RACE: 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.
RACE
Largest movements
- Tangible fixed assets +€247,817
up €247,817 (+434.0%), from €57,106 to €304,923
of which Assets under construction and advance payments: +€262,154
- Current investments -€200,501
down €200,501 (-32.2%), from €623,399 to €422,898
- Receivables within one year +€60,655
up €60,655 (+38.2%), from €158,583 to €219,238
of which Other amounts receivable: +€55,135
- Cash -€33,981
down €33,981 (-71.2%), from €47,694 to €13,713
mainly Investment in fixed assets (net) (-€263,858) and Accrued charges and deferred income (-€158,705)
- Receivables after one year +€30,085
up €30,085 (+149.5%), from €20,123 to €50,208
- Accrued charges and deferred income -€158,705
no longer reported in 2024 (was €158,705)
- Other debts +€129,189
new in 2024: €129,189
- Debts after one year +€89,235
new in 2024: €89,235
- Reserves +€56,000
up €56,000 (+23.1%), from €242,360 to €298,360
of which Distributable reserves: +€56,000
- Tax, wage and social debts -€21,318
no longer reported in 2024 (was €21,318)
- Gross operating margin -€16,891
down €16,891 (-17.1%), from €98,545 to €81,654
- Purchases and services -€13,086
down €13,086 (-10.8%), from €121,336 to €108,250
- Financial income +€10,175
up €10,175 (+186.5%), from €5,455 to €15,630
- Turnover -€2,777
down €2,777 (-1.4%), from €192,681 to €189,905
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €906,905 | €1,017,795 | +€110,891 | +12.2% |
| Fixed assets | 21/28 | €57,106 | €304,923 | +€247,817 | +434.0% |
| Tangible fixed assets | 22/27 | €57,106 | €304,923 | +€247,817 | +434.0% |
| Land and buildings | 22 | €1,628 | €814 | -€814 | -50.0% |
| Plant, machinery and equipment | 23 | €9,690 | €8,501 | -€1,189 | -12.3% |
| Furniture and vehicles | 24 | €45,788 | €33,454 | -€12,334 | -26.9% |
| Assets under construction and advance payments | 27 | - | €262,154 | +€262,154 | |
| Current assets | 29/58 | €849,799 | €712,873 | -€136,926 | -16.1% |
| Amounts receivable after more than one year | 29 | €20,123 | €50,208 | +€30,085 | +149.5% |
| Other amounts receivable | 291 | €20,123 | €50,208 | +€30,085 | +149.5% |
| Amounts receivable within one year | 40/41 | €158,583 | €219,238 | +€60,655 | +38.2% |
| Trade receivables | 40 | €145,021 | €150,540 | +€5,519 | +3.8% |
| Other amounts receivable | 41 | €13,563 | €68,698 | +€55,135 | +406.5% |
| Current investments | 50/53 | €623,399 | €422,898 | -€200,501 | -32.2% |
| Cash at bank and in hand | 54/58 | €47,694 | €13,713 | -€33,981 | -71.2% |
| Deferred charges and accrued income | 490/1 | - | €6,816 | +€6,816 | |
| Total equity and liabilities | 10/49 | €906,905 | €1,017,795 | +€110,891 | +12.2% |
| Equity | 10/15 | €723,746 | €780,982 | +€57,236 | +7.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €242,360 | €298,360 | +€56,000 | +23.1% |
| Non-distributable reserves | 130/1 | €22,110 | €22,110 | = | 0.0% |
| Reserves not available under the articles | 1311 | €22,110 | €22,110 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €201,500 | €257,500 | +€56,000 | +27.8% |
| Profit (loss) carried forward | 14 | €475,186 | €476,422 | +€1,236 | +0.3% |
| Amounts payable | 17/49 | €183,158 | €236,814 | +€53,655 | +29.3% |
| Amounts payable after more than one year | 17 | - | €89,235 | +€89,235 | |
| Financial debts | 170/4 | - | €89,235 | +€89,235 | |
| Amounts payable within one year | 42/48 | €24,454 | €147,579 | +€123,125 | +503.5% |
| Current portion of amounts payable after more than one year | 42 | - | €8,642 | +€8,642 | |
| Trade debts | 44 | €3,136 | €9,747 | +€6,611 | +210.8% |
| Suppliers | 440/4 | €3,136 | €9,747 | +€6,611 | +210.8% |
| Taxes, remuneration and social security | 45 | €21,318 | - | -€21,318 | |
| Taxes | 450/3 | €21,318 | - | -€21,318 | |
| Other amounts payable | 47/48 | - | €129,189 | +€129,189 | |
| Accrued charges and deferred income | 492/3 | €158,705 | - | -€158,705 | |
| Turnover | 70 | €192,681 | €189,905 | -€2,777 | -1.4% |
| Non-recurring operating income | 76A | €27,200 | - | -€27,200 | |
| Goods, raw materials, services and sundry goods | 60/61 | €121,336 | €108,250 | -€13,086 | -10.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,162 | €16,041 | -€121 | -0.7% |
| Other operating charges | 640/8 | €453 | €1,107 | +€654 | +144.6% |
| Gross operating margin | 9900 | €98,545 | €81,654 | -€16,891 | -17.1% |
| Operating profit (loss) | 9901 | €81,930 | €64,506 | -€17,425 | -21.3% |
| Financial income | 75/76B | €5,455 | €15,630 | +€10,175 | +186.5% |
| Recurring financial income | 75 | €5,455 | €15,630 | +€10,175 | +186.5% |
| Financial charges | 65/66B | €969 | €1,392 | +€424 | +43.7% |
| Recurring financial charges | 65 | €969 | €1,392 | +€424 | +43.7% |
| Profit (loss) for the period before taxes | 9903 | €86,417 | €78,744 | -€7,673 | -8.9% |
| Income taxes | 67/77 | €21,618 | €21,508 | -€110 | -0.5% |
| Profit (loss) for the period | 9904 | €64,799 | €57,236 | -€7,563 | -11.7% |
| Profit (loss) for the period to be appropriated | 9905 | €64,799 | €57,236 | -€7,563 | -11.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.