RAC 4: 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.
What changed
RAC 4
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€143,921
2024 · -€36,637-€107,284
Equity
€11.5m
2024 · €11.7m-€143,921
Cash
€168,638
2024 · €52,349+€116,289
Balance sheet total
€39.5m
2024 · €39.7m-€155,212
Largest movements
Assets
- Receivables within one year -€1.4m
down €1.4m (-39.9%), from €3.5m to €2.1m
of which Other amounts receivable: -€1.4m
- Stocks and contracts +€1.1m
up €1.1m (+3.1%), from €36.1m to €37.2m
Equity and liabilities
No liability line moved by more than 1% of the balance sheet total.
Income statement
- Goods and materials +€1.1m
new in 2025: €1.1m
of which Change in stocks: decrease (increase): +€1.6m
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.
Result 2024
-€36,637
Other operating charges
-€3,575
Other operating items
-€62,276
Financial income
-€47,533
Financial charges
+€6,209
Taxes
-€109
Result 2025
-€143,921
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€116,289
Investment
€0
Financing
€0
Cash 2024
€52,349
From operations (derived)
+€116,289
Net result for the year
-€143,921
Stocks and contracts
-€1.1m
Receivables within one year
+€1.4m
Smaller working-capital items
-€707
Accrued charges and deferred income
-€10,656
Cash 2025
€168,638
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €39,682,412 | €39,527,199 | -€155,212 | -0.4% |
| Current assets | 29/58 | €39,682,412 | €39,527,199 | -€155,212 | -0.4% |
| Stocks and contracts in progress | 3 | €36,106,803 | €37,236,247 | +€1.1m | +3.1% |
| Stocks | 30/36 | €36,106,803 | €37,236,247 | +€1.1m | +3.1% |
| Property held for sale | 35 | €36,106,803 | €37,236,247 | +€1.1m | +3.1% |
| Amounts receivable within one year | 40/41 | €3,514,846 | €2,113,828 | -€1.4m | -39.9% |
| Trade receivables | 40 | €88,776 | €38,325 | -€50,451 | -56.8% |
| Other amounts receivable | 41 | €3,426,070 | €2,075,503 | -€1.4m | -39.4% |
| Cash at bank and in hand | 54/58 | €52,349 | €168,638 | +€116,289 | +222% |
| Deferred charges and accrued income | 490/1 | €8,414 | €8,486 | +€72 | +0.9% |
| Total equity and liabilities | 10/49 | €39,682,412 | €39,527,199 | -€155,212 | -0.4% |
| Equity | 10/15 | €11,658,917 | €11,514,995 | -€143,921 | -1.2% |
| Contributions | 10/11 | €8,239,272 | €8,239,272 | = | 0.0% |
| Capital | 10 | €8,239,272 | €8,239,272 | = | 0.0% |
| Issued capital | 100 | €8,239,272 | €8,239,272 | = | 0.0% |
| Reserves | 13 | €304,041 | €304,041 | = | 0.0% |
| Non-distributable reserves | 130/1 | €304,041 | €304,041 | = | 0.0% |
| Legal reserve | 130 | €304,041 | €304,041 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,115,604 | €2,971,683 | -€143,921 | -4.6% |
| Amounts payable | 17/49 | €28,023,495 | €28,012,204 | -€11,291 | 0.0% |
| Amounts payable within one year | 42/48 | €28,010,024 | €28,009,389 | -€635 | 0.0% |
| Financial debts | 43 | €28,000,000 | €28,000,000 | = | 0.0% |
| Credit institutions | 430/8 | €28,000,000 | €28,000,000 | = | 0.0% |
| Trade debts | 44 | €8,785 | €8,150 | -€635 | -7.2% |
| Suppliers | 440/4 | €8,785 | €8,150 | -€635 | -7.2% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €1,239 | €1,239 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €13,471 | €2,815 | -€10,656 | -79.1% |
| Operating income | 70/76A | €168,602 | €1,169,931 | +€1.0m | +594% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | - | €1,129,444 | +€1.1m | |
| Other operating income | 74 | €168,602 | €40,487 | -€128,114 | -76.0% |
| Operating charges | 60/66A | €335,514 | €1,402,695 | +€1.1m | +318% |
| Goods for resale, raw materials and consumables | 60 | - | €1,129,444 | +€1.1m | |
| Purchases | 600/8 | €1,558,327 | €1,129,444 | -€428,883 | -27.5% |
| Change in stocks: decrease (increase) | 609 | -€1,558,327 | €0 | +€1.6m | |
| Services and other goods | 61 | €221,874 | €156,036 | -€65,838 | -29.7% |
| Other operating charges | 640/8 | €113,640 | €117,215 | +€3,575 | +3.1% |
| Operating profit (loss) | 9901 | -€166,912 | -€232,764 | -€65,851 | -39.5% |
| Financial income | 75/76B | €148,692 | €101,159 | -€47,533 | -32.0% |
| Recurring financial income | 75 | €148,692 | €101,159 | -€47,533 | -32.0% |
| Income from current assets | 751 | €148,692 | €101,159 | -€47,533 | -32.0% |
| Other financial income | 752/9 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €18,526 | €12,316 | -€6,209 | -33.5% |
| Recurring financial charges | 65 | €18,526 | €12,316 | -€6,209 | -33.5% |
| Debt charges | 650 | €16,074 | €11,683 | -€4,391 | -27.3% |
| Other financial charges | 652/9 | €2,451 | €633 | -€1,819 | -74.2% |
| Profit (loss) for the period before taxes | 9903 | -€36,746 | -€143,921 | -€107,175 | -292% |
| Income taxes | 67/77 | -€109 | €0 | +€109 | |
| Taxes | 670/3 | €0 | - | = | |
| Tax adjustments and reversals of tax provisions | 77 | €109 | €0 | -€109 | -100% |
| Profit (loss) for the period | 9904 | -€36,637 | -€143,921 | -€107,284 | -293% |
| Profit (loss) for the period to be appropriated | 9905 | -€36,637 | -€143,921 | -€107,284 | -293% |
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 25 October 2026 via checked.be.