RADES: 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.
RADES
Largest movements
- Cash -€327,994
down €327,994 (-79.2%), from €414,186 to €86,192
mainly Contributions, distributions and other (-€852,500) and Current portion of long-term debt (-€39,012)
- Intangible fixed assets -€29,000
down €29,000 (-29.3%), from €99,083 to €70,083
- Deferred charges and accrued income +€17,122
up €17,122 (+9.7%), from €176,381 to €193,502
- Reserves -€554,634
down €554,634 (-99.6%), from €556,657 to €2,023
of which Distributable reserves: -€554,634
- Other debts +€258,936
up €258,936 (+1629.0%), from €15,896 to €274,832
- Current portion of long-term debt -€39,012
down €39,012 (-100.0%), from €39,012 to €0
- Tax, wage and social debts -€7,255
down €7,255 (-12.8%), from €56,597 to €49,342
- Gross operating margin +€86,171
up €86,171 (+25.2%), from €342,480 to €428,651
- Taxes +€19,596
up €19,596 (+26.5%), from €74,023 to €93,618
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 | €695,541 | €349,878 | -€345,663 | -49.7% |
| Fixed assets | 21/28 | €104,974 | €70,183 | -€34,791 | -33.1% |
| Intangible fixed assets | 21 | €99,083 | €70,083 | -€29,000 | -29.3% |
| Tangible fixed assets | 22/27 | €5,791 | €0 | -€5,791 | -100.0% |
| Furniture and vehicles | 24 | €5,791 | €0 | -€5,791 | -100.0% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €590,567 | €279,694 | -€310,872 | -52.6% |
| Cash at bank and in hand | 54/58 | €414,186 | €86,192 | -€327,994 | -79.2% |
| Deferred charges and accrued income | 490/1 | €176,381 | €193,502 | +€17,122 | +9.7% |
| Total equity and liabilities | 10/49 | €695,541 | €349,878 | -€345,663 | -49.7% |
| Equity | 10/15 | €575,257 | €20,623 | -€554,634 | -96.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €556,657 | €2,023 | -€554,634 | -99.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €554,797 | €163 | -€554,634 | -100.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €120,284 | €329,255 | +€208,971 | +173.7% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €120,255 | €329,255 | +€209,000 | +173.8% |
| Current portion of amounts payable after more than one year | 42 | €39,012 | €0 | -€39,012 | -100.0% |
| Trade debts | 44 | €8,751 | €5,082 | -€3,669 | -41.9% |
| Suppliers | 440/4 | €8,751 | €5,082 | -€3,669 | -41.9% |
| Taxes, remuneration and social security | 45 | €56,597 | €49,342 | -€7,255 | -12.8% |
| Taxes | 450/3 | €56,597 | €49,342 | -€7,255 | -12.8% |
| Other amounts payable | 47/48 | €15,896 | €274,832 | +€258,936 | +1629.0% |
| Accrued charges and deferred income | 492/3 | €29 | €0 | -€29 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,491 | €34,791 | -€2,700 | -7.2% |
| Other operating charges | 640/8 | €1,840 | €736 | -€1,105 | -60.0% |
| Gross operating margin | 9900 | €342,480 | €428,651 | +€86,171 | +25.2% |
| Operating profit (loss) | 9901 | €303,149 | €393,124 | +€89,975 | +29.7% |
| Financial charges | 65/66B | €1,903 | €1,641 | -€262 | -13.8% |
| Recurring financial charges | 65 | €1,903 | €1,641 | -€262 | -13.8% |
| Profit (loss) for the period before taxes | 9903 | €301,246 | €391,484 | +€90,238 | +30.0% |
| Income taxes | 67/77 | €74,023 | €93,618 | +€19,596 | +26.5% |
| Profit (loss) for the period | 9904 | €227,223 | €297,866 | +€70,642 | +31.1% |
| Profit (loss) for the period to be appropriated | 9905 | €227,223 | €297,866 | +€70,642 | +31.1% |
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 6 October 2026 via checked.be.