Tangible fixed assets -€8,768
down €8,768 (-11.9%), from €73,655 to €64,887
of which Land and buildings: -€8,293
- Reserves -€41,003
down €41,003 (-30.4%), from €134,783 to €93,780
of which Distributable reserves: -€41,003
- Trade debts +€13,680
up €13,680 (+991%), from €1,380 to €15,060
- Profit (loss) carried forward -€11,624
down €11,624, from €10,891 to -€733
- Tax, wage and social debts +€4,090
up €4,090 (+13,194%), from €31 to €4,121
- Debts after one year -€2,657
no longer reported in 2025 (was €2,657)
- Financial income +€5,343
up €5,343 (+73.6%), from €7,259 to €12,602
- Gross operating margin +€1,010
up €1,010 (+7.2%), from -€13,999 to -€12,989
- Other operating charges -€446
down €446 (-17.0%), from €2,628 to €2,182
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 | €215,027 | €179,014 | -€36,013 | -16.7% |
| Fixed assets | 21/28 | €73,655 | €64,887 | -€8,768 | -11.9% |
| Tangible fixed assets | 22/27 | €73,655 | €64,887 | -€8,768 | -11.9% |
| Land and buildings | 22 | €70,222 | €61,929 | -€8,293 | -11.8% |
| Other tangible fixed assets | 26 | €3,433 | €2,958 | -€475 | -13.8% |
| Current assets | 29/58 | €141,372 | €114,127 | -€27,245 | -19.3% |
| Amounts receivable after more than one year | 29 | €95,850 | €70,664 | -€25,186 | -26.3% |
| Other amounts receivable | 291 | €95,850 | €70,664 | -€25,186 | -26.3% |
| Amounts receivable within one year | 40/41 | €26,783 | €43,463 | +€16,680 | +62.3% |
| Trade receivables | 40 | - | €18,277 | +€18,277 | |
| Other amounts receivable | 41 | €26,783 | €25,186 | -€1,597 | -6.0% |
| Cash at bank and in hand | 54/58 | €18,308 | - | -€18,308 | |
| Deferred charges and accrued income | 490/1 | €431 | - | -€431 | |
| Total equity and liabilities | 10/49 | €215,027 | €179,014 | -€36,013 | -16.7% |
| Equity | 10/15 | €164,274 | €111,647 | -€52,627 | -32.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €134,783 | €93,780 | -€41,003 | -30.4% |
| Tax-exempt reserves | 132 | €14,131 | €14,131 | = | 0.0% |
| Distributable reserves | 133 | €120,652 | €79,649 | -€41,003 | -34.0% |
| Profit (loss) carried forward | 14 | €10,891 | -€733 | -€11,624 | |
| Amounts payable | 17/49 | €50,753 | €67,367 | +€16,614 | +32.7% |
| Amounts payable after more than one year | 17 | €2,657 | - | -€2,657 | |
| Financial debts | 170/4 | €2,657 | - | -€2,657 | |
| Amounts payable within one year | 42/48 | €48,096 | €67,367 | +€19,271 | +40.1% |
| Current portion of amounts payable after more than one year | 42 | €4,109 | €2,278 | -€1,831 | -44.6% |
| Financial debts | 43 | €883 | €3,241 | +€2,358 | +267% |
| Credit institutions | 430/8 | €883 | €3,241 | +€2,358 | +267% |
| Trade debts | 44 | €1,380 | €15,060 | +€13,680 | +991% |
| Suppliers | 440/4 | €1,380 | €15,060 | +€13,680 | +991% |
| Taxes, remuneration and social security | 45 | €31 | €4,121 | +€4,090 | +13,194% |
| Taxes | 450/3 | €31 | €4,121 | +€4,090 | +13,194% |
| Other amounts payable | 47/48 | €41,693 | €42,667 | +€974 | +2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,767 | €8,768 | +€1 | 0.0% |
| Other operating charges | 640/8 | €2,628 | €2,182 | -€446 | -17.0% |
| Gross operating margin | 9900 | -€13,999 | -€12,989 | +€1,010 | +7.2% |
| Operating profit (loss) | 9901 | -€25,394 | -€23,939 | +€1,455 | +5.7% |
| Financial income | 75/76B | €7,259 | €12,602 | +€5,343 | +73.6% |
| Recurring financial income | 75 | €7,259 | €12,602 | +€5,343 | +73.6% |
| Financial charges | 65/66B | €357 | €287 | -€70 | -19.6% |
| Recurring financial charges | 65 | €357 | €287 | -€70 | -19.6% |
| Profit (loss) for the period before taxes | 9903 | -€18,492 | -€11,624 | +€6,868 | +37.1% |
| Profit (loss) for the period | 9904 | -€18,492 | -€11,624 | +€6,868 | +37.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€18,492 | -€11,624 | +€6,868 | +37.1% |
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 21 October 2026 via checked.be.