RAEDENS: 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
RAEDENS
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€15,630
2024 · €537,390-€553,021
Equity
€1.0m
2024 · €1.0m-€15,630
Cash
€102,713
2024 · €97,471+€5,242
Balance sheet total
€1.2m
2024 · €1.2m-€21,357
Largest movements
Assets
- Tangible fixed assets -€33,690
down €33,690 (-3.0%), from €1.1m to €1.1m
of which Land and buildings: -€34,598
Equity and liabilities
- Reserves -€16,214
down €16,214 (-1.8%), from €885,309 to €869,095
of which Tax-exempt reserves: -€16,214
Income statement
- Gross operating margin -€754,681
down €754,681 (-96.9%), from €779,060 to €24,379
- Financial charges -€13,209
down €13,209 (-99.1%), from €13,328 to €120
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.
Result 2024
€537,390
Gross operating margin
-€754,681
Depreciation
-€757
Other operating charges
+€2,962
Financial income
+€290
Financial charges
+€13,209
Taxes
-€18
Deferred taxes and other
+€185,974
Result 2025
-€15,630
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.
From operations
+€9,695
Investment
-€4,453
Financing
€0
Cash 2024
€97,471
From operations (derived)
+€9,695
Net result for the year
-€15,630
Depreciation
+€38,144
Receivables within one year
-€7,091
Provisions
-€5,405
Trade debts
+€7,662
Other debts
+€3,880
Accrued charges and deferred income
-€11,864
Investment (derived)
-€4,453
Investment in fixed assets (net)
-€4,453
Cash 2025
€102,713
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,220,414 | €1,199,057 | -€21,357 | -1.7% |
| Fixed assets | 21/28 | €1,121,427 | €1,087,737 | -€33,690 | -3.0% |
| Tangible fixed assets | 22/27 | €1,121,427 | €1,087,737 | -€33,690 | -3.0% |
| Land and buildings | 22 | €1,101,761 | €1,067,163 | -€34,598 | -3.1% |
| Plant, machinery and equipment | 23 | €12,151 | €13,058 | +€907 | +7.5% |
| Furniture and vehicles | 24 | €7,515 | €7,515 | = | 0.0% |
| Current assets | 29/58 | €98,987 | €111,321 | +€12,334 | +12.5% |
| Amounts receivable within one year | 40/41 | €1,516 | €8,607 | +€7,091 | +467.9% |
| Trade receivables | 40 | - | €7,636 | +€7,636 | |
| Other amounts receivable | 41 | €1,516 | €971 | -€544 | -35.9% |
| Cash at bank and in hand | 54/58 | €97,471 | €102,713 | +€5,242 | +5.4% |
| Total equity and liabilities | 10/49 | €1,220,414 | €1,199,057 | -€21,357 | -1.7% |
| Equity | 10/15 | €1,023,191 | €1,007,561 | -€15,630 | -1.5% |
| Contributions | 10/11 | €170,000 | €170,000 | = | 0.0% |
| Capital | 10 | €170,000 | €170,000 | = | 0.0% |
| Issued capital | 100 | €170,000 | €170,000 | = | 0.0% |
| Reserves | 13 | €885,309 | €869,095 | -€16,214 | -1.8% |
| Non-distributable reserves | 130/1 | €17,000 | €17,000 | = | 0.0% |
| Legal reserve | 130 | €17,000 | €17,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €541,709 | €525,495 | -€16,214 | -3.0% |
| Distributable reserves | 133 | €326,600 | €326,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€32,118 | -€31,534 | +€584 | +1.8% |
| Provisions and deferred taxes | 16 | €180,570 | €175,165 | -€5,405 | -3.0% |
| Deferred taxes | 168 | €180,570 | €175,165 | -€5,405 | -3.0% |
| Amounts payable | 17/49 | €16,654 | €16,332 | -€322 | -1.9% |
| Amounts payable within one year | 42/48 | €850 | €12,392 | +€11,541 | +1357.7% |
| Trade debts | 44 | €850 | €8,512 | +€7,662 | +901.3% |
| Suppliers | 440/4 | €850 | €8,512 | +€7,662 | +901.3% |
| Other amounts payable | 47/48 | €0 | €3,880 | +€3,880 | |
| Accrued charges and deferred income | 492/3 | €15,804 | €3,940 | -€11,864 | -75.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,386 | €38,144 | +€757 | +2.0% |
| Other operating charges | 640/8 | €10,320 | €7,358 | -€2,962 | -28.7% |
| Gross operating margin | 9900 | €779,060 | €24,379 | -€754,681 | -96.9% |
| Operating profit (loss) | 9901 | €731,353 | -€21,123 | -€752,476 | |
| Financial income | 75/76B | €242 | €532 | +€290 | +120.0% |
| Recurring financial income | 75 | €242 | €532 | +€290 | +120.0% |
| Financial charges | 65/66B | €13,328 | €120 | -€13,209 | -99.1% |
| Recurring financial charges | 65 | €13,328 | €120 | -€13,209 | -99.1% |
| Profit (loss) for the period before taxes | 9903 | €718,267 | -€20,710 | -€738,977 | |
| Transfer from deferred taxes | 780 | €5,356 | €5,405 | +€49 | +0.9% |
| Transfer to deferred taxes | 680 | €185,926 | €0 | -€185,926 | -100.0% |
| Income taxes | 67/77 | €306 | €324 | +€18 | +5.8% |
| Profit (loss) for the period | 9904 | €537,390 | -€15,630 | -€553,021 | |
| Transfer from tax-exempt reserves | 789 | €16,068 | €16,214 | +€147 | +0.9% |
| Transfer to tax-exempt reserves | 689 | €557,777 | €0 | -€557,777 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,319 | €584 | +€4,903 |
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 2 October 2026 via checked.be.