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 -€11,938
down €11,938 (-17.0%), from €70,209 to €58,270
of which Other amounts receivable: -€7,291
- Tangible fixed assets -€5,446
down €5,446 (-43.6%), from €12,488 to €7,042
of which Plant, machinery and equipment: -€4,369
- Stocks and contracts -€2,379
down €2,379 (-47.0%), from €5,064 to €2,685
- Cash -€925
down €925 (-94.6%), from €978 to €53
mainly Net result for the year (-€54,598) and Accrued charges and deferred income (-€4,101)
- Profit (loss) carried forward -€54,598
down €54,598 (-74.2%), from -€73,568 to -€128,166
- Short-term financial debts +€14,547
up €14,547 (+42.0%), from €34,641 to €49,188
- Trade debts +€8,918
up €8,918 (+139.8%), from €6,379 to €15,297
- Tax, wage and social debts +€7,969
up €7,969 (+129.4%), from €6,160 to €14,129
- Other debts +€6,586
up €6,586 (+13.7%), from €48,164 to €54,750
- Gross operating margin -€31,603
down €31,603 (-266.3%), from -€11,867 to -€43,471
- Write-downs -€28,063
no longer reported in 2025 (was €28,063)
- Financial charges -€4,737
down €4,737 (-47.1%), from €10,061 to €5,324
of which Financial charges: -€2,529
- Financial income -€4,283
down €4,283 (-99.0%), from €4,326 to €42
of which Non-recurring financial income: -€4,307
- Other operating charges -€765
down €765 (-65.7%), from €1,165 to €400
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 | €88,789 | €68,110 | -€20,679 | -23.3% |
| Fixed assets | 21/28 | €12,537 | €7,091 | -€5,446 | -43.4% |
| Tangible fixed assets | 22/27 | €12,488 | €7,042 | -€5,446 | -43.6% |
| Plant, machinery and equipment | 23 | €11,057 | €6,688 | -€4,369 | -39.5% |
| Furniture and vehicles | 24 | €1,431 | €354 | -€1,077 | -75.3% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €76,251 | €61,018 | -€15,233 | -20.0% |
| Stocks and contracts in progress | 3 | €5,064 | €2,685 | -€2,379 | -47.0% |
| Stocks | 30/36 | €5,064 | €2,685 | -€2,379 | -47.0% |
| Amounts receivable within one year | 40/41 | €70,209 | €58,270 | -€11,938 | -17.0% |
| Trade receivables | 40 | €32,450 | €27,802 | -€4,648 | -14.3% |
| Other amounts receivable | 41 | €37,759 | €30,468 | -€7,291 | -19.3% |
| Cash at bank and in hand | 54/58 | €978 | €53 | -€925 | -94.6% |
| Deferred charges and accrued income | 490/1 | - | €10 | +€10 | |
| Total equity and liabilities | 10/49 | €88,789 | €68,110 | -€20,679 | -23.3% |
| Equity | 10/15 | -€10,657 | -€65,255 | -€54,598 | -512.3% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €911 | €911 | = | 0.0% |
| Non-distributable reserves | 130/1 | €911 | €911 | = | 0.0% |
| Legal reserve | 130 | €911 | €911 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€73,568 | -€128,166 | -€54,598 | -74.2% |
| Amounts payable | 17/49 | €99,445 | €133,365 | +€33,919 | +34.1% |
| Amounts payable within one year | 42/48 | €95,345 | €133,365 | +€38,020 | +39.9% |
| Financial debts | 43 | €34,641 | €49,188 | +€14,547 | +42.0% |
| Credit institutions | 430/8 | €34,641 | €49,188 | +€14,547 | +42.0% |
| Trade debts | 44 | €6,379 | €15,297 | +€8,918 | +139.8% |
| Suppliers | 440/4 | €6,379 | €15,297 | +€8,918 | +139.8% |
| Taxes, remuneration and social security | 45 | €6,160 | €14,129 | +€7,969 | +129.4% |
| Taxes | 450/3 | €6,160 | €14,129 | +€7,969 | +129.4% |
| Other amounts payable | 47/48 | €48,164 | €54,750 | +€6,586 | +13.7% |
| Accrued charges and deferred income | 492/3 | €4,101 | - | -€4,101 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,532 | €5,446 | -€86 | -1.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €28,063 | - | -€28,063 | |
| Other operating charges | 640/8 | €1,165 | €400 | -€765 | -65.7% |
| Gross operating margin | 9900 | -€11,867 | -€43,471 | -€31,603 | -266.3% |
| Operating profit (loss) | 9901 | -€46,627 | -€49,316 | -€2,689 | -5.8% |
| Financial income | 75/76B | €4,326 | €42 | -€4,283 | -99.0% |
| Recurring financial income | 75 | €19 | €42 | +€24 | +128.4% |
| Non-recurring financial income | 76B | €4,307 | - | -€4,307 | |
| Financial charges | 65/66B | €10,061 | €5,324 | -€4,737 | -47.1% |
| Recurring financial charges | 65 | €7,853 | €5,324 | -€2,529 | -32.2% |
| Non-recurring financial charges | 66B | €2,208 | - | -€2,208 | |
| Profit (loss) for the period before taxes | 9903 | -€52,363 | -€54,598 | -€2,235 | -4.3% |
| Profit (loss) for the period | 9904 | -€52,363 | -€54,598 | -€2,235 | -4.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€52,363 | -€54,598 | -€2,235 | -4.3% |
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 11 October 2026 via checked.be.