RAAMWERK: 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.
RAAMWERK
Largest movements
- Tangible fixed assets +€190,662
up €190,662 (+59.9%), from €318,271 to €508,933
of which Land and buildings: +€184,290
- Receivables within one year +€20,519
up €20,519 (+17.4%), from €117,800 to €138,319
of which Other amounts receivable: +€27,262
- Debts after one year +€159,273
up €159,273 (+68.9%), from €231,086 to €390,359
- Reserves +€25,992
up €25,992 (+16.1%), from €161,809 to €187,801
of which Distributable reserves: +€25,992
- Tax, wage and social debts +€15,619
up €15,619 (+50.2%), from €31,131 to €46,749
of which Taxes: +€19,889
- Current portion of long-term debt +€14,306
up €14,306 (+41.8%), from €34,265 to €48,570
- Other debts -€7,248
down €7,248 (-100%), from €7,248 to €0
- Staff costs +€50,660
up €50,660 (+99.0%), from €51,161 to €101,820
- Gross operating margin +€38,244
up €38,244 (+24.1%), from €158,791 to €197,036
- Depreciation -€27,886
down €27,886 (-39.8%), from €70,087 to €42,201
- Taxes +€2,667
up €2,667 (+37.7%), from €7,070 to €9,737
- Financial charges +€2,197
up €2,197 (+17.9%), from €12,256 to €14,452
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 | €484,220 | €697,361 | +€213,141 | +44.0% |
| Fixed assets | 21/28 | €318,421 | €509,083 | +€190,662 | +59.9% |
| Tangible fixed assets | 22/27 | €318,271 | €508,933 | +€190,662 | +59.9% |
| Land and buildings | 22 | €215,113 | €399,402 | +€184,290 | +85.7% |
| Plant, machinery and equipment | 23 | €1,081 | €5,129 | +€4,048 | +374% |
| Furniture and vehicles | 24 | €102,077 | €104,401 | +€2,324 | +2.3% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €165,799 | €188,278 | +€22,479 | +13.6% |
| Amounts receivable within one year | 40/41 | €117,800 | €138,319 | +€20,519 | +17.4% |
| Trade receivables | 40 | €97,133 | €90,390 | -€6,743 | -6.9% |
| Other amounts receivable | 41 | €20,667 | €47,929 | +€27,262 | +132% |
| Cash at bank and in hand | 54/58 | €34,334 | €36,285 | +€1,951 | +5.7% |
| Deferred charges and accrued income | 490/1 | €13,664 | €13,674 | +€10 | +0.1% |
| Total equity and liabilities | 10/49 | €484,220 | €697,361 | +€213,141 | +44.0% |
| Equity | 10/15 | €168,009 | €194,001 | +€25,992 | +15.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €161,809 | €187,801 | +€25,992 | +16.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €159,949 | €185,941 | +€25,992 | +16.3% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €316,211 | €503,360 | +€187,149 | +59.2% |
| Amounts payable after more than one year | 17 | €231,086 | €390,359 | +€159,273 | +68.9% |
| Financial debts | 170/4 | €231,086 | €390,359 | +€159,273 | +68.9% |
| Amounts payable within one year | 42/48 | €85,125 | €113,001 | +€27,876 | +32.7% |
| Current portion of amounts payable after more than one year | 42 | €34,265 | €48,570 | +€14,306 | +41.8% |
| Trade debts | 44 | €12,482 | €17,681 | +€5,199 | +41.7% |
| Suppliers | 440/4 | €12,482 | €17,681 | +€5,199 | +41.7% |
| Taxes, remuneration and social security | 45 | €31,131 | €46,749 | +€15,619 | +50.2% |
| Taxes | 450/3 | €26,861 | €46,749 | +€19,889 | +74.0% |
| Remuneration and social security | 454/9 | €4,270 | €0 | -€4,270 | -100% |
| Other amounts payable | 47/48 | €7,248 | €0 | -€7,248 | -100% |
| Remuneration, social security and pensions | 62 | €51,161 | €101,820 | +€50,660 | +99.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,087 | €42,201 | -€27,886 | -39.8% |
| Other operating charges | 640/8 | €2,277 | €3,156 | +€879 | +38.6% |
| Gross operating margin | 9900 | €158,791 | €197,036 | +€38,244 | +24.1% |
| Operating profit (loss) | 9901 | €35,267 | €49,858 | +€14,592 | +41.4% |
| Financial income | 75/76B | €35 | €323 | +€288 | +817% |
| Recurring financial income | 75 | €35 | €323 | +€288 | +817% |
| Financial charges | 65/66B | €12,256 | €14,452 | +€2,197 | +17.9% |
| Recurring financial charges | 65 | €12,256 | €14,452 | +€2,197 | +17.9% |
| Profit (loss) for the period before taxes | 9903 | €23,046 | €35,729 | +€12,683 | +55.0% |
| Income taxes | 67/77 | €7,070 | €9,737 | +€2,667 | +37.7% |
| Profit (loss) for the period | 9904 | €15,977 | €25,992 | +€10,015 | +62.7% |
| Profit (loss) for the period to be appropriated | 9905 | €15,977 | €25,992 | +€10,015 | +62.7% |
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 30 October 2026 via checked.be.