RAC 2: 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.
RAC 2
Largest movements
- Tangible fixed assets -€871,145
down €871,145 (-3.5%), from €24.6m to €23.7m
- Cash +€637,853
up €637,853 (+137%), from €465,896 to €1.1m
mainly Depreciation (+€911,662) and Net result for the year (+€297,227)
- Receivables within one year +€368,250
up €368,250 (+46.0%), from €800,959 to €1.2m
of which Trade receivables: +€385,287
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin +€122,029
up €122,029 (+4.2%), from €2.9m to €3.0m
- Other operating charges +€96,493
up €96,493 (+12.6%), from €767,777 to €864,270
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 | €25,862,668 | €25,997,626 | +€134,958 | +0.5% |
| Fixed assets | 21/28 | €24,595,813 | €23,724,668 | -€871,145 | -3.5% |
| Tangible fixed assets | 22/27 | €24,595,813 | €23,724,668 | -€871,145 | -3.5% |
| Other tangible fixed assets | 26 | €24,595,813 | €23,724,668 | -€871,145 | -3.5% |
| Current assets | 29/58 | €1,266,855 | €2,272,958 | +€1.0m | +79.4% |
| Amounts receivable within one year | 40/41 | €800,959 | €1,169,209 | +€368,250 | +46.0% |
| Trade receivables | 40 | €780,959 | €1,166,246 | +€385,287 | +49.3% |
| Other amounts receivable | 41 | €20,000 | €2,963 | -€17,037 | -85.2% |
| Cash at bank and in hand | 54/58 | €465,896 | €1,103,749 | +€637,853 | +137% |
| Total equity and liabilities | 10/49 | €25,862,668 | €25,997,626 | +€134,958 | +0.5% |
| Equity | 10/15 | €690,018 | €717,244 | +€27,227 | +3.9% |
| Contributions | 10/11 | €392,121 | €392,121 | = | 0.0% |
| Capital | 10 | €278,181 | €278,181 | = | 0.0% |
| Issued capital | 100 | €278,181 | €278,181 | = | 0.0% |
| Contributions outside capital | 11 | €113,941 | €113,941 | = | 0.0% |
| Share premium | 1100/10 | €113,941 | €113,941 | = | 0.0% |
| Reserves | 13 | €27,818 | €27,818 | = | 0.0% |
| Non-distributable reserves | 130/1 | €27,818 | €27,818 | = | 0.0% |
| Legal reserve | 130 | €27,818 | €27,818 | = | 0.0% |
| Profit (loss) carried forward | 14 | €270,078 | €297,305 | +€27,227 | +10.1% |
| Amounts payable | 17/49 | €25,172,651 | €25,280,382 | +€107,731 | +0.4% |
| Amounts payable after more than one year | 17 | €24,329,452 | €24,329,452 | = | 0.0% |
| Financial debts | 170/4 | €24,329,452 | €24,329,452 | = | 0.0% |
| Amounts payable within one year | 42/48 | €160,399 | €251,371 | +€90,972 | +56.7% |
| Trade debts | 44 | €160,131 | €251,015 | +€90,884 | +56.8% |
| Suppliers | 440/4 | €160,131 | €251,015 | +€90,884 | +56.8% |
| Taxes, remuneration and social security | 45 | €269 | €356 | +€88 | +32.6% |
| Taxes | 450/3 | €269 | €356 | +€88 | +32.6% |
| Accrued charges and deferred income | 492/3 | €682,799 | €699,559 | +€16,759 | +2.5% |
| Non-recurring operating income | 76A | €388 | - | -€388 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €910,367 | €911,662 | +€1,295 | +0.1% |
| Other operating charges | 640/8 | €767,777 | €864,270 | +€96,493 | +12.6% |
| Gross operating margin | 9900 | €2,916,064 | €3,038,093 | +€122,029 | +4.2% |
| Operating profit (loss) | 9901 | €1,237,920 | €1,262,161 | +€24,241 | +2.0% |
| Financial charges | 65/66B | €968,060 | €964,934 | -€3,125 | -0.3% |
| Recurring financial charges | 65 | €968,060 | €964,934 | -€3,125 | -0.3% |
| Profit (loss) for the period before taxes | 9903 | €269,860 | €297,227 | +€27,366 | +10.1% |
| Profit (loss) for the period | 9904 | €269,860 | €297,227 | +€27,366 | +10.1% |
| Profit (loss) for the period to be appropriated | 9905 | €269,860 | €297,227 | +€27,366 | +10.1% |
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 1 November 2026 via checked.be.