RAES - WILLEMS: 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 - WILLEMS
Largest movements
- Stocks and contracts -€9,020
down €9,020 (-26.0%), from €34,730 to €25,710
- Cash +€1,102
up €1,102 (+2,309%), from €48 to €1,149
mainly Stocks and contracts (+€9,020) and Short-term financial debts (+€3,881)
- Deferred charges and accrued income +€989
up €989 (+80.0%), from €1,236 to €2,225
- Receivables within one year +€731
up €731 (+3.4%), from €21,681 to €22,412
of which Trade receivables: +€3,728
- Trade debts -€9,217
down €9,217 (-22.3%), from €41,362 to €32,145
- Short-term financial debts +€3,881
new in 2025: €3,881
- Profit (loss) carried forward -€3,363
down €3,363 (-7.8%), from -€43,175 to -€46,538
- Current portion of long-term debt +€2,000
up €2,000 (+249%), from €804 to €2,804
- Advances received +€643
new in 2025: €643
- Gross operating margin -€1,299
down €1,299, from €417 to -€883
- Other operating charges -€599
down €599 (-39.5%), from €1,516 to €917
- Taxes +€329
up €329 (+39.1%), from €842 to €1,172
- Financial income +€68
up €68 (+4,264%), from €2 to €70
- Financial charges -€64
down €64 (-12.1%), from €525 to €462
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 | €58,195 | €51,996 | -€6,198 | -10.7% |
| Fixed assets | 21/28 | €500 | €500 | = | 0.0% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €57,695 | €51,496 | -€6,198 | -10.7% |
| Stocks and contracts in progress | 3 | €34,730 | €25,710 | -€9,020 | -26.0% |
| Stocks | 30/36 | €34,730 | €25,710 | -€9,020 | -26.0% |
| Amounts receivable within one year | 40/41 | €21,681 | €22,412 | +€731 | +3.4% |
| Trade receivables | 40 | €15,552 | €19,280 | +€3,728 | +24.0% |
| Other amounts receivable | 41 | €6,129 | €3,131 | -€2,997 | -48.9% |
| Cash at bank and in hand | 54/58 | €48 | €1,149 | +€1,102 | +2,309% |
| Deferred charges and accrued income | 490/1 | €1,236 | €2,225 | +€989 | +80.0% |
| Total equity and liabilities | 10/49 | €58,195 | €51,996 | -€6,198 | -10.7% |
| Equity | 10/15 | €14,526 | €11,163 | -€3,363 | -23.2% |
| Contributions | 10/11 | €49,579 | €49,579 | = | 0.0% |
| Reserves | 13 | €8,123 | €8,123 | = | 0.0% |
| Distributable reserves | 133 | €8,123 | €8,123 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€43,175 | -€46,538 | -€3,363 | -7.8% |
| Amounts payable | 17/49 | €43,669 | €40,833 | -€2,836 | -6.5% |
| Amounts payable within one year | 42/48 | €43,669 | €40,833 | -€2,836 | -6.5% |
| Current portion of amounts payable after more than one year | 42 | €804 | €2,804 | +€2,000 | +249% |
| Financial debts | 43 | - | €3,881 | +€3,881 | |
| Credit institutions | 430/8 | - | €3,881 | +€3,881 | |
| Trade debts | 44 | €41,362 | €32,145 | -€9,217 | -22.3% |
| Suppliers | 440/4 | €41,362 | €32,145 | -€9,217 | -22.3% |
| Advances received on contracts in progress | 46 | - | €643 | +€643 | |
| Taxes, remuneration and social security | 45 | €495 | - | -€495 | |
| Taxes | 450/3 | €495 | - | -€495 | |
| Other amounts payable | 47/48 | €1,008 | €1,360 | +€352 | +34.9% |
| Other operating charges | 640/8 | €1,516 | €917 | -€599 | -39.5% |
| Gross operating margin | 9900 | €417 | -€883 | -€1,299 | |
| Operating profit (loss) | 9901 | -€1,099 | -€1,799 | -€700 | -63.7% |
| Financial income | 75/76B | €2 | €70 | +€68 | +4,264% |
| Recurring financial income | 75 | €2 | €70 | +€68 | +4,264% |
| Financial charges | 65/66B | €525 | €462 | -€64 | -12.1% |
| Recurring financial charges | 65 | €525 | €462 | -€64 | -12.1% |
| Profit (loss) for the period before taxes | 9903 | -€1,623 | -€2,191 | -€569 | -35.0% |
| Income taxes | 67/77 | €842 | €1,172 | +€329 | +39.1% |
| Profit (loss) for the period | 9904 | -€2,465 | -€3,363 | -€898 | -36.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,465 | -€3,363 | -€898 | -36.4% |
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 27 October 2026 via checked.be.