RAAK: 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.
RAAK
Largest movements
- Stocks and contracts -€1.6m
down €1.6m (-72.7%), from €2.2m to €592,846
- Receivables within one year -€163,686
down €163,686 (-92.5%), from €177,048 to €13,362
of which Other amounts receivable: -€165,286
- Cash +€64,786
up €64,786 (+870%), from €7,443 to €72,230
mainly Stocks and contracts (+€1.6m) and Receivables within one year (+€163,686)
- Debts after one year -€867,526
down €867,526 (-55.5%), from €1.6m to €694,474
of which Other amounts payable: -€867,526
- Current portion of long-term debt -€561,600
down €561,600 (-61.6%), from €911,600 to €350,000
- Short-term financial debts -€183,521
down €183,521 (-100%), from €183,521 to €0
- Trade debts -€102,328
down €102,328 (-84.1%), from €121,714 to €19,386
- Profit (loss) carried forward +€82,408
up €82,408 (+13.4%), from -€615,729 to -€533,322
- Gross operating margin +€380,950
up €380,950, from -€286,041 to €94,908
- Financial charges -€142,202
down €142,202 (-97.3%), from €146,118 to €3,916
- Other operating charges +€8,600
up €8,600 (+2,150%), from €400 to €9,000
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 | €2,365,586 | €679,448 | -€1.7m | -71.3% |
| Fixed assets | 21/28 | €2,500 | €0 | -€2,500 | -100% |
| Financial fixed assets | 28 | €2,500 | €0 | -€2,500 | -100% |
| Current assets | 29/58 | €2,363,086 | €679,448 | -€1.7m | -71.2% |
| Stocks and contracts in progress | 3 | €2,173,562 | €592,846 | -€1.6m | -72.7% |
| Stocks | 30/36 | €2,173,562 | €592,846 | -€1.6m | -72.7% |
| Amounts receivable within one year | 40/41 | €177,048 | €13,362 | -€163,686 | -92.5% |
| Trade receivables | 40 | €0 | €1,600 | +€1,600 | |
| Other amounts receivable | 41 | €177,048 | €11,762 | -€165,286 | -93.4% |
| Cash at bank and in hand | 54/58 | €7,443 | €72,230 | +€64,786 | +870% |
| Deferred charges and accrued income | 490/1 | €5,032 | €1,011 | -€4,022 | -79.9% |
| Total equity and liabilities | 10/49 | €2,365,586 | €679,448 | -€1.7m | -71.3% |
| Equity | 10/15 | -€536,654 | -€454,246 | +€82,408 | +15.4% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €54,075 | €54,075 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,500 | €2,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,500 | €2,500 | = | 0.0% |
| Distributable reserves | 133 | €51,575 | €51,575 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€615,729 | -€533,322 | +€82,408 | +13.4% |
| Amounts payable | 17/49 | €2,902,240 | €1,133,694 | -€1.8m | -60.9% |
| Amounts payable after more than one year | 17 | €1,562,000 | €694,474 | -€867,526 | -55.5% |
| Financial debts | 170/4 | €0 | - | = | |
| Other amounts payable | 178/9 | €1,562,000 | €694,474 | -€867,526 | -55.5% |
| Amounts payable within one year | 42/48 | €1,221,484 | €377,187 | -€844,297 | -69.1% |
| Current portion of amounts payable after more than one year | 42 | €911,600 | €350,000 | -€561,600 | -61.6% |
| Financial debts | 43 | €183,521 | €0 | -€183,521 | -100% |
| Credit institutions | 430/8 | €183,521 | €0 | -€183,521 | -100% |
| Trade debts | 44 | €121,714 | €19,386 | -€102,328 | -84.1% |
| Suppliers | 440/4 | €121,714 | €19,386 | -€102,328 | -84.1% |
| Taxes, remuneration and social security | 45 | €4,650 | €7,801 | +€3,152 | +67.8% |
| Taxes | 450/3 | €2,230 | €7,801 | +€5,571 | +250% |
| Remuneration and social security | 454/9 | €2,420 | €0 | -€2,420 | -100% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €118,756 | €62,033 | -€56,722 | -47.8% |
| Other operating charges | 640/8 | €400 | €9,000 | +€8,600 | +2,150% |
| Gross operating margin | 9900 | -€286,041 | €94,908 | +€380,950 | |
| Operating profit (loss) | 9901 | -€286,441 | €85,908 | +€372,350 | |
| Financial income | 75/76B | €390 | €415 | +€25 | +6.4% |
| Recurring financial income | 75 | €390 | €415 | +€25 | +6.4% |
| Financial charges | 65/66B | €146,118 | €3,916 | -€142,202 | -97.3% |
| Recurring financial charges | 65 | €146,118 | €3,916 | -€142,202 | -97.3% |
| Profit (loss) for the period before taxes | 9903 | -€432,169 | €82,408 | +€514,577 | |
| Profit (loss) for the period | 9904 | -€432,169 | €82,408 | +€514,577 | |
| Profit (loss) for the period to be appropriated | 9905 | -€432,169 | €82,408 | +€514,577 |
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.