RAENA: 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.
RAENA
Largest movements
- Receivables within one year +€210,632
up €210,632 (+382.9%), from €55,010 to €265,642
of which Trade receivables: +€207,304
- Cash -€166,622
down €166,622 (-98.4%), from €169,258 to €2,636
mainly Receivables within one year (-€210,632) and Investment in fixed assets (net) (-€91,987)
- Tangible fixed assets +€81,486
up €81,486 (+3093.2%), from €2,634 to €84,120
of which Plant, machinery and equipment: +€42,597
- Stocks and contracts -€41,674
down €41,674 (-16.8%), from €247,371 to €205,697
- Profit (loss) carried forward +€143,106
up €143,106 (+135.2%), from €105,877 to €248,983
- Trade debts -€79,616
down €79,616 (-26.8%), from €297,210 to €217,594
- Tax, wage and social debts +€53,124
up €53,124 (+126.3%), from €42,049 to €95,173
of which Taxes: +€43,272
- Accrued charges and deferred income -€32,793
down €32,793 (-86.6%), from €37,869 to €5,076
- Gross operating margin +€115,427
up €115,427 (+77.1%), from €149,730 to €265,157
- Staff costs +€31,665
up €31,665 (+618.1%), from €5,123 to €36,787
- Other operating charges +€18,017
up €18,017 (+1937.8%), from €930 to €18,947
- Taxes +€10,632
up €10,632 (+25.8%), from €41,238 to €51,870
- Depreciation +€9,842
up €9,842 (+1494.5%), from €659 to €10,501
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 | €488,004 | €571,826 | +€83,822 | +17.2% |
| Fixed assets | 21/28 | €16,365 | €97,851 | +€81,486 | +497.9% |
| Tangible fixed assets | 22/27 | €2,634 | €84,120 | +€81,486 | +3093.2% |
| Plant, machinery and equipment | 23 | €2,634 | €45,231 | +€42,597 | +1617.0% |
| Furniture and vehicles | 24 | - | €38,889 | +€38,889 | |
| Financial fixed assets | 28 | €13,731 | €13,731 | = | 0.0% |
| Current assets | 29/58 | €471,639 | €473,975 | +€2,336 | +0.5% |
| Stocks and contracts in progress | 3 | €247,371 | €205,697 | -€41,674 | -16.8% |
| Stocks | 30/36 | €247,371 | €205,697 | -€41,674 | -16.8% |
| Amounts receivable within one year | 40/41 | €55,010 | €265,642 | +€210,632 | +382.9% |
| Trade receivables | 40 | €13,901 | €221,205 | +€207,304 | +1491.3% |
| Other amounts receivable | 41 | €41,109 | €44,437 | +€3,327 | +8.1% |
| Cash at bank and in hand | 54/58 | €169,258 | €2,636 | -€166,622 | -98.4% |
| Total equity and liabilities | 10/49 | €488,004 | €571,826 | +€83,822 | +17.2% |
| Equity | 10/15 | €110,877 | €253,983 | +€143,106 | +129.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €105,877 | €248,983 | +€143,106 | +135.2% |
| Amounts payable | 17/49 | €377,127 | €317,843 | -€59,284 | -15.7% |
| Amounts payable within one year | 42/48 | €339,259 | €312,767 | -€26,492 | -7.8% |
| Trade debts | 44 | €297,210 | €217,594 | -€79,616 | -26.8% |
| Suppliers | 440/4 | €297,210 | €217,594 | -€79,616 | -26.8% |
| Taxes, remuneration and social security | 45 | €42,049 | €95,173 | +€53,124 | +126.3% |
| Taxes | 450/3 | €42,049 | €85,320 | +€43,272 | +102.9% |
| Remuneration and social security | 454/9 | - | €9,852 | +€9,852 | |
| Accrued charges and deferred income | 492/3 | €37,869 | €5,076 | -€32,793 | -86.6% |
| Remuneration, social security and pensions | 62 | €5,123 | €36,787 | +€31,665 | +618.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €659 | €10,501 | +€9,842 | +1494.5% |
| Other operating charges | 640/8 | €930 | €18,947 | +€18,017 | +1937.8% |
| Gross operating margin | 9900 | €149,730 | €265,157 | +€115,427 | +77.1% |
| Operating profit (loss) | 9901 | €143,019 | €198,922 | +€55,903 | +39.1% |
| Financial income | 75/76B | - | €11 | +€11 | |
| Recurring financial income | 75 | - | €11 | +€11 | |
| Financial charges | 65/66B | €6,397 | €3,956 | -€2,441 | -38.2% |
| Recurring financial charges | 65 | €6,397 | €3,956 | -€2,441 | -38.2% |
| Profit (loss) for the period before taxes | 9903 | €136,621 | €194,976 | +€58,355 | +42.7% |
| Income taxes | 67/77 | €41,238 | €51,870 | +€10,632 | +25.8% |
| Profit (loss) for the period | 9904 | €95,383 | €143,106 | +€47,723 | +50.0% |
| Profit (loss) for the period to be appropriated | 9905 | €95,383 | €143,106 | +€47,723 | +50.0% |
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 12 October 2026 via checked.be.