RAE CONSTRUCT: what changed
Two financial 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.
RAE CONSTRUCT
Largest movements
- Cash +€384,878
up €384,878 (+469%), from €82,078 to €466,956
mainly Net result for the year (+€235,300) and Tax, wage and social debts (+€63,000)
- Tangible fixed assets -€35,896
down €35,896 (-33.0%), from €108,927 to €73,032
of which Furniture and vehicles: -€20,019
- Deferred charges and accrued income -€26,518
down €26,518 (-50.0%), from €53,036 to €26,518
- Receivables within one year -€7,587
down €7,587 (-4.1%), from €185,211 to €177,625
of which Other amounts receivable: -€3,848
- Profit (loss) carried forward +€235,300
up €235,300 (+179%), from €131,179 to €366,479
- Tax, wage and social debts +€63,000
up €63,000 (+382%), from €16,500 to €79,500
of which Taxes: +€53,500
- Trade debts +€39,310
up €39,310 (+21.0%), from €186,862 to €226,172
of which Suppliers: +€138,323
- Debts after one year -€25,230
down €25,230 (-56.9%), from €44,306 to €19,076
- Other debts +€14,613
up €14,613 (+1,034%), from €1,414 to €16,027
- Gross operating margin +€217,938
up €217,938 (+151%), from €144,225 to €362,162
- Taxes +€64,569
up €64,569 (+378%), from €17,070 to €81,639
- Depreciation -€20,577
down €20,577 (-38.4%), from €53,525 to €32,948
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.
Derived cash bridge
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 | €429,343 | €744,221 | +€314,878 | +73.3% |
| Fixed assets | 21/28 | €109,017 | €73,122 | -€35,896 | -32.9% |
| Tangible fixed assets | 22/27 | €108,927 | €73,032 | -€35,896 | -33.0% |
| Plant, machinery and equipment | 23 | €32,643 | €16,766 | -€15,877 | -48.6% |
| Furniture and vehicles | 24 | €76,284 | €56,265 | -€20,019 | -26.2% |
| Financial fixed assets | 28 | €90 | €90 | = | 0.0% |
| Current assets | 29/58 | €320,325 | €671,099 | +€350,774 | +110% |
| Amounts receivable within one year | 40/41 | €185,211 | €177,625 | -€7,587 | -4.1% |
| Trade receivables | 40 | €160,822 | €157,084 | -€3,738 | -2.3% |
| Other amounts receivable | 41 | €24,389 | €20,541 | -€3,848 | -15.8% |
| Cash at bank and in hand | 54/58 | €82,078 | €466,956 | +€384,878 | +469% |
| Deferred charges and accrued income | 490/1 | €53,036 | €26,518 | -€26,518 | -50.0% |
| Total equity and liabilities | 10/49 | €429,343 | €744,221 | +€314,878 | +73.3% |
| Equity | 10/15 | €139,239 | €374,539 | +€235,300 | +169% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Capital | 10 | €6,200 | - | -€6,200 | |
| Issued capital | 100 | €18,600 | - | -€18,600 | |
| Uncalled capital | 101 | €12,400 | - | -€12,400 | |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | - | €1,860 | +€1,860 | |
| Profit (loss) carried forward | 14 | €131,179 | €366,479 | +€235,300 | +179% |
| Amounts payable | 17/49 | €290,103 | €369,682 | +€79,578 | +27.4% |
| Amounts payable after more than one year | 17 | €44,306 | €19,076 | -€25,230 | -56.9% |
| Financial debts | 170/4 | €44,306 | €19,076 | -€25,230 | -56.9% |
| Amounts payable within one year | 42/48 | €245,797 | €350,606 | +€104,809 | +42.6% |
| Current portion of amounts payable after more than one year | 42 | €38,607 | €28,299 | -€10,307 | -26.7% |
| Financial debts | 43 | €2,414 | €607 | -€1,807 | -74.8% |
| Credit institutions | 430/8 | €2,414 | €607 | -€1,807 | -74.8% |
| Trade debts | 44 | €186,862 | €226,172 | +€39,310 | +21.0% |
| Suppliers | 440/4 | €64,830 | €203,153 | +€138,323 | +213% |
| Bills of exchange payable | 441 | €122,032 | €23,019 | -€99,013 | -81.1% |
| Taxes, remuneration and social security | 45 | €16,500 | €79,500 | +€63,000 | +382% |
| Taxes | 450/3 | €14,000 | €67,500 | +€53,500 | +382% |
| Remuneration and social security | 454/9 | €2,500 | €12,000 | +€9,500 | +380% |
| Other amounts payable | 47/48 | €1,414 | €16,027 | +€14,613 | +1,034% |
| Remuneration, social security and pensions | 62 | €3,092 | €3,252 | +€160 | +5.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,525 | €32,948 | -€20,577 | -38.4% |
| Other operating charges | 640/8 | €8,016 | €7,299 | -€716 | -8.9% |
| Gross operating margin | 9900 | €144,225 | €362,162 | +€217,938 | +151% |
| Operating profit (loss) | 9901 | €79,591 | €318,663 | +€239,072 | +300% |
| Financial income | 75/76B | €1 | €0 | -€1 | -89.4% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -89.4% |
| Financial charges | 65/66B | €2,926 | €1,724 | -€1,202 | -41.1% |
| Recurring financial charges | 65 | €2,926 | €1,724 | -€1,202 | -41.1% |
| Profit (loss) for the period before taxes | 9903 | €76,666 | €316,939 | +€240,273 | +313% |
| Income taxes | 67/77 | €17,070 | €81,639 | +€64,569 | +378% |
| Profit (loss) for the period | 9904 | €59,596 | €235,300 | +€175,704 | +295% |
| Profit (loss) for the period to be appropriated | 9905 | €59,596 | €235,300 | +€175,704 | +295% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.