Rabex: 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.
Rabex
Largest movements
- Cash -€39,830
down €39,830 (-64.7%), from €61,572 to €21,742
mainly Contributions, distributions and other (-€145,000) and Debts after one year (-€35,877)
- Receivables within one year +€15,772
up €15,772 (+44.1%), from €35,769 to €51,540
of which Trade receivables: +€16,940
- Current investments -€12,322
no longer reported in 2025 (was €12,322)
- Other debts +€93,358
new in 2025: €93,358
- Reserves -€80,927
down €80,927 (-51.2%), from €157,973 to €77,046
- Debts after one year -€35,877
down €35,877 (-16.5%), from €218,089 to €182,212
- Tax, wage and social debts -€16,400
down €16,400 (-37.2%), from €44,124 to €27,724
- Gross operating margin +€20,444
up €20,444 (+24.6%), from €82,963 to €103,407
- Taxes +€4,700
up €4,700 (+25.5%), from €18,396 to €23,096
- Financial income +€2,374
up €2,374 (+1,725%), from €138 to €2,512
- Financial charges +€2,007
up €2,007 (+14.0%), from €14,377 to €16,385
of which Financial charges: +€1,191
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 | €464,280 | €426,854 | -€37,426 | -8.1% |
| Fixed assets | 21/28 | €352,426 | €351,357 | -€1,070 | -0.3% |
| Tangible fixed assets | 22/27 | €3,568 | €2,598 | -€970 | -27.2% |
| Plant, machinery and equipment | 23 | €2,900 | €2,163 | -€736 | -25.4% |
| Furniture and vehicles | 24 | €668 | €435 | -€233 | -34.9% |
| Financial fixed assets | 28 | €348,858 | €348,758 | -€100 | 0.0% |
| Current assets | 29/58 | €111,853 | €75,498 | -€36,356 | -32.5% |
| Amounts receivable within one year | 40/41 | €35,769 | €51,540 | +€15,772 | +44.1% |
| Trade receivables | 40 | €33,880 | €50,820 | +€16,940 | +50.0% |
| Other amounts receivable | 41 | €1,889 | €720 | -€1,168 | -61.9% |
| Current investments | 50/53 | €12,322 | - | -€12,322 | |
| Cash at bank and in hand | 54/58 | €61,572 | €21,742 | -€39,830 | -64.7% |
| Deferred charges and accrued income | 490/1 | €2,191 | €2,215 | +€24 | +1.1% |
| Total equity and liabilities | 10/49 | €464,280 | €426,854 | -€37,426 | -8.1% |
| Equity | 10/15 | €162,973 | €82,046 | -€80,927 | -49.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €157,973 | €77,046 | -€80,927 | -51.2% |
| Distributable reserves | 133 | €157,973 | €77,046 | -€80,927 | -51.2% |
| Amounts payable | 17/49 | €301,307 | €344,808 | +€43,501 | +14.4% |
| Amounts payable after more than one year | 17 | €218,089 | €182,212 | -€35,877 | -16.5% |
| Financial debts | 170/4 | €218,089 | €182,212 | -€35,877 | -16.5% |
| Amounts payable within one year | 42/48 | €81,812 | €157,197 | +€75,386 | +92.1% |
| Current portion of amounts payable after more than one year | 42 | €34,330 | €35,877 | +€1,548 | +4.5% |
| Financial debts | 43 | €4 | - | -€4 | |
| Credit institutions | 430/8 | €4 | - | -€4 | |
| Trade debts | 44 | €3,353 | €238 | -€3,115 | -92.9% |
| Suppliers | 440/4 | €3,353 | €238 | -€3,115 | -92.9% |
| Taxes, remuneration and social security | 45 | €44,124 | €27,724 | -€16,400 | -37.2% |
| Taxes | 450/3 | €44,124 | €27,724 | -€16,400 | -37.2% |
| Other amounts payable | 47/48 | - | €93,358 | +€93,358 | |
| Accrued charges and deferred income | 492/3 | €1,406 | €5,399 | +€3,993 | +284% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,760 | €2,125 | +€365 | +20.7% |
| Other operating charges | 640/8 | €957 | €240 | -€717 | -74.9% |
| Gross operating margin | 9900 | €82,963 | €103,407 | +€20,444 | +24.6% |
| Operating profit (loss) | 9901 | €80,246 | €101,042 | +€20,796 | +25.9% |
| Financial income | 75/76B | €138 | €2,512 | +€2,374 | +1,725% |
| Recurring financial income | 75 | €138 | €2,512 | +€2,374 | +1,725% |
| Financial charges | 65/66B | €14,377 | €16,385 | +€2,007 | +14.0% |
| Recurring financial charges | 65 | €14,377 | €15,568 | +€1,191 | +8.3% |
| Non-recurring financial charges | 66B | - | €816 | +€816 | |
| Profit (loss) for the period before taxes | 9903 | €66,006 | €87,169 | +€21,163 | +32.1% |
| Income taxes | 67/77 | €18,396 | €23,096 | +€4,700 | +25.5% |
| Profit (loss) for the period | 9904 | €47,610 | €64,073 | +€16,463 | +34.6% |
| Profit (loss) for the period to be appropriated | 9905 | €47,610 | €64,073 | +€16,463 | +34.6% |
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 20 October 2026 via checked.be.