RAETS: 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.
RAETS
Largest movements
- Tangible fixed assets -€30,459
down €30,459 (-38.7%), from €78,663 to €48,204
of which Furniture and vehicles: -€29,759
- Cash -€28,176
no longer reported in 2025 (was €28,176)
- Receivables within one year +€19,192
up €19,192 (+696%), from €2,757 to €21,949
of which Trade receivables: +€21,563
- Stocks and contracts +€9,000
new in 2025: €9,000
- Profit (loss) carried forward -€70,803
down €70,803 (-4,738%), from -€1,494 to -€72,298
- Trade debts +€40,144
up €40,144 (+9,721%), from €413 to €40,557
- Other debts +€29,668
new in 2025: €29,668
- Debts after one year -€24,682
down €24,682 (-49.2%), from €50,148 to €25,466
- Tax, wage and social debts -€6,490
down €6,490 (-90.1%), from €7,204 to €714
- Gross operating margin -€64,572
down €64,572, from €32,036 to -€32,536
- Depreciation +€5,288
up €5,288 (+21.0%), from €25,171 to €30,459
- Financial charges +€2,546
up €2,546 (+79.0%), from €3,224 to €5,770
- Other operating charges -€2,103
down €2,103 (-61.3%), from €3,429 to €1,326
- Taxes -€1,014
down €1,014 (-58.7%), from €1,728 to €714
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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €112,000 | €81,558 | -€30,443 | -27.2% |
| Fixed assets | 21/28 | €78,663 | €48,204 | -€30,459 | -38.7% |
| Tangible fixed assets | 22/27 | €78,663 | €48,204 | -€30,459 | -38.7% |
| Furniture and vehicles | 24 | €76,428 | €46,669 | -€29,759 | -38.9% |
| Other tangible fixed assets | 26 | €2,235 | €1,535 | -€700 | -31.3% |
| Current assets | 29/58 | €33,337 | €33,353 | +€16 | 0.0% |
| Stocks and contracts in progress | 3 | - | €9,000 | +€9,000 | |
| Stocks | 30/36 | - | €9,000 | +€9,000 | |
| Amounts receivable within one year | 40/41 | €2,757 | €21,949 | +€19,192 | +696% |
| Trade receivables | 40 | €169 | €21,732 | +€21,563 | +12,729% |
| Other amounts receivable | 41 | €2,588 | €217 | -€2,371 | -91.6% |
| Cash at bank and in hand | 54/58 | €28,176 | - | -€28,176 | |
| Deferred charges and accrued income | 490/1 | €2,404 | €2,404 | = | 0.0% |
| Total equity and liabilities | 10/49 | €112,000 | €81,558 | -€30,443 | -27.2% |
| Equity | 10/15 | €31,192 | -€39,611 | -€70,803 | |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €26,487 | €26,487 | = | 0.0% |
| Distributable reserves | 133 | €26,487 | €26,487 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,494 | -€72,298 | -€70,803 | -4,738% |
| Amounts payable | 17/49 | €80,808 | €121,168 | +€40,361 | +49.9% |
| Amounts payable after more than one year | 17 | €50,148 | €25,466 | -€24,682 | -49.2% |
| Financial debts | 170/4 | €50,148 | €25,466 | -€24,682 | -49.2% |
| Amounts payable within one year | 42/48 | €30,660 | €95,703 | +€65,043 | +212% |
| Current portion of amounts payable after more than one year | 42 | €23,043 | €24,682 | +€1,639 | +7.1% |
| Financial debts | 43 | - | €82 | +€82 | |
| Credit institutions | 430/8 | - | €82 | +€82 | |
| Trade debts | 44 | €413 | €40,557 | +€40,144 | +9,721% |
| Suppliers | 440/4 | €413 | €40,557 | +€40,144 | +9,721% |
| Taxes, remuneration and social security | 45 | €7,204 | €714 | -€6,490 | -90.1% |
| Taxes | 450/3 | €7,204 | €714 | -€6,490 | -90.1% |
| Other amounts payable | 47/48 | - | €29,668 | +€29,668 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,171 | €30,459 | +€5,288 | +21.0% |
| Other operating charges | 640/8 | €3,429 | €1,326 | -€2,103 | -61.3% |
| Gross operating margin | 9900 | €32,036 | -€32,536 | -€64,572 | |
| Operating profit (loss) | 9901 | €3,436 | -€64,320 | -€67,756 | |
| Financial income | 75/76B | €22 | €1 | -€21 | -96.4% |
| Recurring financial income | 75 | €22 | €1 | -€21 | -96.4% |
| Financial charges | 65/66B | €3,224 | €5,770 | +€2,546 | +79.0% |
| Recurring financial charges | 65 | €3,224 | €5,770 | +€2,546 | +79.0% |
| Profit (loss) for the period before taxes | 9903 | €234 | -€70,090 | -€70,323 | |
| Income taxes | 67/77 | €1,728 | €714 | -€1,014 | -58.7% |
| Profit (loss) for the period | 9904 | -€1,494 | -€70,803 | -€69,309 | -4,638% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,494 | -€70,803 | -€69,309 | -4,638% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.