RACS: 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.
RACS
Largest movements
- Receivables within one year +€147,920
up €147,920 (+32.8%), from €451,466 to €599,387
of which Other amounts receivable: +€152,924
- Intangible fixed assets -€43,321
down €43,321 (-16.2%), from €268,099 to €224,778
- Trade debts +€64,763
up €64,763 (+118.0%), from €54,888 to €119,651
- Tax, wage and social debts +€27,835
up €27,835 (+17.8%), from €155,966 to €183,801
of which Taxes: +€16,020
- Accrued charges and deferred income +€12,088
up €12,088 (+6.3%), from €190,923 to €203,011
- Gross operating margin +€61,570
up €61,570 (+7.6%), from €804,844 to €866,414
- Write-downs +€35,000
new in 2025: €35,000
- Staff costs +€32,628
up €32,628 (+4.7%), from €698,752 to €731,380
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 | €722,636 | €832,063 | +€109,427 | +15.1% |
| Fixed assets | 21/28 | €268,253 | €224,932 | -€43,321 | -16.1% |
| Intangible fixed assets | 21 | €268,099 | €224,778 | -€43,321 | -16.2% |
| Financial fixed assets | 28 | €154 | €154 | = | 0.0% |
| Current assets | 29/58 | €454,383 | €607,131 | +€152,747 | +33.6% |
| Amounts receivable within one year | 40/41 | €451,466 | €599,387 | +€147,920 | +32.8% |
| Trade receivables | 40 | €232,003 | €226,999 | -€5,004 | -2.2% |
| Other amounts receivable | 41 | €219,464 | €372,388 | +€152,924 | +69.7% |
| Cash at bank and in hand | 54/58 | €414 | €5,397 | +€4,983 | +1204.2% |
| Deferred charges and accrued income | 490/1 | €2,503 | €2,347 | -€156 | -6.3% |
| Total equity and liabilities | 10/49 | €722,636 | €832,063 | +€109,427 | +15.1% |
| Equity | 10/15 | €257,108 | €259,159 | +€2,051 | +0.8% |
| Contributions | 10/11 | €125,000 | €125,000 | = | 0.0% |
| Capital | 10 | €125,000 | €125,000 | = | 0.0% |
| Issued capital | 100 | €125,000 | €125,000 | = | 0.0% |
| Reserves | 13 | €132,108 | €134,159 | +€2,051 | +1.6% |
| Non-distributable reserves | 130/1 | €12,500 | €12,500 | = | 0.0% |
| Legal reserve | 130 | €12,500 | €12,500 | = | 0.0% |
| Distributable reserves | 133 | €119,608 | €121,659 | +€2,051 | +1.7% |
| Amounts payable | 17/49 | €465,528 | €572,904 | +€107,376 | +23.1% |
| Amounts payable within one year | 42/48 | €274,605 | €369,893 | +€95,288 | +34.7% |
| Financial debts | 43 | €63,750 | €66,440 | +€2,691 | +4.2% |
| Credit institutions | 430/8 | €63,750 | €66,440 | +€2,691 | +4.2% |
| Trade debts | 44 | €54,888 | €119,651 | +€64,763 | +118.0% |
| Suppliers | 440/4 | €54,888 | €119,651 | +€64,763 | +118.0% |
| Taxes, remuneration and social security | 45 | €155,966 | €183,801 | +€27,835 | +17.8% |
| Taxes | 450/3 | €54,319 | €70,339 | +€16,020 | +29.5% |
| Remuneration and social security | 454/9 | €101,647 | €113,462 | +€11,815 | +11.6% |
| Accrued charges and deferred income | 492/3 | €190,923 | €203,011 | +€12,088 | +6.3% |
| Remuneration, social security and pensions | 62 | €698,752 | €731,380 | +€32,628 | +4.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,672 | €74,121 | +€4,448 | +6.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €35,000 | +€35,000 | |
| Other operating charges | 640/8 | €485 | €3,816 | +€3,331 | +686.8% |
| Gross operating margin | 9900 | €804,844 | €866,414 | +€61,570 | +7.6% |
| Operating profit (loss) | 9901 | €35,934 | €22,097 | -€13,837 | -38.5% |
| Financial income | 75/76B | €1,025 | €23 | -€1,002 | -97.7% |
| Recurring financial income | 75 | €1,025 | €23 | -€1,002 | -97.7% |
| Financial charges | 65/66B | €3,798 | €6,459 | +€2,662 | +70.1% |
| Recurring financial charges | 65 | €3,798 | €6,459 | +€2,662 | +70.1% |
| Profit (loss) for the period before taxes | 9903 | €33,162 | €15,661 | -€17,501 | -52.8% |
| Income taxes | 67/77 | €15,887 | €13,611 | -€2,276 | -14.3% |
| Profit (loss) for the period | 9904 | €17,275 | €2,051 | -€15,224 | -88.1% |
| Profit (loss) for the period to be appropriated | 9905 | €17,275 | €2,051 | -€15,224 | -88.1% |
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.