RAES BV: 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.
RAES BV
Largest movements
- Tangible fixed assets +€176,708
up €176,708 (+41.4%), from €426,411 to €603,118
- Receivables within one year -€21,762
down €21,762 (-20.1%), from €108,302 to €86,540
of which Trade receivables: -€18,745
- Debts after one year +€71,216
up €71,216 (+45.3%), from €157,112 to €228,328
- Reserves +€53,759
up €53,759 (+11.2%), from €477,997 to €531,756
of which Distributable reserves: +€53,759
- Current portion of long-term debt +€23,452
up €23,452 (+62.0%), from €37,813 to €61,264
- Trade debts -€17,829
down €17,829 (-43.9%), from €40,581 to €22,753
- Tax, wage and social debts +€13,972
up €13,972 (+77.3%), from €18,079 to €32,051
of which Taxes: +€8,473
- Gross operating margin +€45,533
up €45,533 (+20.6%), from €221,567 to €267,099
- Taxes +€13,490
up €13,490 (+63.1%), from €21,374 to €34,864
- Depreciation +€3,416
up €3,416 (+3.6%), from €94,214 to €97,630
- Financial charges +€2,705
up €2,705 (+47.6%), from €5,682 to €8,386
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 | €755,187 | €902,009 | +€146,822 | +19.4% |
| Fixed assets | 21/28 | €433,341 | €610,048 | +€176,708 | +40.8% |
| Tangible fixed assets | 22/27 | €426,411 | €603,118 | +€176,708 | +41.4% |
| Land and buildings | 22 | €219,689 | €218,999 | -€690 | -0.3% |
| Plant, machinery and equipment | 23 | €62,126 | €61,451 | -€675 | -1.1% |
| Furniture and vehicles | 24 | €134,950 | €196,943 | +€61,992 | +45.9% |
| Leasing and similar rights | 25 | - | €76,583 | +€76,583 | |
| Other tangible fixed assets | 26 | €9,645 | €49,143 | +€39,498 | +410% |
| Financial fixed assets | 28 | €6,930 | €6,930 | = | 0.0% |
| Current assets | 29/58 | €321,847 | €291,961 | -€29,886 | -9.3% |
| Stocks and contracts in progress | 3 | €80,200 | €79,120 | -€1,081 | -1.3% |
| Stocks | 30/36 | €80,200 | €79,120 | -€1,081 | -1.3% |
| Amounts receivable within one year | 40/41 | €108,302 | €86,540 | -€21,762 | -20.1% |
| Trade receivables | 40 | €103,547 | €84,802 | -€18,745 | -18.1% |
| Other amounts receivable | 41 | €4,755 | €1,738 | -€3,017 | -63.4% |
| Cash at bank and in hand | 54/58 | €117,735 | €110,367 | -€7,368 | -6.3% |
| Deferred charges and accrued income | 490/1 | €15,609 | €15,934 | +€325 | +2.1% |
| Total equity and liabilities | 10/49 | €755,187 | €902,009 | +€146,822 | +19.4% |
| Equity | 10/15 | €496,597 | €550,356 | +€53,759 | +10.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €477,997 | €531,756 | +€53,759 | +11.2% |
| Tax-exempt reserves | 132 | €133 | €133 | = | 0.0% |
| Distributable reserves | 133 | €477,864 | €531,623 | +€53,759 | +11.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €258,590 | €351,653 | +€93,063 | +36.0% |
| Amounts payable after more than one year | 17 | €157,112 | €228,328 | +€71,216 | +45.3% |
| Financial debts | 170/4 | €157,112 | €228,328 | +€71,216 | +45.3% |
| Amounts payable within one year | 42/48 | €101,478 | €123,326 | +€21,847 | +21.5% |
| Current portion of amounts payable after more than one year | 42 | €37,813 | €61,264 | +€23,452 | +62.0% |
| Trade debts | 44 | €40,581 | €22,753 | -€17,829 | -43.9% |
| Suppliers | 440/4 | €40,581 | €22,753 | -€17,829 | -43.9% |
| Taxes, remuneration and social security | 45 | €18,079 | €32,051 | +€13,972 | +77.3% |
| Taxes | 450/3 | €15,875 | €24,348 | +€8,473 | +53.4% |
| Remuneration and social security | 454/9 | €2,204 | €7,703 | +€5,500 | +250% |
| Other amounts payable | 47/48 | €5,006 | €7,257 | +€2,252 | +45.0% |
| Non-recurring operating income | 76A | €8,000 | €29,313 | +€21,313 | +266% |
| Remuneration, social security and pensions | 62 | €53,286 | €54,974 | +€1,688 | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €94,214 | €97,630 | +€3,416 | +3.6% |
| Other operating charges | 640/8 | €4,825 | €7,028 | +€2,203 | +45.7% |
| Non-recurring operating charges | 66A | - | €6,189 | +€6,189 | |
| Gross operating margin | 9900 | €221,567 | €267,099 | +€45,533 | +20.6% |
| Operating profit (loss) | 9901 | €69,242 | €101,280 | +€32,037 | +46.3% |
| Financial income | 75/76B | €3,459 | €1,881 | -€1,578 | -45.6% |
| Recurring financial income | 75 | €3,459 | €1,881 | -€1,578 | -45.6% |
| Financial charges | 65/66B | €5,682 | €8,386 | +€2,705 | +47.6% |
| Recurring financial charges | 65 | €5,682 | €8,386 | +€2,705 | +47.6% |
| Profit (loss) for the period before taxes | 9903 | €67,020 | €94,774 | +€27,755 | +41.4% |
| Income taxes | 67/77 | €21,374 | €34,864 | +€13,490 | +63.1% |
| Profit (loss) for the period | 9904 | €45,646 | €59,911 | +€14,265 | +31.3% |
| Profit (loss) for the period to be appropriated | 9905 | €45,646 | €59,911 | +€14,265 | +31.3% |
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 15 October 2026 via checked.be.