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
- Cash -€1.1m
down €1.1m (-55.9%), from €2.0m to €867,740
mainly Other debts (-€1.2m) and Trade debts (-€21,494)
- Tangible fixed assets -€26,153
down €26,153 (-38.7%), from €67,629 to €41,476
of which Furniture and vehicles: -€28,251
- Other debts -€1.2m
down €1.2m (-93.4%), from €1.3m to €86,269
- Reserves +€102,144
up €102,144 (+9.0%), from €1.1m to €1.2m
- Gross operating margin -€73,927
down €73,927 (-24.8%), from €298,576 to €224,649
- Taxes -€23,852
down €23,852 (-36.2%), from €65,888 to €42,036
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 | €2,576,216 | €1,426,519 | -€1.1m | -44.6% |
| Fixed assets | 21/28 | €67,691 | €41,538 | -€26,153 | -38.6% |
| Tangible fixed assets | 22/27 | €67,629 | €41,476 | -€26,153 | -38.7% |
| Plant, machinery and equipment | 23 | €1,086 | €4,158 | +€3,072 | +282.9% |
| Furniture and vehicles | 24 | €64,171 | €35,921 | -€28,251 | -44.0% |
| Other tangible fixed assets | 26 | €2,372 | €1,398 | -€974 | -41.1% |
| Financial fixed assets | 28 | €62 | €62 | = | 0.0% |
| Current assets | 29/58 | €2,508,525 | €1,384,981 | -€1.1m | -44.8% |
| Stocks and contracts in progress | 3 | €316,307 | €299,802 | -€16,505 | -5.2% |
| Stocks | 30/36 | €316,307 | €299,802 | -€16,505 | -5.2% |
| Amounts receivable within one year | 40/41 | €219,049 | €211,651 | -€7,398 | -3.4% |
| Trade receivables | 40 | €216,997 | €211,409 | -€5,588 | -2.6% |
| Other amounts receivable | 41 | €2,052 | €242 | -€1,810 | -88.2% |
| Cash at bank and in hand | 54/58 | €1,968,173 | €867,740 | -€1.1m | -55.9% |
| Deferred charges and accrued income | 490/1 | €4,997 | €5,789 | +€792 | +15.9% |
| Total equity and liabilities | 10/49 | €2,576,216 | €1,426,519 | -€1.1m | -44.6% |
| Equity | 10/15 | €1,193,021 | €1,295,164 | +€102,144 | +8.6% |
| Contributions | 10/11 | €55,000 | €55,000 | = | 0.0% |
| Reserves | 13 | €1,138,021 | €1,240,164 | +€102,144 | +9.0% |
| Distributable reserves | 133 | €1,138,021 | €1,240,164 | +€102,144 | +9.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,383,195 | €131,355 | -€1.3m | -90.5% |
| Amounts payable within one year | 42/48 | €1,376,933 | €125,562 | -€1.3m | -90.9% |
| Trade debts | 44 | €44,693 | €23,199 | -€21,494 | -48.1% |
| Suppliers | 440/4 | €44,693 | €23,199 | -€21,494 | -48.1% |
| Taxes, remuneration and social security | 45 | €26,972 | €16,094 | -€10,878 | -40.3% |
| Taxes | 450/3 | €18,363 | €7,067 | -€11,296 | -61.5% |
| Remuneration and social security | 454/9 | €8,610 | €9,028 | +€418 | +4.9% |
| Other amounts payable | 47/48 | €1,305,267 | €86,269 | -€1.2m | -93.4% |
| Accrued charges and deferred income | 492/3 | €6,262 | €5,793 | -€470 | -7.5% |
| Non-recurring operating income | 76A | €2,479 | €0 | -€2,479 | -100.0% |
| Remuneration, social security and pensions | 62 | €68,957 | €71,693 | +€2,736 | +4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,308 | €29,826 | +€518 | +1.8% |
| Other operating charges | 640/8 | €1,373 | €1,468 | +€95 | +6.9% |
| Gross operating margin | 9900 | €298,576 | €224,649 | -€73,927 | -24.8% |
| Operating profit (loss) | 9901 | €198,937 | €121,662 | -€77,276 | -38.8% |
| Financial income | 75/76B | €29,461 | €32,327 | +€2,866 | +9.7% |
| Recurring financial income | 75 | €29,461 | €32,327 | +€2,866 | +9.7% |
| Financial charges | 65/66B | €8,925 | €9,809 | +€884 | +9.9% |
| Recurring financial charges | 65 | €8,925 | €9,809 | +€884 | +9.9% |
| Profit (loss) for the period before taxes | 9903 | €219,474 | €144,179 | -€75,294 | -34.3% |
| Income taxes | 67/77 | €65,888 | €42,036 | -€23,852 | -36.2% |
| Profit (loss) for the period | 9904 | €153,586 | €102,144 | -€51,442 | -33.5% |
| Profit (loss) for the period to be appropriated | 9905 | €153,586 | €102,144 | -€51,442 | -33.5% |
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 4 October 2026 via checked.be.