RACINE: 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.
RACINE
Largest movements
- Receivables within one year -€128,629
down €128,629 (-6.7%), from €1.9m to €1.8m
of which Trade receivables: -€128,629
- Cash +€102,293
up €102,293 (+6.9%), from €1.5m to €1.6m
mainly Receivables within one year (+€128,629) and Other debts (+€120,757)
- Trade debts -€204,064
down €204,064 (-9.9%), from €2.1m to €1.9m
- Other debts +€120,757
up €120,757 (+21.0%), from €576,021 to €696,778
- Tax, wage and social debts +€44,998
up €44,998 (+16.3%), from €275,956 to €320,954
of which Taxes: +€47,347
- Depreciation -€12,851
down €12,851 (-68.9%), from €18,639 to €5,788
- Staff costs -€8,296
down €8,296 (-1.5%), from €538,353 to €530,058
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 | €3,507,060 | €3,492,133 | -€14,927 | -0.4% |
| Fixed assets | 21/28 | €23,018 | €38,930 | +€15,912 | +69.1% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €4,718 | €20,630 | +€15,912 | +337% |
| Furniture and vehicles | 24 | €4,718 | €17,826 | +€13,108 | +278% |
| Other tangible fixed assets | 26 | - | €2,804 | +€2,804 | |
| Financial fixed assets | 28 | €18,300 | €18,300 | = | 0.0% |
| Current assets | 29/58 | €3,484,041 | €3,453,203 | -€30,839 | -0.9% |
| Amounts receivable within one year | 40/41 | €1,929,041 | €1,800,412 | -€128,629 | -6.7% |
| Trade receivables | 40 | €1,920,163 | €1,791,534 | -€128,629 | -6.7% |
| Other amounts receivable | 41 | €8,879 | €8,879 | = | 0.0% |
| Current investments | 50/53 | €60,268 | €60,268 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €1,477,368 | €1,579,662 | +€102,293 | +6.9% |
| Deferred charges and accrued income | 490/1 | €17,364 | €12,861 | -€4,503 | -25.9% |
| Total equity and liabilities | 10/49 | €3,507,060 | €3,492,133 | -€14,927 | -0.4% |
| Equity | 10/15 | €587,373 | €610,755 | +€23,383 | +4.0% |
| Contributions | 10/11 | €22,310 | €22,310 | = | 0.0% |
| Reserves | 13 | €558,114 | €565,062 | +€6,948 | +1.2% |
| Non-distributable reserves | 130/1 | €62,499 | €62,499 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,231 | €2,231 | = | 0.0% |
| Own shares acquired | 1312 | €60,268 | €60,268 | = | 0.0% |
| Distributable reserves | 133 | €495,615 | €502,563 | +€6,948 | +1.4% |
| Profit (loss) carried forward | 14 | €6,948 | €23,383 | +€16,435 | +237% |
| Amounts payable | 17/49 | €2,919,687 | €2,881,377 | -€38,310 | -1.3% |
| Amounts payable within one year | 42/48 | €2,918,160 | €2,879,851 | -€38,310 | -1.3% |
| Trade debts | 44 | €2,066,183 | €1,862,119 | -€204,064 | -9.9% |
| Suppliers | 440/4 | €2,066,183 | €1,862,119 | -€204,064 | -9.9% |
| Taxes, remuneration and social security | 45 | €275,956 | €320,954 | +€44,998 | +16.3% |
| Taxes | 450/3 | €183,320 | €230,668 | +€47,347 | +25.8% |
| Remuneration and social security | 454/9 | €92,636 | €90,286 | -€2,350 | -2.5% |
| Other amounts payable | 47/48 | €576,021 | €696,778 | +€120,757 | +21.0% |
| Accrued charges and deferred income | 492/3 | €1,527 | €1,527 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €538,353 | €530,058 | -€8,296 | -1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,639 | €5,788 | -€12,851 | -68.9% |
| Other operating charges | 640/8 | €26,912 | €27,905 | +€993 | +3.7% |
| Gross operating margin | 9900 | €610,030 | €610,396 | +€366 | +0.1% |
| Operating profit (loss) | 9901 | €26,126 | €46,645 | +€20,519 | +78.5% |
| Financial income | 75/76B | €272 | €57 | -€214 | -78.9% |
| Recurring financial income | 75 | €272 | €57 | -€214 | -78.9% |
| Financial charges | 65/66B | €4,053 | €3,867 | -€185 | -4.6% |
| Recurring financial charges | 65 | €4,053 | €3,867 | -€185 | -4.6% |
| Profit (loss) for the period before taxes | 9903 | €22,346 | €42,836 | +€20,490 | +91.7% |
| Income taxes | 67/77 | €15,397 | €19,453 | +€4,056 | +26.3% |
| Profit (loss) for the period | 9904 | €6,948 | €23,383 | +€16,435 | +237% |
| Profit (loss) for the period to be appropriated | 9905 | €6,948 | €23,383 | +€16,435 | +237% |
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 14 October 2026 via checked.be.