RACO: 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.
RACO
Largest movements
- Receivables within one year -€798,396
down €798,396 (-44.9%), from €1.8m to €978,254
of which Other amounts receivable: -€941,743
- Current investments -€200,110
down €200,110 (-100.0%), from €200,110 to €0
- Stocks and contracts +€175,155
up €175,155 (+45.7%), from €383,000 to €558,155
- Cash +€161,540
up €161,540 (+49.1%), from €328,765 to €490,304
mainly Receivables within one year (+€798,396) and Net result for the year (+€605,537)
- Tangible fixed assets -€61,398
down €61,398 (-7.6%), from €811,373 to €749,975
of which Land and buildings: -€45,288
- Other debts -€390,000
down €390,000 (-39.0%), from €1.0m to €610,000
- Debts after one year -€316,371
down €316,371 (-100.0%), from €316,371 to €0
- Trade debts +€110,204
up €110,204 (+130.1%), from €84,703 to €194,906
- Tax, wage and social debts -€68,059
down €68,059 (-13.7%), from €495,596 to €427,537
of which Taxes: -€67,571
- Current portion of long-term debt -€55,563
down €55,563 (-100.0%), from €55,563 to €0
- Gross operating margin +€378,691
up €378,691 (+20.0%), from €1.9m to €2.3m
- Taxes +€82,106
up €82,106 (+57.0%), from €144,149 to €226,255
- Staff costs +€75,101
up €75,101 (+6.0%), from €1.3m to €1.3m
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 | €3,540,270 | €2,814,035 | -€726,235 | -20.5% |
| Fixed assets | 21/28 | €822,683 | €761,285 | -€61,398 | -7.5% |
| Tangible fixed assets | 22/27 | €811,373 | €749,975 | -€61,398 | -7.6% |
| Land and buildings | 22 | €742,399 | €697,111 | -€45,288 | -6.1% |
| Plant, machinery and equipment | 23 | €20,267 | €12,681 | -€7,586 | -37.4% |
| Furniture and vehicles | 24 | €48,706 | €40,183 | -€8,524 | -17.5% |
| Financial fixed assets | 28 | €11,310 | €11,310 | = | 0.0% |
| Current assets | 29/58 | €2,717,587 | €2,052,750 | -€664,837 | -24.5% |
| Stocks and contracts in progress | 3 | €383,000 | €558,155 | +€175,155 | +45.7% |
| Contracts in progress | 37 | €383,000 | €558,155 | +€175,155 | +45.7% |
| Amounts receivable within one year | 40/41 | €1,776,650 | €978,254 | -€798,396 | -44.9% |
| Trade receivables | 40 | €494,360 | €637,706 | +€143,347 | +29.0% |
| Other amounts receivable | 41 | €1,282,291 | €340,548 | -€941,743 | -73.4% |
| Current investments | 50/53 | €200,110 | €0 | -€200,110 | -100.0% |
| Cash at bank and in hand | 54/58 | €328,765 | €490,304 | +€161,540 | +49.1% |
| Deferred charges and accrued income | 490/1 | €29,062 | €26,037 | -€3,025 | -10.4% |
| Total equity and liabilities | 10/49 | €3,540,270 | €2,814,035 | -€726,235 | -20.5% |
| Equity | 10/15 | €1,549,359 | €1,544,896 | -€4,463 | -0.3% |
| Contributions | 10/11 | €24,800 | €24,800 | = | 0.0% |
| Reserves | 13 | €1,524,559 | €1,520,096 | -€4,463 | -0.3% |
| Tax-exempt reserves | 132 | €116,037 | €110,085 | -€5,952 | -5.1% |
| Distributable reserves | 133 | €1,408,522 | €1,410,011 | +€1,489 | +0.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €38,679 | €36,695 | -€1,984 | -5.1% |
| Deferred taxes | 168 | €38,679 | €36,695 | -€1,984 | -5.1% |
| Amounts payable | 17/49 | €1,952,232 | €1,232,444 | -€719,788 | -36.9% |
| Amounts payable after more than one year | 17 | €316,371 | €0 | -€316,371 | -100.0% |
| Financial debts | 170/4 | €316,371 | €0 | -€316,371 | -100.0% |
| Amounts payable within one year | 42/48 | €1,635,861 | €1,232,444 | -€403,417 | -24.7% |
| Current portion of amounts payable after more than one year | 42 | €55,563 | €0 | -€55,563 | -100.0% |
| Trade debts | 44 | €84,703 | €194,906 | +€110,204 | +130.1% |
| Suppliers | 440/4 | €84,703 | €194,906 | +€110,204 | +130.1% |
| Taxes, remuneration and social security | 45 | €495,596 | €427,537 | -€68,059 | -13.7% |
| Taxes | 450/3 | €225,059 | €157,488 | -€67,571 | -30.0% |
| Remuneration and social security | 454/9 | €270,537 | €270,049 | -€488 | -0.2% |
| Other amounts payable | 47/48 | €1,000,000 | €610,000 | -€390,000 | -39.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €1,261,437 | €1,336,538 | +€75,101 | +6.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €78,178 | €76,723 | -€1,454 | -1.9% |
| Other operating charges | 640/8 | €10,398 | €10,379 | -€20 | -0.2% |
| Gross operating margin | 9900 | €1,889,965 | €2,268,656 | +€378,691 | +20.0% |
| Operating profit (loss) | 9901 | €539,952 | €845,016 | +€305,065 | +56.5% |
| Financial income | 75/76B | €11,002 | €16,872 | +€5,870 | +53.4% |
| Recurring financial income | 75 | €11,002 | €16,872 | +€5,870 | +53.4% |
| Financial charges | 65/66B | €34,131 | €32,080 | -€2,051 | -6.0% |
| Recurring financial charges | 65 | €34,131 | €32,080 | -€2,051 | -6.0% |
| Profit (loss) for the period before taxes | 9903 | €516,822 | €829,809 | +€312,986 | +60.6% |
| Transfer from deferred taxes | 780 | €2,768 | €1,984 | -€784 | -28.3% |
| Income taxes | 67/77 | €144,149 | €226,255 | +€82,106 | +57.0% |
| Profit (loss) for the period | 9904 | €375,441 | €605,537 | +€230,096 | +61.3% |
| Transfer from tax-exempt reserves | 789 | €16,864 | €5,952 | -€10,912 | -64.7% |
| Profit (loss) for the period to be appropriated | 9905 | €392,305 | €611,489 | +€219,184 | +55.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.