RACREST: 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.
RACREST
Largest movements
- Cash -€81,726
down €81,726 (-47.5%), from €172,153 to €90,427
mainly Trade debts (-€94,220) and Net result for the year (-€83,586)
- Current investments -€79,708
down €79,708 (-87.3%), from €91,277 to €11,569
- Stocks and contracts -€6,884
down €6,884 (-26.6%), from €25,867 to €18,983
- Trade debts -€94,220
down €94,220 (-29.0%), from €324,355 to €230,134
- Profit (loss) carried forward -€83,586
down €83,586 (-128.7%), from -€64,952 to -€148,538
- Tax, wage and social debts +€7,676
up €7,676 (+7.8%), from €98,234 to €105,909
of which Remuneration and social security: +€6,717
- Staff costs +€69,494
up €69,494 (+7.3%), from €948,146 to €1.0m
- Gross operating margin +€12,945
up €12,945 (+1.4%), from €943,326 to €956,270
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 | €592,478 | €426,931 | -€165,547 | -27.9% |
| Fixed assets | 21/28 | €7,307 | €5,294 | -€2,013 | -27.5% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €7,307 | €5,294 | -€2,013 | -27.5% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €4,489 | €2,958 | -€1,531 | -34.1% |
| Other tangible fixed assets | 26 | €2,818 | €2,336 | -€482 | -17.1% |
| Current assets | 29/58 | €585,170 | €421,637 | -€163,533 | -27.9% |
| Stocks and contracts in progress | 3 | €25,867 | €18,983 | -€6,884 | -26.6% |
| Stocks | 30/36 | €25,867 | €18,983 | -€6,884 | -26.6% |
| Amounts receivable within one year | 40/41 | €293,770 | €296,143 | +€2,373 | +0.8% |
| Trade receivables | 40 | €837 | €10,523 | +€9,686 | +1157.9% |
| Other amounts receivable | 41 | €292,933 | €285,620 | -€7,313 | -2.5% |
| Current investments | 50/53 | €91,277 | €11,569 | -€79,708 | -87.3% |
| Cash at bank and in hand | 54/58 | €172,153 | €90,427 | -€81,726 | -47.5% |
| Deferred charges and accrued income | 490/1 | €2,103 | €4,514 | +€2,411 | +114.6% |
| Total equity and liabilities | 10/49 | €592,478 | €426,931 | -€165,547 | -27.9% |
| Equity | 10/15 | €146,305 | €62,719 | -€83,586 | -57.1% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €161,257 | €161,257 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,500 | €7,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €7,500 | €7,500 | = | 0.0% |
| Distributable reserves | 133 | €153,757 | €153,757 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€64,952 | -€148,538 | -€83,586 | -128.7% |
| Amounts payable | 17/49 | €446,173 | €364,212 | -€81,960 | -18.4% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €446,043 | €364,212 | -€81,831 | -18.3% |
| Current portion of amounts payable after more than one year | 42 | €6,769 | €6,744 | -€25 | -0.4% |
| Trade debts | 44 | €324,355 | €230,134 | -€94,220 | -29.0% |
| Suppliers | 440/4 | €324,355 | €230,134 | -€94,220 | -29.0% |
| Taxes, remuneration and social security | 45 | €98,234 | €105,909 | +€7,676 | +7.8% |
| Taxes | 450/3 | €1,031 | €1,990 | +€959 | +93.0% |
| Remuneration and social security | 454/9 | €97,203 | €103,920 | +€6,717 | +6.9% |
| Other amounts payable | 47/48 | €16,686 | €21,424 | +€4,738 | +28.4% |
| Accrued charges and deferred income | 492/3 | €129 | €0 | -€129 | -100.0% |
| Turnover | 70 | €0 | €0 | = | |
| Goods, raw materials, services and sundry goods | 60/61 | €0 | €0 | = | |
| Remuneration, social security and pensions | 62 | €948,146 | €1,017,640 | +€69,494 | +7.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €834 | €2,013 | +€1,179 | +141.4% |
| Other operating charges | 640/8 | €11,724 | €8,116 | -€3,608 | -30.8% |
| Operating charges capitalised as restructuring costs | 649 | €0 | - | = | |
| Gross operating margin | 9900 | €943,326 | €956,270 | +€12,945 | +1.4% |
| Operating profit (loss) | 9901 | -€17,378 | -€71,498 | -€54,120 | -311.4% |
| Financial income | 75/76B | €1,076 | €1,324 | +€248 | +23.1% |
| Recurring financial income | 75 | €1,076 | €1,324 | +€248 | +23.1% |
| Financial charges | 65/66B | €11,229 | €13,411 | +€2,183 | +19.4% |
| Recurring financial charges | 65 | €11,229 | €13,411 | +€2,183 | +19.4% |
| Profit (loss) for the period before taxes | 9903 | -€27,531 | -€83,586 | -€56,055 | -203.6% |
| Income taxes | 67/77 | €0 | €0 | = | |
| Profit (loss) for the period | 9904 | -€27,531 | -€83,586 | -€56,055 | -203.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€27,531 | -€83,586 | -€56,055 | -203.6% |
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 5 October 2026 via checked.be.