RACSO: 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
RACSO
NACE 68.110, Buying and selling of own real estate
fiscal year 2023 against 2024filed annual accounts (NBB)
Net result for the year
-€17,252
2023 · €584,645-€601,897
Equity
€628,771
2023 · €650,745-€21,974
Cash
€156,440
2023 · €545,747-€389,306
Balance sheet total
€3.1m
2023 · €3.4m-€248,817
Largest movements
Assets
- Cash -€389,306
down €389,306 (-71.3%), from €545,747 to €156,440
mainly Investment in fixed assets (net) (-€344,291) and Debts after one year (-€170,709)
- Tangible fixed assets +€199,006
up €199,006 (+11.9%), from €1.7m to €1.9m
of which Land and buildings: +€129,519
- Intangible fixed assets -€36,580
down €36,580 (-3.4%), from €1.1m to €1.0m
Equity and liabilities
- Debts after one year -€170,709
down €170,709 (-7.8%), from €2.2m to €2.0m
- Other debts -€50,446
down €50,446 (-37.2%), from €135,650 to €85,204
Income statement
- Gross operating margin -€842,616
down €842,616 (-74.5%), from €1.1m to €288,298
- Taxes -€38,992
down €38,992 (-76.9%), from €50,704 to €11,711
- Other operating charges -€25,250
down €25,250 (-36.8%), from €68,680 to €43,430
- Depreciation +€15,594
up €15,594 (+9.0%), from €173,280 to €188,874
From the 2023 result to the 2024 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 2023
€584,645
Gross operating margin
-€842,616
Staff costs
-€1,924
Depreciation
-€15,594
Write-downs
+€50
Other operating charges
+€25,250
Other operating items
+€3,570
Financial income
-€2,162
Financial charges
+€6,969
Taxes
+€38,992
Deferred taxes and other
+€185,567
Result 2024
-€17,252
Cash bridge derived
Derived from the 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€140,767
Investment
-€344,291
Financing
-€185,782
Cash 2023
€545,747
From operations (derived)
+€140,767
Net result for the year
-€17,252
Depreciation
+€188,874
Receivables within one year
+€16,153
Deferred charges and accrued income
-€1,225
Provisions
-€6,936
Trade debts
+€11,842
Tax, wage and social debts
+€5,142
Advances received
-€4,694
Other debts
-€50,446
Accrued charges and deferred income
-€690
Investment (derived)
-€344,291
Investment in fixed assets (net)
-€344,291
Financing
-€185,782
Debts after one year
-€170,709
Current portion of long-term debt
-€10,351
Contributions, distributions and other
-€4,722
Cash 2024
€156,440
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,390,084 | €3,141,267 | -€248,817 | -7.3% |
| Formation expenses | 20 | €30,641 | €23,634 | -€7,008 | -22.9% |
| Fixed assets | 21/28 | €2,753,678 | €2,916,103 | +€162,425 | +5.9% |
| Intangible fixed assets | 21 | €1,079,039 | €1,042,459 | -€36,580 | -3.4% |
| Tangible fixed assets | 22/27 | €1,674,638 | €1,873,644 | +€199,006 | +11.9% |
| Land and buildings | 22 | €1,647,201 | €1,776,720 | +€129,519 | +7.9% |
| Plant, machinery and equipment | 23 | €12,515 | €397 | -€12,118 | -96.8% |
| Furniture and vehicles | 24 | €14,923 | €96,527 | +€81,604 | +546.8% |
| Current assets | 29/58 | €605,765 | €201,531 | -€404,234 | -66.7% |
| Amounts receivable within one year | 40/41 | €59,446 | €43,293 | -€16,153 | -27.2% |
| Trade receivables | 40 | €29,371 | €13,172 | -€16,198 | -55.2% |
| Other amounts receivable | 41 | €30,076 | €30,121 | +€45 | +0.2% |
| Cash at bank and in hand | 54/58 | €545,747 | €156,440 | -€389,306 | -71.3% |
