RAETSVROUW: 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.
RAETSVROUW
Largest movements
- Receivables within one year -€48,398
down €48,398 (-24.9%), from €194,339 to €145,940
of which Trade receivables: -€36,437
- Cash -€22,350
down €22,350 (-27.5%), from €81,215 to €58,865
mainly Contributions, distributions and other (-€158,524) and Provisions (-€50,378)
- Tangible fixed assets -€4,443
down €4,443 (-7.8%), from €57,250 to €52,807
of which Land and buildings: -€2,697
- Provisions -€50,378
no longer reported in 2025 (was €50,378)
- Profit (loss) carried forward -€47,542
down €47,542 (-34.5%), from €137,847 to €90,305
- Tax, wage and social debts +€23,236
up €23,236 (+108.5%), from €21,411 to €44,647
- Gross operating margin +€71,520
up €71,520 (+75.6%), from €94,612 to €166,132
- Provisions -€39,084
down €39,084 (-346.1%), from -€11,293 to -€50,378
- Taxes +€20,052
up €20,052 (+130.9%), from €15,316 to €35,368
- Financial charges +€3,611
up €3,611 (+5.9%), from €61,608 to €65,219
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 | €335,903 | €260,711 | -€75,192 | -22.4% |
| Fixed assets | 21/28 | €60,349 | €55,906 | -€4,443 | -7.4% |
| Tangible fixed assets | 22/27 | €57,250 | €52,807 | -€4,443 | -7.8% |
| Land and buildings | 22 | €50,023 | €47,326 | -€2,697 | -5.4% |
| Furniture and vehicles | 24 | €1,236 | €706 | -€530 | -42.9% |
| Other tangible fixed assets | 26 | €5,992 | €4,775 | -€1,217 | -20.3% |
| Financial fixed assets | 28 | €3,099 | €3,099 | = | 0.0% |
| Current assets | 29/58 | €275,554 | €204,805 | -€70,748 | -25.7% |
| Amounts receivable within one year | 40/41 | €194,339 | €145,940 | -€48,398 | -24.9% |
| Trade receivables | 40 | €167,270 | €130,833 | -€36,437 | -21.8% |
| Other amounts receivable | 41 | €27,068 | €15,107 | -€11,961 | -44.2% |
| Cash at bank and in hand | 54/58 | €81,215 | €58,865 | -€22,350 | -27.5% |
| Total equity and liabilities | 10/49 | €335,903 | €260,711 | -€75,192 | -22.4% |
| Equity | 10/15 | €261,789 | €214,247 | -€47,542 | -18.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Outside capital | 11 | €12,400 | €12,400 | = | 0.0% |
| Other | 1109/19 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €111,542 | €111,542 | = | 0.0% |
| Distributable reserves | 133 | €111,542 | €111,542 | = | 0.0% |
| Profit (loss) carried forward | 14 | €137,847 | €90,305 | -€47,542 | -34.5% |
| Provisions and deferred taxes | 16 | €50,378 | - | -€50,378 | |
| Deferred taxes | 168 | €50,378 | - | -€50,378 | |
| Amounts payable | 17/49 | €23,736 | €46,464 | +€22,728 | +95.8% |
| Amounts payable within one year | 42/48 | €23,736 | €46,464 | +€22,728 | +95.8% |
| Trade debts | 44 | €2,325 | €1,816 | -€508 | -21.9% |
| Suppliers | 440/4 | €2,325 | €1,816 | -€508 | -21.9% |
| Taxes, remuneration and social security | 45 | €21,411 | €44,647 | +€23,236 | +108.5% |
| Taxes | 450/3 | €21,411 | €44,647 | +€23,236 | +108.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,696 | €4,443 | -€253 | -5.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€11,293 | -€50,378 | -€39,084 | -346.1% |
| Other operating charges | 640/8 | €323 | €498 | +€174 | +54.0% |
| Non-recurring operating charges | 66A | €1,027 | - | -€1,027 | |
| Gross operating margin | 9900 | €94,612 | €166,132 | +€71,520 | +75.6% |
| Operating profit (loss) | 9901 | €99,858 | €211,569 | +€111,711 | +111.9% |
| Financial income | 75/76B | €1,296 | €1 | -€1,295 | -99.9% |
| Recurring financial income | 75 | €1,296 | €1 | -€1,295 | -99.9% |
| Financial charges | 65/66B | €61,608 | €65,219 | +€3,611 | +5.9% |
| Recurring financial charges | 65 | €61,608 | €65,219 | +€3,611 | +5.9% |
| Profit (loss) for the period before taxes | 9903 | €39,546 | €146,351 | +€106,804 | +270.1% |
| Income taxes | 67/77 | €15,316 | €35,368 | +€20,052 | +130.9% |
| Profit (loss) for the period | 9904 | €24,231 | €110,982 | +€86,752 | +358.0% |
| Profit (loss) for the period to be appropriated | 9905 | €24,231 | €110,982 | +€86,752 | +358.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.