RAAR: what changed
Two fiscal 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.
RAAR
Largest movements
- Cash +€9,524
up €9,524 (+10.2%), from €93,727 to €103,252
mainly Net result for the year (+€13,239) and Receivables within one year (+€2,906)
- Receivables within one year -€2,906
down €2,906 (-45.9%), from €6,328 to €3,423
of which Trade receivables: -€4,406
- Tax, wage and social debts -€8,900
down €8,900 (-47.0%), from €18,954 to €10,055
of which Remuneration and social security: -€10,851
- Reserves +€7,545
up €7,545 (+22.4%), from €33,649 to €41,195
- Profit (loss) carried forward +€5,694
up €5,694, from -€5,694 to €0
- Other debts +€1,683
up €1,683 (+4.2%), from €40,257 to €41,940
- Gross operating margin -€12,187
down €12,187 (-36.5%), from €33,418 to €21,231
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 | €100,962 | €106,984 | +€6,022 | +6.0% |
| Fixed assets | 21/28 | €907 | €310 | -€596 | -65.8% |
| Intangible fixed assets | 21 | €553 | €176 | -€376 | -68.1% |
| Tangible fixed assets | 22/27 | €354 | €134 | -€220 | -62.2% |
| Plant, machinery and equipment | 23 | €354 | €134 | -€220 | -62.2% |
| Current assets | 29/58 | €100,056 | €106,674 | +€6,618 | +6.6% |
| Amounts receivable within one year | 40/41 | €6,328 | €3,423 | -€2,906 | -45.9% |
| Trade receivables | 40 | €6,328 | €1,923 | -€4,406 | -69.6% |
| Other amounts receivable | 41 | - | €1,500 | +€1,500 | |
| Cash at bank and in hand | 54/58 | €93,727 | €103,252 | +€9,524 | +10.2% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €100,962 | €106,984 | +€6,022 | +6.0% |
| Equity | 10/15 | €40,355 | €53,595 | +€13,239 | +32.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €33,649 | €41,195 | +€7,545 | +22.4% |
| Distributable reserves | 133 | €33,649 | €41,195 | +€7,545 | +22.4% |
| Profit (loss) carried forward | 14 | -€5,694 | €0 | +€5,694 | |
| Amounts payable | 17/49 | €60,607 | €53,390 | -€7,217 | -11.9% |
| Amounts payable within one year | 42/48 | €60,607 | €53,390 | -€7,217 | -11.9% |
| Trade debts | 44 | €1,396 | €1,395 | -€1 | 0.0% |
| Suppliers | 440/4 | €1,396 | €1,395 | -€1 | 0.0% |
| Taxes, remuneration and social security | 45 | €18,954 | €10,055 | -€8,900 | -47.0% |
| Taxes | 450/3 | €8,103 | €10,055 | +€1,952 | +24.1% |
| Remuneration and social security | 454/9 | €10,851 | €0 | -€10,851 | -100.0% |
| Other amounts payable | 47/48 | €40,257 | €41,940 | +€1,683 | +4.2% |
| Non-recurring operating income | 76A | €2,500 | €0 | -€2,500 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €775 | €596 | -€178 | -23.0% |
| Other operating charges | 640/8 | €700 | €544 | -€156 | -22.3% |
| Gross operating margin | 9900 | €33,418 | €21,231 | -€12,187 | -36.5% |
| Operating profit (loss) | 9901 | €31,944 | €20,091 | -€11,853 | -37.1% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €3,181 | €3,022 | -€159 | -5.0% |
| Recurring financial charges | 65 | €3,181 | €3,022 | -€159 | -5.0% |
| Profit (loss) for the period before taxes | 9903 | €28,763 | €17,069 | -€11,694 | -40.7% |
| Income taxes | 67/77 | €3,549 | €3,830 | +€280 | +7.9% |
| Profit (loss) for the period | 9904 | €25,213 | €13,239 | -€11,974 | -47.5% |
| Profit (loss) for the period to be appropriated | 9905 | €25,213 | €13,239 | -€11,974 | -47.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.