| Deferred charges and accrued income | 490/1 | €572 | €1,797 | +€1,225 | +214.1% |
| Total equity and liabilities | 10/49 | €3,390,084 | €3,141,267 | -€248,817 | -7.3% |
| Equity | 10/15 | €650,745 | €628,771 | -€21,974 | -3.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €642,934 | €621,034 | -€21,900 | -3.4% |
| Non-distributable reserves | 130/1 | €1,793 | €1,793 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,793 | €1,793 | = | 0.0% |
| Tax-exempt reserves | 132 | €641,141 | €619,241 | -€21,900 | -3.4% |
| Profit (loss) carried forward | 14 | -€10,790 | -€10,864 | -€74 | -0.7% |
| Provisions and deferred taxes | 16 | €199,500 | €192,564 | -€6,936 | -3.5% |
| Deferred taxes | 168 | €199,500 | €192,564 | -€6,936 | -3.5% |
| Amounts payable | 17/49 | €2,539,838 | €2,319,932 | -€219,907 | -8.7% |
| Amounts payable after more than one year | 17 | €2,192,250 | €2,021,541 | -€170,709 | -7.8% |
| Financial debts | 170/4 | €2,192,250 | €2,021,541 | -€170,709 | -7.8% |
| Amounts payable within one year | 42/48 | €343,114 | €294,607 | -€48,507 | -14.1% |
| Current portion of amounts payable after more than one year | 42 | €196,134 | €185,783 | -€10,351 | -5.3% |
| Trade debts | 44 | - | €11,842 | +€11,842 | |
| Suppliers | 440/4 | - | €11,842 | +€11,842 | |
| Advances received on contracts in progress | 46 | €4,694 | - | -€4,694 | |
| Taxes, remuneration and social security | 45 | €6,636 | €11,778 | +€5,142 | +77.5% |
| Taxes | 450/3 | €5,383 | €9,529 | +€4,146 | +77.0% |
| Remuneration and social security | 454/9 | €1,254 | €2,250 | +€996 | +79.4% |
| Other amounts payable | 47/48 | €135,650 | €85,204 | -€50,446 | -37.2% |
| Accrued charges and deferred income | 492/3 | €4,474 | €3,784 | -€690 | -15.4% |
| Non-recurring operating income | 76A | - | €42 | +€42 | |
| Remuneration, social security and pensions | 62 | €16,275 | €18,199 | +€1,924 | +11.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €173,280 | €188,874 | +€15,594 | +9.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €50 | - | -€50 | |
| Other operating charges | 640/8 | €68,680 | €43,430 | -€25,250 | -36.8% |
| Non-recurring operating charges | 66A | €3,570 | - | -€3,570 | |
| Gross operating margin | 9900 | €1,130,913 | €288,298 | -€842,616 | -74.5% |
| Operating profit (loss) | 9901 | €869,058 | €37,795 | -€831,263 | -95.7% |
| Financial income | 75/76B | €2,342 | €180 | -€2,162 | -92.3% |
| Recurring financial income | 75 | €2,342 | €180 | -€2,162 | -92.3% |
| Financial charges | 65/66B | €57,786 | €50,817 | -€6,969 | -12.1% |
| Recurring financial charges | 65 | €57,786 | €50,817 | -€6,969 | -12.1% |
| Profit (loss) for the period before taxes | 9903 | €813,614 | -€12,842 | -€826,456 | |
| Transfer from deferred taxes | 780 | €5,261 | €7,301 | +€2,040 | +38.8% |
| Transfer to deferred taxes | 680 | €183,527 | - | -€183,527 | |
| Income taxes | 67/77 | €50,704 | €11,711 | -€38,992 | -76.9% |
| Profit (loss) for the period | 9904 | €584,645 | -€17,252 | -€601,897 | |
| Transfer from tax-exempt reserves | 789 | €16,875 | €22,995 | +€6,120 | +36.3% |
| Transfer to tax-exempt reserves | 689 | €573,080 | - | -€573,080 | |
| Profit (loss) for the period to be appropriated | 9905 | €28,440 | €5,743 | -€22,696 | -79.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.