RAC Projects: 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.
RAC Projects
Largest movements
- Stocks and contracts +€882,372
up €882,372 (+5291.0%), from €16,677 to €899,049
- Cash -€249,571
down €249,571 (-95.2%), from €262,274 to €12,703
mainly Stocks and contracts (-€882,372) and Debts after one year (-€64,702)
- Receivables within one year -€41,040
down €41,040 (-85.4%), from €48,040 to €7,000
of which Trade receivables: -€38,830
- Short-term financial debts +€588,356
new in 2025: €588,356
- Current portion of long-term debt +€80,201
up €80,201 (+232.5%), from €34,501 to €114,702
- Debts after one year -€64,702
down €64,702 (-21.9%), from €295,417 to €230,715
- Other debts -€16,178
down €16,178 (-39.4%), from €41,084 to €24,906
- Trade debts -€15,719
down €15,719 (-62.9%), from €25,004 to €9,285
- Gross operating margin -€135,967
down €135,967 (-73.7%), from €184,380 to €48,413
- Financial charges -€49,201
down €49,201 (-56.9%), from €86,516 to €37,315
- Taxes -€20,985
down €20,985 (-98.3%), from €21,358 to €373
- Other operating charges -€2,096
down €2,096 (-55.9%), from €3,749 to €1,653
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 | €546,464 | €1,127,496 | +€581,032 | +106.3% |
| Fixed assets | 21/28 | €219,167 | €208,345 | -€10,822 | -4.9% |
| Tangible fixed assets | 22/27 | €219,167 | €208,345 | -€10,822 | -4.9% |
| Land and buildings | 22 | €210,181 | €201,069 | -€9,112 | -4.3% |
| Plant, machinery and equipment | 23 | €8,391 | €7,089 | -€1,302 | -15.5% |
| Furniture and vehicles | 24 | €595 | €188 | -€407 | -68.5% |
| Current assets | 29/58 | €327,297 | €919,151 | +€591,854 | +180.8% |
| Stocks and contracts in progress | 3 | €16,677 | €899,049 | +€882,372 | +5291.0% |
| Stocks | 30/36 | €16,677 | €899,049 | +€882,372 | +5291.0% |
| Amounts receivable within one year | 40/41 | €48,040 | €7,000 | -€41,040 | -85.4% |
| Trade receivables | 40 | €45,830 | €7,000 | -€38,830 | -84.7% |
| Other amounts receivable | 41 | €2,210 | - | -€2,210 | |
| Cash at bank and in hand | 54/58 | €262,274 | €12,703 | -€249,571 | -95.2% |
| Deferred charges and accrued income | 490/1 | €306 | €399 | +€93 | +30.3% |
| Total equity and liabilities | 10/49 | €546,464 | €1,127,496 | +€581,032 | +106.3% |
| Equity | 10/15 | €145,439 | €145,740 | +€301 | +0.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Capital | 10 | €6,200 | - | -€6,200 | |
| Issued capital | 100 | €18,600 | - | -€18,600 | |
| Uncalled capital | 101 | €12,400 | - | -€12,400 | |
| Reserves | 13 | €139,239 | €139,540 | +€301 | +0.2% |
| Distributable reserves | 133 | €139,239 | €139,540 | +€301 | +0.2% |
| Amounts payable | 17/49 | €401,025 | €981,757 | +€580,732 | +144.8% |
| Amounts payable after more than one year | 17 | €295,417 | €230,715 | -€64,702 | -21.9% |
| Financial debts | 170/4 | €295,417 | €230,715 | -€64,702 | -21.9% |
| Amounts payable within one year | 42/48 | €105,608 | €739,294 | +€633,686 | +600.0% |
| Current portion of amounts payable after more than one year | 42 | €34,501 | €114,702 | +€80,201 | +232.5% |
| Financial debts | 43 | - | €588,356 | +€588,356 | |
| Credit institutions | 430/8 | - | €588,356 | +€588,356 | |
| Trade debts | 44 | €25,004 | €9,285 | -€15,719 | -62.9% |
| Suppliers | 440/4 | €25,004 | €9,285 | -€15,719 | -62.9% |
| Taxes, remuneration and social security | 45 | €5,019 | €2,045 | -€2,974 | -59.3% |
| Taxes | 450/3 | €5,019 | €2,045 | -€2,974 | -59.3% |
| Other amounts payable | 47/48 | €41,084 | €24,906 | -€16,178 | -39.4% |
| Accrued charges and deferred income | 492/3 | - | €11,748 | +€11,748 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,664 | €10,822 | -€1,842 | -14.5% |
| Other operating charges | 640/8 | €3,749 | €1,653 | -€2,096 | -55.9% |
| Gross operating margin | 9900 | €184,380 | €48,413 | -€135,967 | -73.7% |
| Operating profit (loss) | 9901 | €167,967 | €35,938 | -€132,029 | -78.6% |
| Financial income | 75/76B | €1,660 | €2,051 | +€391 | +23.6% |
| Recurring financial income | 75 | €1,660 | €2,051 | +€391 | +23.6% |
| Financial charges | 65/66B | €86,516 | €37,315 | -€49,201 | -56.9% |
| Recurring financial charges | 65 | €86,516 | €37,315 | -€49,201 | -56.9% |
| Profit (loss) for the period before taxes | 9903 | €83,111 | €673 | -€82,438 | -99.2% |
| Income taxes | 67/77 | €21,358 | €373 | -€20,985 | -98.3% |
| Profit (loss) for the period | 9904 | €61,753 | €301 | -€61,452 | -99.5% |
| Profit (loss) for the period to be appropriated | 9905 | €61,753 | €301 | -€61,452 | -99.5% |
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 9 October 2026 via checked.be.