RAES GUY: 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 GUY
Largest movements
- Receivables within one year +€35,036
up €35,036 (+30.6%), from €114,572 to €149,608
of which Other amounts receivable: +€25,630
- Cash +€19,190
up €19,190 (+54.3%), from €35,362 to €54,552
mainly Accrued charges and deferred income (+€22,157) and Trade debts (+€19,698)
- Stocks and contracts -€2,500
no longer reported in 2025 (was €2,500)
- Accrued charges and deferred income +€22,157
new in 2025: €22,157
- Trade debts +€19,698
up €19,698 (+29.6%), from €66,448 to €86,146
- Profit (loss) carried forward +€10,525
up €10,525 (+16.9%), from €62,100 to €72,625
- Advances received -€7,446
no longer reported in 2025 (was €7,446)
- Tax, wage and social debts +€3,910
up €3,910 (+44.1%), from €8,872 to €12,783
of which Taxes: +€3,213
- Gross operating margin +€10,350
up €10,350 (+15.3%), from €67,724 to €78,074
- Staff costs +€2,558
up €2,558 (+4.4%), from €58,028 to €60,586
- Taxes +€2,512
up €2,512 (+138%), from €1,819 to €4,331
- Financial income +€1,052
up €1,052 (+26.5%), from €3,970 to €5,022
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 | €165,318 | €214,162 | +€48,844 | +29.5% |
| Fixed assets | 21/28 | €8,775 | €7,125 | -€1,650 | -18.8% |
| Tangible fixed assets | 22/27 | €8,402 | €6,771 | -€1,631 | -19.4% |
| Land and buildings | 22 | €8,052 | €6,771 | -€1,281 | -15.9% |
| Furniture and vehicles | 24 | €351 | - | -€351 | |
| Financial fixed assets | 28 | €373 | €354 | -€19 | -5.0% |
| Current assets | 29/58 | €156,543 | €207,036 | +€50,494 | +32.3% |
| Stocks and contracts in progress | 3 | €2,500 | - | -€2,500 | |
| Stocks | 30/36 | €2,500 | - | -€2,500 | |
| Amounts receivable within one year | 40/41 | €114,572 | €149,608 | +€35,036 | +30.6% |
| Trade receivables | 40 | €33,163 | €42,569 | +€9,407 | +28.4% |
| Other amounts receivable | 41 | €81,409 | €107,039 | +€25,630 | +31.5% |
| Cash at bank and in hand | 54/58 | €35,362 | €54,552 | +€19,190 | +54.3% |
| Deferred charges and accrued income | 490/1 | €4,108 | €2,876 | -€1,233 | -30.0% |
| Total equity and liabilities | 10/49 | €165,318 | €214,162 | +€48,844 | +29.5% |
| Equity | 10/15 | €82,551 | €93,076 | +€10,525 | +12.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €62,100 | €72,625 | +€10,525 | +16.9% |
| Amounts payable | 17/49 | €82,767 | €121,085 | +€38,319 | +46.3% |
| Amounts payable within one year | 42/48 | €82,767 | €98,928 | +€16,162 | +19.5% |
| Trade debts | 44 | €66,448 | €86,146 | +€19,698 | +29.6% |
| Suppliers | 440/4 | €66,448 | €86,146 | +€19,698 | +29.6% |
| Advances received on contracts in progress | 46 | €7,446 | - | -€7,446 | |
| Taxes, remuneration and social security | 45 | €8,872 | €12,783 | +€3,910 | +44.1% |
| Taxes | 450/3 | €7,773 | €10,986 | +€3,213 | +41.3% |
| Remuneration and social security | 454/9 | €1,099 | €1,796 | +€697 | +63.4% |
| Accrued charges and deferred income | 492/3 | - | €22,157 | +€22,157 | |
| Remuneration, social security and pensions | 62 | €58,028 | €60,586 | +€2,558 | +4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,012 | €1,631 | -€381 | -18.9% |
| Other operating charges | 640/8 | €2,698 | €2,483 | -€215 | -8.0% |
| Gross operating margin | 9900 | €67,724 | €78,074 | +€10,350 | +15.3% |
| Operating profit (loss) | 9901 | €4,986 | €13,373 | +€8,387 | +168% |
| Financial income | 75/76B | €3,970 | €5,022 | +€1,052 | +26.5% |
| Recurring financial income | 75 | €3,970 | €5,022 | +€1,052 | +26.5% |
| Financial charges | 65/66B | €3,461 | €3,540 | +€78 | +2.3% |
| Recurring financial charges | 65 | €3,461 | €3,540 | +€78 | +2.3% |
| Profit (loss) for the period before taxes | 9903 | €5,495 | €14,856 | +€9,361 | +170% |
| Income taxes | 67/77 | €1,819 | €4,331 | +€2,512 | +138% |
| Profit (loss) for the period | 9904 | €3,676 | €10,525 | +€6,849 | +186% |
| Profit (loss) for the period to be appropriated | 9905 | €3,676 | €10,525 | +€6,849 | +186% |
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 19 October 2026 via checked.be.