RAAS: 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.
RAAS
Largest movements
- Tangible fixed assets -€84,645
down €84,645 (-14.2%), from €594,306 to €509,661
of which Plant, machinery and equipment: -€57,998
- Cash -€46,343
down €46,343 (-22.7%), from €204,306 to €157,963
mainly Contributions, distributions and other (-€152,915) and Investment in fixed assets (net) (-€42,796)
- Current investments -€38,636
no longer reported in 2025 (was €38,636)
- Stocks and contracts +€15,241
up €15,241 (+4.3%), from €351,713 to €366,954
- Reserves -€113,349
down €113,349 (-10.4%), from €1.1m to €979,872
- Trade debts -€37,289
down €37,289 (-66.1%), from €56,422 to €19,134
- Other debts -€31,395
down €31,395 (-86.6%), from €36,249 to €4,854
- Debts after one year +€24,864
up €24,864 (+119%), from €20,924 to €45,788
of which Other amounts payable: +€42,784
- Staff costs +€39,096
up €39,096 (+5.2%), from €757,443 to €796,539
- Financial income -€15,816
down €15,816 (-46.0%), from €34,393 to €18,577
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 | €1,364,399 | €1,214,508 | -€149,891 | -11.0% |
| Fixed assets | 21/28 | €595,806 | €511,161 | -€84,645 | -14.2% |
| Tangible fixed assets | 22/27 | €594,306 | €509,661 | -€84,645 | -14.2% |
| Plant, machinery and equipment | 23 | €417,910 | €359,912 | -€57,998 | -13.9% |
| Furniture and vehicles | 24 | €7,090 | €3,545 | -€3,545 | -50.0% |
| Other tangible fixed assets | 26 | €169,306 | €146,204 | -€23,102 | -13.6% |
| Financial fixed assets | 28 | €1,500 | €1,500 | = | 0.0% |
| Current assets | 29/58 | €768,593 | €703,347 | -€65,246 | -8.5% |
| Stocks and contracts in progress | 3 | €351,713 | €366,954 | +€15,241 | +4.3% |
| Stocks | 30/36 | €351,713 | €366,954 | +€15,241 | +4.3% |
| Amounts receivable within one year | 40/41 | €72,423 | €67,378 | -€5,045 | -7.0% |
| Trade receivables | 40 | €2,779 | €2,200 | -€579 | -20.8% |
| Other amounts receivable | 41 | €69,644 | €65,178 | -€4,466 | -6.4% |
| Current investments | 50/53 | €38,636 | - | -€38,636 | |
| Cash at bank and in hand | 54/58 | €204,306 | €157,963 | -€46,343 | -22.7% |
| Deferred charges and accrued income | 490/1 | €101,514 | €111,052 | +€9,538 | +9.4% |
| Total equity and liabilities | 10/49 | €1,364,399 | €1,214,508 | -€149,891 | -11.0% |
| Equity | 10/15 | €1,111,782 | €998,434 | -€113,349 | -10.2% |
| Contributions | 10/11 | €18,562 | €18,562 | = | 0.0% |
| Reserves | 13 | €1,093,221 | €979,872 | -€113,349 | -10.4% |
| Distributable reserves | 133 | €1,093,221 | €979,872 | -€113,349 | -10.4% |
| Amounts payable | 17/49 | €252,617 | €216,075 | -€36,542 | -14.5% |
| Amounts payable after more than one year | 17 | €20,924 | €45,788 | +€24,864 | +119% |
| Financial debts | 170/4 | €20,924 | €3,004 | -€17,921 | -85.6% |
| Other amounts payable | 178/9 | - | €42,784 | +€42,784 | |
| Amounts payable within one year | 42/48 | €194,694 | €121,400 | -€73,294 | -37.6% |
| Current portion of amounts payable after more than one year | 42 | €23,748 | €17,921 | -€5,828 | -24.5% |
| Trade debts | 44 | €56,422 | €19,134 | -€37,289 | -66.1% |
| Suppliers | 440/4 | €56,422 | €19,134 | -€37,289 | -66.1% |
| Taxes, remuneration and social security | 45 | €78,274 | €79,492 | +€1,218 | +1.6% |
| Taxes | 450/3 | €8,951 | €7,507 | -€1,445 | -16.1% |
| Remuneration and social security | 454/9 | €69,323 | €71,985 | +€2,663 | +3.8% |
| Other amounts payable | 47/48 | €36,249 | €4,854 | -€31,395 | -86.6% |
| Accrued charges and deferred income | 492/3 | €36,999 | €48,887 | +€11,888 | +32.1% |
| Remuneration, social security and pensions | 62 | €757,443 | €796,539 | +€39,096 | +5.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €120,179 | €127,441 | +€7,262 | +6.0% |
| Other operating charges | 640/8 | €4,629 | €4,202 | -€427 | -9.2% |
| Non-recurring operating charges | 66A | €48,000 | €12,000 | -€36,000 | -75.0% |
| Gross operating margin | 9900 | €1,014,689 | €1,005,824 | -€8,865 | -0.9% |
| Operating profit (loss) | 9901 | €84,438 | €65,642 | -€18,796 | -22.3% |
| Financial income | 75/76B | €34,393 | €18,577 | -€15,816 | -46.0% |
| Recurring financial income | 75 | €34,393 | €18,577 | -€15,816 | -46.0% |
| Financial charges | 65/66B | €27,205 | €29,288 | +€2,084 | +7.7% |
| Recurring financial charges | 65 | €27,205 | €29,288 | +€2,084 | +7.7% |
| Profit (loss) for the period before taxes | 9903 | €91,626 | €54,931 | -€36,696 | -40.0% |
| Income taxes | 67/77 | €15,502 | €15,365 | -€137 | -0.9% |
| Profit (loss) for the period | 9904 | €76,124 | €39,566 | -€36,558 | -48.0% |
| Profit (loss) for the period to be appropriated | 9905 | €76,124 | €39,566 | -€36,558 | -48.0% |
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.