RABAEY: 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.
RABAEY
Largest movements
- Receivables after one year +€57,986
up €57,986 (+70.6%), from €82,084 to €140,070
- Cash +€56,646
up €56,646 (+73.1%), from €77,464 to €134,110
mainly Net result for the year (+€131,112) and Depreciation (+€79,098)
- Tangible fixed assets -€44,411
down €44,411 (-7.7%), from €574,413 to €530,002
- Receivables within one year -€9,306
down €9,306 (-73.2%), from €12,716 to €3,410
of which Other amounts receivable: -€7,453
- Profit (loss) carried forward +€131,112
up €131,112 (+70.1%), from -€187,000 to -€55,888
- Debts after one year -€71,334
down €71,334 (-9.8%), from €725,354 to €654,020
- Trade debts -€9,820
down €9,820 (-10.0%), from €98,079 to €88,259
- Gross operating margin +€24,813
up €24,813 (+7.8%), from €319,077 to €343,890
- Staff costs +€8,664
up €8,664 (+9.5%), from €90,924 to €99,588
- Taxes +€4,212
up €4,212 (+548.2%), from €768 to €4,980
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 | €780,100 | €840,965 | +€60,865 | +7.8% |
| Fixed assets | 21/28 | €584,003 | €534,592 | -€49,411 | -8.5% |
| Intangible fixed assets | 21 | €7,973 | €2,973 | -€5,000 | -62.7% |
| Tangible fixed assets | 22/27 | €574,413 | €530,002 | -€44,411 | -7.7% |
| Land and buildings | 22 | €385,352 | €370,982 | -€14,371 | -3.7% |
| Plant, machinery and equipment | 23 | €158,339 | €136,154 | -€22,185 | -14.0% |
| Furniture and vehicles | 24 | €23,444 | €16,694 | -€6,750 | -28.8% |
| Other tangible fixed assets | 26 | €7,277 | €6,172 | -€1,106 | -15.2% |
| Financial fixed assets | 28 | €1,618 | €1,618 | = | 0.0% |
| Current assets | 29/58 | €196,096 | €306,373 | +€110,276 | +56.2% |
| Amounts receivable after more than one year | 29 | €82,084 | €140,070 | +€57,986 | +70.6% |
| Other amounts receivable | 291 | €82,084 | €140,070 | +€57,986 | +70.6% |
| Stocks and contracts in progress | 3 | €20,105 | €25,160 | +€5,055 | +25.1% |
| Stocks | 30/36 | €20,105 | €25,160 | +€5,055 | +25.1% |
| Amounts receivable within one year | 40/41 | €12,716 | €3,410 | -€9,306 | -73.2% |
| Trade receivables | 40 | €4,228 | €2,374 | -€1,854 | -43.8% |
| Other amounts receivable | 41 | €8,488 | €1,036 | -€7,453 | -87.8% |
| Cash at bank and in hand | 54/58 | €77,464 | €134,110 | +€56,646 | +73.1% |
| Deferred charges and accrued income | 490/1 | €3,727 | €3,622 | -€104 | -2.8% |
| Total equity and liabilities | 10/49 | €780,100 | €840,965 | +€60,865 | +7.8% |
| Equity | 10/15 | -€135,120 | -€4,008 | +€131,112 | +97.0% |
| Contributions | 10/11 | €51,880 | €51,880 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€187,000 | -€55,888 | +€131,112 | +70.1% |
| Amounts payable | 17/49 | €915,220 | €844,973 | -€70,247 | -7.7% |
| Amounts payable after more than one year | 17 | €725,354 | €654,020 | -€71,334 | -9.8% |
| Financial debts | 170/4 | €725,354 | €654,020 | -€71,334 | -9.8% |
| Amounts payable within one year | 42/48 | €185,990 | €186,936 | +€946 | +0.5% |
| Current portion of amounts payable after more than one year | 42 | €69,291 | €71,863 | +€2,572 | +3.7% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €98,079 | €88,259 | -€9,820 | -10.0% |
| Suppliers | 440/4 | €98,079 | €88,259 | -€9,820 | -10.0% |
| Taxes, remuneration and social security | 45 | €14,880 | €22,498 | +€7,618 | +51.2% |
| Taxes | 450/3 | €5,705 | €9,576 | +€3,871 | +67.9% |
| Remuneration and social security | 454/9 | €9,175 | €12,922 | +€3,747 | +40.8% |
| Other amounts payable | 47/48 | €3,740 | €4,317 | +€576 | +15.4% |
| Accrued charges and deferred income | 492/3 | €3,876 | €4,017 | +€141 | +3.6% |
| Non-recurring operating income | 76A | €0 | €95 | +€95 | |
| Remuneration, social security and pensions | 62 | €90,924 | €99,588 | +€8,664 | +9.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €76,926 | €79,098 | +€2,172 | +2.8% |
| Other operating charges | 640/8 | €9,815 | €11,607 | +€1,791 | +18.3% |
| Non-recurring operating charges | 66A | €2,248 | €797 | -€1,451 | -64.5% |
| Gross operating margin | 9900 | €319,077 | €343,890 | +€24,813 | +7.8% |
| Operating profit (loss) | 9901 | €139,163 | €152,799 | +€13,636 | +9.8% |
| Financial income | 75/76B | €3,566 | €6,874 | +€3,308 | +92.8% |
| Recurring financial income | 75 | €3,566 | €6,874 | +€3,308 | +92.8% |
| Financial charges | 65/66B | €26,314 | €23,582 | -€2,733 | -10.4% |
| Recurring financial charges | 65 | €26,314 | €23,582 | -€2,733 | -10.4% |
| Profit (loss) for the period before taxes | 9903 | €116,414 | €136,092 | +€19,678 | +16.9% |
| Income taxes | 67/77 | €768 | €4,980 | +€4,212 | +548.2% |
| Profit (loss) for the period | 9904 | €115,646 | €131,112 | +€15,466 | +13.4% |
| Profit (loss) for the period to be appropriated | 9905 | €115,646 | €131,112 | +€15,466 | +13.4% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.