Raes Construct: 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 Construct
Largest movements
- Receivables within one year +€1.1m
up €1.1m (+22.9%), from €4.8m to €5.9m
of which Trade receivables: +€855,781
- Current investments -€700,000
down €700,000 (-100.0%), from €700,000 to €0
- Cash +€152,305
up €152,305 (+64.8%), from €234,950 to €387,255
mainly Net result for the year (+€1.4m) and Current investments (+€700,000)
- Trade debts +€651,962
up €651,962 (+23.6%), from €2.8m to €3.4m
- Other debts -€300,000
down €300,000 (-20.0%), from €1.5m to €1.2m
- Reserves +€235,277
up €235,277 (+14.0%), from €1.7m to €1.9m
of which Distributable reserves: +€235,277
- Tax, wage and social debts -€77,548
down €77,548 (-32.2%), from €241,144 to €163,595
of which Taxes: -€63,634
- Gross operating margin -€284,755
down €284,755 (-7.4%), from €3.9m to €3.6m
- Taxes -€82,100
down €82,100 (-14.3%), from €572,498 to €490,398
- Financial income +€40,085
up €40,085 (+18.8%), from €213,049 to €253,134
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 | €6,256,427 | €6,766,117 | +€509,690 | +8.1% |
| Fixed assets | 21/28 | €437,541 | €390,042 | -€47,499 | -10.9% |
| Intangible fixed assets | 21 | - | €7,288 | +€7,288 | |
| Tangible fixed assets | 22/27 | €412,030 | €350,195 | -€61,835 | -15.0% |
| Land and buildings | 22 | €236,999 | €230,115 | -€6,883 | -2.9% |
| Plant, machinery and equipment | 23 | €77,034 | €51,497 | -€25,538 | -33.2% |
| Furniture and vehicles | 24 | €97,997 | €68,583 | -€29,414 | -30.0% |
| Financial fixed assets | 28 | €25,512 | €32,560 | +€7,048 | +27.6% |
| Current assets | 29/58 | €5,818,886 | €6,376,074 | +€557,189 | +9.6% |
| Stocks and contracts in progress | 3 | €63,564 | €70,940 | +€7,376 | +11.6% |
| Stocks | 30/36 | €63,564 | €70,940 | +€7,376 | +11.6% |
| Amounts receivable within one year | 40/41 | €4,813,415 | €5,916,199 | +€1.1m | +22.9% |
| Trade receivables | 40 | €4,209,792 | €5,065,574 | +€855,781 | +20.3% |
| Other amounts receivable | 41 | €603,623 | €850,625 | +€247,002 | +40.9% |
| Current investments | 50/53 | €700,000 | €0 | -€700,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €234,950 | €387,255 | +€152,305 | +64.8% |
| Deferred charges and accrued income | 490/1 | €6,956 | €1,680 | -€5,276 | -75.8% |
| Total equity and liabilities | 10/49 | €6,256,427 | €6,766,117 | +€509,690 | +8.1% |
| Equity | 10/15 | €1,756,980 | €1,992,256 | +€235,277 | +13.4% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Capital | 10 | €75,000 | €75,000 | = | 0.0% |
| Issued capital | 100 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €1,681,980 | €1,917,256 | +€235,277 | +14.0% |
| Non-distributable reserves | 130/1 | €7,500 | €7,500 | = | 0.0% |
| Legal reserve | 130 | €7,500 | €7,500 | = | 0.0% |
| Distributable reserves | 133 | €1,674,480 | €1,909,756 | +€235,277 | +14.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €4,499,447 | €4,773,861 | +€274,413 | +6.1% |
| Amounts payable within one year | 42/48 | €4,499,447 | €4,773,861 | +€274,413 | +6.1% |
| Trade debts | 44 | €2,758,304 | €3,410,265 | +€651,962 | +23.6% |
| Suppliers | 440/4 | €2,758,304 | €3,410,265 | +€651,962 | +23.6% |
| Taxes, remuneration and social security | 45 | €241,144 | €163,595 | -€77,548 | -32.2% |
| Taxes | 450/3 | €72,507 | €8,872 | -€63,634 | -87.8% |
| Remuneration and social security | 454/9 | €168,637 | €154,723 | -€13,914 | -8.3% |
| Other amounts payable | 47/48 | €1,500,000 | €1,200,000 | -€300,000 | -20.0% |
| Non-recurring operating income | 76A | €250 | €0 | -€250 | -100.0% |
| Remuneration, social security and pensions | 62 | €1,813,106 | €1,842,200 | +€29,094 | +1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,293 | €61,836 | +€11,544 | +23.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€6,741 | -€8,259 | -€1,517 | -22.5% |
| Other operating charges | 640/8 | €9,697 | €8,046 | -€1,651 | -17.0% |
| Non-recurring operating charges | 66A | €2,500 | €0 | -€2,500 | -100.0% |
| Gross operating margin | 9900 | €3,866,043 | €3,581,288 | -€284,755 | -7.4% |
| Operating profit (loss) | 9901 | €1,997,189 | €1,677,465 | -€319,724 | -16.0% |
| Financial income | 75/76B | €213,049 | €253,134 | +€40,085 | +18.8% |
| Recurring financial income | 75 | €213,049 | €253,134 | +€40,085 | +18.8% |
| Financial charges | 65/66B | €18,210 | €4,924 | -€13,285 | -73.0% |
| Recurring financial charges | 65 | €18,210 | €4,924 | -€13,285 | -73.0% |
| Profit (loss) for the period before taxes | 9903 | €2,192,028 | €1,925,675 | -€266,354 | -12.2% |
| Income taxes | 67/77 | €572,498 | €490,398 | -€82,100 | -14.3% |
| Profit (loss) for the period | 9904 | €1,619,530 | €1,435,277 | -€184,254 | -11.4% |
| Profit (loss) for the period to be appropriated | 9905 | €1,619,530 | €1,435,277 | -€184,254 | -11.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.