Racoon: 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.
What changed
Racoon
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€4,558
2024 · -€48,561+€44,003
Equity
€199,563
2024 · €204,121-€4,558
Cash
€28,740
2024 · €36,094-€7,354
Balance sheet total
€1.3m
2024 · €1.3m-€56,529
Largest movements
Assets
- Tangible fixed assets -€43,682
down €43,682 (-3.4%), from €1.3m to €1.2m
of which Land and buildings: -€63,078
Equity and liabilities
- Debts after one year -€55,017
down €55,017 (-5.4%), from €1.0m to €972,034
of which Financial debts: -€41,408
Income statement
- Gross operating margin +€82,608
up €82,608 (+393.1%), from €21,017 to €103,625
- Depreciation +€23,528
up €23,528 (+47.1%), from €49,936 to €73,464
- Financial charges +€13,297
up €13,297 (+86.5%), from €15,377 to €28,674
- Other operating charges +€1,549
up €1,549 (+22.1%), from €7,010 to €8,558
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.
Result 2024
-€48,561
Gross operating margin
+€82,608
Depreciation
-€23,528
Other operating charges
-€1,549
Financial income
-€111
Financial charges
-€13,297
Taxes
-€121
Result 2025
-€4,558
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.
From operations
+€72,839
Investment
-€29,782
Financing
-€50,411
Cash 2024
€36,094
From operations (derived)
+€72,839
Net result for the year
-€4,558
Depreciation
+€73,464
Receivables after one year
+€6,000
Receivables within one year
+€114
Deferred charges and accrued income
-€621
Provisions
-€2,607
Trade debts
+€1,047
Investment (derived)
-€29,782
Investment in fixed assets (net)
-€29,782
Financing
-€50,411
Debts after one year
-€55,017
Current portion of long-term debt
+€4,606
Cash 2025
€28,740
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,331,352 | €1,274,823 | -€56,529 | -4.2% |
| Fixed assets | 21/28 | €1,281,466 | €1,237,784 | -€43,682 | -3.4% |
| Tangible fixed assets | 22/27 | €1,281,353 | €1,237,671 | -€43,682 | -3.4% |
| Land and buildings | 22 | €1,265,280 | €1,202,202 | -€63,078 | -5.0% |
| Plant, machinery and equipment | 23 | €1,982 | €4,725 | +€2,743 | +138.4% |
| Furniture and vehicles | 24 | €14,090 | €30,744 | +€16,653 | +118.2% |
| Financial fixed assets | 28 | €114 | €114 | = | 0.0% |
| Current assets | 29/58 | €49,886 | €37,039 | -€12,847 | -25.8% |
| Amounts receivable after more than one year | 29 | €6,000 | - | -€6,000 | |
| Trade receivables | 290 | €6,000 | - | -€6,000 | |
| Amounts receivable within one year | 40/41 | €3,000 | €2,886 | -€114 | -3.8% |
| Other amounts receivable | 41 | €3,000 | €2,886 | -€114 | -3.8% |
| Cash at bank and in hand | 54/58 | €36,094 | €28,740 | -€7,354 | -20.4% |
| Deferred charges and accrued income | 490/1 | €4,791 | €5,412 | +€621 | +13.0% |
| Total equity and liabilities | 10/49 | €1,331,352 | €1,274,823 | -€56,529 | -4.2% |
| Equity | 10/15 | €204,121 | €199,563 | -€4,558 | -2.2% |
| Contributions | 10/11 | €44,000 | €44,000 | = | 0.0% |
| Reserves | 13 | €163,868 | €156,047 | -€7,822 | -4.8% |
| Tax-exempt reserves | 132 | €148,617 | €140,795 | -€7,822 | -5.3% |
| Distributable reserves | 133 | €15,251 | €15,251 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,747 | -€483 | +€3,264 | +87.1% |
| Provisions and deferred taxes | 16 | €49,539 | €46,931 | -€2,607 | -5.3% |
| Deferred taxes | 168 | €49,539 | €46,931 | -€2,607 | -5.3% |
| Amounts payable | 17/49 | €1,077,692 | €1,028,328 | -€49,364 | -4.6% |
| Amounts payable after more than one year | 17 | €1,027,050 | €972,034 | -€55,017 | -5.4% |
| Financial debts | 170/4 | €936,722 | €895,315 | -€41,408 | -4.4% |
| Other amounts payable | 178/9 | €90,328 | €76,719 | -€13,609 | -15.1% |
| Amounts payable within one year | 42/48 | €50,642 | €56,295 | +€5,653 | +11.2% |
| Current portion of amounts payable after more than one year | 42 | €49,485 | €54,090 | +€4,606 | +9.3% |
| Trade debts | 44 | €1,157 | €2,204 | +€1,047 | +90.5% |
| Suppliers | 440/4 | €1,157 | €2,204 | +€1,047 | +90.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,936 | €73,464 | +€23,528 | +47.1% |
| Other operating charges | 640/8 | €7,010 | €8,558 | +€1,549 | +22.1% |
| Gross operating margin | 9900 | €21,017 | €103,625 | +€82,608 | +393.1% |
| Operating profit (loss) | 9901 | -€35,929 | €21,603 | +€57,532 | |
| Financial income | 75/76B | €137 | €27 | -€111 | -80.6% |
| Recurring financial income | 75 | €137 | €27 | -€111 | -80.6% |
| Financial charges | 65/66B | €15,377 | €28,674 | +€13,297 | +86.5% |
| Recurring financial charges | 65 | €15,377 | €28,674 | +€13,297 | +86.5% |
| Profit (loss) for the period before taxes | 9903 | -€51,169 | -€7,045 | +€44,124 | +86.2% |
| Transfer from deferred taxes | 780 | €2,607 | €2,607 | = | 0.0% |
| Income taxes | 67/77 | - | €121 | +€121 | |
| Profit (loss) for the period | 9904 | -€48,561 | -€4,558 | +€44,003 | +90.6% |
| Transfer from tax-exempt reserves | 789 | €7,822 | €7,822 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€40,740 | €3,264 | +€44,003 |
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 2 October 2026 via checked.be.