RAES: 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.
RAES
Largest movements
- Tangible fixed assets +€10.1m
up €10.1m (+3129.5%), from €322,997 to €10.4m
of which Land and buildings: +€10.1m
- Debts after one year +€5.7m
new in 2025: €5.7m
- Other debts +€3.1m
up €3.1m (+505.5%), from €608,789 to €3.7m
- Contributions +€2.4m
up €2.4m (+3849.2%), from €62,000 to €2.4m
- Profit (loss) carried forward -€1.1m
down €1.1m (-275.0%), from -€406,610 to -€1.5m
- Current portion of long-term debt +€224,749
new in 2025: €224,749
- Other operating charges +€954,305
up €954,305 (+22355.4%), from €4,269 to €958,574
- Financial charges +€61,028
up €61,028 (+343.9%), from €17,746 to €78,774
- Gross operating margin +€55,960
up €55,960, from -€36,923 to €19,037
- Depreciation +€53,673
up €53,673 (+81.8%), from €65,645 to €119,318
- Financial income +€16,972
up €16,972 (+10516.1%), from €161 to €17,133
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 | €335,205 | €10,530,327 | +€10.2m | +3041.5% |
| Fixed assets | 21/28 | €325,597 | €10,433,784 | +€10.1m | +3104.5% |
| Tangible fixed assets | 22/27 | €322,997 | €10,431,184 | +€10.1m | +3129.5% |
| Land and buildings | 22 | €313,243 | €10,422,888 | +€10.1m | +3227.4% |
| Plant, machinery and equipment | 23 | €2,508 | €5,978 | +€3,470 | +138.4% |
| Furniture and vehicles | 24 | €7,246 | €2,318 | -€4,928 | -68.0% |
| Financial fixed assets | 28 | €2,600 | €2,600 | = | 0.0% |
| Current assets | 29/58 | €9,608 | €96,543 | +€86,935 | +904.8% |
| Amounts receivable within one year | 40/41 | - | €75,000 | +€75,000 | |
| Other amounts receivable | 41 | - | €75,000 | +€75,000 | |
| Cash at bank and in hand | 54/58 | €6,545 | €21,543 | +€14,998 | +229.2% |
| Deferred charges and accrued income | 490/1 | €3,063 | - | -€3,063 | |
| Total equity and liabilities | 10/49 | €335,205 | €10,530,327 | +€10.2m | +3041.5% |
| Equity | 10/15 | -€335,966 | €930,017 | +€1.3m | |
| Contributions | 10/11 | €62,000 | €2,448,478 | +€2.4m | +3849.2% |
| Capital | 10 | €62,000 | €2,448,478 | +€2.4m | +3849.2% |
| Issued capital | 100 | €62,000 | €2,448,478 | +€2.4m | +3849.2% |
| Reserves | 13 | €8,644 | €6,200 | -€2,444 | -28.3% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €2,444 | - | -€2,444 | |
| Profit (loss) carried forward | 14 | -€406,610 | -€1,524,661 | -€1.1m | -275.0% |
| Amounts payable | 17/49 | €671,171 | €9,600,309 | +€8.9m | +1330.4% |
| Amounts payable after more than one year | 17 | - | €5,684,046 | +€5.7m | |
| Financial debts | 170/4 | - | €5,684,046 | +€5.7m | |
| Amounts payable within one year | 42/48 | €671,171 | €3,916,263 | +€3.2m | +483.5% |
| Current portion of amounts payable after more than one year | 42 | - | €224,749 | +€224,749 | |
| Trade debts | 44 | €62,243 | €5,357 | -€56,887 | -91.4% |
| Suppliers | 440/4 | €62,243 | €5,357 | -€56,887 | -91.4% |
| Taxes, remuneration and social security | 45 | €140 | - | -€140 | |
| Taxes | 450/3 | €140 | - | -€140 | |
| Other amounts payable | 47/48 | €608,789 | €3,686,158 | +€3.1m | +505.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,645 | €119,318 | +€53,673 | +81.8% |
| Other operating charges | 640/8 | €4,269 | €958,574 | +€954,305 | +22355.4% |
| Gross operating margin | 9900 | -€36,923 | €19,037 | +€55,960 | |
| Operating profit (loss) | 9901 | -€106,837 | -€1,058,854 | -€952,017 | -891.1% |
| Financial income | 75/76B | €161 | €17,133 | +€16,972 | +10516.1% |
| Recurring financial income | 75 | €161 | €17,133 | +€16,972 | +10516.1% |
| Financial charges | 65/66B | €17,746 | €78,774 | +€61,028 | +343.9% |
| Recurring financial charges | 65 | €17,746 | €78,774 | +€61,028 | +343.9% |
| Profit (loss) for the period before taxes | 9903 | -€124,421 | -€1,120,494 | -€996,073 | -800.6% |
| Income taxes | 67/77 | €140 | - | -€140 | |
| Profit (loss) for the period | 9904 | -€124,561 | -€1,120,494 | -€995,934 | -799.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€124,561 | -€1,120,494 | -€995,934 | -799.6% |
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 3 October 2026 via checked.be.