RAEVES-SPIRLET: 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.
RAEVES-SPIRLET
Largest movements
- Cash +€21,404
up €21,404 (+53.5%), from €39,973 to €61,377
mainly Net result for the year (+€27,165) and Receivables within one year (+€8,191)
- Receivables within one year -€8,191
down €8,191 (-32.9%), from €24,899 to €16,708
of which Other amounts receivable: -€6,489
- Tangible fixed assets -€5,981
no longer reported in 2025 (was €5,981)
- Deferred charges and accrued income +€1,058
up €1,058 (+86.8%), from €1,219 to €2,277
- Reserves +€8,000
up €8,000 (+50.0%), from €16,000 to €24,000
- Other debts +€6,000
up €6,000 (+42.9%), from €14,000 to €20,000
- Short-term financial debts +€4,505
new in 2025: €4,505
- Trade debts -€3,502
down €3,502 (-52.7%), from €6,648 to €3,145
- Current portion of long-term debt -€3,496
no longer reported in 2025 (was €3,496)
- Gross operating margin +€5,395
up €5,395 (+17.4%), from €31,048 to €36,443
- Write-downs -€4,934
no longer reported in 2025 (was €4,934)
- Depreciation -€3,288
no longer reported in 2025 (was €3,288)
- Taxes +€1,685
up €1,685 (+24.0%), from €7,011 to €8,697
- Financial income +€435
up €435 (+168.8%), from €258 to €693
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 | €72,247 | €80,538 | +€8,291 | +11.5% |
| Fixed assets | 21/28 | €6,156 | €176 | -€5,981 | -97.1% |
| Tangible fixed assets | 22/27 | €5,981 | - | -€5,981 | |
| Furniture and vehicles | 24 | €5,981 | - | -€5,981 | |
| Financial fixed assets | 28 | €176 | €176 | = | 0.0% |
| Current assets | 29/58 | €66,091 | €80,362 | +€14,271 | +21.6% |
| Amounts receivable within one year | 40/41 | €24,899 | €16,708 | -€8,191 | -32.9% |
| Trade receivables | 40 | €12,175 | €10,473 | -€1,702 | -14.0% |
| Other amounts receivable | 41 | €12,724 | €6,234 | -€6,489 | -51.0% |
| Cash at bank and in hand | 54/58 | €39,973 | €61,377 | +€21,404 | +53.5% |
| Deferred charges and accrued income | 490/1 | €1,219 | €2,277 | +€1,058 | +86.8% |
| Total equity and liabilities | 10/49 | €72,247 | €80,538 | +€8,291 | +11.5% |
| Equity | 10/15 | €21,909 | €29,074 | +€7,165 | +32.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €16,000 | €24,000 | +€8,000 | +50.0% |
| Distributable reserves | 133 | €16,000 | €24,000 | +€8,000 | +50.0% |
| Profit (loss) carried forward | 14 | €909 | €74 | -€835 | -91.9% |
| Amounts payable | 17/49 | €50,338 | €51,464 | +€1,125 | +2.2% |
| Amounts payable within one year | 42/48 | €50,338 | €51,464 | +€1,125 | +2.2% |
| Current portion of amounts payable after more than one year | 42 | €3,496 | - | -€3,496 | |
| Financial debts | 43 | - | €4,505 | +€4,505 | |
| Credit institutions | 430/8 | - | €4,505 | +€4,505 | |
| Trade debts | 44 | €6,648 | €3,145 | -€3,502 | -52.7% |
| Suppliers | 440/4 | €6,648 | €3,145 | -€3,502 | -52.7% |
| Taxes, remuneration and social security | 45 | €26,194 | €23,814 | -€2,380 | -9.1% |
| Taxes | 450/3 | €23,713 | €18,802 | -€4,911 | -20.7% |
| Remuneration and social security | 454/9 | €2,481 | €5,012 | +€2,531 | +102.0% |
| Other amounts payable | 47/48 | €14,000 | €20,000 | +€6,000 | +42.9% |
| Non-recurring operating income | 76A | - | €3,110 | +€3,110 | |
| Remuneration, social security and pensions | 62 | -€321 | - | +€321 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,288 | - | -€3,288 | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €4,934 | - | -€4,934 | |
| Other operating charges | 640/8 | €1,362 | €954 | -€408 | -30.0% |
| Gross operating margin | 9900 | €31,048 | €36,443 | +€5,395 | +17.4% |
| Operating profit (loss) | 9901 | €21,786 | €35,490 | +€13,704 | +62.9% |
| Financial income | 75/76B | €258 | €693 | +€435 | +168.8% |
| Recurring financial income | 75 | €258 | €693 | +€435 | +168.8% |
| Financial charges | 65/66B | €391 | €320 | -€71 | -18.1% |
| Recurring financial charges | 65 | €391 | €320 | -€71 | -18.1% |
| Profit (loss) for the period before taxes | 9903 | €21,653 | €35,862 | +€14,210 | +65.6% |
| Income taxes | 67/77 | €7,011 | €8,697 | +€1,685 | +24.0% |
| Profit (loss) for the period | 9904 | €14,641 | €27,165 | +€12,524 | +85.5% |
| Profit (loss) for the period to be appropriated | 9905 | €14,641 | €27,165 | +€12,524 | +85.5% |
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 9 October 2026 via checked.be.