RAEL: 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.
RAEL
Largest movements
- Cash -€1,079
down €1,079 (-40.8%), from €2,647 to €1,568
mainly Tax, wage and social debts (-€5,400)
- Tax, wage and social debts -€5,400
down €5,400 (-72.0%), from €7,500 to €2,100
- Profit (loss) carried forward +€4,321
up €4,321 (+15.1%), from -€28,644 to -€24,323
- Gross operating margin +€2,384
up €2,384 (+107.0%), from €2,228 to €4,611
- Depreciation -€516
no longer reported in 2025 (was €516)
- Other operating charges -€164
no longer reported in 2025 (was €164)
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 | €2,647 | €1,568 | -€1,079 | -40.8% |
| Current assets | 29/58 | €2,647 | €1,568 | -€1,079 | -40.8% |
| Cash at bank and in hand | 54/58 | €2,647 | €1,568 | -€1,079 | -40.8% |
| Total equity and liabilities | 10/49 | €2,647 | €1,568 | -€1,079 | -40.8% |
| Equity | 10/15 | -€10,044 | -€5,723 | +€4,321 | +43.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€28,644 | -€24,323 | +€4,321 | +15.1% |
| Amounts payable | 17/49 | €12,691 | €7,291 | -€5,400 | -42.6% |
| Amounts payable within one year | 42/48 | €12,691 | €7,291 | -€5,400 | -42.6% |
| Taxes, remuneration and social security | 45 | €7,500 | €2,100 | -€5,400 | -72.0% |
| Remuneration and social security | 454/9 | €7,500 | €2,100 | -€5,400 | -72.0% |
| Other amounts payable | 47/48 | €5,191 | €5,191 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €516 | - | -€516 | |
| Other operating charges | 640/8 | €164 | - | -€164 | |
| Gross operating margin | 9900 | €2,228 | €4,611 | +€2,384 | +107.0% |
| Operating profit (loss) | 9901 | €1,548 | €4,611 | +€3,063 | +197.8% |
| Financial charges | 65/66B | €282 | €290 | +€8 | +3.0% |
| Recurring financial charges | 65 | €282 | €290 | +€8 | +3.0% |
| Profit (loss) for the period before taxes | 9903 | €1,266 | €4,321 | +€3,055 | +241.2% |
| Profit (loss) for the period | 9904 | €1,266 | €4,321 | +€3,055 | +241.2% |
| Profit (loss) for the period to be appropriated | 9905 | €1,266 | €4,321 | +€3,055 | +241.2% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.