RACINES: 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.
RACINES
Largest movements
- Receivables within one year +€50,781
up €50,781 (+35.9%), from €141,425 to €192,206
of which Trade receivables: +€33,805
- Tangible fixed assets -€16,334
down €16,334 (-19.2%), from €85,228 to €68,894
of which Other tangible fixed assets: -€8,902
- Tax, wage and social debts +€70,989
up €70,989 (+89.3%), from €79,502 to €150,491
of which Remuneration and social security: +€42,908
- Debts after one year -€50,583
no longer reported in 2025 (was €50,583)
- Profit (loss) carried forward -€31,005
down €31,005 (-57.9%), from €53,563 to €22,559
- Trade debts +€30,432
up €30,432 (+25.3%), from €120,437 to €150,868
- Current portion of long-term debt +€18,277
up €18,277 (+63.3%), from €28,860 to €47,136
- Staff costs +€34,207
up €34,207 (+10.5%), from €324,500 to €358,707
- Other operating charges -€22,782
down €22,782 (-78.6%), from €28,997 to €6,215
- Depreciation -€12,175
down €12,175 (-34.4%), from €35,385 to €23,211
- Financial charges +€9,870
up €9,870 (+159.1%), from €6,202 to €16,072
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 | €398,885 | €430,302 | +€31,417 | +7.9% |
| Fixed assets | 21/28 | €143,027 | €125,049 | -€17,978 | -12.6% |
| Intangible fixed assets | 21 | €3,835 | €2,160 | -€1,675 | -43.7% |
| Tangible fixed assets | 22/27 | €85,228 | €68,894 | -€16,334 | -19.2% |
| Furniture and vehicles | 24 | €33,787 | €26,355 | -€7,432 | -22.0% |
| Other tangible fixed assets | 26 | €51,441 | €42,539 | -€8,902 | -17.3% |
| Financial fixed assets | 28 | €53,963 | €53,994 | +€31 | +0.1% |
| Current assets | 29/58 | €255,858 | €305,254 | +€49,396 | +19.3% |
| Stocks and contracts in progress | 3 | €111,000 | €110,452 | -€548 | -0.5% |
| Stocks | 30/36 | €111,000 | €110,452 | -€548 | -0.5% |
| Amounts receivable within one year | 40/41 | €141,425 | €192,206 | +€50,781 | +35.9% |
| Trade receivables | 40 | €40,784 | €74,590 | +€33,805 | +82.9% |
| Other amounts receivable | 41 | €100,641 | €117,616 | +€16,975 | +16.9% |
| Cash at bank and in hand | 54/58 | €2,614 | €1 | -€2,613 | -100.0% |
| Deferred charges and accrued income | 490/1 | €819 | €2,595 | +€1,776 | +216.9% |
| Total equity and liabilities | 10/49 | €398,885 | €430,302 | +€31,417 | +7.9% |
| Equity | 10/15 | €106,189 | €73,930 | -€32,259 | -30.4% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Contributions outside capital | 11 | €50,000 | - | -€50,000 | |
| Other | 1109/19 | €50,000 | - | -€50,000 | |
| Reserves | 13 | €116 | €116 | = | 0.0% |
| Non-distributable reserves | 130/1 | €116 | €116 | = | 0.0% |
| Reserves not available under the articles | 1311 | €116 | €116 | = | 0.0% |
| Profit (loss) carried forward | 14 | €53,563 | €22,559 | -€31,005 | -57.9% |
| Investment grants | 15 | €2,510 | €1,255 | -€1,255 | -50.0% |
| Provisions and deferred taxes | 16 | €836 | €418 | -€418 | -50.0% |
| Deferred taxes | 168 | €836 | €418 | -€418 | -50.0% |
| Amounts payable | 17/49 | €291,860 | €355,955 | +€64,094 | +22.0% |
| Amounts payable after more than one year | 17 | €50,583 | - | -€50,583 | |
| Financial debts | 170/4 | €50,583 | - | -€50,583 | |
| Amounts payable within one year | 42/48 | €241,277 | €355,955 | +€114,677 | +47.5% |
| Current portion of amounts payable after more than one year | 42 | €28,860 | €47,136 | +€18,277 | +63.3% |
| Financial debts | 43 | €12,479 | €7,459 | -€5,019 | -40.2% |
| Credit institutions | 430/8 | €12,479 | €7,459 | -€5,019 | -40.2% |
| Trade debts | 44 | €120,437 | €150,868 | +€30,432 | +25.3% |
| Suppliers | 440/4 | €120,437 | €150,868 | +€30,432 | +25.3% |
| Taxes, remuneration and social security | 45 | €79,502 | €150,491 | +€70,989 | +89.3% |
| Taxes | 450/3 | €20,773 | €48,854 | +€28,081 | +135.2% |
| Remuneration and social security | 454/9 | €58,729 | €101,637 | +€42,908 | +73.1% |
| Remuneration, social security and pensions | 62 | €324,500 | €358,707 | +€34,207 | +10.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,385 | €23,211 | -€12,175 | -34.4% |
| Other operating charges | 640/8 | €28,997 | €6,215 | -€22,782 | -78.6% |
| Gross operating margin | 9900 | €421,630 | €420,560 | -€1,070 | -0.3% |
| Operating profit (loss) | 9901 | €32,747 | €32,427 | -€321 | -1.0% |
| Financial income | 75/76B | €4,317 | €7,170 | +€2,853 | +66.1% |
| Recurring financial income | 75 | €4,317 | €7,170 | +€2,853 | +66.1% |
| Financial charges | 65/66B | €6,202 | €16,072 | +€9,870 | +159.1% |
| Recurring financial charges | 65 | €6,202 | €16,072 | +€9,870 | +159.1% |
| Profit (loss) for the period before taxes | 9903 | €30,862 | €23,524 | -€7,338 | -23.8% |
| Transfer from deferred taxes | 780 | €418 | €418 | = | 0.0% |
| Income taxes | 67/77 | €4,115 | €8,056 | +€3,941 | +95.8% |
| Profit (loss) for the period | 9904 | €27,165 | €15,886 | -€11,279 | -41.5% |
| Profit (loss) for the period to be appropriated | 9905 | €27,165 | €15,886 | -€11,279 | -41.5% |
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 12 October 2026 via checked.be.