RACHEL: 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.
RACHEL
Largest movements
- Receivables within one year -€51,614
down €51,614 (-53.5%), from €96,554 to €44,940
of which Other amounts receivable: -€87,238
- Cash +€22,560
up €22,560 (+13.6%), from €165,929 to €188,489
mainly Receivables within one year (+€51,614) and Depreciation (+€17,183)
- Profit (loss) carried forward -€33,756
down €33,756 (-230%), from -€14,684 to -€48,441
- Depreciation +€5,451
up €5,451 (+46.5%), from €11,732 to €17,183
- Gross operating margin +€4,388
up €4,388 (+24.0%), from -€18,313 to -€13,925
- Financial income -€1,431
down €1,431 (-87.0%), from €1,644 to €213
- Other operating charges -€263
down €263 (-24.8%), from €1,061 to €798
- Financial charges +€244
up €244 (+15.1%), from €1,617 to €1,861
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 | €439,512 | €406,697 | -€32,815 | -7.5% |
| Fixed assets | 21/28 | €76,315 | €72,677 | -€3,638 | -4.8% |
| Tangible fixed assets | 22/27 | €76,315 | €72,677 | -€3,638 | -4.8% |
| Land and buildings | 22 | €15,240 | €26,330 | +€11,090 | +72.8% |
| Furniture and vehicles | 24 | €61,075 | €46,347 | -€14,728 | -24.1% |
| Current assets | 29/58 | €363,197 | €334,020 | -€29,177 | -8.0% |
| Amounts receivable within one year | 40/41 | €96,554 | €44,940 | -€51,614 | -53.5% |
| Trade receivables | 40 | €5,739 | €41,363 | +€35,624 | +621% |
| Other amounts receivable | 41 | €90,815 | €3,578 | -€87,238 | -96.1% |
| Current investments | 50/53 | €99,228 | €99,228 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €165,929 | €188,489 | +€22,560 | +13.6% |
| Deferred charges and accrued income | 490/1 | €1,486 | €1,362 | -€124 | -8.3% |
| Total equity and liabilities | 10/49 | €439,512 | €406,697 | -€32,815 | -7.5% |
| Equity | 10/15 | €430,304 | €396,548 | -€33,756 | -7.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €438,789 | €438,789 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100% |
| Other | 1319 | - | €1,860 | +€1,860 | |
| Distributable reserves | 133 | €436,929 | €436,929 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€14,684 | -€48,441 | -€33,756 | -230% |
| Amounts payable | 17/49 | €9,208 | €10,149 | +€941 | +10.2% |
| Amounts payable within one year | 42/48 | €9,208 | €10,149 | +€941 | +10.2% |
| Trade debts | 44 | €7,236 | €10,149 | +€2,913 | +40.3% |
| Suppliers | 440/4 | €7,236 | €10,149 | +€2,913 | +40.3% |
| Taxes, remuneration and social security | 45 | €1,972 | €0 | -€1,972 | -100% |
| Taxes | 450/3 | €1,972 | €0 | -€1,972 | -100% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Non-recurring operating income | 76A | €413 | €0 | -€413 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,732 | €17,183 | +€5,451 | +46.5% |
| Other operating charges | 640/8 | €1,061 | €798 | -€263 | -24.8% |
| Gross operating margin | 9900 | -€18,313 | -€13,925 | +€4,388 | +24.0% |
| Operating profit (loss) | 9901 | -€31,107 | -€31,906 | -€799 | -2.6% |
| Financial income | 75/76B | €1,644 | €213 | -€1,431 | -87.0% |
| Recurring financial income | 75 | €1,644 | €213 | -€1,431 | -87.0% |
| Financial charges | 65/66B | €1,617 | €1,861 | +€244 | +15.1% |
| Recurring financial charges | 65 | €1,617 | €1,861 | +€244 | +15.1% |
| Profit (loss) for the period before taxes | 9903 | -€31,080 | -€33,554 | -€2,474 | -8.0% |
| Income taxes | 67/77 | €88 | €202 | +€114 | +129% |
| Profit (loss) for the period | 9904 | -€31,168 | -€33,756 | -€2,588 | -8.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€31,168 | -€33,756 | -€2,588 | -8.3% |
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 13 October 2026 via checked.be.