RAEPSAET NICOLAS: 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.
RAEPSAET NICOLAS
Largest movements
- Cash +€637,665
up €637,665 (+392%), from €162,464 to €800,129
mainly Current investments (+€500,000) and Net result for the year (+€232,987)
- Current investments -€500,000
no longer reported in 2025 (was €500,000)
- Receivables within one year +€52,171
up €52,171 (+92.0%), from €56,703 to €108,873
of which Other amounts receivable: +€59,732
- Reserves +€185,620
up €185,620 (+23.1%), from €802,259 to €987,879
- Financial income +€18,297
up €18,297 (+476%), from €3,840 to €22,137
- Taxes +€16,539
up €16,539 (+19.1%), from €86,620 to €103,160
- Gross operating margin +€16,317
up €16,317 (+5.3%), from €307,733 to €324,050
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 | €830,895 | €1,022,100 | +€191,204 | +23.0% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €13,543 | €13,534 | -€8 | -0.1% |
| Tangible fixed assets | 22/27 | €13,543 | €13,534 | -€8 | -0.1% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €13,543 | €13,534 | -€8 | -0.1% |
| Current assets | 29/58 | €817,353 | €1,008,565 | +€191,213 | +23.4% |
| Amounts receivable after more than one year | 29 | €96,000 | €96,000 | = | 0.0% |
| Other amounts receivable | 291 | €96,000 | €96,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €56,703 | €108,873 | +€52,171 | +92.0% |
| Trade receivables | 40 | €14,434 | €6,873 | -€7,561 | -52.4% |
| Other amounts receivable | 41 | €42,268 | €102,000 | +€59,732 | +141% |
| Current investments | 50/53 | €500,000 | - | -€500,000 | |
| Cash at bank and in hand | 54/58 | €162,464 | €800,129 | +€637,665 | +392% |
| Deferred charges and accrued income | 490/1 | €2,186 | €3,563 | +€1,377 | +63.0% |
| Total equity and liabilities | 10/49 | €830,895 | €1,022,100 | +€191,204 | +23.0% |
| Equity | 10/15 | €820,859 | €1,006,479 | +€185,620 | +22.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €802,259 | €987,879 | +€185,620 | +23.1% |
| Distributable reserves | 133 | €802,259 | €987,879 | +€185,620 | +23.1% |
| Amounts payable | 17/49 | €10,036 | €15,621 | +€5,585 | +55.6% |
| Amounts payable within one year | 42/48 | €10,036 | €15,621 | +€5,585 | +55.6% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €2,675 | €2,258 | -€417 | -15.6% |
| Suppliers | 440/4 | €2,675 | €2,258 | -€417 | -15.6% |
| Taxes, remuneration and social security | 45 | €5,220 | €11,762 | +€6,542 | +125% |
| Taxes | 450/3 | €5,220 | €11,762 | +€6,542 | +125% |
| Other amounts payable | 47/48 | €2,140 | €1,600 | -€540 | -25.2% |
| Accrued charges and deferred income | 492/3 | €0 | - | -€0 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,041 | €5,012 | -€29 | -0.6% |
| Other operating charges | 640/8 | €484 | €500 | +€16 | +3.2% |
| Gross operating margin | 9900 | €307,733 | €324,050 | +€16,317 | +5.3% |
| Operating profit (loss) | 9901 | €302,207 | €318,538 | +€16,330 | +5.4% |
| Financial income | 75/76B | €3,840 | €22,137 | +€18,297 | +476% |
| Recurring financial income | 75 | €3,840 | €22,137 | +€18,297 | +476% |
| Financial charges | 65/66B | €4,833 | €4,528 | -€305 | -6.3% |
| Recurring financial charges | 65 | €4,833 | €4,528 | -€305 | -6.3% |
| Profit (loss) for the period before taxes | 9903 | €301,215 | €336,146 | +€34,931 | +11.6% |
| Income taxes | 67/77 | €86,620 | €103,160 | +€16,539 | +19.1% |
| Profit (loss) for the period | 9904 | €214,594 | €232,987 | +€18,392 | +8.6% |
| Profit (loss) for the period to be appropriated | 9905 | €214,594 | €232,987 | +€18,392 | +8.6% |
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 26 October 2026 via checked.be.